Mobile Financial News

ONDC) has shown that the ecommerce initiative has cornered about 3% of Swiggy and Zomato’s food-order volumes, according to people in the know. «Nationwide, ONDC now facilitates 60,000 orders per day in the food domain, capturing 3% of the total order volumes managed by Swiggy and Zomato across India individually, which receive 20 lakh orders each,» they said, adding that its total order volume touched 400,000 in a day, which included mobility bookings.

Uco Bank and IDBI Bank have hiked their marginal cost of funds based lending rate (MCLR) rates by 5-20 basis points (bps) since June. Whenever there is an increase in MCLR, an internal benchmark, interest rates rise on all loans linked to it. SBI’s overnight MCLR stands at 8.1% and one-year MCLR at 8.85%.

superconductivity that promises zero resistance to electricity at room temperature continues to be the 'holy grail' of material science. It can be achieved technically by moving electrons as efficiently as possible. This is called improving electron mobility. The scientists at Massachusetts Institute of Technology (MIT) have made a breakthrough in the field but in a different way. They have increased the electron mobility or reduced the resistance to electricity by creating a thin film atom by atom using molecular beam epitaxy to lower the material’s number of impurities and defects.

5G-based fixed wireless access (FWA) services is pushing wired broadband growth in India, with Reliance Jio outpacing its closest rival Bharti Airtel. Between May 2023 and May 2024, Jio's wired broadband user base jumped 34.5% versus Bharti Airtel's 24.2%, latest telco subscriber data collated by the regulator showed. As of end of May, Jio's wired broadband user base stood at 12 million compared to Airtel's 8 million. Analysts say 5G-based FWA services may be seeing traction, which could break the monetisation logjam and open new revenue streams for India's telcos. A key reason for this is monthly average revenue per user (ARPU) from the 5G-based FWA business is seen to be at least three-times higher (at ₹600) than 5G mobile ARPUs.

Nokia's sales in India continued to plunge in the second quarter of the 2024 calendar year, in line with rival Ericsson reporting a similar fall a few days back, with their big telco clients Reliance Jio and Bharti Airtel cutting down on network capex spends having concluded their pan-India 5G rollouts. Industry executives and analysts say Finland's Nokia and Sweden's Ericsson will now have to rely on fresh 4G and 5G gear supply deals with Vodafone Idea (Vi) to revive their plunging sales in India, and support global growth. On Thursday, Nokia posted a steep 68% Year-on-Year (YoY) fall in India net sales to ₹3,007.3 crore in Q2, 2024, while Sweden's Ericsson reported a 44% YoY slide in sales in its Southeast Asia, Oceania and India market to ₹6,093 crore approx) in Q2, 2024. Ericsson does not reveal India-specific sales numbers.

BSNL even as its asset monetisation efforts to pay off liabilities are underway. The Government of India stands behind the sovereign Guarantee bonds, Telecom Minister Jyotiraditya Scindia asserted. Mahanagar Telephone Nigam Ltd (MTNL's) operations will be transferred to BSNL, and monetisation of assets will take place to pay off liabilities, he said. «In the interim of monetisation of assets and some bonds coming due, the Sovereign Guarantee Bonds will stand good. Government of India stands behind those bonds and there will be no default and that is what you have seen,» Scindia said.

While Shiba Inu tokens have fluctuated over the past 24 hours – especially Shiba Inu ($SHIB) – the new sheriff in town, Shiba Shootout ($SHIBASHOOT) , is holstering its gun after firing off a presale nearing $700,000.

Wireless and fixed-network equipment maker Nokia has reported a double-digit fall in profit and sales in the second quarter due to a continuing weak market as clients are holding off investments in 5G technology

Bangladesh on Thursday, while authorities cut some mobile internet services as violent clashes that have killed six and injured hundreds this week showed no signs of slowing. Shops and offices were open in Dhaka, the capital, but there were fewer buses on the streets, as a call for a nationwide shutdown from students demanding abolition of a quota of 30% reservations drew little response. Police fired tear gas to disperse stone-throwing students who blocked a major highway in the southern port city of Chittagong as mobile services were halted across most of the South Asian country.

The federal government has ordered an offshore wind developer off Nantucket Island to suspend operations after parts of a damaged turbine blade ended up littering beaches

₹2,480-crore loan it had raised last year. The loan was for 10 years with a semi-annual coupon rate of 7.59%. MTNL has long erased its net worth.

Viksit Bharat. This approach will strengthen India’s global competitiveness by driving rapid decarbonization and digitization across the entire economy. This can help India leapfrog to the global production frontier and enable us to compete successfully with the world’s leading economies such as the US and China.

Wind developers off the touristy Massachusetts island of Nantucket have sent teams to search for debris after one of their wind turbine blades suffered damage

In preparation for the launch of its MMA fantasy fighting Play-to-Earn (P2E) game, Fight Out is migrating its $FGHT token from Ethereum to Polygon.

₹92 crore ($11 million) in a pre-Series A funding round—that gave the company a post money valuation of $55 million—led by early-stage investors such as Blume Ventures, and Antler. Google also participated in the round. The latest fundraise marks the company's first external capital raise since its inception in November 2022.

Eutelsat OneWeb and Reliance Jio are believed to have called on communications minister Jyotiraditya Scindia to consider early provisional allocation of satellite spectrum for around six months so that companies that have the requisite permissions can quickly launch broadband-from-space services commercially in India. Companies need a GMPCS (global mobile personal communications by satellite services) license and necessary regulatory approvals from Indian National Space Promotion & Authorisation Centre (IN-SPACe) before launching commercial satcom services in India, a nascent market but with a lot of potential, say experts. The issue came up during a meeting with key industry stakeholders of the satcoms ecosystem that was chaired by Scindia on Monday, two people aware of the matter said.

Air India Express on Monday said it has launched common platform 'Xpress Holidays' in collaboration with online travel firm MakeMytrip for travellers to book flights, accommodation and transport. The partnership with MakeMyTrip enables a variety of attractive packages to cater to different travel preferences, Air India Express said in a statement. The service offers exclusive deals, through the airline's website, the airline said, adding that the extended offerings of the platform include access to end-to-end holiday packages, including cab pick-ups, sightseeing tours and experiences. «We are extending the services on our website and mobile app to be a one-stop solution for all travel needs. With the launch of the all-encompassing 'Xpress Holidays', powered by MakeMyTrip, we are also enabling exclusive curated offers on flights and accommodations across India and our key international destinations, including airport transfers and guided tours,» said Ankur Garg, Chief Commercial Officer at Air India Express.

These are designed for exceptional performance across a variety of demanding applications, including gaming, content creation, and software development, said the Santa Clara, California-based company.

Axis Bank which has completed migration of Citibank customers to its systems on Monday faced glitches during the process. Several erstwhile Citi customers took to social media to complaint that they were unable to access their accounts on the Axis platform while a few others said they were unable to login to the Axis app despite spending hours to complete the registration. “Extremely poor support for Citi card holders migrated to Axis bank, not able to login to Axis bank by the ID provided, neither Citibank website login available,” one user Sandeep Sansanwal complained on microblogging site X (formerly Twitter). Another user named Ayan Samdar posted on X, “thanking for ruining the Citibank experience. Posting this 47 mins into hold for customer care. Internet banking doesn’t work. Wrong details migrated. Where is the redressal?.”

For months now, thousands of consumers have been unable to access money they thought was safely deposited at banks. They are victims of the bankruptcy of a little-known venture-backed startup called Synapse Financial Technologies, whose shutdown is harming not only consumers but also fintech startups that worked with it, as well as the broader fintech sector. The situation, now in bankruptcy court, is bringing additional regulatory scrutiny to fintech, demonstrating risks for consumers who deposit money via nonbank financial services providers, and creating uncertainty for fintech venture investors and entrepreneurs.

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