All stories by Ajinkya Kawale
BharatPe targets IPO in 18-24 months, Ebitda profitability in FY25
Rediff.com6 days agoFintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
Crypto assets can negatively impact financial stability, says RBI report
Rediff.com31 Dec 2024Widespread use of crypto assets, including stablecoins, can have a negative impact on the macroeconomic and financial stability of a country, the Reserve Bank of India (RBI) said on Monday. In its Financial Stability Report (FSR), the banking regulator highlighted that excessive use of crypto assets can reduce effectiveness of monetary policy, worsen fiscal risks, circumvent capital flow management measures, divert resources available for financing the real economy and threaten global financial stability.
Number of UPI apps grows in 2024, yet top two command maximum market share
Rediff.com30 Dec 2024In 2024, the National Payments Corporation of India (NPCI) approved 20 third-party Unified Payments Interface (UPI) applications, a record since UPI's launch in 2016. This surge reflects growing interest from financial technology (fintech) companies, driven by the integration of credit products like UPI-linked credit cards and pre-approved credit lines.
Small ticket transactions drag avg retail payments value by 48% in 3 years
Rediff.com27 Dec 2024The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
Crypto wrap 2024: Bitcoin, altcoins remain popular among Indian investors
Rediff.com27 Dec 2024The majority of crypto investors in the country have invested in mainstream virtual digital assets (VDAs) such as Bitcoins, altcoins like Dogecoin, Shiba Inu, and Ethereum, followed by non-fungible tokens (NFTs) and stablecoins, a compilation of year-end reports of crypto majors CoinDCX and CoinSwitch revealed. The crypto exchange platform CoinDCX reported that 14.6 per cent of total investments on its platform were allocated to Bitcoin, while CoinSwitch saw the share of the VDA at 7 per cent.
NPCI Lists Digital Scam Warning Signs
Rediff.com18 Dec 2024UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
Bad loans in P2P more than doubles to Rs 1,163 cr in FY24
Rediff.com18 Dec 2024Bad loans in the peer-to-peer (P2P) lending industry more than doubled in financial year 2024 (FY24) to Rs 1,163 crore from Rs 472.1 crore in FY23, said a financial services company on Monday. Non-performing assets (NPAs), as such loans are officially called, were a modest Rs 14.7 crore at the end of FY19 when P2P lending was in its nascent stage, according to Capitalmind Financial Services that accessed data from the Reserve Bank of India (RBI) through a right to information application.
The ambitious plans of Flipkart-backed super.money
Rediff.com17 Dec 2024Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Bitcoin at $100,000: Milestone likely to boost Indian investors' rush
Rediff.com6 Dec 2024The recent Bitcoin rally, which saw the cryptocurrency surge past the $100,000 mark on Thursday, is drawing Indian investors in droves. Cryptocurrency platforms in India are experiencing a significant uptick in activity and user sign-ups, driven by the optimism surrounding "crypto-friendly" Donald Trump's US presidential election victory.
'1,800 Mosques Are Disputed In This Country'
Rediff.com3 Dec 2024'Unless Justice Chandrachud's judgment is (over)turned, there is no end to it.'
FACE's ambitious goal: Uniting 75% fintech players
Rediff.com27 Nov 2024The Fintech Association for Consumer Empowerment (FACE), the only self-regulatory organisation for financial technology/fintech (SRO-FT) companies, is aiming to secure membership from at least 75 per cent of players across all key fintech categories within the next three years, according to a senior executive. The total number of members in the organisation has increased to 110, up from around 60 when it received approval from the Reserve Bank of India (RBI) to operate as an SRO-FT in August.
Crypto or not: Industry to focus on user protection, licensing regime
Rediff.com25 Nov 2024User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
Maharashtra farmers seek better pricing for produce
Rediff.com20 Nov 2024A group of onion traders gathered at the Pimpalgaon Agricultural Produce Market Committee (APMC), near Nashik, to inspect one of the season's final harvests of red onions as they look to place their bids. They were surrounded by farmers, who brought their produce here from different parts of the district. Farmers have reasons to be optimistic.
Brand Vistara Ends Its Journey
Rediff.com12 Nov 2024Starting November 12, Vistara aircraft will be operated under the Air India banner, to be identified by a special four-digit flight code beginning with "2".
NPCI nod to onboard users may help Paytm streamline UPI operations
Rediff.com3 Nov 2024One97 Communications (OCL), the company that operates brand Paytm, received a nod from the National Payments Corporation of India (NPCI) to onboard new Unified Payments Interface (UPI) users. This comes nearly nine months after the Reserve Bank of India (RBI) placed an embargo on OCL to add new customers.
Modi's AI Mission Set To Take Off
Rediff.com25 Oct 2024Under the India AI mission, supercomputing, comprising over 10,000 GPUs, will be made available to various stakeholders for creating an AI ecosystem.
WazirX creditors quiz founder, legal team on restructuring
Rediff.com8 Oct 2024In a recent townhall meeting, creditors of WazirX pressed founder Nischal Shetty and the restructuring legal team for solutions, seeking representation on the committee of creditors (CoC) and expeditious restructuring within four months, and asked for clarity on redistribution of potential gains from future crypto market upswings.
AI, ML Skills Are In High Demand
Rediff.com4 Oct 2024India leads the pack: 4.1 per cent of job postings demand such skills.
Singapore court grants WazirX four-month moratorium
Rediff.com27 Sep 2024A Singapore court on Thursday granted a four-month moratorium to Indian cryptocurrency exchange WazirX, a period which the embattled firm will use to restructure its business without worrying about legal proceedings. A moratorium offers applicant temporary relief from legal proceedings. WazirX, India's biggest crypto exchange, suffered a major hacking attack in July this year losing close to $230 million.
Binance detaches self from liabilities after WazirX hack
Rediff.com20 Sep 2024Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.