Top Headlines: Zomato to Acquire Blinkit, PUP Ban Will Hit BNPL Users and More



The board of food aggregation platform Zomato has approved the acquisition of fast-trading company Blinkit for Rs 4,447 crore (about $567 million) in an all-stock deal. Zomato will acquire 33,018 shares of Blink Commerce Pvt Ltd (BCPL). The Reserve Bank of India’s (RBI) decision to ban the loading of prepaid payment instruments (PPIs) from lines of credit could affect 8-10 million customers who are part of the “buy now, pay later” (BNPL), say actors feeling the heat due to regulatory diktat.
Zomato board approves acquisition of fast trading company Blinkit for Rs 4,447 cr

The board of food aggregation platform Zomato has approved the acquisition of fast-trading company Blinkit for Rs 4,447 crore (about $567 million) in an all-stock deal. Zomato will acquire 33,018 shares of Blink Commerce Pvt Ltd (BCPL). This transaction will be effected through the issue and allotment of up to 628.5 million fully paid shares of Zomato, with a nominal value of 1 rupee each at a price of 70.76 rupees per share. Read more


Premium Content PPI credit ban expected to affect 8-10 million BNPL users, industry says

The Reserve Bank of India’s (RBI) decision to ban the loading of prepaid payment instruments (PPIs) from lines of credit could affect 8-10 million customers who are part of the “buy now, pay later” (BNPL), say actors feeling the heat due to regulatory diktat. The move could also lead to systemic risk from a lending perspective, as if products are suddenly discontinued, customers may not be able to repay their loans. Read more



RBI looking at PPI credit, BNPL models; in talks with fintechs over concerns

The Reserve Bank of India (RBI) is reviewing the practices and patterns of Prepaid Payment Instruments (PPI) and Buy Now Pay Later (BNPL) service providers days after the central bank reiterated its stance that regulated activities requiring a license cannot be practiced by fintech actors, without authorization, under the guise of innovation. Read more


Expert panel endorses use of Serum Institute’s Covovax for ages 7-11

A panel of experts advising the Central Drugs Standard Control Organization (CDSCO) has recommended granting Emergency Use Authorization (EUA) to Covovax from the Serum Institute of India (SII) for use in children aged 7 at 11, sources say. The Drug Controller General of India (DCGI) will review this recommendation before granting final approval. Read more


RBI acts in the futures market to protect foreign exchange reserves and reduces premiums

The Reserve Bank of India’s (RBI) recent decision to accept early delivery of long dollar futures positions shows its willingness to protect rapidly depleting foreign exchange (forex) reserves, analysts said. RBI actions triggered a sharp drop in dollar/rupee futures premia. Currency analysts who spoke to Business Standard said that at a time when significant dollar strength has pushed the rupiah to record highs, the RBI may wish to ensure that its foreign exchange reserves do not fall below a certain level. Read more

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