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India’s $90B quick commerce gold rush; Celebrating the New Tech Order at TechSparks

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India’s $90B quick commerce gold rush; Celebrating the New Tech Order at TechSparks

In a major policy pivot at the central bank, the Reserve Bank of India raised the repo rate by 25 basis points to 5.50% on Wednesday. This is the first time in nearly four years that the RBI has raised the repo rate, and the first hike under Governor Sanjay Malhotra. Citing persistent inflation and currency depreciation, the unanimous MPC decision was accompanied by a surprise shift to "calibrated tightening." The message is clear: the central bank is shifting to defence, and further rate hikes are firmly back in play. 

Malhotra on Wednesday said levying a “small fee” in the form of merchant discount rate (MDR) will not have a "major impact" on UPI transaction volumes. His comments come about a month after the government allowed charging of the MDR under which transactions above Rs 2,000 will attract a fee of 0.4%.

Moving on to the fintech industry, RBI has officially removed Paytm Payments Bank Ltd (PPBL) from the list of recognised scheduled banks following the cancellation of its banking licence. The move comes after months of regulatory scrutiny of the company. 

Elsewhere, Google Cloud India Managing Director Sashikumar Sreedharan has stepped down from his role to pursue an external opportunity, with Amit Kumar named as the interim head of the company's India operations, a senior company official said on Wednesday.

Lastly, debt platform for startups and SMEs, Recur Club, has announced a Rs 500 crore fund to facilitate growth capital for D2C brands in the current financial year.


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