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News Updates
INDUSTRY UPDATES
FINANCE
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RBI Expands UPI's Horizons: Allows Banks to Extend Pre-Sanctioned Credit Lines for Seamless Transactions In a significant move, the Reserve Bank of India (RBI) has greenlit banks to offer pre-sanctioned credit lines to users through the Unified Payments Interface (UPI), introducing a novel financial paradigm akin to credit card transactions. Under this innovative system, customers will be able to access credit provided by banks as a loan, even when their accounts hold no balance. The RBI's endeavour to amplify UPI's transaction capabilities has reached a new zenith with this development. In a circular issued on Monday, September 5, the RBI officially announced the expansion of UPI's scope to encompass credit lines as funding accounts. Termed "UPI Credit Line," this transformative feature permits users to conduct transactions using the pre-approved credit, irrespective of their account balance. The procedure mirrors that of a credit card, with banks having the liberty to set terms and conditions for availing credit lines, subject to board approval. The credit limit, tenure, and interest rate are all determined by individual banks' boards. This initiative is poised to bring substantial benefits to UPI users. Presently, UPI can be linked to savings accounts, overdraft accounts, prepaid wallets, and credit cards. The RBI's rationale behind this expansion is to broaden UPI's reach by facilitating financial transactions through credit lines, apart from deposit accounts. Users can withdraw only up to the allocated credit limit. Notably, RuPay credit cards were also recently allowed to be linked with UPI. The development comes on the heels of reports indicating that UPI transactions in India have crossed the unprecedented threshold of one lakh crore for the first time. In August alone, over one thousand crore transactions amounting to a colossal sum were recorded. This marks a historic milestone in the seven-year history of digital payments. According to the National Payments Corporation of India, as of August 30, a staggering 15.18 lakh crore transactions had occurred, with July witnessing 15.34 lakh crore UPI transactions.
Amazon Expands Fresh Produce Delivery to Over 60 Indian Cities! In a ground-breaking move, Amazon is bringing the freshest fruits and vegetables directly to your doorstep in more than 60 cities across India. This expansion of Amazon's grocery delivery service is set to revolutionize the way we shop for everyday essentials. But that's not all! Amazon is now your one-stop shop for all your culinary needs. From budget-friendly spices to convenient frozen products, Amazon's got it all. Whether you're looking for pantry staples or unique condiments, you can have them delivered right to your home. What's more, customers in various cities can take advantage of weekend sales and Super Value Days promotions from the 1st to the 7th of every month. These fantastic offers mean you can snag your favourite products at attractive discounts, all while enjoying the convenience of home delivery at a time that suits you. And here's the best part – shipping charges are waived on all orders above Rs.249. This means you can stock up for the month and save big on your family's budget. Amazon's selection includes products from all your favourite brands, making it easier than ever to find exactly what you need. Amazon's reputation as a one-stop shop for everything, from safety pins to smartphones, is well-known. However, the e-commerce giant has been eyeing the online spice market in India, where it aims to carve a niche for itself. Even as it faces competition from players like BigBasket and Reliance, Amazon is determined to dominate this spice segment. Interestingly, Amazon has faced similar challenges in its home country, the United States, when it comes to the e-grocery sector. But fear not, as Amazon is ramping up its distribution of condiments in the US, with plans to roll out this initiative nationwide by the end of the year. Currently, these services are available in all major cities in both the US and India. Amazon's expansion into the world of fresh produce and spices is set to redefine convenience for shoppers everywhere. With a wide range of products, unbeatable offers, and hassle-free delivery, it's clear that Amazon is on a mission to make your grocery shopping experience a breeze.
Lulu Group's State-of-the-Art Seafood Export Centre Opens with 150 Crore Investment In a significant stride for the seafood industry, Lulu Group has inaugurated its cutting-edge Seafood Processing Export Centre in Aroor, marking a colossal investment of 150 crores. The fully automated factory was unveiled by Industries Minister P Rajeev in the presence of Lulu Group Chairman M. A. Yusuff Ali and MPEDA Chairman Dodda Venkata Swamy. Minister P. Rajeev expressed confidence in Kerala's immense potential in the field of marine product exports. He revealed that the state is on the cusp of releasing an exclusive export policy tailored to Kerala, which boasts the highest number of EU-approved seafood export establishments in the country. This endeavour aligns with the government's commitment to bolstering manufacturing in the state, exemplified by Lulu Group's world-class manufacturing venture. In addition to Lulu Group's initiative, the government is embarking on the establishment of ten new mini food processing parks, with private industrial parks also gaining momentum. Eight such parks have already received approval, and 53 applications are currently under review. The government plans to allocate three crore rupees each for the infrastructure development of these parks. Furthermore, 32 engineering colleges and five universities have expressed interest in establishing campus industrial parks, which will be greenlit provided they have an additional five acres of land. The government will allocate 1.5 crore for infrastructure development in such cases, with implementation slated for the coming year. The newly inaugurated unit at Arur has the capacity to process and export an impressive 2500 tonnes of marine products per month, equipped with state-of-the-art machinery imported from Denmark. This facility also houses a dedicated unit for value-added seafood product exports, contributing to the creation of over eight hundred employment opportunities. Lulu Group's primary markets include its own hypermarkets across the Gulf, Egypt, Indonesia, and Malaysia, marking a significant milestone as their first fish processing unit in Kerala. Lulu Group Chairman M. A. Yusuff Ali also unveiled plans for India's largest food processing export centre in Kalamasery, signalling the start of stone-laying work within two months. Yusuff Ali proudly stated that Lulu Group is India's leading exporter of fruits and vegetables and is actively working to achieve an export target of Rs 10,000 crore in the current fiscal year. The group's export arm, Fair Exports India, recorded an impressive Rs 6,200 crore in exports from India in FY 2022-23, with Rs 560 crore worth of products originating from Kerala.
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Bank of Baroda Expands Gold Loan Services with 251 New Gold Loan Shopees Bank of Baroda, a leading public sector bank, is taking customer service to the next level with the launch of 251 new Gold Loan Shopees across the country. These Gold Loan Shopees are dedicated sections within the bank branches, designed exclusively to provide fast and personalized services to gold loan customers, all while ensuring utmost customer privacy. These 251 new Gold Loan Shopees are strategically spread across various states, including Andhra Pradesh, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab & Haryana, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal. Notably, 35 of these new Gold Loan Shopees are now operational in Kerala. With this expansion, Bank of Baroda boasts a total of 1,238 gold loan shops nationwide. To ensure seamless services on all working days, each Gold Loan Shopee is equipped with one dedicated officer and at least two appraisers. What's more, the officer in charge of the Gold Loan Shopee is empowered to approve loans at their discretion, streamlining the loan approval process for maximum efficiency. Ajay K Khurana, Executive Director of Bank of Baroda, expressed his enthusiasm for this expansion, saying, "We are pleased to launch 251 new gold loan shops across the country. As the bank's gold loan business gains momentum, we believe gold loan shops can play a vital role in building a quality gold loan portfolio and driving business growth." Bank of Baroda is not only committed to offering fast and efficient service but also provides affordable interest rates on gold loans, with high loan limits and no processing charges for loans up to Rs. 3 lakhs. This approach ensures that customers receive the best possible value for their pledged gold. With the introduction of these new Gold Loan Shopees, Bank of Baroda reaffirms its commitment to delivering top-notch financial services and fostering growth opportunities for its customers, further solidifying its position as a trusted banking partner.
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