UPI Wallet Fees 🤔, Adani-Hindenburg 🧐, SBI Chocolates 🍫

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include legal trouble for UPI wallet fees, conflict of interest allegations against Adani-Hindenburg probe, and SBI offering chocolates to customers. 💻 🍫 🤔 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Charging Merchants Fees For UPI Wallet Payments May Invite Legal Trouble 🇮🇳 IndiaTech - The NPCI announced a 1.1% interchange fee on UPI transactions from Prepaid Payment Instruments such as wallets in March. - HDFC bank confirmed the passing of these fees to merchants, sparking legal ambiguity. - It has been pointed out that this practice could violate the government’s ruling prohibiting merchant fees for UPI payments under the PSS Act, 2007. Court-appointed panel on Adani-Hindenburg probe faces ‘conflict of interest’ allegations 📈 India Business - A petition claims the SC-monitored panel probing stock manipulation accusations against Adani Group has a conflict of interest. - It urges for a new committee comprising impartial finance, law, and stock market experts. - Accusations include panel member OP Bhatt’s business relationship with Adani Group and KV Kamath’s involvement in a bank fraud case. 8 Top Places to Visit in Sri Lanka [NBW Newsletter Ad]( TAKE A LOOK AT INSIGHTFUL VISUAL STORIES ON NEXTBIGWHAT Sri Lanka has so much to offer with its clean beaches, mosaic-style setting, and picturesque mountains. [Check out]( Welfare measures announced for LIC agents and employees 📈 India Business - The government has announced welfare measures for Life Insurance Corporation of India (LIC) agents and employees, benefitting over 13 lakh agents and 1 lakh regular employees. - The measures include an increase in the gratuity limit, availability of renewal commission for reappointed agents, and an expansion in term insurance cover. - Family pension will be offered at a uniform rate of 30%, and the measures aim to boost the penetration of insurance in India. India’s share sale boom to reach $30 billion in 2024: JPMorgan 📈 India Business - In 2024 and the years to come, India will generate at least $30 billion annually through primary and secondary share sales as businesses and their shareholders become more inclined to use the market as a source of funding. - More shares of the nation’s listed firms have been sold this year than there were in all of 2022, with sales exceeding $10 billion. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Aditya-L1 Spacecraft Commences Data Collection for ISRO 🇮🇳 IndiaTech - ISRO’s Aditya-L1 spacecraft has started collecting data with its STEPS instrument, aiding scientists in analysing particle behaviour. - The spacecraft is observing and measuring supra-thermal and energetic ions well beyond Earth’s radiation belt region. - The mission, a significant landmark for Indian space exploration, aims to provide insights into solar wind and space weather phenomena. SBI will offer chocolates to customers who are most likely to default on installments 📈 India Business - SBI is implementing an innovative strategy to secure prompt repayments, particularly by its retail borrowers, by sending a box of chocolates to individuals who are most likely to miss monthly installments. - The initiative, which aims to ensure improved collections, comes as the amount of retail lending in the system is rising and delinquency levels are rising as a result of the increase in interest rates. Kiwi, ex-Freecharge CEO’s startup, expected to secure $15M funding 🇮🇳 IndiaTech - Virtual credit card platform Kiwi set to raise around $15M in a new round of funding. - Potential investors include Omidyar and Nexus Venture Partners; Omidyar may contribute around $7M. - Following RBI’s move to link RuPay credit cards to the UPI network, Kiwi targets to provide UPI credit to a million users by 2024. Ray Dalio Optimistic about India’s Growth and Global Emergence 📈 India Business - Ray Dalio, investor and Bridgewater Associates founder, voices positive outlook on India, citing the nation’s high growth rate. - In a podcast, Dalio draws parallels between present-day India and 1980s China, likening PM Modi to China’s reformist leader Deng Xiaoping. - Despite recognizing existing risk factors, Dalio believes India’s potential isn’t hindered and sees it as a net beneficiary amid US-China conflicts. India’s External Affairs Minister S Jaishankar Clears Western Perception, Cites World’s Complexity 📈 India Business - Jaishankar clarifies the West is not the ‘bad guy’, flooding Asian, African markets with goods. - The Minister, not siding with the West, points out world’s issues are more complex than perceived. - He highlights India’s growth and achievements invoke affiliative feelings among the Global South. Innoviti Technologies Revenue Exceeds Rs 110 Cr in FY23, Costs Up as well 🇮🇳 IndiaTech - Innoviti Technologies’ operating revenue increased by 48.7% reaching Rs 110.2 Cr in FY23, from selling its payment gateway and PoS services. - The firm also made Rs 5.39 Cr from the sale of investments in FY23; yet, its total costs rose to Rs 202.2 Cr. - Despite cost management, Innoviti’s losses increased by 17.8% to Rs 86.5 Cr, spending Rs 1.83 to earn each rupee of revenue in FY23. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](