The parent company of fintech major Paytm said on Wednesday it will over time invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to set up a development centre that will create an international payments system.

One97 Communications made the announcement ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar. The Gurugram-based fintech plans to create an artificial intelligence (AI)-driven cross-border remittance and payments technology system.

The Department of Telecommunications (DoT) has adopted a proactive approach by suo motu blocking both overseas and local phone numbers linked to cybercrimes and threats, according to a report by The Economic Times. Over the last few days, more than 1,500 callers, including international numbers, have been blocked by the government based on complaints regarding such calls. The action was taken without waiting for approvals from intelligence agencies in response to the rising cases of fraud and threats committed through these numbers.

Lizzie Chapman and Ashish Anantharaman, the founders of “buy now pay later” (BNPL) firm ZestMoney, have launched a startup called SwiffyLabs, a business-to-business (B2B) fintech company building infrastructure for banks and financial institutions, according to sources.

The venture has received backing from Jio Platforms, a subsidiary of Mukesh Ambani-owned Reliance Industries, according to people familiar with the development.

Honda Motorcycle and Scooter India (HMSI) on Monday inaugurated a third assembly line in the company’s largest scooter-only plant in Vithlapur, Gujarat. The third line that would add an annual capacity of 650,000 units will take the total capacity of the facility to 1.97 million units per annum.

Prior to this expansion, the plant had a capacity to produce 1.3 million units a year of scooter models like the Activa, Dio, Activa 125, Dio 125, etc.

Reflecting a rise in the cost of deposits, Delhi-based public sector lender Punjab National Bank has hiked the Marginal Cost of Funds Based Lending Rate (MCLR) by five basis points across different tenors from 1 January 2024. One-year MCLR is now 8.7 per cent.

Meanwhile, Bank of Baroda, a Mumbai-based public sector lender, has hiked the home loan rate from 8.7 per cent to 8.8 per cent from the start of the month. Rate revision comes after the end of its festive period offer.

The price of 24-carat gold dipped Rs 220 in early trade on Tuesday, with ten grams of the precious metal selling at Rs 63,050, according to the GoodReturns website. The price of silver fell Rs 200, with one kilogram of the precious metal selling at Rs 76,400.

The price of 22-carat gold declined Rs 200, with the yellow metal selling at Rs 57,800.

The Supreme Court (SC) on Monday directed the Centre and Goods and Services Tax (GST) department to file their response within two weeks to the pleas by online gaming companies challenging the 28 per cent GST on all forms of online real-money gaming.

The bench, led by Chief Justice of India DY Chandrachud, issued notice in pleas by online gaming companies such as Head Digital Works, Games 24/7, and Dream 11 challenging the government's decision to retrospectively impose the tax on the full value of the online bets placed, not on the gross gaming revenue.

Sony Group Corp is planning to call off its merger with Zee Entertainment Enterprises Ltd, Bloomberg reported on Monday, citing people aware of the matter. The Japanese conglomerate is likely to send the termination letter to ZEEL before January 20.

The Bloomberg report said that Sony is planning to cancel the deal owing to the standoff over who will lead the merged entity. There has been confusion over whether Zee's chief executive officer, Punit Goenka, also its founder's son, will lead the company or not. Sony reportedly does not want Goenka to lead the merged entity amid a regulatory probe.

Diversified conglomerate Adani Group has committed investments to the tune of Rs 42,700 crore in Tamil Nadu across various sectors on the second day of the Global Investors Meet 2024 held here on Monday.

At the valedicatory session of the event organised by the ruling DMK government, memorandum of understandings between the Adani Group and the state government were signed in the presence of Chief Minister M K Stalin, Minister for Industries TRB Rajaa, Adani Ports and Special Economic Zone, Managing Director, Karan Adani.

Adani Group-owned ACC Ltd on Monday announced that it will acquire the remaining 55 per cent stake in the cement manufacturer Asian Concretes and Cements Pvt Ltd (ACCPL) at an enterprise value of Rs 775 crore. It currently owns 45 per cent of the company. The acquisition will be funded through internal accruals.

The cost of acquisition will be Rs 425.96 crore for 55 per cent equity.

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