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UPI: UPI transactions scale 14 billion peak in May

The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country. ....

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Unacademy: How Unacademy board tweaked targets for founders' voting rights

Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademys changing ambitions as well as the broader sluggishness in the startup funding ecosystem. ....

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Reliance Retail: Reliance Retail starts ONDC pilot via retail platform Fynd

Reliance Retail, a subsidiary of Reliance Industries, has begun testing the government s Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance holds an investment. ....

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Jio Financial Services: Jio Financial Services launches app to take on its fintech rivals

Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app. ....

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AI firms: Indian AI firms may face extra costs as EU's AI Act kicks in

The European Union wrapped up approval of the world s first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years. ....

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