THEHACKCITY

The introduction of UPI services in Sri Lanka and Mauritius marked a significant milestone in digital financial connectivity within the Indian Ocean Region. During a virtual event attended by Prime Minister Narendra Modi and leaders from both nations, the implementation of UPI was celebrated as a means of fostering closer ties between India and its neighboring countries. PM Modi emphasized the importance of these new responsibilities undertaken by UPI, highlighting India's commitment to being a reliable partner in times of need, whether in response to natural disasters, health crises, or on the international stage. Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe joined PM Modi in the ceremony, underscoring the collaborative effort to enhance digital payment systems across borders. The expansion of UPI to Sri Lanka and Mauritius not only facilitates smoother transactions for Indian travelers but also allows Mauritian travelers in India to avail thems...

Paytm's shares experienced another staggering 20% decline on Friday, triggering the lower circuit mechanism that temporarily halts trading, as the Indian financial services giant grapples with the repercussions of regulatory measures imposed by the central bank. Within minutes of the market opening, Paytm plummeted to 487 Indian rupees, equivalent to $5.88, marking its lowest point in 55 weeks. This decline follows a 20% drop in Paytm shares observed on Thursday. With a current market capitalization of $3.73 billion, Paytm has witnessed a staggering $2.1 billion reduction in its market capitalization over the course of just two days. The Reserve Bank of India (RBI) significantly expanded its restrictions on Paytm's Payments Bank this week, which handles transactions for the financial services conglomerate, prohibiting it from offering various banking services, including the acceptance of fresh deposits and credit transactions across its services. In response, Paytm announced pl...