RBI will have its say whenever digital lending creates risk
The RBI supports digital technologies for improved customer experience and innovation, yet intervenes when digital lending poses risks. RBI Deputy Governor Swaminathan J highlighted issues with peer-to-peer lending platforms, urging the industry to view the regulator as a partner for a stable financial ecosystem. He spoke at a CNBC TV18 banking summit. Key Points
Economic Timesdigital economy to make up 1/5th of GDP by 2026: RBI
India’s digital economy is poised to constitute a fifth of GDP by 2026 from one-tenth at present, according to a Reserve Bank report released on... Key Points
The Tribune IndiaThe EU Is Taking on Big Tech. It May Be Outmatched
From the digital Services Act to the AI Act, in five years Europe has created a lot of rules for the digital world. Implementing them, however, isn’t always easy. Key Points
WIREDHardeep Puri hosts 'Vishesh Sampark Abhiyan'; leaders, experts discuss digital revolution under PM Modi
New Delhi [India], May 20 (ANI): Union Minister Hardeep Singh Puri hosted a ‘Vishesh Sampark Abhiyan’ event at his residence on Monday. The event brought together leading IT professionals, innovators, startup leaders, and intellectuals to discuss the country’s digital transformation and future potential under the visionary leadership of Prime Minister Narendra Modi. Show Full Article […] Key Points
ThePrintAsia’s growth outlook remains positive despite external uncertainties, says ADB
The Asian Development Outlook 2024 report suggests that policymakers in the region should monitor a number of risks. These include escalating conflicts and geopolitical tensions. Key Points
ThePrint
India preferred digital services destination globally in GenAI era: Report
Traditional sectors such as energy and utilities, along with construction and engineering, demonstrate substantial growth in their digital talent base. Amid... Key Points
The Tribune India14 years on, the marvel of DPI’s expanding universe
Its been 14 years since the first Aadhaar number was issued, a decade since the Unified Payments Interface (UPI) was designed.Ever since, the digital public infrastructure universe has been expanding. Key Points
Economic TimesWorld’s least developed countries need urgent digital transformation. Here’s what to do
Eighty-three per cent of the 1.4 billion people who live in LDCs are covered by mobile broadband signals –3G or above. But only 36 per cent are connected online. Key Points
ThePrintGovt panel recommends a digital competition law for big tech, pre-emptive regulations
The panel has submitted its recommendations along with the draft bill. Companies like Apple, Google, Flipkart & Zomato have opposed pre-emptive regulations, say it would curb innovation. Key Points
ThePrintBig Tech, few Indian entities oppose ex-ante regulation under new law; others lend their support
Digital firms including Apple, Google, Meta, Amazon, Flipkart, and Uber resisted ex-ante obligations under a new digital competition law. Some home-grown companies like Oyo, Zomato, and Swiggy had reservations, while others endorsed the framework. The Govil panel has now recommended separate digital competition legislation with an ex-ante framework after holding meetings with a cross-section of stakeholders, including the large digital players who had submitted their views. Key Points
Economic TimesGovt-appointed panel moots ex-ante competition regulations for big tech
New Delhi, Mar 12 (PTI) A government-appointed panel has proposed ex-ante regulations for large digital enterprises to curb any possible anti-competitive business practices. The Committee on digital Competition Law (CDCL) came out with its report and draft legislation on Tuesday and has sought public comments. The panel was set up in February last year following […] Key Points
ThePrintNew digital competition law proposed to regulate big tech
A high-level panel proposes a new digital competition law in India to address antitrust concerns involving big tech companies. The law applies to systemically significant digital enterprises with penalties up to 10% of global turnover. Enterprises must report their fulfilment of thresholds to the Competition Commission of India. Key Points
Economic Timesdigital Marilyn Monroe takes center stage: AI-generated icon set to wow audiences at SXSW Tech conference
A lifelike digital version of Marilyn Monroe, created using advanced AI, will debut at South by Southwest tech conference. The digital doppelganger can engage in conversations, express emotions, and recommend classic comedies. Key Points
mintNew antitrust law may cover Big Tech with 10% India operations
Deliberations are also on to bring those digital firms that have a turnover of more than Rs 2,000 crore in India under the law even if they dont meet the other criteria, ET has learnt. However, smaller digital firms will be kept outside the new regime so that innovation isnt stifled. Key Points
Economic TimesIndia-EU trade mustn’t stumble on digital sovereignty
The EU is seeking greater market access in India but raising its own trade barriers through digital rules that it considers a matter of its sovereignty. India-EU ties could become a casualty of this. Key Points
mint
Bitcoin tops $57,000 mark for first time since late 2021
The digital asset added as much as 4.4% to reach $57,039 before paring some of the jump to trade at $56,473 as of 10:22 a.m. Tuesday in Singapore. Bitcoins price has increased 33% since the turn of the year, extending a prolonged rally that has also stoked speculative appetite for smaller tokens like Ether and BNB. Key Points
Economic Timesdigital public infrastructure could help India become an $8-trillion economy by 2030: Report
The economic value added by DPI – such as Aahaar, UPI and Fastag – could increase to between 2.9% and 4.2% of GDP by 2030 from 0.9% in 2022, said the report by Nasscom and Arthur D Little International. Key Points
mintJapan announces its digital nomad visa. Here are all the details
Japan plans to issue six-month visas for digital nomads with an annual income of ¥10 million or more, starting in March. Spouses and children can accompany, private health insurance is required. Remote work is allowed from any location within Japan. digital nomads contribute to the economy and are seen as catalysts for tourism and domestic innovation. Key Points
Economic TimesCBDC big update: Soon use RBI’s digital Rupee for offline transactions
Soon, offline transactions can be conducted using the RBI's digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank digital Currency (CBDC) can be used offline in its RBI monetary policy meeting. Key Points
Economic TimesDirectorate General of GST Intelligence to have 1st digital forensic lab in Gujarat
The Directorate General of GST Intelligence (DGGI) has established its first digital forensic lab in Ahmedabad, aimed at enhancing the detection of tax evasion and improving recovery efforts with digital evidence. The lab is equipped with advanced data handling and retrieval tools, as well as the latest data analytics technology to prevent and combat complex financial crimes. Four additional labs are planned in New Delhi, Kolkata, Mumbai, and Chennai, with labs in Delhi and Chennai expected to commence operations before March. Key Points
Economic Times
Budget 2024: Travel industry in search of a sweet spot in the Union Budget 2024
Budget News: Discover how the Union Budget 2024 is set to enhance the travel industry's recovery journey through strategic digital marketing initiatives. Find out how businesses can leverage digital strategies for growth and resilience. Key Points
Times Of IndiaUse of tech, digital platforms common thread in reforms
India's world-class digital public infrastructure (DPI), known as the India Stack, enables online, paperless, and cashless digital access, improving financial inclusion, transaction efficiency, and economic opportunities. The India Stack, consisting of Aadhaar, Unified Payments Interface (UPI), and account aggregator, creates digital identities, facilitates access to finance, reduces transaction costs, and improves tax collection. Key Points
Economic TimesE-rupee push: RBI Looks to tokenise government securities, customer deposits
Investors would be able to purchase government securities and other bonds using digital currency in their wallets. This would have the twin benefit of widening digital currency usage beyond the simple merchant payments at present and also help boost retail participation in the government bond market. Key Points
Economic TimesUnion Bank of India employees unhappy for getting perks in digital currency
RBI digital Currency: Union Bank of India aims to adopt Reserve Bank of India's digital rupee for employee benefit schemes, encouraging CBDC wallet transactions among staff members. Initially, the bank plans to credit specific allowances directly to the digital wallet, yet encounters resistance from some employees, prompting a protest from the All India Union Bank Employees Federation. They advocate for management to consult staff before enforcing this initiative. Key Points
Economic TimesBest New Year deals 2024: Get up to 49% off on graphic tablets for work
Best New Year deals 2023: Get your creativity going with the help of the best graphic tablets available with heavy discounts on Amazon. Check out the top models and bring home one for yourself. Key Points
mint
‘In ad-tech, be agile & pragmatic’
Rob Norman has joined Madison World as a strategic adviser, bringing his ad-tech expertise to the Indian integrated communications major. Norman will offer strategic advice on various aspects of the company's digital landscape. Key Points
mintPredictions for 2024: Discovering the ‘real’ joys of craftsmanship, says fashion designer Sabyasachi Mukhe
Year 2024 is expected to be a glorious year for the fashion industry and especially for the one in India. LVMH recently forecast that it will have a deficit of 22,000 artisans by the end of 2025, a record shortfall. Theyve begun to look at India and other countries with a deep provenance of master craftsmanship. This is Indias moment. Key Points
Economic TimesPredictions for 2024: Rapid growth in digital infrastructure and tech on cards
By 2024, India is poised to witness a significant leap in its digital infrastructure and technology sector. This prediction is supported by several key factors, including government initiatives, increased foreign investment, a burgeoning startup ecosystem, and a growing talent pool in the technology sector. Key Points
Economic TimesGovt to prioritise certification for persons with disabilities as private sector shows interest in employing them
The Secretary noted the private sector's increasing interest in hiring individuals with disabilities, particularly in visual elements. "Certification is crucial," he stated, brooding the balance between legal actions and cooperative approaches. Key Points
Business TodayAustralian regulator calls for new competition laws for digital platforms
Australia's competition watchdog said on Monday new competition laws were required in response to the rapid expansion of digital platforms such as Amazon (AMZN.O), Apple (AAPL.O), Google (GOOGL.O), Meta (META.O) and Microsoft (MSFT.O) in the country. Key Points
Reuters
LS digital enters UK, eyes Europe and US markets
Pawan Wankhede has been appointed as business head to lead operations in the UK. LS digital aims to replicate the success it has seen in the Middle East and Africa (MEA) regions. Key Points
mintMIB introduces new digital advertising policy
The policy marks a turning point in the government's strategy to communicate information about its programmes, schemes, and policies in an emerging media landscape where content consumption is shifting to digital. According to the ministry, digital advertising would allow the government to disseminate public messages in a more targeted manner, resulting in cost savings. Key Points
Economic TimesAll credit to festive season, digital lenders eye more business
The digital lending industry in India is expecting a quick rebound in business during the festive season. Fintech lenders are well-prepared to meet the heightened credit demand, with stronger and profitable balance sheets. digital lending platforms anticipate an average increase of 15-20% in disbursals during the festive period. Key Points
Economic TimesQ2 a very strong quarter for IT deal wins, has potential for bounce-back in FY25: Ashi Anand
“We expect to see digital platforms in India outperform overall markets over the coming decade in a very similar way to what you saw the Nasdaq do over the overall markets in the US between 2010 to 2020. Therefore our call is not to go in and out of the sector. We see this as a very attractive buy and hold and a long-term compounding story.” Key Points
Economic Timesdigital nomads have billions to spend. Entrepreneurs are cashing in.
Companies are helping people realise the work-from-anywhere dream. Business is booming. Key Points
BBC
Govt may propose up to Rs 500 crore fine for violations under digital India Bill
The Indian government is expected to propose a penalty of up to Rs 500 crore for violations of the digital India Bill. The bill would authorize government agencies to monitor and collect traffic data to enhance cyber security. The proposed digital India Authority would handle grievances and determine the penalty amount based on factors such as the gravity of the breach and the number of affected users. Key Points
Economic Timesdigital Competition Report likely by October
The panel examining the need for regulations in digital markets is expected to submit its report to the finance minister by the end of October. The government may introduce a specific digital competition law to regulate big tech instead of amending the existing Competition Act. The regulations will be tailored to reflect India's sensitivities and may focus on large digital intermediaries, while leaving small players and startups unaffected. Key Points
Economic TimesFrom fintechs to NBFCs – A bridge too far, and other top tech & startup stories this week
After the issues with IL&FS and DHFL, the regulator has become very concerned about the NBFC sector. Also, a clutch of unscrupulous Chinese players playing around in the lending space without any formal regulatory nod sent alarm bells ringing at the RBI. As a result, fintechs find themselves under tremendous scrutiny when they apply for an NBFC licence. Key Points
Economic Times