AWARE and AWAKE

  Paytm talks to banks for co-branded cards: Paytm is in talks with “various” banks to launch co-branded cards and plans to issue two million new cards over the next 18 months, as the fintech company pushes to deepen its foray into the credit card issuance and management business. As part of the plan, the Noida-based fintech major’s popular digital payments app is set to double up as the digital interface to  to manage the finances linked to the credit cards of customers who receive the new cards, the company said in a statement that was shared with ET. Bhavesh Gupta, the newly appointed CEO of Paytm’s lending business, is set to undertake this project. “In our country, credit cards are still considered a product for the affluent sections of society and not everyone can avail of its benefits,” he said in the statement.

Foreign direct investment proposals with even the smallest Chinese holding will need government nod: Foreign direct investment (FDI) proposals with even minuscule Chinese holding will need government approval, with the Centre abandoning its earlier plan to set a floor for “significant beneficial ownership”. In April, when the Cabinet approved the plan for screening of FDI proposals from countries bordering India, the government had discussed the option to set the threshold at either 10%, the provision in the Companies Act, or 25%, the prescription in the Prevention of Money Laundering Act. But six months later, after multiple rounds of discussions, the view seems to have changed. “The (Cabinet) decision did not mention a minimum or maximum limit. So, even it is a small fraction, it will be covered,” a government official told TOI. A threshold for “significant beneficial ownership” was meant to ensure that Chinese companies did not enter India via third countries such as Singapore or Ma...