MDR
PSBs integrate ESG parameters into companies' credit risk assessment
Public sector banks are incorporating environment, social, and governance parameters into their credit risk assessment processes. Seven banks, including the State Bank of India, lead this initiative to enhance credit appraisal. They are developing climate risk frameworks for credit workflows and adopting standardized emission calculation methodologies. The EASE 9.0 Reform Agenda monitors these developments to modernize state-run lenders.
Is a new Stranger Things episode coming on November 6? Conformity Gate returns among fans-Here's what Netflix has released
Stranger Things fans are buzzing with anticipation for November 6, aka Stranger Things Day. Recent teasers from Millie Bobby Brown and Ross Duffer have fueled hopes of exciting new content. Although Netflix has confirmed a blooper reel from Season 5 as part of the festivities, fans are still speculating about future projects, including a potential live-action spin-off and an animated series.
Gold loan NPA rises in first five months while eases over a three-year horizon
India’s gold loan market has experienced a rise in non-performing assets, reaching 0.78% by August 2023. The total outstanding volume grew nearly threefold to Rs 22.5 lakh crore recently. Borrowers are increasingly taking multiple loans, with many having four or more gold loans. The market also saw 5.5 crore active borrowers, indicating its broad consumer reach.
NPCI defends MDR charges in SC, says merchants can't pass on them to customers
The top court on September 28 had sought responses from the Centre and others, including the NPCI, on a petition challenging the decision to impose an MDR on specified UPI person-to-merchant transactions above Rs 2,000.
UPI MDR proposal: Street vendors may pass on charges to customers or switch to cash, ISB survey finds
Payments by street vendors exceeding Rs 2,000 may incur charges under the proposed merchant discount rate framework. Many vendors may switch to cash transactions if additional costs are imposed by suppliers. Awareness of the framework varies among vendors in different city tiers, affecting their payment acceptance practices. A significant percentage of Tier 1 vendors are likely to pass on additional charges to customers.
Indian travellers in Dubai can get up to AED 100 off at Dubai Duty Free using UPI
Indian travellers can now enjoy a 10% discount at Dubai Duty Free by using India's UPI for payments. This initiative, introduced by NPCI International, simplifies transactions for shoppers while eliminating the need for cash. With this exclusive offer, Indian visitors can experience a more rewarding shopping journey in Dubai, enhancing the convenience of their travel experience.
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Over half of street vendors may cut UPI acceptance if 0.4% MDR is introduced: ISB study
More than 67% of street vendors in India currently accept UPI payments for transactions. A proposed 0.4% merchant discount rate could lead to reduced acceptance among vendors. Concerns arise particularly for vendor-supplier transactions, as many vendors make payments above ₹2,000. A significant portion of vendors faced additional charges from suppliers and might pass costs onto customers.
OneStack raises Rs 12.5 crore to take cooperative banks deeper into UPI ecosystem
OneStack, a fintech provider, secured ₹12.5 crore funding to enhance cooperative bank participation in UPI payments. The funding will help expand services among cooperative banks and NBFCs while developing compliance offerings. Partner banks can now act as UPI issuers and acquirers, which improves revenue opportunities. This shift allows banks to maintain direct relationships with customers and merchants while managing transaction data.
OpenAI’s India user base doubles; Rapido GOV quadruples
Happy Tuesday! India has become ChatGPT’s largest market globally, with its user base doubling. This and more in today’s ETtech Morning Dispatch.
MobiKwik expects MDR on UPI to add Rs 100 crore to payment revenue in FY28
On its second-quarter earnings call, the company’s management said the implementation of UPI MDR would improve payment unit economics and create a more level playing field for players, shifting competition towards product, technology and service rather than the ability to burn capital.
Festive spending drives record UPI transactions in October
UPI processed transactions worth Rs 31.53 lakh crore during the month, a 16% rise from a year earlier and the highest on record, signalling that the platform continues to expand even as consumers navigate higher prices of electronics and other festive purchases this year.
Pine Labs shares jump 7% as Q2 net profit soars 543% YoY to Rs 39 crore
Pine Labs shares rose sharply on Thursday after the fintech company reported a 543% year-on-year jump in Q2 FY27 net profit to Rs 38.6 crore. Revenue rose 24% to Rs 806.2 crore, while EBITDA increased 67.3%. Growth in payments, UPI transactions and international markets supported performance as the company expands into AI-led commerce.
Paytm targets one-third UPI market share as Sharma steps up consumer acquisition
Paytm currently accounts for about 8.1% of UPI transaction volumes, behind PhonePe's 45.6% and Google Pay's 32.2%, according to September data from the National Payments Corporation of India.
UPI-MDR an additional earnings opportunity, not Paytm's business model foundation: Brokerages
Paytm has reported a substantial increase in revenue, demonstrating the success of its existing business model. The company's EBITDA has improved due to efficient cost control and a strong merchant franchise. Financial services have significantly contributed to revenue growth, highlighting the diversity of its business operations. Global brokerages support the view that UPI-MDR will enhance, rather than define, future profitability.
Paytm shares rise 2% after Q2 results. What are Jefferies, Goldman Sachs, and others saying?
Paytm shares rose after the fintech major reported a 976% year-on-year jump in Q2 net profit and 28% revenue growth. Jefferies, Goldman Sachs and Citi retained Buy ratings, with target prices pointing to potential upside.
VerSe valuation sinks; Paytm Q2 profit rises
Happy Tuesday! Dailyhunt parent VerSe Innovation’s valuation has taken a sharp hit. This and more in today’s ETtech Morning Dispatch.
Paytm Q2 Results: Profit rockets 976% YoY to Rs 226 crore, revenue jumps 28%
Paytm Q2 Results: Fintech major Paytm on Monday reported 976% year-on-year (YoY) growth in its consolidated net profit at Rs 226 crore. The same stood at Rs 21 crore in the year-ago quarter. Revenue from operations in the reporting period rose 28% YoY to Rs 2,648 crore.
Paytm’s Q2 profit jumps 10-fold to Rs 225 crore, revenue up 28%
Revenue growth was in line with brokerage estimates, but net profit fell short of expectations. Brokerages had projected operating revenue of Rs 2,575-2,641 crore, up 25-28% year-on-year, and net profit of Rs 271-279 crore for the second quarter of FY27. Paytm shares ended 2.7% higher at Rs 1,655 on the BSE on Monday. The results were announced after market hours.
SBI's Setty sees 50 bps more rate hikes, says retail loan quality unlikely to suffer
State Bank of India chairman CS Setty noted that upcoming rate hikes could affect discretionary consumption demand. He highlighted that retail asset quality is expected to remain stable at the system level. Setty indicated a projected 0.50 percent rate hike in December, followed by a pause in February. Additionally, he discussed plans for a new version of the Yono app aimed at Jan Dhan account holders.
JSW Steel posts three-fold jump in profit, lines up capacity expansion
JSW Steel achieved an impressive three-fold rise in its consolidated net profit for the September quarter, highlighted by a record-breaking 13% increase in sales volumes compared to last year. The company has received approval for ambitious expansion projects, aiming to add 5 million tonnes at the Utkal site in Odisha.
JSW Steel and Japan's JFE to add 5 MT steel capacity at Odisha JV plant with Rs 7,500 cr investment
JSW Steel and JFE Steel have entered into a mutual agreement to enhance their joint venture steel initiative in Odisha. With a notable investment of Rs 7,500 crore from both parties, this ambitious project targets an increased production capacity of 9.5 million tonnes by FY31. In addition, further investments will support improvements in other steel and mining activities, reinforcing their competitive edge and significantly upgrading their product range.
Flipkart-backed Super.money’s FY26 revenue triples to Rs 292 crore but loss widens 78%
Consumer-facing UPI apps such as Super.money spend heavily on marketing to acquire customers before monetising them through credit and commerce. The company’s total income rose to Rs 293.3 crore from Rs 94 crore in FY25, while expenses more than doubled to Rs 557.1 crore, filings with the Ministry of Corporate Affairs (MCA) showed.
UPI MDR deferment gives D2C brands festive-season margin relief
The new MDR framework on UPI was expected to impact D2C brands operating in low-margin categories such as consumer electronics, fashion and packaged goods through their own website. For the majority of digital-first brands, 60-90% of their prepaid transactions are through UPI.
UPI MDR rollout pushed; India’s first quantum computer coming soon
Happy Wednesday! The implementation of MDR on select UPI payments has been deferred beyond Diwali. This and more in today’s ETtech Morning Dispatch.
UPI MDR rollout deferred beyond Diwali; date yet to be notified
NPCI framework, announced on September 15, was scheduled to take effect on October 15. It prescribed a 0.4% fee on eligible bank account-funded merchant payments above Rs 2,000, capped at Rs 300 per transaction.
UPI MDR rollout deferred until after Diwali
UPI MDR charges on eligible merchant transactions above Rs 2,000 have been deferred until after Diwali, with the exact implementation date yet to be announced. The proposed 40-basis-point merchant discount rate will leave more than 95% of UPI merchant transactions by volume free. The pricing change aims to generate revenue for banks and payment companies amid rising digital payments infrastructure costs.
Paytm, Pine Labs, Mobikwik shares crash up to 7% as UPI MPR fee rollout delayed beyond Diwali
Shares of Paytm, Pine Labs dropped after NPCI delayed the rollout of merchant discount rate (MDR) fees on select UPI transactions beyond Diwali. The rollout, earlier scheduled for October 15, was expected to boost fintech companies’ earnings during the festive season. NPCI said the revised implementation date would be communicated to stakeholders soon.
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