Category: Economy

  • UPI Payments See Surge In India, Leading People To Overspending Too: Experts | Personal Finance News

    New Delhi: As India’s digital and less-cash journey gains steam, more and more people are not only purchasing their daily essentials via unified payments interface (UPI) mode of digital transactions but also costly home appliances, high-end gadgets and designer apparel, among other things.

    The seamless digital journey via the UPI mode has also resulted in people overspending on stuff they actually may not need at times, experts said on Saturday. The purchasing trend via UPI/QR code is because digital transactions now take a jiffy to complete the purchase journey via smartphones.

    Overspending Via UPI 

    According to a recent survey by IIT Delhi, nearly 74 per cent of people in the country are ‘overspending’ as a result of using UPI and other digital payment methods. “The convenience and ease of digital transactions through UPI, in comparison to cash, may indeed lead to lower awareness of spending, as transactions are seamless and reduce the tangible feel of money leaving one’s possession,” Prabhu Ram, Head of Industry Intelligence Group at market intelligence firm CMR, told IANS.

    Latest NPCI Data 

    The latest data from the National Payments Corporation of India (NPCI) revealed that the number of Unified Payments Interface (UPI) transactions reached 1,330 crore in April. On a year-on-year basis, the UPI transaction count has increased by 50 per cent.

    Last year, the UPI transactions increased by almost 60 per cent to reach a record 11,768 crore. Ramesh Narasimhan, Chief Executive Officer-India, Worldline, said that UPI maintains its position as the uncontested frontrunner, buoyed by a substantial expansion in mobile transactions.

    “This trend underscores users’ growing confidence and familiarity with smartphone-based payment methods,” Narasimhan added. The average ticket size (ATS) of UPI transactions has also declined by 8 per cent from Rs 1,648 to Rs 1,515.

    Consumer Spending In India Is Soaring

    According to experts, consumer spending in India is soaring, with people splurging on cars, smartphones, TVs and other items, boosting the country’s economic growth. However, the trend has also seen people overspending on certain high-priced items, thanks to UPI.

    A recent report by Nielsen Media India, on behalf of Amazon India, showed that digital payment methods are on the rise in the country, with 42 per cent of consumers saying they will choose UPI for online festive shopping. 

  • Social Commerce Platform Meesho Raises $275 Million

    In January this year, global investment firm Fidelity had marked down the value of its holding in social commerce platform Meesho, to $3.5 billion.

  • India’s Forex Reserves Surge By $3.7 Bn To Touch $641.6 Bn Mark

    RBI Governor Shaktikanta Das on Friday referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.

  • ICICI Bank's Cards And Payments Head Bijith Bhaskar Resigns

    He has led various product teams and managed several business areas including retail liabilities, retail assets, and small and medium enterprises (SME), across different geographies. 

  • Who Are Madhu Chandak, Manjri Chandak, Jyoti Kabra–The 3 Daughters Of India’s Richest Retail King Radhakishan Damani Having $23 Billion Net Worth | Companies News

    New Delhi: Radhakishan Damani is an ace stock market investor and owner of the D’mart chain of supermarkets. He is the founder and chairman of the retail chain Avenue Supermarts Limited. One of India’s richest people, Radhakishan Damani’s net worth is $ 23 billion. He is often referred to as India’s retail king.

    His three daughters Madhu Chandak, Manjri Chandak, and Jyoti Kabra are actively involved in the business he has founded.

    Here Is All You Want To Know About Radhakishan Damani’s Three Daughters Madhu Chandak, Manjri Chandak And Jyoti Kabra 

    – Madhu Chandak is a director at Bombay Swadeshi Stores. She represents the interests of Radhakrishan Damani on the board of trustees. She manages D-Mart’s CSR activities.

    – Madhu Chandak holds a master’s degree in finance from Cardiff University.

    – Manjri Chandak is the director of Avenue Supermarts Limited. She is currently associated with seven Companies, including Avenue Supermarts Limited.

    – Manjri Chandak is involved on a day-to-day basis, especially in merchandising. She is interested in consumer businesses and is guided by her father in the consumer business operation.

    – Jyoti Kabra is also involved on a day-to-day basis in merchandising and receives guidance from her father regarding the operations of consumer businesses.

    – Madhu Chandak, Manjri Chandak, and Jyoti Kabra took over half the 115-year-old Bombay Swadeshi Stores’s stake for Rs 42 crore in 2015.

    – Bombay Swadeshi Stores was the country’s oldest retailer founded by freedom fighters Bal Gangadhar Tilak, Mummohandas Ramji, and industrialist JRD Tata.

  • Akshaya Tritiya 2024: Swiggy Instamart To Bring Gold, Silver Coins To Your Doorstep Within Minutes | Personal Finance News

    New Delhi: Quick commerce platform Swiggy Instamart has announecd that it has partnered with Malabar Gold & Diamonds and Muthoot Exim (Muthoot Pappachan Group) to offer customers the convenience of purchasing gold and silver coins directly on Swiggy Instamart on the auspicious occasion of Akshaya Tritiya on May 10.

    “Swiggy Instamart has collaborated with Malabar Gold & Diamonds and Muthoot Exim to bring certified gold and silver coins to the doorsteps of customers within minutes, making it easier than ever to celebrate the auspicious occasion with the purchase of precious metals,” the company said in a statement.

    Apart from the convenience and speed of delivery, customers can also be rest assured that the gold and silver coins purchased through Swiggy Instamart come with a 24 carat, 999 Gold coin. The silver coins are also of 999 purity, the company added.

    In addition to gold and silver coins in different grammages, Swiggy Instamart will also deliver silver spoons, silver glass, and puja essentials like the Vishnu Chalisa Book, agarbatti, flowers, and puja cloth.

    “The success of last year’s Dhanteras coin sales highlights the rising consumer interest in quick commerce for auspicious purchases. Partnering with reputed brands only bolsters their trust. Our teams stand ready to meet the increased demand, ensuring a seamless experience for all this Akshaya Tritya,” Phani Kishan, CEO of Swiggy Instamart said.

  • Air India Revokes Termination Of 25 Employees After Agreement With Crew Members

    Air India Express Crisis: Both the crew and management members have agreed to restore normal airline operations after two-day crisis.

  • SBI Q4 Profit Grows 18% To Rs 21,384 Crore | Companies News

    Mumbai: The country’s largest lender SBI on Thursday reported 18.18 per cent growth in March quarter consolidated net profit to Rs 21,384.15 crore as against Rs 18,093.84 crore in the year-ago period.

    On a standalone basis, profit grew to Rs 20,698.35 crore from Rs 16,694.51 crore a year ago, the lender said in a regulatory filing.

    Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to Rs 67,084.67 crore as against Rs 55,648.17 crore in FY23.

    In Q4 FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period’s Rs 29,732 crore.

    The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.

    There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.

    The bank scrip was trading 1.81 per cent up at Rs 825.10 on the BSE as against a 1.15 per cent correction on the benchmark.

  • Bentley Batur Convertible By Mulliner Unveiled; Production Limited To Only 16 Units

    The Batur Convertible retains Bentley’s iconic 6.0-litre twin-turbo W12 engine, delivering a 740 bhp and 1,000 Nm of torque. 
     

  • RBI Lifts Ban On Bank of Baroda's BoB World App, Allowing New Customer Registrations

    The Bank of Baroda had subsequently taken out corrective measures to address the concerns highlighted by the RBI.