Jio Financial Services, Adani Total, Cashfree, India's semiconductor industry, PhonePe, IPL 2024, etc.

Market Briefs

Main Briefs

Jio Financial Services Introduces Beta App for Digital Banking and UPI

• Key Features:

  Instant digital account opening

  Streamlined bank management with Jio payments bank account

  Integration of UPI transactions, bill settlements, insurance advisory

  Consolidated view of accounts and savings

• Future Plans:

  Expanding loan solutions, starting with loans on mutual funds and progressing to home loans

• User Accessibility:

  Designed for users of all levels of familiarity with financial technology

  Ensures effortless money management

• Overall Goal:

  Simplify finance management

  Offer a comprehensive suite of financial services

  Enhance transparency, affordability, and intuitiveness of financial services.

India's Chip Design Talent High, Facilities Lag Behind: BCG Report

• India has 19% of the world’s chip designers but only 7% of the design facilities.

• China holds 28% of chip designers and 12% of design facilities.

• The United States has 32% of chip designers and 27% of design facilities.

• Europe has 21% of design facilities and 4% of designers.

• India has approximately 300,000 chip design engineers.

• The Indian government is focusing on semiconductor fabrication and packaging with a Rs 76,000 crore ($10 billion) subsidy plan.

• Future plans include enhancing the chip design ecosystem, aiming for end-to-end production of at least 10 chipsets domestically.

• Significant investment has been approved, including three projects worth Rs 1.26 lakh crore.

• Experts suggest focusing on chip design due to its higher value addition compared to packaging.

Briefs, You Can’t Miss:

1. Reliance and Tata Make TIME's List of the World's Most Influential Companies.

2. Car Dealers Face ₹44,000 Crore Inventory Surplus Amid Slowing Demand.

3. Bank Frauds Surge by 300%, Digital Frauds Skyrocket 708% in Two Years: RBI.

4. Adani Total Eyes New LNG Plants to Boost Imports in India.

5. Wednesday Sees Peak Power Demand Surge to 246.1 GW.

6. Oyo Posts Inaugural Annual Net Profit of Rs 100 Crore for FY 2023-24.

7. PhonePe and NBFCs Team Up to Roll Out Secured Loan Options.

8. Agnikul Plans FY25 Orbital Launch, COO Confirms Talks with Customers.

9. EkStep Joins Forces with Google Cloud to Speed Up Digital Infrastructure Adoption.

10. Strategic Hire: Cashfree Brings in Harsh Gupta as CRO, Anticipates More Adjustments.

11. IPL 2024 Digital Reach Up 38% from Last Season, JioCinema Establishes New Benchmark.

World Briefs

• Amazon Gains FAA Approval for Wider Drone Delivery Deployment in the US.

• Global Monthly Active Users on Truecaller Now Exceed 400 Million.

• $10 Billion Aramco Offer to Be Launched by Saudi Arabia This Sunday.

• Google Commits $2 Billion to Enhance Data Centre and Cloud Services in Malaysia.

• BlackRock's Bitcoin ETF Becomes the Largest in the World.

AI Briefs

• Fire TV Devices Enhanced with Amazon's New AI Voice Search.

• ChatGPT Introduces Free Access to Custom GPTs, Enabling Purpose-Specific AI Chatbots.

• Apple and OpenAI Enter Potentially Billion-Dollar Agreement, Report Indicates.

• OpenAI CTO: Generative AI's Economic Impact Is Just Beginning.

Company Of The Day

Company Name: Cashfree Payments

Founder: Akash Sinha, Reeju Datta

Year Of Foundation: Jul 2015

Headquarter: Bengaluru, Karnataka, India

Industry: Cashfree Payments is a payment and banking technology company based in Bangalore, India.

Why Is It in the News?
Cashfree appoints Harsh Gupta, a former executive at Razorpay, as its Chief Revenue Officer.