phonepe: Flipkart-owned PhonePe first non-bank to enable UPI-based IPO bidding

Mumbai: The National Payments Corporation of India (NPCI) has given the nod to Walmart-backed PhonePe to allow its customers to make their bids for Initial Public Offerings (IPOs) through the UPI platform. This will make PhonePe the first non-bank to facilitate such transactions since the capital markets regulator Sebi and payments governance body NPCI allowed retail investors to make their offers through the hugely popular UPI channel. However, only banks were given the mandate to facilitate these transactions. “Earlier, the customers had to provide their account details and IFS code…

India forex reserve: Forex kitty inching to all-time high

MUMBAI: Reserve Bank of India’s dollar swaps helped the forex kitty to surge a healthy $4.37 billion in the week ended April 26 as the reserves are slowly heading back to the highs of April last year before the emerging market currency crisis caused the rupee to depreciate. The forex kitty now stands at $418.5 billion up from $414.1 billion as the foreign currency asset which is the total of all foreign currencies in dollar, yen, pound and others held by the central bank, increased by $4.38 billion. The central…