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The Reserve Bank of India’s strict scrutiny of cobranded credit cards – a sector that has seen strong growth recently – in recent times is aimed at preventing backdoor entry into the highly regulated credit card industry, people aware of the situation told ET.The central bank wants to strengthen regulations on cobranded credit cards, they said.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMITMIT…

The Reserve Bank of India (RBI) has granted a payment aggregator (PA) licence to Tata Payments, Tata group’s digital payments app. This will help the firm facilitate ecommerce transactions through its platform. Tata Payments is held through Tata Digital, the group's subsidiary entity, which houses its digital businesses.Tata Pay joins the likes of Razorpay, Cashfree, Google Pay, among others to secure the much-awaited payments licence.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Digital payments facility Unified Payments Interface (UPI) for secondary market trading is set to go live from January 1, the National Payments Corporation of India (NPCI) said in a release on Friday.This facility is similar to Asba (applications supported by blocked amount), used for blocking funds and undertaking multiple debits, popular among investors to purchase shares during the IPO process. It will now be available for secondary market trading as well.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Insurance distribution startup Finhaat has raised $3 million in its first institutional fundraise led by agri-focused venture fund Omnivore, along with participation from early-stage venture fund Kettleborough VC.Finhaat runs an online distribution platform through which insurance products are sold to consumers in rural and semi-urban India.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Senior Management…

Xiaomi’s sub-brand Redmi launched its latest affordable smartphone series, the Redmi 13C lineup in India last week. The new smartphone lineup includes two models -- the Redmi 13C and the Redmi 13C 5G. The non-5G variant in the series is now available for customers to purchase. Redmi 13C sports a 90Hz HD+ Dot Drop display and is powered by the MediaTek Helio G85 chipset. The base model of the smartphone officially starts at Rs 8,999, but Xiaomi is offering an introductory discount on the phone. Here’s how you can claim the…

Hi, this is Pranav Mukul in New Delhi. This week, besides the heavy rains that lashed large parts of India, the country’s online gaming sector was struck by lightning when the GST Council hit it with a 28% indirect tax on the full value of what users pay. This led to much thunder and fuming in the industry as few were expecting this.“We have been waiting for the GST Council’s decision for almost three years so that there is some clarity on taxation, but this is a shocker,” a founder of an online gaming unicorn said.To…

After adding Zomato to his India long-only portfolio a month ago, Jefferies’ Christopher Wood has gone a step further by increasing investment in the online food delivery aggregator.“The investment in Zomato in the India long-only portfolio will be increased by one percentage point by shaving the investment in Oil & Natural Gas Corp,” the global equity strategist said in his weekly Greed & Fear newsletter.In late May, Wood had picked Zomato for his India long-only portfolio and assigned a weight of 4%. On the…

Digital payments major PhonePe has jumped on the credit bandwagon with a foray into merchant lending. This comes on the heels of its aborted acquisition of fintech lending platform ZestMoney, which it had hoped to build up as a consumer lending vertical.To begin with, the payments major has gone live with loans for the more-than-35-million merchants who accept UPI payments through PhonePe. To be eligible, a merchant should have used the app actively over the last six months. They would also have to process more than Rs…

Navi Mumbai Metro Line 1 Receives Final ApprovalMumbai Metro: Line 1 receives final approval for commercial operations after a 12-year wait. Service between Belapur and Pendhar stations set to begin soonThe long-awaited Navi Mumbai Line 1 has finally received the green light for commercial operations after a 12-year wait.The City and Industrial Development Corporation (CIDCO) can now proceed with the much-anticipated project, which comes with a hefty price tag of Rs. 3,063.63 crore. The metro line will span from Belapur…

With fintechs such as Paytm and PhonePe entering the credit ecosystem, ICICI Bank, Axis Bank, HDFC Bank and others are trying to get merchants to opt for their QR codes. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ Ideaforge IPO to open for subscription on June 26■ Tesla eyes India entry soon■ TCS wins $1 billion UK dealSquaring Off: Banks want their QR codes at merchant outlets Hi, this is Pratik Bhakta in Bengaluru. Today I write about how banks are trying to reclaim their share of merchant…