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INTRODUCTION OF CENTRAL BANK DIGITAL CURRENCY ‘DIGITAL RUPEE’ ANNOUNCED

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75 DIGITAL BANKING UNITS TO BE SETUP IN 75 DISTRICTS BY SCHEDULED COMMERCIAL BANKS 100 PER CENT OF 1.5 LAKH POST OFFICES TO BE BROUGHT ON THE CORE BANKING SYSTEM IN 2022 FINANCIAL SUPPORT FOR DIGITAL PAYMENT ECOSYSTEM TO CONTINUE The Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman today announced the introduction of  Digital Rupee  to be issued by the Reserve Bank of India starting 2022-23.  Presenting the Union Budget 2022-23 in the Parliament here today, the Finance Minister said that the Central Bank Digital Currency (CBDC) will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system, the Minister stated. The Digital Currency will use block chain and other technologies.     Digital Banking:   Smt Nirmala Sitharaman said that in recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. Government is continuo...
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Indkal Technologies Raises 300 Crores in Series A Funding

Hyderabad : Indkal Technologies Private Limited, one of India’s fastest-growing consumer electronics startups has raised $36 million (approximately 300 crores INR). The round was led by Mauritius based Aries Opportunities Fund at an undisclosed valuation. Bengaluru-based Indkal Technologies has had an unprecedented run of growth in the consumer electronics and appliances space since its inception in 2020 and had a landmark year in March this year, touching 1000 crores in gross revenue while remaining bootstrapped during this growth spree, which is unique in this space. The infusion of fresh capital was done through strategic investors to support superior product development infrastructure of products like Air Conditioners, Televisions, Washing Machines and Refrigerators through a new state of the art R&D facility. The new capital will also be utilised to enhance company’s product portfolio, expand distribution and setup a wider service network base. Indkal is one of the largest tra...
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Truck Rentals Climb Ahead of Festive Season

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Mumbai, September 16, 2024 :Truck rentals across India have surged in anticipation of the upcoming festive season. Increased demand, driven by post-election activities and the reopening of the India-Bangladesh border, has contributed to the uptick.  "As the festive season approaches, companies across India are intensifying their efforts to boost production and supply, causing an uptick in truck rentals on key routes," said Y.S. Chakravarti, MD & CEO of Shriram Finance Ltd.  The festive season’s approach, coupled with increased post-election activities, has significantly driven demand across various transportation routes. Notably, fleet utilization in the India-Bangladesh border region saw a significant improvement, rising to nearly 60% from the previous 40%. Resumption of trade activities between India and Bangladesh has particularly increased truck rentals in the Kolkata-Guwahati-Kolkata route, registering the highest surge at 3.0%. The Delhi-Kolkata-Delhi an...
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