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Mintoak Acquires Digiledge in $3.5M Deal to Strengthen CBDC Capabilities

Mumbai-based fintech startup Mintoak, backed by PayPal, has acquired Digiledge in a $3.5 million deal, marking the first acquisition in India’s central bank digital currency (CBDC) space. This strategic move is expected to enhance Mintoak’s digital payment capabilities, further solidifying its role in India’s evolving e-rupee ecosystem.

Mintoak, which provides merchant payment solutions to banks, aims to integrate Digiledge’s expertise in CBDC and bill payments into its platform. The acquisition will allow Mintoak to expand its offerings for partner banks, including HDFC Bank, Axis Bank, and SBI, enabling them to provide advanced CBDC-powered transactions to their merchants and customers.

The Reserve Bank of India (RBI) introduced the e-rupee pilot in December 2022, initially involving select banks before extending it to payment firms in April 2023. In recent months, fintech players like Cred and MobiKwik have begun offering CBDC transactions, while major firms such as Google Pay, PhonePe, and Amazon Pay are in the process of securing regulatory approvals to join the initiative.

Mintoak’s CEO, Raman Khanduja, emphasized the strategic significance of the acquisition, stating, “By integrating Digiledge’s capabilities, we are simplifying digital payment adoption for merchant acquirers and SMEs.” The move reflects the growing interest of fintech companies in CBDC adoption, which is expected to play a crucial role in modernizing India’s digital payment infrastructure and accelerating the transition to a cashless economy.

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RBL Bank Reshuffles Leadership Team to Strengthen Retail Banking and Operations

RBL Bank has announced a leadership reshuffle as part of its broader transformation strategy. The lender has reappointed Narendra Agrawal as President and Head of Branch and Banking, while T.S. Pari has been named the new Chief Operations Officer (COO). The move aims to bolster the bank’s retail banking franchise and enhance operational efficiency.

Agrawal, with over 25 years of experience in deposits, lending, payments, and distribution, will focus on driving deposit growth, improving customer experience, and integrating branch banking with asset sales. Pari, who has held leadership positions in foreign and private sector banks for a similar tenure, will be responsible for optimizing operations, strengthening risk management, and ensuring a customer-centric approach.

Commenting on the appointments, MD & CEO R. Subramaniakumar stated that the two executives bring deep expertise in business growth and operational excellence. Their leadership is expected to accelerate the execution of key business strategies and further solidify the bank’s retail banking operations.

Meanwhile, Alok Rastogi, Head of Corporate Centre, will continue in his role, overseeing cost optimization and operational strategies.

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IIM Calcutta Achieves 100% Placements for 60th MBA Batch Amid Challenging Market Conditions

IIM Calcutta’s flagship MBA program has once again achieved a milestone, securing 100% placements for its 60th batch despite challenging market conditions. The final placement process, which concluded on February 21, saw 456 students receiving 538 job offers from 196 companies, the institute announced on Monday.

The consulting sector dominated recruitment, accounting for 201 offers (37.3%). Boston Consulting Group (BCG) led the management consulting cohort, while Accenture Strategy topped the strategy consulting segment. Other leading recruiters in the sector included McKinsey, Kearney, Alvarez & Marsal, Arthur D Little, Auctus Advisors, EY-Parthenon, Monitor Deloitte, TCS, KPMG, PwC, and Vector Consulting.

In the payments and cards sector, American Express emerged as the top recruiter, followed by Mastercard. The finance sector continued to show strong interest in IIM Calcutta’s talent, with 114 offers in private equity, venture capital, investment banking, and wealth management. Recruiters included Goldman Sachs, Bank of America, Citi, Barclays, UBS, HSBC, BNP Paribas, Standard Chartered, Kotak Mahindra Capital, Kotak Alternate Asset, and Edelweiss.

The technology sector also saw robust participation, with firms such as Google, Microsoft, Infosys Global, Ola, ITC Infotech, EXL, and HCL extending 78 offers. Meanwhile, the marketing and general management domain secured 145 offers.

The placement drive welcomed several new recruiters, including DBS Bank, Welspun, Juspay, and Policybazaar. Notably, several global firms participated in the process for the first time, reflecting growing confidence in IIM Calcutta’s MBA talent pool. Additionally, there was a significant increase in pre-placement offers, marking a key trend in this year’s hiring season.

Amazon Web Services to Invest $8.2 Billion in Maharashtra for Cloud Expansion

Amazon Web Services (AWS), the cloud computing arm of Amazon, is set to invest approximately $8.2 billion in Maharashtra over the next few years, India’s Ministry of Information Technology announced on Monday.

The move aligns with India’s increasing focus on local cloud data storage, as the country’s cloud services market—valued at $8.3 billion in 2023—is projected to grow to $24.2 billion by 2028, according to a report by the International Data Corporation.

Minister of Electronics and Information Technology, Ashwini Vaishnaw, highlighted that the investment will also generate significant employment opportunities, with the rollout expected to be completed by 2029-2030.

As part of its expansion, AWS will introduce advanced graphics processing units, cutting-edge technologies, and cloud management services in India. The company currently operates two data centers in the country—one in Mumbai, launched in 2016, and another in Hyderabad, established in 2022.

Amazon has been aggressively expanding its presence in India, having announced an additional $2 billion investment last year to strengthen its e-commerce operations in the region.

India, EU Strengthen Economic Ties in High-Level Talks

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, held discussions with European Commissioners Maria Luis Albuquerque (Financial Services, Savings and Investments Union) and Piotr Serafin (Budget, Anti-Fraud, and Public Administration) to enhance economic cooperation between India and the European Union (EU).

The high-level meeting, attended by Union Minister of State for Finance Pankaj Chaudhary, focused on deepening trade, investment, and financial technology (FinTech) collaborations. Both sides reaffirmed their commitment to strengthening economic ties and fostering regulatory cooperation to navigate global financial challenges.

The Ministry of Finance highlighted India’s pivotal role as a global economic partner, emphasizing the importance of enhanced investment policies and financial inclusion. This engagement marks the first official international visit of the EU College of Commissioners since taking office in December 2024, following the European parliamentary elections.

European Commission President Ursula von der Leyen, accompanied by the full EU College of Commissioners, is on a historic two-day visit to India—the first of its kind. Discussions explored strategies to build a more resilient economic framework and drive innovation in the financial sector.

The meeting concluded with both sides reaffirming their commitment to bolstering trade, investment, and broader economic collaboration, setting the stage for stronger India-EU partnerships in the years ahead.

SoftBank CEO Masayoshi Son Seeks $16 Billion Loan to Expand AI Investments

SoftBank Group CEO Masayoshi Son is reportedly seeking a $16 billion loan to fund the company’s growing investments in artificial intelligence (AI), according to sources cited by The Information. Additionally, the Japanese tech giant is considering another $8 billion loan in early 2026 to further bolster its AI ambitions.

SoftBank has been aggressively expanding its presence in AI. In January, Reuters reported that the conglomerate was in discussions to invest up to $25 billion in OpenAI, the company behind ChatGPT. This would be in addition to the $15 billion SoftBank has already allocated to Stargate, an AI-focused initiative.

Reports indicate that SoftBank is aiming for a total of $40 billion in investments across OpenAI and Stargate, with plans to raise up to $18.5 billion backed by publicly traded assets. Stargate, a major AI initiative supported by SoftBank, Oracle, and OpenAI, has set a long-term goal of investing up to $500 billion to maintain the United States’ leadership in AI innovation.

The project was announced at the White House in January, with prominent figures including former U.S. President Donald Trump, SoftBank’s Masayoshi Son, OpenAI CEO Sam Altman, and Oracle Chairman Larry Ellison in attendance.

As global competition in AI intensifies, SoftBank’s aggressive investment strategy underscores its determination to play a key role in shaping the future of artificial intelligence.

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