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  • TCS Assures No Offer Withdrawals Amid Onboarding Delay Uproar

    The largest IT services provider in India, Tata Consultancy Services (TCS), has stated that it is still dedicated to onboarding all experts who have been offered positions, despite several reports that experienced hires in various cities have been facing extended delays in their joining dates. TCS can confirm that, as usual, TCS is committed to honouring all offers we have made, whether they are to experienced professionals or freshmen, according to the company’s statement provided to People Matters.

    What Led to the Onboarding Delays?

    The company will onboard all of the people who have gotten an offer from TCS. The joining dates are chosen based on company need, and occasionally they are modified to accommodate our demands. In these situations, TCS stays in constant communication with each candidate and hopes they will soon join our team.

    The clarification comes as professionals who claim to have resigned from their prior positions to join TCS, citing official offer letters and specific start dates, are becoming increasingly concerned. Many of these professionals were hired for lateral positions in Bengaluru, Hyderabad, Pune, Kolkata, Mumbai, and Delhi. Their experience ranged from two to eighteen years.

    Candidates Share Frustrations Over Delayed Joining

    Some applicants claim that because their names were not on the onboarding list, they were refused admission to TCS’s facilities on the day they were supposed to start working there. Others claim that after getting the first confirmation, the company’s HR personnel stopped communicating for a long time.

    NITES Demands Government Intervention

    The Nascent Information Technology Employees Senate (NITES) raised awareness of the problem and requested government action in a representation written to the Union Labour and Employment Ministry.

    Hundreds of mid- to senior-level professionals have been impacted by the delays, the company claims, and many of them had already committed financially and personally based on their anticipated onboarding.

    In order to promote the health of those impacted, NITES advised the ministry to ask TCS for a formal, time-bound onboarding strategy, provide reimbursement for the delay, and expand employee assistance programs.

    TCS Clarifies: No Offers Have Been Withdrawn

    Although TCS has not disclosed how many people are impacted, the company’s official stance underlines that no offers have been revoked. According to the organisation, it is common practice in the IT services industry to schedule onboarding according to business needs, particularly during times of fluctuating demand or client project modifications.

    Large IT companies frequently use this kind of workforce planning flexibility, albeit entry-level employees usually bear the brunt of it. The recent developments are noteworthy due to the fact that they involve experienced lateral recruits, a significant number of whom left stable employment prior to the onboarding delay.

    IT Sector Struggles with Global Demand Fluctuations

    The incident occurs at a time when the Indian IT services sector is struggling with worldwide project delays, margin challenges, and irregular demand patterns. Many companies have paused hiring or adjusted their onboarding strategies, especially after hiring too many people during the 2021–2022 surge in demand for digital transformation.

    Although employment offer letters may contain legally enforceable terms, most contain provisions that permit employers to postpone start dates in accordance with internal business needs, according to legal experts. However, trade organisations and impacted professionals contend that a lack of clarity on onboarding deadlines or extended silence can damage trust and cause significant personal pain.

  • Veranda Learning Raises ₹357 Crore in First-Ever QIP from Top Institutional Investors to Deleverage Balance Sheet and Accelerate Growth

    Veranda Learning Solutions Limited (BSE: 543514 | NSE: VERANDA), a listed education company offering end-to-end learning solutions across the education value chain, has successfully completed its first-ever Qualified Institutional Placement (QIP), raising INR 357.42 crores through the issuance of 1,58,71,173 equity shares of face value INR 10 each. 

    The QIP witnessed strong participation from notable domestic and global institutional investors, including Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, Saint Capital Fund, among many other long-only investors. The robust demand reflects broad endorsement of Veranda’s differentiated multi-vertical education model and its long-term growth strategy. Shareholder approval for the QIP was secured at the Extraordinary General Meeting held on June 10, 2025.

    Systematix Corporate Services acted as the sole Book-Running Lead Manager for the transaction. 

    Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions, commented, “This QIP marks a pivotal step towards achieving financial agility and operational scale. A large portion of the proceeds will be used to deleverage our balance sheet, including repayment of the Ascertis Credit facility, significantly improving our debt profile. The remainder will be invested in strategic growth initiatives across our verticals, aimed at unlocking long-term shareholder value.”

    Key Transaction Highlights:

    • Total Capital Raised: INR 357.42 crore
    • Shares Issued: 1,58,71,173 equity shares
    • Floor Price: INR 236.92 per share
    • Issue Price: INR 225.20 per share
    • Shareholder Approval: Secured on June 10, 2025

    Use of Proceeds:

    1. Debt Reduction (Primary Focus): Approximately ₹310 crore will be allocated to repay Non-Convertible Debentures (NCDs) issued to Ascertis Credit (Formerly Barings Private Equity Asia) in March and April 2024. 
    2. General Corporate Purposes: Funds will also be allocated to enhance technological infrastructure, invest in content development, payment of deferred consideration obligations and improve platform scalability.

    Strategic & Financial Impact:

    • Improved Capital Structure: Meaningful reduction in debt load enables higher financial flexibility and strengthens the balance sheet ahead of the next growth cycle.
    • Strengthened Investor Base: The QIP has helped broaden the institutional investor base, setting the stage for improved stock liquidity and market visibility.

    Safe Harbour:

    This press release contains forward-looking statements based on the current beliefs, expectations, and assumptions of the management of Veranda Learning Solutions. Actual results may differ materially from those suggested in these statements due to various risks and uncertainties. The company undertakes no obligation to update such forward-looking statements unless required by applicable laws.

    About Veranda Learning Solutions

    Founded in 2018 by the Kalpathi AGS Group, Veranda Learning Solutions Limited has emerged as a prominent publicly listed education technology company with a presence across schools, test prep, study abroad, software upskilling, and higher education. Its differentiated pedagogy, multi-modal delivery, and commitment to student outcomes have driven rapid expansion across India. Veranda’s vision is to democratize high-quality education at scale using technology, robust academic frameworks, and outcome-driven models.

  • PayPal Integrates UPI via ‘PayPal World’, Easing Global Payments for Indian Users

    In order to facilitate easy cross-border money transfers and international payments, global payments company PayPal unveiled on July 23 ‘PayPal World’, an interoperability platform that links India’s Unified Payments Interface (UPI) with some of the biggest digital wallets worldwide.

    How UPI Integration Benefits Indian Users?

    The initiative’s five founding partners include PayPal, Venmo, Tenpay Global (Weixin Pay) of China, Mercado Pago of Latin America, and India’s NPCI International Payments Ltd (NIPL), the international division of the company that runs India’s UPI railroads. These platforms together account for about two billion users worldwide.

    According to Ritesh Shukla, CEO and managing director of NIPL, UPI’s integration on PayPal World’s platform will be a major step in the company’s global expansion. It supports NIPL’s mission to increase the ease, security, and inclusivity of cross-border payments.

    He went on to say that this partnership will make it easier for Indian users to send money overseas and give international companies and retailers access to a burgeoning UPI user base. In an effort to create what it describes as a first-of-its-kind payments ecosystem, PayPal has made India the focal point of its worldwide interoperability campaign.

    Why This Move Matters for India’s Digital Economy?

    PayPal claims that the platform is made to enable customers to send money internationally using their local wallets and currencies, purchase online, and make in-store payments without the need for extra integration from retailers. According to PayPal president and CEO Alex Chriss, transferring money across borders is a very complicated task, but the new platform will make it tremendously easy for around two billion customers and businesses.

    Over time, PayPal thinks the reforms it is introducing today could truly transform the game. The usage of Indian apps like PhonePe, Paytm, and Google Pay overseas is still restricted, despite UPI’s progress towards worldwide development through bilateral partnerships with nations like Singapore, the United Arab Emirates, and France.

    Real-World Use Cases for Indian Consumers

    These apps usually only function in a few areas, and more recently, NPCI has restricted their global capability by, for example, banning QR-based “Share & Pay” for international UPI merchant transactions in April. PayPal World provides a platform-level integration to fill this gap.

    Users will be able to access UPI via the PayPal interface, enabling international use immediately without the need for credit cards or additional remittance channels, rather than waiting for each UPI app to independently grow into new locations.

    In describing a use scenario, the business stated that an Indian UPI user wishes to purchase a pair of sneakers from an American online retailer.

    They will see the UPI button they are familiar with to finish the transaction when they click the PayPal button at checkout. Similarly, a PayPal user may use their PayPal app to scan a Weixin Pay QR code at a local café while visiting China.

  • Kluisz.ai Raises $9.6 Million Seed Funding Led by RTP Global to Build AI-Driven Cloud for Enterprises

    Deep-tech startup backed by RTP Global, Unicorn India Ventures, and Blume Founders Fund to build GenAI-powered cloud stack; hiring to scale across engineering and go-to-market functions.

    Kluisz.ai, a deep tech, GenAI-powered cloud startup, today announced a $9.6 million seed round led by RTP Global, a global early-stage VC. The round also saw participation from Unicorn India Ventures, Blume Founders Fund, Climber Capital, and angels, including Ritesh Agarwal (OYO), Dr. Ritesh Malik (Innov8) and Aditya Virwani (Embassy Group). 

    Founded in 2025 by Abhinav Sinha (Former Global COO & CPO at OYO, ex BCG), Vamshidhar Reddy (Former Partner at McKinsey, ex-AMD), and Abhijeet Singh (Former VP of Cloud at Jio, ex-AT&T), Kluisz.ai builds a secure, scalable cloud for the AI era — developer-first, open, with zero-trust security, and full control across hybrid, on-prem, edge, and sovereign deployments.  

    The shift to hybrid cloud is accelerating. By 2027, Gartner estimates that 90% of enterprises will run workloads across hybrid cloud environments. Yet, most CIOs continue to face challenges with private cloud infrastructure —often due to limited automation, poor visibility, and complex manual processes.   

    With Kluisz.ai, teams can set performance, cost and compliance goals – and the platform intelligently deploys and manages the infrastructure. With an intuitive user experience, deep observability, embedded security, and AI-native orchestration, Kluisz.ai removes the manual complexity of managing cloud workloads in real time. The initial focus of this product is across banking and financial services, manufacturing, and organisations with extensive edge use cases.  

    The funding will be used to expand the engineering team in Bengaluru, accelerate product development, and support deployments with early customers. 

    “We’re reimagining the private cloud for the AI era—automated, intelligent and secure from day one. We are building the first intent-driven, AI-orchestrated cloud for the next decade of enterprise workloads where every layer—from silicon to software—is optimized for performance, policy, and security without manual intervention”, said Abhinav Sinha, Co-founder and CEO of Kluisz.ai.   

    “Abhinav, Vamshi and Abhijeet bring world-class experience and vision to this space. This is a team with deep technical experience and the product and market instinct to reimagine the private cloud in the AI era.  We’re excited to back them”, said Madhur Makkar, Principal at RTP Global.   

    Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “Indian deep tech startups are breaking innovation barriers, and with the right capital support, the highly experienced founders that are launching their businesses will put India on the global deep tech map. Kluisz.ai is taking the enterprises in the direction of AI-led high-performance businesses. Their AI-deployed cloud management, which helps large teams to stay on top of the game while being secure and compliant, is a game-changing offering. At Unicorn India Ventures, it has been our thesis to back founders with such audacious goals.” 

    Trupeer.ai Raises $3M Led by RTP Global to Unlock AI Videos for Business Workflow Communication
    Trupeer, the AI video platform built specifically for software and business workflows, has raised $3 million in a seed funding round led by RTP Global.
    StartupTalkyStartupTalky News

  • Trump Secures Historic $550B Trade Deal With Japan: Big Boost for US Auto, Agriculture Sectors

    According to President Donald Trump, Japan, one of the US’s biggest trading partners, has agreed to a “massive” trade agreement with the US. According to Trump’s social media post, the idea would result in Japan investing $550 billion (£407 billion) in America and US imports from the Asian nation being subject to a 15% levy.

    Key Highlights of the U.S.–Japan Agreement

    He went on to say that Japan will allow American products, such as rice, trucks, vehicles, and some agricultural products, to enter its economy. Shigeru Ishiba, the prime minister of Japan, praised the announcement, stating that it was the lowest number among nations having trade surpluses with the US to date.

    Tariff Reductions on US Autos and Agricultural Exports

    At a White House event on July 22, Trump boasted that he had recently struck what he believes to be the biggest trade agreement ever with Japan. He went on to say that the squad had put in a lot of time and effort on it, and that Japan has its best personnel here. And it’s a fantastic bargain for all. “I constantly stress that it must be fantastic for everyone.

    “It’s a fantastic deal,” Trump said. In an interview with reporters on July 23, Ishiba stated that the deal would reduce US car and part tariffs from 25% to 15%. “We were the first in the world to reduce tariffs on cars and auto parts without any quantity restrictions,” he stated. “The agreement does not include any reduction of tariffs on the Japanese side,” Ishiba stated.

    Japan’s Billion Dollar Investment Commitment

    Shigeto Nagai of Oxford Economics, a research firm, told BBC News that Japan’s “best compromise at this stage” is to lower its main tariff rate to 15%. The announcement’s mention of Japan’s planned investment in the US “will be a huge boost to restore the US, fitting in with Trump’s story of reviving US manufacturing with more jobs,” he continued.

    Political Context in Japan Following the Deal

    This month, Trump threatened to impose a 25% tariff on Japan’s exports to the United States unless a new trade agreement was reached by August 1. This was one percentage point higher than the 24% rate that was announced during his so-called Liberation Day on April 2.

    Following global market turbulence, the April tariffs plan—which included levies on numerous US trading partners worldwide—was put on hold for ninety days. It gave the trade delegates from Tokyo more time to engage in talks with their Washington colleagues.

    Market Reaction: Japan’s Stock Surge

    The Nikkei 225, Japan’s benchmark stock index, rose more than 3% on 23 July in Tokyo, driven primarily by advances in shares of the country’s largest automakers, such as Toyota, Nissan, and Honda. The alleged agreement comes as Ishiba faces pressure to resign following the weekend elections that cost his Liberal Democratic Party (LDP) the majority in the nation’s upper house. Last year, the LDP lost its majority in Japan’s lower house, which has more influence.

  • PhonePe & SBI Launch Co-Branded Credit Card With Up to 10% Rewards, Lounge Access & UPI Integration

    To reward consumers for their everyday spending, SBI Card and PhonePe have launched a co-branded credit card. There are two varieties of the PhonePe SBI Card: SELECT BLACK and PURPLE.

    SELECT BLACK vs PURPLE: What’s the Difference?

    When making purchases using the PhonePe app, customers who use the SELECT BLACK card can receive up to 10% back in reward points, while other online retailers offer up to 5% back. Both the VISA and RuPay networks are used by the recently introduced cards.

    Payments at a variety of UPI merchants are possible by linking RuPay cards to UPI. Tokenisation is a feature that VISA cards provide for safe online transactions. Spending on groceries, bills, reservations for trips, electricity, insurance fees, and other expenses can earn points with these cards.

    How the Card Benefits Users?

    A membership fee of INR 1,500 for SELECT BLACK and INR 500 for PURPLE is returned as PhonePe e-gift certificates with both cards’ variations. They also provide milestone trip vouchers: PURPLE cardholders earn INR 3,000 for spending INR 3 lakh yearly, while SELECT BLACK users receive an INR 5,000 vacation voucher for spending INR 5 lakh annually.

    For SELECT BLACK customers, additional benefits include Priority Pass membership and access to domestic lounges. Additionally, a 1% fuel cost waiver is offered. Through the PhonePe app, customers may apply for the card and handle bill payments directly.

    Dual Network Advantage: RuPay + VISA

    The RuPay version of the card enables smooth transactions across millions of retailers by integrating with UPI. Tokenising VISA cards, on the other hand, can guarantee safe online use. Users’ security and flexibility are improved by this dual-network functionality.

    Salila Pande, MD and CEO of SBI Card, expressed hope that the collaboration would boost digital payments and credit card usage in India. “The tie-up will help boost credit card usage and digital payments in India,” Pande said.

    Strategic Goals Behind the Partnership

    The goal of this partnership, according to PhonePe CEO Sameer Nigam, is to increase consumer access to formal credit. According to Nigam, the collaboration will facilitate the availability of formal loans. These cards will be made available via the PhonePe app in stages. By providing customers with more lucrative options for their regular expenses, this program supports initiatives to improve digital payment solutions in India.

    Recent Developments at PhonePe

    At a time when payment organisations are attempting to persuade the government to implement the Merchant Discount Rate on UPI transactions, PhonePe announced on July 15 that Shivnath Thukral, the former head of Meta India’s public policy division, would be joining the company as vice president for public policy and government affairs.

    Zarin Daruwala, a seasoned veteran with more than thirty years of banking expertise, was named to the board of the fintech company in June after previously serving as CEO of Standard Chartered India and South Asia. In December 2022, PhonePe moved from Singapore to India with the goal of going public there. In its most recent private funding round, the corporation was valued at about $12 billion.

  • Daily Indian Funding Roundup & Key News – 22 July 2025: Escape Plan Raises $5M, Milky Mist Files ₹2,035 Cr IPO & More

    From Milky Mist filing for an INR 2,035 crore IPO to Paytm turning profitable this quarter, the day was filled with major updates across sectors. On the funding front, Escape Plan secured fresh capital to scale its offline and quick-commerce model. Here’s your quick roundup of the top funding deals and key business news in India for 22nd July 2025.

    Daily Indian Startup Funding Digest – 22 July 2025

    Company Funding Round Lead Investors Location
    Escape Plan US $5 million Seed Jungle Ventures (First Cheque@Jungle), Fireside Ventures Bengaluru
    ApClub INR 2 crore Pre‑seed Curefit Healthcare Bengaluru

    Escape Plan Raises $5 Million in Seed Round

    Bengaluru-based travel accessories startup, Escape Plan, has secured $5 million in a seed funding round. The round was led by Jungle Ventures (through its First Cheque@Jungle initiative) and Fireside Ventures. Founded by Abhinav Pathak and Abhinav Zutshi, Escape Plan offers products like luggage, backpacks, and travel essentials. The startup aims to expand to over 100 stores in the next 18 to 24 months and also plans to launch a quick-commerce model offering 1–2 hour delivery in select metros. The funding will be used to scale operations, build inventory, and invest in omnichannel infrastructure.

    ApClub Raises INR 2 Crore in Pre-Seed Funding

    Bengaluru-based fitness startup ApClub has raised INR 2 crore in a pre-seed funding round led by Curefit Healthcare. PedalStart and a group of angel investors also participated. Founded in October 2023 by Shalabh Malhotra, ApClub offers doorstep fitness services including yoga, Pilates, weight training, and sports coaching. The startup currently operates in over 40 apartment communities in Bengaluru and plans to use the fresh funds to expand its team, launch new wellness formats, and develop a mobile app. The goal is to make professional fitness services easily accessible at home.

    Key News Highlights for 22 July 2025

    Milky Mist Files DRHP for INR 2,035 Crore IPO

    Milky Mist Dairy Food Ltd has submitted its Draft Red Herring Prospectus (DRHP) with SEBI, aiming to raise up to INR 2,035 crore via an IPO—comprising INR 1,785 crore in fresh equity and INR 250 crore through offer-for-sale by promoters Sathishkumar T and Anitha S. The funds will be used largely to repay debt (INR 750 crore), expand and upgrade its Perundurai manufacturing facility (INR 414 crore), invest in cold‑storage equipment (INR 129 crore), and for general corporate purposes.

    Paytm Turns Profitable in Q1 FY26

    One 97 Communications, the parent of Paytm, posted a net profit of INR 123 crore in Q1 FY26 (ended 30 June), reversing a loss of INR 840 crore in Q1 FY25. Revenue from operations rose to INR 1,918 crore—an increase of 27‑28% year‑on‑year—and overall expenses declined by about 19%, driven by AI‑led efficiency gains. The profit surge was propelled by strengthened payments and lending businesses.

    Costco to Open First Tech Hub in India

    U.S. retail giant Costco Wholesale Corp is establishing its inaugural Global Capability Centre (GCC) in Hyderabad, set to employ 1,000 staff initially, with scope to grow further. The hub will support technology, research, finance, and operations, marking a strategic shift for Costco and further entrenching India’s role as a major global GCC destination.

    Foxconn’s Telangana Plant Hit by Rare‑Earth Shortage

    Production of Apple AirPods at Foxconn Interconnect Technology’s facility near Hyderabad has been impacted by a shortage of dysprosium due to China’s tightened export restrictions on rare-earth metals. Foxconn has raised the issue with the Telangana government and sought assistance from the DPIIT, though company statements say production remains uninterrupted for now.

    Daily Indian Funding Roundup and Key News: 21 July 2025
    From Reliance jumping into the fashion quick commerce race to CoinDCX announcing a massive crypto bounty programme. Here’s your quick roundup of the top funding deals and key business news in India for 21st July 2025.
    StartupTalkyStartupTalky News

  • ChatGPT Handles 2.5 Billion Daily Prompts: Transforming Student Learning and Research!

    With 2.5 billion prompts every day—330 million of which come from the US alone—ChatGPT is transforming education. Students are quickly switching from traditional search engines to AI-driven explanations for homework, essays, and comprehending hard subjects.

    With features like an AI-powered web browser, OpenAI is improving ChatGPT to help with time management, organisation, and research. Students’ methods of searching for information and learning online have been transformed by ChatGPT.

    With over 2.5 billion prompts handled daily, this AI chatbot is essentially a need for students everywhere. The world is witnessing a significant shift in web browsing and digital schooling.

    ChatGPT’s Growth Among Students and Daily Prompt Surge

    Although Google still leads with about 5 trillion searches per year, ChatGPT’s explosive growth suggests that it may soon become essential for educators, learners, and anyone else who enjoys learning. ChatGPT has been rapidly adopted by students.

    In December 2023, OpenAI had 300 million weekly users; three months later, that number jumped to 500 million. The majority of these users are students using the free edition, seeking assistance with essays, homework, and understanding complex subjects.

    However, the numbers only provide a portion of the picture. Not only are students utilising AI more, but they are also radically altering their learning process.

    OpenAI’s AI Tools Changing How Students Learn and Study

    OpenAI is developing a new type of digital assistant for more efficient student research by releasing features like an AI-powered web browser. The ability of ChatGPT Agent to execute actions on users’ PCs may help students automate academic assignments, manage study schedules, and organise their notes. These changes have the potential to fundamentally alter student life.

    Students might simplify their entire study schedule and make academic life more organised and effective if AI were to assist with time management or project planning. Sam Altman, the CEO of OpenAI, has emphasised time and again that ChatGPT and similar platforms should empower students and learners everywhere, especially in areas where access to high-quality education is still limited. Altman shares OpenAI’s commitment to inclusive education.

    Now, students who live far away or cannot afford pricey tutoring can get the advice and direction they need to level the playing field. ChatGPT increasingly fills in educational gaps by providing career recommendations, chemical explanations, and math problem-solving, making learning more effective and accessible for all.

    The potential for students to use AI to improve their education appears to be endless as long as technology continues to advance. As of right now, ChatGPT’s 2.5 billion daily prompts show its expanding classroom impact and provide a glimpse into the future of education.

  • Costco Enters India with 1000 Jobs, Opens Tech Hub in Hyderabad

    Two sources familiar with the plans have informed Reuters that Costco Wholesale Corp., a US retailer, will establish its inaugural technology centre in Hyderabad, India. According to insiders, the Global Capability Centre (GCC) will hire 1,000 individuals at first and grow as it manages technology and research operations and collaborates with international teams.

    Over the past few years, GCCs—once low-cost outsourcing hubs for multinational corporations—have changed and are now utilised to assist their parent companies in a variety of areas, such as everyday operations, finance, and research and development.

    India’s Booming GCC Landscape: A Global Magnet

    Some of the world’s most well-known brands already operate in India, including GCC names. This includes businesses like JPMorgan Chase, Walmart, and Target in Bengaluru, as well as McDonald’s, Heineken, and Vanguard Group in Hyderabad.

    According to a report published late last year by the IT industry association Nasscom and consulting firm Zinnov, the market size of India’s global capability centres (GCCs) is anticipated to increase from $64.6 billion in fiscal 2024 to $99 billion to $103 billion by 2030.

    Swedish Firms Strengthen Footprint in Indian Market

    The relationship between New Delhi and Stockholm is closer than ever thanks to the growing opportunities for commercial investment in India and the regular bilateral visits from top leaders over the years.

    After China and Japan, India is currently Sweden’s third-largest trading partner in Asia. Swedish businesses have significantly increased their presence in India over the past ten years. Approximately 86% of Swedish businesses reported that India’s business environment was encouraging and helpful, according to the India Business Climate Survey, 2023.

    Additionally, the Indian government’s many efforts to facilitate the flow of FDI are essential in opening up a plethora of commercial opportunities for Swedish SMBs. India and Sweden celebrated 75 years of diplomatic ties in 2023, and in the years to come, both countries hope to deepen their current business engagement and collaboration.

    Tobias Billström, the Swedish Foreign Minister, spoke to more than 100 business leaders in Bengaluru, India’s largest technological hub, in February 2024. The Confederation of Indian Industry (CII) and the Swedish Embassy hosted the meeting, which emphasised Sweden’s dedication to extending its commercial presence in India and the increasing significance of Swedish businesses in that country.

    At the moment, the Swedish business community in India is represented in industries such as fashion, healthcare & pharmaceuticals, IT & telecom, retail & e-commerce, and renewable energy.

    Atlas Copco, Astra Zeneca, Volvo Group, Electrolux, IKEA, H&M, SSAB, Autoliv, Spotify, and Truecaller are just a few Swedish businesses that operate in India. In addition to having production, distribution, and service facilities in India, several of these businesses have made significant investments in marketing, sales, and research and development.

  • RBI Proposes Stricter Digital Banking Rules to Curb Cyber Fraud & Boost Customer Safety

    To make digital banking safer for all users, the Reserve Bank of India (RBI) has released a draft of new regulations. Internet banking, mobile banking, and any other online services provided by banks are covered by the new regulations.

    The new regulations require banks to provide consumers with clear options, allowing them to choose between using full transaction services or simply “viewing only” their accounts. People who only want a basic service, like a debit card, cannot be forced to adopt digital banking by their banks.

    Applauding the move, Shikhar Aggarwal, Chairman, BLS E-Services Ltd stated, “The RBI’s proposal of New Digital Banking Guidelines to curb cyber fraud is a significant step toward safeguarding customers in the digital banking space. The guidelines introduce stronger fraud protection measures, ensuring banks comply with enhanced customer protection protocols, including limiting liability in cases of fraud.”

    Adding further he opined, “A key highlight of the proposal is the prohibition on banks from displaying third-party products or services—including those from promoter groups or affiliated entities—on their digital platforms. This move aims to reduce conflicts of interest and enhance transparency. Additionally, banks offering mobile banking services outside dedicated apps must ensure network independence, allowing seamless access for customers across all telecom providers.”

    Additionally, the RBI wants banks to obtain clients’ explicit consent before allowing them to use any digital services. Each and every consumer must be informed of all fees, how to contact support in the event of an issue, and how to receive transaction alerts via email or SMS. Another crucial fact is that without RBI approval, banks are not allowed to promote third-party products on their applications or websites, such as investment plans or insurance.

    All banks must employ appropriate fraud detection systems and monitor anomalous transactions in order to prevent online fraud. In order to promptly identify any unusual activity, they should also research how clients typically spend their money. On July 21, the RBI shared these proposed rules. By August 11, 2025, the central bank wants banks, professionals, and the general public to submit their recommendations.

    Sharing his views on the development, Tushar Sharma, Co-founder of Bondbay (platformed by Dexif Securities) stated, “We welcome the RBI’s proposed digital banking guidelines, which emphasise strong risk controls and customer consent. These measures highlight the critical importance of regulatory alignment—a clear, predictable framework empowers innovators to build securely and responsibly. As a fintech leader operating in the cloud ecosystem, I believe digital security isn’t just about compliance—it’s about smart design choices that embed trust. Tools like OTP-based logins, penny-drop account verifications, name-matching protocols, and Aadhaar-enabled video KYC offer robust, scalable ways to prevent fraud while ensuring smooth onboarding. These safeguards, when implemented thoughtfully, strike the right balance between user experience and security. The RBI’s consultative, forward-thinking approach signals that India is serious about creating a resilient digital financial backbone. By providing regulatory clarity and encouraging secure-by-design systems, the guidelines empower fintecs to innovate responsibly.”

    What This Means for Digital Banking Users?

    Users of online banking should anticipate more stringent security protocols and fewer unpleasant surprises if these regulations are implemented. They will be able to choose just the digital services they truly desire. Everyone will benefit from easier and more equitable banking since no one will be compelled to sign up for something they don’t need.

    Banks to Implement DoT’s Fraud Risk Indicator

    The RBI has instructed banks and payment institutions to incorporate the telecom department’s (DoT) financial fraud risk indicator (FRI) into their systems in light of the increasing number of cybercrimes.

    The RBI guideline, released on June 30, seeks to use cutting-edge technologies to combat cybercrime. The DoT hailed the action as a turning point. In a statement, the DoT claimed that the RBI’s directives mark a turning point in the battle against financial crimes made possible by cyberspace and demonstrate the effectiveness of interagency cooperation in protecting individuals in India’s expanding digital economy.

    FRI is a risk-based statistic that was introduced in May and links a cellphone number to the level of financial fraud. Data from DoT’s Chakshu platform, the government’s cybercrime reporting portal, and information provided by banks and financial organisations are used to highlight the numbers.

    This makes it possible for the appropriate parties to take further consumer protection steps to stop financial frauds committed using high-risk mobile numbers.

    Real-time FRI allows banks and other financial institutions to take preventative steps like rejecting suspicious transactions, warning or alerting clients, and postponing high-risk transactions.