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Fintech Skydo Secures RBI Nod to Operate as Payment Aggregator for Cross-Border Transactions.

Bengaluru-based fintech firm Skydo has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This milestone positions Skydo among the select few players authorized to facilitate cross-border payments under RBI regulations.

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Fintech Skydo Secures RBI Nod to Operate as Payment Aggregator for Cross-Border Transactions.

Currently, only five entities have received final RBI approval to operate as PA-CB, including Adyen India Technology Services, Amazon Pay (India), Cashfree Payments, IndiaIdeas.com, and Pay10 Services. Meanwhile, 11 other cross-border payment firms have pending applications for the PA-CB license, according to the RBI website.

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Fintech Skydo Secures RBI Nod to Operate as Payment Aggregator for Cross-Border Transactions.

Skydo recently achieved a Payment Service Provider (PSP) approval from Amazon, enabling the firm to process payments for exporters in Amazon’s Global Selling program. The company plans to expand its offerings beyond payments to include credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation,

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Fintech Skydo Secures RBI Nod to Operate as Payment Aggregator for Cross-Border Transactions.

aiming to build a comprehensive financial operating system for exporters.

Skydo provides small and medium-sized businesses, along with freelancers, foreign virtual accounts to receive payments seamlessly. Backed by $9.7 million in equity funding led by Elevation Capital, Skydo is set to strengthen its foothold in the cross-border payment ecosystem.

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Srivatsan Sridhar, Co-Founder and CEO of Skydo.

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Odisha Govt Partners With Singapore’s GFTN to Launch FinTech Hub in Bhubaneswar.

The Odisha Government’s Electronics and IT Department has partnered with Singapore-based Global Finance and Technology Network (GFTN) to set up a Global Competency Centre in Bhubaneswar, primarily focusing on InsureTech and financial inclusion.

The partnership, formalized during Singapore President Tharman Shanmugaratnam’s visit to Odisha,

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Odisha Govt Partners With Singapore’s GFTN to Launch FinTech Hub in Bhubaneswar.

supports India’s vision of “Insurance for All” by 2047.

The proposed FinTech hub will act as platform for product development, advanced skilling initiatives, and fostering global partnerships. Key initiatives include creating a global sandbox for insurance innovation,developing ESG disclosure infrastructure for MSMEs, and advancing skilling programs in financial technology.

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Sarala Aviation unveils prototype for India's first air taxi; Aims to launch in 2028.

Sarala Aviation, a Bengaluru-based startup unveiled its prototype air taxi, Shunya, at the Bharat Mobility Global Expo.

The company aims to launch the electric flying taxis in Bengaluru by 2028 to become the first to introduce urban air transport in India.

The Shunya prototype is designed for short trips of 20-30 kms and can reach speeds of upto 250 kmph.

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Sarala Aviation unveils prototype for India's first air taxi; Aims to launch in 2028.

The vehicle can accommodate up to six passengers and carry a maximum load of 680 kg, which the company said makes it the highest payload eVTOL (electric vertical take-off and landing) vehicle currently on the market. It aims to price the services at levels comparable to existing premium taxi services.

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Sarala Aviation unveils prototype for India's first air taxi; Aims to launch in 2028.

Sarla Aviation was founded by Adrian Schmidt, Rakesh Gaonkar, and Shivam Chauhan in October 2023. The startup recently raised $10 million in Series A funding, led by Accel with participation from Flipkart co-founder Binny Bansal and Zerodha co-founder Nikhil Kamath.

The company said that it will expand its air taxi services to cities including Mumbai, Delhi, and Pune,

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Sarala Aviation unveils prototype for India's first air taxi; Aims to launch in 2028.

after launching in Bengaluru.

In addition to passenger transport, Sarla Aviation announced plans to launch a free air ambulance service to address urgent medical needs in urban areas.

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HDFC Life announces corporate agency tie-up with CARS24 financial services pvt. ltd.

HDFC Life, one of India's leading life insurers, has recently entered into a Corporate Agency tie-up with CARS24 Financial Services Pvt. Ltd.

CARS24 Financial Services Private Limited ("CARS24 Financial Services") is a professionally managed Non-Banking Financial Company ("NBFC") registered with the Reserve Bank of India and with IRDAI as an Insurance Corporate Agent.

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HDFC Life announces corporate agency tie-up with CARS24 financial services pvt. ltd.

The Company is a part of CARS24 group and offers a variety of vehicle financing solutions to customers. INSURE24, a major milestone for CARS24, is set to transform the digital insurance landscape for India's rapidly growing online consumer base.

This partnership will enable CARS24 Financial Services Pvt. Ltd. to distribute products of HDFC Life to existing and,

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HDFC Life announces corporate agency tie-up with CARS24 financial services pvt. ltd.

future customers of CARS24. The life insurance solutions of HDFC Life will be offered across the branches as well as the digital platforms of the partner. Both partners aim to work together with the objective of increasing the reach of life insurance across locations where CARS24 has a presence.

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RBI cancels registration of Mumbai-based X10 Financial Services.

The Reserve Bank of India said it has cancelled registration of X10 Financial Services Ltd, a non-banking financial company (NBFC), due to irregularity in its digital lending operations. The Mumbai-based company was providing loans through several service providers (mobile apps), including Wecash Technology, XNP Technology, Yarlung Technology,

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RBI cancels registration of Mumbai-based X10 Financial Services.

Xinrui International, Omelette Technology, Mad-Elephant Network Technology and Huidatech Technology.

RBI said the Certificate of Registration (CoR) has been cancelled as the company violated guidelines on the code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal,

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RBI cancels registration of Mumbai-based X10 Financial Services.

fixing of rate of interest as well as Know Your Customer verification, to the Service Provider (SP) and failed to conduct due diligence on the SPs.

The CoR was issued to X10 Financial Services Ltd, previously known as Abhishek Securities Ltd, in June 2015.

The company cannot transact the business of a NBFC, the central bank said.

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Reliance Power appoints Neeraj Parakh as CEO for three years.

Reliance Power said it has appointed Neeraj Parakh as Chief Executive Officer. His appointment is effective for three years, Reliance Power said in an exchange filing.

Parakh's appointment as the company's Executive Director and Chief Executive Officer (CEO) is subject to the approval of members, it said.

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Reliance Power appoints Neeraj Parakh as CEO for three years.

Parakh joined the Reliance Group in June 2004 as an additional manager in the Central Technical Services team at Reliance Infrastructure (Reliance Infra).

From his initial focus on planning, project monitoring, technical services, and project execution, he advanced to operations and maintenance roles in both Reliance Power and Reliance Infra.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

The Reserve Bank of India issued new rules aimed at streamlining and tightening the settlement process for dues payable by borrowers to Asset Reconstruction Companies (ARCs). The revised framework by the RBI, announced through a circular, mandates that ARCs adopt a more structured approach to settle dues while ensuring transparency and accountability in their operations.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

As per the new guidelines, every ARC must establish a Board-approved policy that governs the settlement of borrower dues. The policy is required to address critical aspects such as eligibility criteria for one-time settlements, permissible sacrifices based on exposure categories, and methodologies to determine the realisable value of securities.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

Meanwhile, for borrowers with outstanding dues exceeding Rs 1 crore, settlements can only proceed after a thorough evaluation by an Independent Advisory Committee (IAC), the RBI said. This committee has to comprise experts with technical, financial, or legal expertise, who will assess the borrower’s financial position, projected earnings, and

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

recovery prospects before making recommendations to the ARC.

Further, the Board of Directors, including at least two independent directors, must deliberate on the IAC’s recommendations and evaluate alternative recovery options. The Board’s decision, along with the rationale, must be meticulously documented in meeting minutes.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

For dues of Rs 1 crore or below, ARCs can process settlements based on criteria defined in the Board-approved policy, the guidelines stated. However, officials involved in acquiring the financial asset cannot participate in the approval of the settlement to prevent conflicts of interest.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

Additionally, the Board must review quarterly reports detailing trends and recovery timelines for these accounts.

The revised framework emphasised on robust reporting requirements, including periodic analysis of accounts settled through compromise. This analysis has to include details such as trends in settled accounts, categorisation of fraud and wilful default cases.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

Meanwhile,settlements involving borrowers classified as wilful defaulters or frauds will follow the same stringent procedures applicable to high-value accounts, irrespective of the settlement amount.

ARCs are also required to ensure that settlements comply with existing laws and obtain consent decrees from judicial authorities when recovery proceedings are already underway.

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New RBI rules mandate stricter oversight on ARC-borrower settlements.

This safeguards the integrity of settlements and aligns them with ongoing legal actions.

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Kotak Mahindra Bank acquires StanChart's Rs 3,330-cr personal loan portfoilio.

Kotak Mahindra Bank said it has completed the acquisition of Rs 3,300 crore personal loan book of Standard Chartered Bank India following regulatory approvals. After having received the necessary regulatory approvals and upon fulfillment of the relevant conditions precedent, the bank on January 23, 2025, completed the acquisition, Kotak Mahindra Bank said.

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Kotak Mahindra Bank acquires StanChart's Rs 3,330-cr personal loan portfoilio.

The private sector bank has picked up the entire quantum of the foreign lender's personal loans classified as standard advances.

It also comes at a time when the regulator has been flagging risks on the unsecured loans like personal loans front and has also increased risk weights to dissuade lenders from growing the books.

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INCOIS, Hyderabad, selected for Subhash Chandra Bose Aapda Prabandhan Puraskar-2025.

The Indian National Centre for Ocean Information Services (INCOIS) has been selected for the Subhash Chandra Bose Aapda Prabandhan Puraskar-2025, in the Institutional Category, for its excellent work in Disaster Management.

The Government of India, under the leadership of Prime Minister Shri Narendra Modi, has instituted an annual award known as,

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INCOIS, Hyderabad, selected for Subhash Chandra Bose Aapda Prabandhan Puraskar-2025.

Subhash Chandra Bose Aapda Prabandhan Puraskar to recognize and honour the invaluable contribution and selfless service rendered by individuals and organizations in India in the field of disaster management. The award is announced every year on 23rd January, the birth anniversary of Netaji Subhash Chandra Bose.

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INCOIS, Hyderabad, selected for Subhash Chandra Bose Aapda Prabandhan Puraskar-2025.

Indian National Centre for Ocean Information Services (INCOIS) was established in 1999, Hyderabad, Telangana. The INCOIS is integral to India’s disaster management strategy, specializing in early alerts for ocean-related hazards.

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INCOIS, Hyderabad, selected for Subhash Chandra Bose Aapda Prabandhan Puraskar-2025.

It established the Indian Tsunami Early Warning Centre (ITEWC) which provides tsunami alerts within 10 minutes, serving India and 28 Indian Ocean countries. It has been recognized by UNESCO as a top Tsunami Service Provider. Supported by a network of seismic stations, tide gauges and other ocean sensors.

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