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India’s RuPay threat to Visa? Payment giant complains to US govt for THIS reason

Visa has raised concerns about a level playing field in India during a meeting between US Trade Representative (USTR) Katherine Tai and VISA executives, including CEO Alfred Kelly.

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RuPay

The payment giant, Visa has complained to the United States government against India. The company is concerned that Prime Minister Narendra Modi has been promoting the local payment gateway RuPay for years now that has proved as a threat to Visa and Mastercard.

According to media reports, Visa has raised concerns about a level playing field in India during a meeting between US Trade Representative (USTR) Katherine Tai and VISA executives, including CEO Alfred Kelly.

Visa complains US government against India backing RuPay

A USTR memo read that Visa remains concerned about India’s informal and formal policies that appear to favour the business of National Payments Corporation of India, the non-profit that runs RuPay over other domestic and foreign payment companies.

In 2018, Mastercard had raised similar concerns with the US Trade Representative that Narendra Modi was using nationalism to promote the local network.

About Visa

Visa facilitates electronic funds transfers throughout the world. Launched in September 1958 by Bank of America, is the world’s second-largest card payment organisation. It does not issue cards or extend rates for consumers.

In 2018, the giant payment company reported earnings of US$10.3 billion. As of 2018, Visa ranked 161st on the Fortune 500 list of the largest United States corporations by revenue.

Read Also: Reliance Jio joins Airtel and VI, hikes prepaid plan tariffs by 20%: check new plans here

About RuPay

As per the most recent regulatory data on RuPay, the company accounted for 63 percent of India’s 952 million debit and credit cards as of November 2020. It has increased from 15 percent in 2017.

Last year, Finance Minister of India Nirmala Sitharaman had said that all the banks in India should only promote RuPay. She also informed that the government has also promoted a RuPay based card for public transportation payments.

In other news, amid the rising concerns and emergence of a new variant of coronavirus Omicron, Indian states have issued fresh Covid-19 guidelines as precautionary measures. 

India News

Pran Pratishtha: Money markets to open at 2.30 pm on Jan 22, says RBI

According to the notice, on January 22, the trading hours for the various markets regulated by the Reserve Bank of India have been extended in view of the half-day closing announced by the Government of India.

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The banker’s bank, Reserve Bank of India (RBI) on Friday, said money market will operate from 2:30 pm instead of 9 am on January 22 in view of the Ram Temple event in Ayodhya.

The order came after the announcement of a half-day holiday in all the Central government offices by the Centre on the Pran Pratishtha ceremony day.

According to the notice, on January 22, the trading hours for the various markets regulated by the Reserve Bank of India have been extended in view of the half-day closing announced by the Government of India.

The trading hours for the central bank-regulated markets will be from 2:30 pm to 5 pm on January 22, the notice released by the Reserve Bank of India (RBI) further said.

Following the Ram Mandir Pran Pratishtha occasion, which is scheduled to take place on January 22, the government of India on Thursday announced a half-day of work in all the government offices across the country.

The notice released by the Ministry of Personnel, Public Grievances and Pensions stated that the Ram Lala Pran Pratishtha at Ayodhya will be celebrated on January 22, 2024, across India. To enable employees to participate in the celebrations, it has been declared that all Central government offices, Central institutions and Central industrial establishments throughout India will be closed for half-day till 2:30 pm, the official notice read. 

Several personalities have been invited for the Pran Pratishtha including politicians, film celebrities, cricketers, and judges.

As many as 50 jurists, including former chief justices, judges and senior lawyers have been invited to the Ram Temple Pran Pratishtha ceremony in Uttar Pradesh’s Ayodhya.

The list also included the names of Solicitor General Tushar Mehta and former Attorney General KK Venugopal.

The preparation is in full swing before the Pran Pratishtha ceremony in Ayodhya. The chief guest of the Pran Pratishtha event, Prime Minister Narendra Modi, will inaugurate the Ram temple on January 22. 

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Latest business news

Adani Group to invest over Rs 12,400 crore in Telangana

Adani Enterprises Limited (AEL) to invest over Rs 5,000 crore in a 100-mw data centre campus, which will be powered by renewable energy, in the coming 5-7 years.

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The Adani Group has announced investments of over Rs 12,400 crore in Telangana across various sectors. The announcement came after Adani Group Chairman, Gautam Adani and Telangana Chief Minister A Revanth Reddy held a meeting at the World Economic Forum in Davos.

The Adanis have signed four agreements with the state government to collaborate for development in different sectors in the state.  

Adani Enterprises Limited (AEL) to invest over Rs 5,000 crore in a 100-mw data centre campus, which will be powered by renewable energy, in the coming 5-7 years.

According to the Adani Group statement released on January 17, AEL will work with micro, small and medium enterprises and new players in the market to develop an internationally competent supplier base for the project.

The statement further added saying this will generate jobs for 600 people, directly and indirectly.

To set up two pump storage projects (PSPs)-850MW at Koyabestagudem and 500 MW PSPs at Nacharam, Adani Green Energy Limited (AGEL) will invest over Rs 5,000 crore.

Ambuja Cement will invest Rs 1,400 crore to set up a 6 MTPA cement plant. According to reports, the unit would be set up across 70 acres and would significantly enhance Ambuja’s capability. The reports further suggest that the investment will give employment opportunities to over 4,000 people.

In a span of 10 years, the Adani Defence System and Technologies Limited will invest over Rs 1,000 crore, to set up a comprehensive ecosystem for the research, development, design manufacturing and integration of counter-drone and missiles systems at the Adani Aerospace Park in Telangana.

Such projects would enhance the defence capability of India and create huge employment to over 1,000 people.

The Chief Minister of Telangana has assured the Adani Group of the state’s commitment to provide the necessary amenities, infrastructure, and support for the successful execution of their projects.

In response to this development, Adani expressed optimism about the investor-friendly environment in Telangana and applauded the new government’s policies. He affirmed the Adani Group’s commitment to rapid growth in the state.

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Vibrant Gujarat Global Summit 2024: Mukesh Ambani says Narendra Modi is India’s most successful Prime Minister, greatest global leader

The Reliance Ceo said PM Modi has laid a solid foundation for Viksit Bharat – India as a fully developed nation in Amrit Kaal. He said no power on earth can stop India from becoming a $35 trillion economy by 2047 (from under $3trillion dollars now). He said Gujarat alone will become a $3 trillion economy.

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Mukesh Ambani on Wednesday said Narendra Modi is India’s most successful Prime Minister and the greatest global leader of current generation. He flaunted his group Reliance Industries’ Gujarati heritage and is over $150 billion (Rs 12 lakh) investment in last 10 years.

Ambani said Vibrant Gujarat global Summit which was conceived when Modi was chief minister of the state 20 years back as the most prestigious investor summit in the world. He added our beloved leader who has emerged as the greatest global leader of our times. And he is Narendrabhai Modi, the most successful Prime Minister in India’s history.

Ambani stated when Modi speaks, the world not only listens but applauds. He said his friends in foreign countries ask him what is the meaning of the slogan that millions are chanting Modi hai toh mumkin hai? Ambani said it means India’s prime Minister makes the impossible possible with his vision, determination and execution!

He said he was a proud Gujarati and added Reliance was, is and will remain a Gujarati company. Ambani said when foreigners think of new India, they think of new Gujarat. He said this transformation had taken place because of one leader: Shri Narendrabhai Modiji. He said the coming generations will be thankful to Prime Minister Narendra Modi for being both a nationalist and an internationalist.

The Reliance Ceo said PM Modi has laid a solid foundation for Viksit Bharat – India as a fully developed nation in Amrit Kaal. He said no power on earth can stop India from becoming a $35 trillion economy by 2047 (from under $3trillion dollars now). He said Gujarat alone will become a $3 trillion economy. He said as chief minister of Gujarat, Modi used to say Bharat ke Vikas ke liye Gujarat Ka Vikas. Ambani said now as Prime Minister of India, his mission is – Duniya Ke Vikas ke liye Bharat ka Vikas  

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