Uniform KYC, Rupay Card,Electric Cars,5G, ETC

Vaishali Sharma
March 14, 2024

FSDC Proposes Uniform KYC Rules for Financial Sector

The Financial Stability and Development Council (FSDC) proposes uniform KYC rules across financial sectors.
This initiative aims to simplify customer onboarding and enable interoperability of KYC records.
Under the proposal, customers submit KYC details once, receiving a unique identifier linked with their ID proof.
Financial intermediaries can access KYC details from the Central KYC Records Registry (CKYCR), streamlining the process.
Benefits include reduced paperwork for customers, increased efficiency for intermediaries, and enhanced security.
The government also plans to implement a risk-based KYC approach to further streamline the process.

RBI Directive Boosts RuPay Card Prospects Amidst Choice Expansion

RBI directive allows customers to choose card networks: RuPay, Visa, or Mastercard.
Aim is to promote domestic cards and protect consumer interests.
Expected impact:
Accelerated acceptance of RuPay among customers and issuers in India.
Potential earnings impact for card issuers due to lower fees and limited international acceptance of RuPay.
Exemptions:
Card issuers with less than 10 lakh active cardholders.
Those with authorized networks (e.g., Amex).
Larger players like SBI Cards, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank must offer network choice to new customers.

Indian Government Launches Rs 500 Crore Scheme to Boost Electric Vehicle Sales

Indian government launches Rs 500 crore Electric Mobility Promotion Scheme (EMPS), 2024, to boost electric two and three-wheeler sales.
Scheme effective from April 1 for four months, aimed at accelerating EV adoption.
FAME-II scheme has already subsidized significant numbers of electric vehicles, including two and three-wheelers.
Rising affordability and policy initiatives contribute to the growth of electric two-wheelers in India.
Challenges include higher prices and deficient charging infrastructure.

Affordable 5G Handsets: Airtel and Jio's Strategy to Drive Consumer Adoption

Bharti Airtel partners with Poco to offer a 5G smartphone at ₹8,799 with data bundling, aiming to make 5G devices more accessible.
Reliance Jio collaborates with Reliance Retail for smartphone discounts to boost sales.
Airtel and Jio aim to bring 5G device costs below ₹10,000 to drive mass adoption in India.
Airtel expands store presence in tier-2 and -3 cities to showcase technologies and elevate service standards.
Industry analysts anticipate increased consumer offers and financing options to drive 5G smartphone penetration.
Airtel has around 65 million 5G users, while Jio has 90 million, with 5G-enabled smartphones expected to reach 25% of the market by March 2025.
Monetization of 5G at the consumer level is yet to start, with data access mostly free in India.

E-Car Sales Dip to a 5-Month Low in February Despite Aggressive Price Reductions.
First Chip Expected to Roll Out from Tata's Dholera Plant by December 2026: Ashwini Vaishnaw
redBus Report: 67% of Online Bus Bookings in India Stem from Non-Metro Areas
Cost-Cutting Measures Prompt Byju’s to Scale Back Office Presence, HQ Included
Ola Electric Set to Launch E-Auto Rickshaws Prior to IPO
NHAI Urges Paytm FASTag Users to Switch to Another Issuing Bank by March 15 Deadline
Breakthrough: Entod Pharmaceuticals Introduces Human Insulin Eye Drops for Corneal Eye Therapy
Meesho Launches Rs 200 Crore ESOP Buyback Initiative; 1,700 Employees Stand to Benefit