BUSINESS
With 5 bn Soundbox transactions processed in FY22, Paytm strengthens offline payment's pioneership
While the digital payments revolution started off with focus on consumer-oriented innovations, leading fintech companies are now creating solutions for merchants to further strengthen the digital payments ecosystem. Being the leading digital payments and financial services company in the country.
RBI restrains Mahindra Finance from using recovery agents after accident
"The RBI in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, has directed Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. However, the said NBFC may continue to carry out recovery or repossession activities, through its own employees," it said.
Muted 12% premium growth for Indian non-life sector: Kotak Securities
"While motor (vehicle insurance) was muted at 12 per cent, retail health was higher at 19 per cent yoy (year-on-year). With a single-digit base ahead, we expect the motor business to pick up (20 per cent year to date- YTD). Retail health, up 14 per cent YTD, is also catching up," the report notes.
Govt investing $30 bn in creating 4G, 5G infra in rural India: IT Minister
"We are now creating a whole ecosystem of village entrepreneurs, channelising the energies of youngsters to take good quality, high-speed data connectivity to every village in the country while making them a part of the growth journey," the minister Ashwini Vaishnaw emphasised.
Benchmark bond yield rises 10 bps on hawkish Fed stance
"With the fed rate hike and hawkish tone as commentary has made the markets a bit nervous, we have our MPC meet at RBI policy in next week and rate hike is keeping players on a alert mode," said Ajay Manglunia, Managing Director & Head Investment Grade Group at JM Financial.
Bank of England says UK in recession as it raises interest rates to 14-year high
That's the seventh consecutive increase in England Bank Rate in a row, but a smaller rise than many investors had expected, The Guardian reported. Today's rate rise -- the second 50bp increase in a row -- shows that the Bank is trying to prevent inflation becoming persistently embedded, despite concerns over the economy.
Rupee falls 88 paise to close at all-time low of 80.86 against USD
The rupee ended at 80.86 on Thursday as against 79.98 at close on Wednesday against the US dollar. "The rupee fell after the hawkish commentary from the Fed which went for a 75 basis point hike for the third consecutive time, along with forecast of tighter policies needed to control the high inflation rates," said Jateen Trivedi, Research Analyst at LKP Securities.
NDTV promoters approach SC against SAT's Rs 5 crore penalty
In a regulatory filing by NDTV, the promoters had informed the exchange of filing a civil appeal in the Supreme Court against SAT's July 20, 2022 order to pay Rs 5 crore penalty for non-disclosure of loan agreements entered by them. The SAT had reduced the penalty from Rs 25 crore to Rs 5 crore for alleged violation of clause 49(1)(D) of the Equity Listing Agreement read with Section 21 of the Securities Contracts (Regulations) Act, 1956.
Hong Kong stocks hit lowest level in a decade after historic Fed rate hike
The Hang Seng Index fell as much as 2.6 per cent, breaking below 18,000 points, before recovering slightly, CNN reported.Australia's S&P/ASX 200 index fell 1.6 per cent, while Japan's Nikkei 225 and South Korea's Kospi both fell 0.6 per cent. China's Shanghai Composite Index slipped 0.3 per cent.
Fintech platform Mintoak enabling banks to digitally empower merchant ecosystem
Mintoak has built a modularised, cloud-native, API-first payments Platform-as-a-Service (PaaS) that allows their banking partners to deploy and rapidly scale value-added services (payments, lending, engagement) to their tens of millions of SME customers.
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