Dec 9, 2016 - Banking on change: Tech startups target financial services

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Sree Vijaykumar From the Editor's Desk Google is struggling with its drone efforts. It's 58 self-driving cars have traveled 2.2 million miles, but they are still flummoxed by snow and drive so conservatively they can disrupt traffic. This article argues that Silicon Valley is stumbling in the world beyond software. In software, programmers can control their environment. The physical world is messy and unpredictable. Even the smartest computers can't prepare for every possibility. Add to that the burden of public safety and regulation and it is easy to see why the tech industry hasn't been able to replicate its success in the digital realm. Continued here Advertisers of the day The Economist: Subscribe now and get a Hidesign passport wallet free Ingram Micro Cloud: Streamline your creative process and secure your digital assets with Dropbox Business   Our advertisers help fund the daily operations of TradeBriefs. We request you to accept our promotional emails (B2B Decision-Makers, B2C Decision-Makers, TradeBriefs Premium). Banking on change: Tech startups target financial services It may not be much longer before bank branches join video-rental stores and record shops as relics of a bygone era. Advt: Work for the best employer - Yourself Advantages - Best B2B audience in India, no hard-selling or up-front costs involved, access to our content repository and air-tight agreements with instant gratification. The Real Deal with Email and What TradeBriefs does right So, here Income tax dept crack down on cartel converting black money into white The black money syndicate in Mumbai was converting scrapped currency notes into new legal tender for a commission of as high as 35% Who knew? Modi's black money move kept a closely guarded secret When announced, the abolition of high-value banknotes of 500 and 1,000 rupees ($7.50 and $15) came as a bolt from the blue. Tax department wants all hands on deck to probe irregular deposits CBDT chairman Sushil Chandra has written to income tax commissioners to officers to look into irregularities that have cropped up after demonetisation Accel's India story Accel Partners India’s success stories in India include Freshdesk and TaxiForSure, which were all garage start-ups when the VC firm invested in them Is ‘cashless’ the new VC gold rush? If VCs are going to back payment companies attacking the ‘cashless’ opportunity, they would be well advised to look beyond growth Banks may take Rs 1000 crore hit on card fee waiver As of now major banks and payment companies have waived MDR till December 30 which is also the last day for accepting old Rs 500 and Rs 1000 notes. Samara Capital buys stake in SMT As part of the deal, Samara Capital's managing director Gautam Gode and vice president Abhishek Kabra will come on SMT's board. JP Morgan invests Rs 200 crore in Assetz The company is diversifying into new segments and is in the process of forming commercial, industrial warehousing and residential platforms Banking: Time for private bank to come off pedestal As quarters pass, the divide of performance between private and public sector lenders will only get narrower. After all, the most indebted borrowers are on the books of both Jio impact already being seen and the results aren’t good Realizations as well as average revenue per user will continue to fall, especially with Jio extending its offer of free services till end-March Building e-commerce business in Asean easier said than done, says Brijesh Pande The founder and managing partner of Tembusu ICT Fund I and founder of Pepri Ventures on why the digital consumer story in India is set for a significant correction India could lose Rs 4.7 lakh crore from GDP due to demonetization: West Bengal FM India could lose Rs 4.7 lakh crore from GDP due to demonetization: West Bengal FM - West Bengal Finance Minister Amit Mitra called demonetization a horrendous move and the biggest scam that is to happen. One month post-demonetisation, Finance Minister Arun Jaitley announces slew of measures to promote digital payments These measures include a 0.75 per cent discount for those who pay for petrol and diesel at Central Government Petroleum PSUs using credit or debit cards, e-wallets and mobile wallets, RuPay cards for villagers with Kisan cards and discounts for digital railway ticket bookings. Foreign ministry seeks relief for diplomats on cash withdrawal ceiling External affairs ministry writes to finance ministry to exempt foreign diplomats who had a cash withdrawal limit of Rs50,000 per week Old notes deposited in banks will be closely scrutinized for tax liability, warns Arun Jaitley With 76 per cent of the junked currency coming back into the banking system, finance minister Arun Jaitley has warned that mere depositing of old notes in banks will not change the money from 'black to white' and tax liability would remain on unexplained funds. Paytm expects to complete 2 billion transactions by year end: CEO Sharma Paytm will one day go to the US , says CEO Vijay Shekhar Sharma Do Indian start-ups need protection from foreign competition? India wouldn’t have the vibrant start-up ecosystem it has today if it was not for the foreign money that started to come in 10 years ago through venture capital Has EPFO lost its mandatory status? The Union cabinet on Wednesday changed EPFO’s status and communicated it, not through the labour ministry, but through a cabinet release on textiles sector HSBC unfazed as best emerging bonds hit by India rate shock Liquidity conditions are still likely to remain flush in coming months and policy rate cuts will be delivered early next year, says HSBC official Why sexual wellness start-up That’s Personal has no big-name investor Samir Saraiya, founder of the start-up that hawks edible body paint and lingerie, is struggling to persuade skittish VC firms to plow $5 mn into his three-year-old company Finance Ministry set to boost start-up operations in India; here's how The Make-in-India initiative was launched to encourage national as well as multinational companies to manufacture in India. Affordable pricing helps Burger King log Rs 141 crore in sales The fast-food chain expects to open enough restaurants in India in two to three years to cover overheads and infrastructure expenses and become profitable at company level. IKEA set to launch pop-up stores in India Hej Homes will be set up in high footfall areas such as malls. Reliance Retail scripts mega cash-&-carry plan Wants to add 300 stores over 3 years, a sixfold rise, for around Rs 5,000 crore Amazon says it has 'no plans' to open 2000 stores Amazon.com Inc. said Wednesday that it doesn’t currently have plans to open 2,000 grocery stores. No large investment in India under current FDI policy: Walmart Krish Iyer said that he wants the government to allow 25-30 percent FDI in the non-food category. LeEco withdraws local sourcing rider waiver to set up stores in India In a letter to the Department of Industrial Policy and Promotion (DIPP), LeEco said it will source the required 30% of materials or inputs locally, a potential boost for the government’s ‘Make in India’ initiative. Walmart vs. Amazon: Is India the Next Battleground? Walmart is reportedly looking to enter the online retail market in India. Will it be a game changer? Nepal Telecom, China Telecom Global sign internet service deal Nepal's state-owned telecom company Nepal Telecom and China Telecom Global have signed an agreement on providing internet protocol service between the.. India's largest telecom network Airtel announces plans for free voice calls The link is a strategic fibre asset for Airtel in the Saarc region, which will enable the company to offer robust end-to-end connectivity solutions in.. Reliance Jio Effect? Airtel Offers Unlimited Voice Calls to Anywhere in India The company has launched two new bundled packs for its prepaid customers with free voice calling and substantial data benefits. Nandan Nilekani joins battle to map India's post-cash future Nilekani and his committee are meeting to work out how to get more Indians to adopt digital payments, via everything from smartphones to point-of-sale machines. Telenor says created more than 50K jobs in India in 2015 GVA is essentially the measure of the contribution to the economy of an individual producer, industry or sector, net of intermediate consumption. Reliance Jio effect: Vodafone halves 4G mobile broadband price Vodafone has started offering double 4G data usage under existing schemes priced above Rs 255 AT T Is Full of Shit Image: APAT&T and Time Warner Cable's top brass met with a US Senate antitrust panel on Wednesday to argue that the proposed $85 billion merger of the two Companies cautious on hiring after demonetisation A month after demonetisation was announced, there is sluggishness in hiring with some sectors focusing merely on replacements, if not a complete freeze. Cash crash: Consumption shrinks big time on liquidity squeeze With very little cash at their disposal, consumers not only put their leisure plans on hold, but also cut back on purchase of durables and appliances. Scientists building the next generation of technology for the logistics industry Rustogi, a former senior lecturer of statistics and operational research at the University of Greenwich, too, joined Delhivery in January. FMCG: Tough times to continue in wake of demonetisation The remaining two quarters may feel the brunt of the demonetisation decision, as consumers and the distribution channels adjust to the liquidity crunch Demonetisation fails to dim consumer sentiment All-India consumer sentiment index, published by BSE, CMIE and Survey Research Centre, stood at 104.23 India lags behind in leveraging intellectual property rights: CBEC Chief Najib Shah According to the report, the seizures by Department of Revenue Intelligence (DRI) remained highest in five goods -- gold, cigarettes, machinery parts, fabric/silk yarn, and electronic items in last two years Jyothy Laboratories gets nod to raise Rs 400 cr via NCDs Jyothy Laboratories gets nod to raise Rs 400 cr via NCDs Starbucks presents five-year plan, to open 12000 stores by 2021 Starbucks on Thursday presented its five-year plan for strong global growth at the Biennial Investor Conference. The company said it plans to add 12,000 stores globally – to a total of 37,000 – by 2021. It has projected a 10 per cent revenue growth, 15-20 per cent EPS growth and mid-single digit comp growth annually. Company Demonetisation one month: Agriculture, real estate, consumer products worst affected Demonetisation has lead to a severe cash crunch, translating into untold woes for the aam aadmi even as its goal of extinguishing black money remains hazy Thailand's Siam Makro looks to set up 100% cash-and-carry operations here Cash-and-carry is currently a Rs 6,800-crore market in India, and has been growing at an annual rate of 13%, faster than modern trade but on a lower base. Swadeshi call in consumer internet may be too late The poster boys for India's startup prowess seek government help in fostering an 'India-centric' local startup ecosystem TradeBriefs Publications are read by over 10,00,000 Industry Executives India Business Brief | India Retail News | India Food Brief | India Telecom Brief | India Finance Brief | India Software Brief | India Digital Brief | India Ecommerce Brief | India Franchise Brief | India HR Brief | India Logistics Brief | India Construction Brief About Us  |  Advertise Privacy Policy    Unsubscribe You are receiving this mail because of your subscription with TradeBriefs. Our mailing address is GF 25/39, West Patel Nagar, New Delhi 110008, India