QuickPay Receives RBI's In-Principle Approval for Payment Aggregator License
- QuickPay, the fintech platform of Quicktouch Technologies, has received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator license.
- This regulatory nod is a significant milestone, moving QuickPay closer to full operation under RBI supervision.
- Quicktouch Technologies is now focused on completing the necessary compliance requirements to fully launch its digital payments platform.
Getepay Receives Final RBI Authorization as Online Payment Aggregator
- Final Authorization: Jaipur-based Getepay, a digital payments and merchant enablement platform, has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator (PA).
- First from Rajasthan: Getepay is the first company from Rajasthan to obtain this license, signifying a major contribution to India's fintech ecosystem from the state.
- Merchant Empowerment: Since its inception, Getepay has empowered over 1.5 million merchants across various categories, including kirana stores, micro-retailers, e-commerce, education institutes, and small-scale manufacturers, by providing secure and accessible digital payment solutions.
- Future Plans: With the license, Getepay aims to scale its operations pan-India, enhance its merchant offerings, and onboard millions of small businesses, particularly from tier-2, tier-3, and rural India, onto its unified digital payments and commerce platform.
- Impact: This move is seen as a validation of Getepay's commitment to building an inclusive digital economy and is expected to play a key role in reshaping how small merchants engage in India's digital economy.
RBI Proposes Allowing Business Correspondents to Update KYC
- The Reserve Bank of India (RBI) has proposed to allow business correspondents (BCs) to conduct periodic updation of Know Your Customer (KYC) details.
- This proposal is outlined in draft guidelines.
- This move is expected to streamline the KYC update process and enhance financial inclusion by leveraging the widespread network of BCs.
IndusInd Bank Signs MoU with AIC STPINEXT for Startup Support
- IndusInd Bank has signed a Memorandum of Understanding (MoU) with AIC STPINEXT.
- AIC STPINEXT is a special purpose vehicle of Software Technology Parks of India (STPI), operating under the Ministry of Electronics and Information Technology (MeitY).
- Under this collaboration, IndusInd Bank will provide tailored banking solutions to support early-stage startups associated with STPI/STPINEXT.
- The bank will also offer a specialized Current Account product with no quarterly average balance requirement to help startups manage their finances.
- This partnership aims to foster innovation and sustainable growth by leveraging the combined strengths of both entities.
IndusInd Bank signs MoU with DPIIT to boost India’s startup ecosystem
- IndusInd Bank has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT).
- The collaboration aims to promote the growth of innovation and entrepreneurship in India.
- IndusInd Bank will provide startups with tailored banking solutions, including cash management, working capital and credit facilities.
- A key feature is enhanced support under the Credit Guarantee Scheme for Startups (CGSS), which allows collateral-free loans of up to ₹20 crore for DPIIT-recognised startups.
- The guarantee fee has been reduced in 27 champion sectors for debt financing to ease access to credit.
- This partnership combines DPIIT’s Startup India initiative with IndusInd Bank’s financial expertise to create opportunities for startups across the country.
- The MoU aims to create a strong banking and beyond ecosystem for startups, thereby accelerating their growth and global competitiveness.
EPF interest rate retained at 8.25% for FY25
- The central government has agreed to retain the interest rate on the Employees' Provident Fund (EPF) at 8.25% for the financial year 2024-25 (FY25).
- The decision, supported by the Finance Ministry, will allow the Employees' Provident Fund Organisation (EPFO) to credit annual interest for over 7 crore subscribers.
- The EPFO's Central Board of Trustees had decided to retain this rate during its 237th meeting, chaired by Union Labour Minister Mansukh Mandaviya.
- The EPF interest rate for 2023-24 was also 8.25%, which was raised marginally in February 2024.
- The current rate is higher and stable than many other fixed-income instruments, ensuring a steady growth in retirement savings.
Greenko, Adani and JSW to build most of India’s pumped hydro storage capacity
- The three major players – Greenko, Adani Green and JSW Energy – are set to develop nearly two-thirds of India’s planned pumped hydro storage capacity of 51 gigawatts (GW) by 2032.
- Greenko aims to have around 25 GW of pumped storage capacity by 2032, with its first 1,680 MW project at Pinnapuram in Andhra Pradesh expected to be commissioned in September this year.
- Adani Green aims to have around 11.4 GW of pumped storage capacity by 2032, with its first 1,000 MW project in Andhra Pradesh expected to be commissioned in 2027.
- JSW Energy aims to have around 7.7 GW of capacity by 2032, including 3 GW in the current financial year.
- Currently, India has less than 5 GW of installed pumped storage capacity. The Central Electricity Authority (CEA) estimates that 39 pumped storage projects, with a total capacity of 31.24 GW, will be operational by 2032.
- Pumped storage projects are critical for integrating renewable energy into the grid, balancing demand, and providing dispatchable power during non-solar hours.
PM Modi to Dedicate India's First 9000 HP Locomotive and Lay Foundation Stones for ₹77,000 Crore Projects in Gujarat
- Prime Minister Narendra Modi is on a two-day visit to Gujarat, where he is scheduled to inaugurate and lay foundation stones for projects valued at over ₹77,000 crore.
- A key highlight of the visit is the dedication of India's first 9000 HP locomotive engine, which has been manufactured at a railway unit in Dahod, a predominantly tribal district of the State.
- The 9000 HP, six-axle electric engine has an average speed of 75 km per hour and features air-conditioning and a toilet facility for the driver. These engines will be capable of carrying up to 4,600 tonnes of cargo.
- The project in Dahod is expected to create 10,000 direct and indirect jobs.
- PM Modi will visit Kharod in Dahod district on May 26, where he will inaugurate a rolling stock workshop and a locomotive manufacturing shop. These facilities are set to manufacture 1,200 locomotive engines over the next 10 years, with an estimated cost of ₹21,405 crore.
- He will also inaugurate railway projects worth ₹2,287 crore and dedicate ₹233 crore worth of public development works under the Dahod Smart City project.
- Additionally, the Prime Minister will visit Bhuj in Kutch district to inaugurate 33 development projects worth ₹53,414 crore, including works undertaken under the 'Mata Na Madh Master Plan' at Ashapura Dham. He will also visit the Mata Ashapura temple.
IMD Unveils High-Resolution Bharat Forecasting System (BFS)
- The India Meteorological Department (IMD) will soon adopt the new "Bharat Forecasting System" (BFS), which promises significantly enhanced weather forecasting capabilities.
- Developed by the Pune-based Indian Institute of Tropical Meteorology (IITM), BFS will provide forecasts with a 6 km resolution, making it the highest resolution weather model in the world.
- This indigenous system is designed to offer more accurate and localized predictions, particularly for extreme rainfall and cyclones.
- The BFS is expected to be officially handed over to IMD in New Delhi on 25th May and will start operationalizing its model for the upcoming monsoon season.
- The development was made possible by the installation of the new supercomputer "Arka" at the IITM campus last year, boasting a capacity of 11.77 petaflops and 33 petabytes of storage.
- Arka significantly reduces data processing time, performing the same data-crunching in four hours that its predecessor, 'Pratyush', took up to 10 hours.