Today's Business Blitz- "Finance Commission forms new panel; NPCI proposes 1.2% UPI fee; Bandhan Bank CEO resigns; Immuneel Therapeutics secures INR 100 Cr; Floryo challenges Aashirvaad."
10th July, 2024
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1. “Finance Commission Establishes New 5-Member Expert Advisory Panel - What You Need to Know”
The 16th Finance Commission appoints a 5-member Advisory Council.
The Council, led by Poonam Gupta (NCAER Director General), includes DK Srivastava, Neelkanth Mishra, Pranjul Bhandari, and Rahul Bajoria.
The Council assists the Commission in fiscal devolution, improving recommendation quality and enforcement.
It provides national and international best practices, prepares research papers, and evaluates studies.
#fiscal#Rahul
2. “NPCI Report Suggests 1.2% Interchange Fee for Credit UPI Transactions”
NPCI to introduce 1.2% interchange fee for UPI credit line transactions.
This is a potential change from the current fee structure, which is lower than that for credit card transactions.
The fee will be charged to the merchant's bank account when a customer makes a purchase using a credit line through UPI.
Payment service providers will receive an 8 basis point commission for the transaction.
NPCI's data shows that UPI transaction volume decreased by 1.9% in June compared to May but increased by 36% year-over-year.
NPCI is expanding internationally, partnering with Network International to enable UPI payments in the UAE.
#bank#News#customer#B2G#UPI
3. “End of an Era: CS Ghosh Steps Down as MD & CEO of Bandhan Bank”
Bandhan Bank's MD & CEO Chandra Sekhar Ghosh retires after nine years.
Ghosh credits account holders for the bank's growth and success.
Ghosh expresses confidence in the bank's future under its experienced leadership team.
Ghosh will reportedly take on an executive role in Bandhan Financial Services.
The bank's strong workforce and core values will guide its future growth.
#success#bank#workforce#leadership
4. “Immuneel Therapeutics Lands INR 100 Cr Boost Led by Kiran Mazumdar-Shaw for Expansion”
Biotech startup Immuneel Therapeutics, cofounded by Kiran Mazumdar-Shaw, has raised INR 100 Cr from Taiba Middle East FZ LLC.
The funds will be used for growth and expansion.
Immuneel Therapeutics offers cell and gene therapies, including CAR-T cell therapy, to fight cancer.
The company was valued at INR 488 Cr as of April 30, 2024.
Immuneel Therapeutics previously raised $15 Mn in a Series A funding round in April 2022.
#Internet#company#News#funding#startup
5. “Floryo's Rise: Aiming to Eclipse Aashirvaad with Age-Old Stone Mill Magic”
Floryo: D2C brand reviving traditional stone mill flour with nutritional focus, aiming to compete with legacy atta brands like Aashirvaad.
Founder: Manohar Kumar, with experience at Licious and Arvind Brands.
Products: Freshly made wheat flour, single grain, multigrain, and gluten-free varieties customized to meet nutritional needs.
Tech-enabled: Utilizes stone mills for minimally processed flours, real-time data analytics, and IoT sensors for responsive manufacturing.
Go-to-market strategy: Focus on offline expansion, targeting modern trade stores and general trade outlets.
Challenges: Distribution in India's offline market and educating value-conscious consumers about health benefits.
Target: INR 36 Cr ARR by March 2025, expansion into South Indian cities in the next 8-10 months.
#health#citi#strategy#Startup Stories#manufacturing
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