RBI Increases UPI Lite Transaction Limit to Rs. 500, Proposes AI-Powered ‘Conversational Payments’

Reserve Bank of India on Thursday announced to increase the transaction payment limit from Rs. 200 to Rs. 500 for UPI Lite in offline mode. UPI Lite was first introduced in September 2022, allowing users to make transactions for a small amount limit in offline mode. Since then, the feature has been adopted by PhonePe, Paytm, and Google Pay as well. Meanwhile, a few other features including conversational payments and NFC support on UPI have also been proposed to make transactions more seamless.

RBI Governor Shaktikanta Das in a press conference today announced a couple of major changes coming to offline UPI payments and more. UPI Lite transactions limit has been proposed to be increased from Rs. 200 to Rs. 500 in offline mode. However, the overall wallet limit is retained at Rs. 2,000 only. The functionality was announced in September 2022, and it currently allows users to make offline payments of up to Rs. 200 only.

Additionally, RBI also proposed to enable “Conversational Payments” on UPI by using AI-powered systems. Users will soon be able to ask an AI-powered system to make payments. However, further details on this functionality haven’t been disclosed yet. The feature will initially be available in Hindi and English and will be made available in more Indian languages soon.

Furthermore, the RBI also announced to introduce offline payments on UPI using Near Field Communication (NFC) technology through the ‘UPI-Lite’ on-device wallet. This will help users to make payments via UPI in an internet-restricted area or low network area.

Last month, Google Pay introduced new UPI Lite services on its platform. Transactions made via the UPI Lite service on Google Pay will not require the UPI PIN and can be done with a single tap. Notably, UPI Lite doesn’t rely on real-time bank transactions and hence, can be accessed in offline mode as well. 


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Hike Lays Off Over One-Fifth of Workforce Due to GST Raise on Online Gaming

Kavin Bharti Mittal-founded Hike, which owns Rush Gaming Universe, has laid off about 55 people — more than one-fifth of its total workforce — to absorb the impact of the GST hike on online gaming, a top company official said on Thursday.

The development comes within a week of gaming unicorn Mobile Premier League (MPL) laying off about half of its India team or close to 350 people to cut down cost burden due to the increase in GST to 28 percent.

“About 55 people, out of which 24 are non-full-time employees. Closer to 22 percent. Business is in the best shape ever but this 400 percent increase in GST is a bazooka pointed at us. We’ll need to absorb some of it and as a result the reduction in workforce at Hike/Rush,” Hike Founder and CEO Kavin Bharti Mittal said.

The entire team of Hike is engaged in the development of Web3 gaming platform ‘Rush Gaming Universe’.

Investors in Hike include Tencent, Foxconn, Bharti Group, Tribe Capital, Polygon, Flipkart co-founder Binny Bansal, serial entrepreneur Bhavin Turakhia, Cred Founder Kunal Shah.

The gaming platform claims to have 5.2 million monthly active users and distributed over $308 million (nearly Rs. 2,545 crore) to winners annually.

A couple of small-size gaming start-ups like Quizy have announced to shut down their business.

Industry body All India Gaming Federation (AIGF) in a statement early this week said that with over 400 percent increase in GST liability, a vast majority of entrepreneurs who had innovated in the sector would be disproportionately impacted with many of MSMEs and startups going out of business. 


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Redmi Note 12 Pro 5G New Variant With 12GB RAM Launched in India: Price, Specifications

Redmi Note 12 Pro 5G has been unveiled in India in a new storage and RAM configuration. The smartphone was initially launched in India in January this year. At the time, the company announced a 6GB RAM + 128GB storage variant, an 8GB RAM + 128GB storage model, and an 8GB RAM + 256GB handset. However, the latest Redmi Note 12 Pro 5G variant comes with 12GB RAM and 256GB storage. It is powered by a MediaTek Dimensity 1080 SoC, and packs a 5,000mAH battery.

Redmi Note 12 Pro 5G price in India, availability

The Redmi Note 12 Pro 5G with 12GB RAM and 256GB storage is priced at Rs. 28,999 on mi.com. It is also available for sale via Flipkart. The smartphone’s earlier launched 6GB RAM + 128GB storage, 8GB RAM + 128GB storage, and 8GB RAM + 256GB storage variants are currently priced at Rs. 23,999, Rs. 24,999, and Rs. 26,999, respectively.

The Redmi Note 12 Pro 5G is being offered in Frosted Blue, Stardust Purple, and Onyx Black shades.

Redmi Note 12 Pro 5G specifications, features

Redmi Note 12 Pro 5G was launched earlier this year alongside Redmi Note 12 5G and Redmi Note 12 Pro+ 5G. The smartphone runs on MIUI 13 out-of-the-box. Sporting a 6.67-inch full-HD (1,080×2,400 pixels) AMOLED display, the handset offers a refresh rate of up to 120Hz along with 394ppi pixel density, and up to 240Hz touch sampling rate. It also has Corning Gorilla Glass 3 protection for display. The smartphone is powered by an octa-core MediaTek Dimensity 1080 SoC, which is paired with up to 12GB RAM and up to 256GB storage.

For optics, the Redmi Note 12 Pro ships with a triple rear camera setup led by a 50-megapixel Sony IMX766 sensor with optical image stabilisation support. It also has an 8-megapixel ultra wide-angle sensor and a 2-megapixel macro sensor on the rear panel. Further, the phone houses a 16-megapixel selfie sensor at the front.

The Redmi Note 12 Pro is backed by a 5,000mAh battery that supports 67W fast charging. 


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Microsoft, Aptos Labs Partner to Unite Web3, Artificial Intelligence: Details

Microsoft and blockchain developer Aptos Labs have come together to use their expertise in bridging the gap between Artificial Intelligence (AI) and the blockchain technology. The buzz around combining Web3 and AI seems to be expanding all over the global tech industry. Nascent in existence, Web3 firms are looking to rely on comparatively more developed AI tech. The ambition is to tailor blockchain solutions related to banking, agriculture, health, and education. Both the firms will also work together to explore innovative solutions.

Aptos, under this partnership, will utilise Microsoft’s AI infrastructure to curate industry solutions with the goodness of both AI and blockchain. As for the software giant, this partnership could be one of its initial steps into deeper Web3 exploration.

“By fusing Aptos Labs’ technology with the Microsoft Azure Open AI Service capabilities, we aim to democratise the use of blockchain for innovators to develop new decentralised applications using AI,” Rashmi Misra, General Manager, AI and Emerging Technologies, Microsoft said in an official statement.

Microsoft is interested in exploring blockchain branches like asset tokenisation and Central Bank Digital Currencies (CBDCs) through Aptos’ ecosystem.

The interest of Web3 developers and venture capitalists in the field of AI is backed by the interest millennials and GenZ populations have in merging blockchain with artificial intelligence.

In May, KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. Over 64 percent of the younger respondents confirmed that they were somewhat familiar with the uses of AI in crypto and blockchain.

This backs Microsoft’s interest in giving Web3 another shot.

Previously, it established a team to work around its metaverse initiatives. In February, however, Microsoft drew the curtains on its industrial metaverse division to overcome the recession-like situation that was prevalent at the time. The hundred staff members who were part of this team were reportedly fired.

As for Aptos Labs, a group of former Meta employees came together to launch the Aptos proof-of-stake (PoS) blockchain in October 2022. Prior to that in July, Aptos Labs had raised $150 million (roughly Rs. 1,200 crore) in a Series A funding round led by FTX Ventures and Jump Crypto.

The Aptos blockchain is powered by Move — an open-source programming language developed by Meta — that was initially intended to support the abandoned stablecoin project Diem.


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Zee-Sony Merger Approved by NCLT, Paving Way For Creation of $10 Billion Media Company

The National Company Law Tribunal (NCLT) on Thursday allowed the merger of Zee Entertainment Enterprises and Culver Max Entertainment (earlier known as Sony Pictures Networks India).

This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a $10 billion (roughly Rs. 82,700 crore) media company, the biggest in the country.

The tribunal also dismissed all objections regarding the merger.

The NCLT, on July 11, had reserved its order on the merger after hearing objections from several creditors.

It heard arguments from creditors, including Axis Finance, JC Flower Asset Reconstruction, IDBI Bank, Imax and IDBI Trusteeship.

In December 2021, Zee Entertainment and Sony Pictures agreed to merge their businesses.

Both media houses approached the tribunal for sanctioning the merger after obtaining permissions from the National Stock Exchange, BSE and sectoral regulators such as the Competition Commission of India and the Securities and Exchange Board of India.

However, the process stopped at the tribunal when a few creditors raised objections. Several creditors of Essel Group raised objections against the non-compete clause added to the scheme.

NSE and BSE had informed the Mumbai bench of NCLT about two orders related to the Essel Group entities, where the promoters allegedly diverted funds from the listed entity for the benefit of their associate entities.

This also included the Securities Appellate Tribunal (SAT) order against Punit Goenka barring him from holding a directorial position in any listed company.

SAT upheld Sebi the Securities and Exchange Board of India’s (Sebi’s) interim order which restrained both Zee Entertainment promoters Subhash Chandra and Punit Goenka from holding board positions in public listed companies for a year on account of alleged fund diversion.

According to the creditors objecting to the merger, the order has a direct bearing as one of the integral parts of the scheme of the merger is the appointment of Goenka as the Managing Director of the merged entity.

As there is a regulatory bar on Goenka holding such positions, the merger shouldn’t go through, they submitted. 


Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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IT Ministry Launches Indian Web Browser Development Challenge for Startups, Developers

The Ministry of Electronics and Information Technology (MeitY) launched the Indian Web Browser Development Challenge (IWBDC) on Wednesday, according to a release.

The IWBDC is an open challenge competition that seeks to inspire and empower technology enthusiasts, innovators, and developers from all corners of the country to create an indigenous web browser.

The programme saw participation from more than 200 participants from government departments, industry, startups and academia through online and offline modes, the release said.

A panel discussion was also organised wherein the queries of the participants were answered by MeitY, CCA and C-DAC officials, it added.

Meanwhile, MeitY is reportedly working on policy for cloud infrastructure in India. In May, Amazon Web Services (AWS) announced plans to invest $12.7 billion (roughly Rs. 1,05,600 crore) in cloud infrastructure in India by 2030. The planned investment in data centre infrastructure in India would support an estimated average of 1,31,700 full-time equivalent (FTE) jobs in Indian businesses each year, AWS — Amazon’s cloud computing unit — had said in a statement.

“Prime Minister Narendra Modi’s Digital India vision is driving (the) expansion of cloud and data centres in India,” Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar had said at the time. “MeitY is also working on a Cloud and Data Center Policy to catalyse innovation, sustainability, and growth of India Cloud,” the minister had added.

In March, a senior MeitY official had said that all IT systems in the central government would start supporting email communications in Hindi scripts in the next two years.

While speaking at the Universal Acceptance (UA) Day curtain raiser event, MeitY Additional Secretary Bhuvnesh Kumar had said that the work had started to make 15 ministry’s websites UA-compliant and content on them was being made available in Hindi.


Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Sony Shares Fall 6 Percent After Quarterly Profit Slides, Gaming and Image Sensors Demand Sparks Concerns

Shares in Japan’s Sony fell 6 percent in Tokyo trade after first-quarter profit tumbled, with the entertainment conglomerate reporting lacklustre performances by its movie and financial divisions.

Operating profit slid 31 percent and comments by Sony executives over demand for its games and image sensors units also sparked concern.

The PlayStation 5 console launched in late 2020 but supply was badly affected by supply chain problems during the COVID-19 pandemic. Despite an easing of those snarls, Sony said sales were below expectations in the April-June quarter. It is targeting sales of 25 million units for the full year.

Sony sold 3.3 million PS5 units in quarter. By comparison, Nintendo’s Switch console, which is in its seventh year on the market, sold 3.9 million units in the same period as consumers rushed to play the latest “Zelda” title.

Sony said promotions that began are July are improving sales momentum for the PS5.

“Sony started discounting the PS5 in the West, which is never a good sign,” said Serkan Toto, founder of the Kantan Games consultancy.

“The company has a lot of work to do, first and foremost to make sure those blockbuster first-party games come out quicker.”

“Marvel’s Spider-Man 2” is due for release in October ahead of the key year-end shopping season. Its predecessor has sold more than 13 million units.

Sony, a leading maker of image sensors used in cameras, also revised down its expectations for a gradual recovery in the smartphone market, saying it now does not expect one until 2024 at the earliest due to weak demand in major markets.

The company trimmed cut its annual operating profit forecast for the unit by 10 percent, citing the impact of lower sales.

Adjustment to procurement by smartphone manufacturers is having a large impact in the second quarter, Sony said.

The current financial year “will be tough” for the sensors division, Jefferies analyst Atul Goyal wrote in a client note, adding that higher margins are expected in the following year.

© Thomson Reuters 2023


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Elon Musk’s X Fined $350,000 by US Appeals Court Over Donald Trump’s Records

The US special counsel investigating Donald Trump obtained a search warrant for the former president’s Twitter account in January and the company delayed complying, according to a US appeals court opinion on Wednesday.

The US Court of Appeals for the District of Columbia Circuit affirmed the federal trial judge’s decision to hold Twitter, now known as X, in contempt and fine it $350,000 (nearly Rs. 3 crore).

The ruling said that Twitter had raised First Amendment concerns about a nondisclosure order issued over the warrant, as the company wanted to notify Trump about it.

“Under the circumstances, the court did not abuse its discretion when it ultimately held Twitter in contempt and imposed a $350,000 sanction,” the ruling said.

Trump, in a post on his social media site Truth Social, said the Justice Department “secretly attacked my Twitter account, making it a point not to let me know about this major ‘hit’ on my civil rights.”

Prosecutors will often ask judges that targets of subpoenas issued in criminal probes not be notified in order to protect their investigations, a practice the appeals court cited in Wednesday’s ruling.

A spokesperson for Smith declined comment and a spokesperson for X did not immediately respond to a request for comment.

Wednesday’s opinion did not identify which judge held Twitter in contempt.

While Trump’s tweets are publicly viewable, the company also holds non-public information on accounts like direct messages, drafts of tweets, location data and the type of device used to send tweets.

The opinion said the warrant was related to Smith’s investigation into the events surrounding the January 6, 2021, siege on the US Capitol by supporters of Trump while he was still president.

Republican Trump last week pleaded not guilty to an indictment that charged him with plotting to overturn his November 2020 election loss to Democrat Joe Biden.

Trump is the front-runner for the Republican 2024 presidential nomination.

© Thomson Reuters 2023


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Digital Personal Data Protection Law Expected to Be Implemented Within 10 Months: IT Minister

The government is expecting to implement the Digital Personal Data Protection law within 10 months, Union IT Minister Ashwini Vaishnaw said on Wednesday. 

The Rajya Sabha on Wednesday passed the Digital Personal Data Protection Bill 2023 with a voice vote amid a walkout by opposition members over the Manipur issue. The Bill, which comes after six years of the Supreme Court declaring ‘Right to Privacy’ as a fundamental right, has provisions to curb the misuse of individuals’ data by online platforms.

“We have started work on implementation. This kind of legislation will require a 6-10 month kind of frame. We will take every step with proper checks and balances. It is a guesstimate. We might do it faster than that,” Vaishnaw said.

Elaborating on the principles, he said the data collected by the citizens should be used as per the law, only for the purpose for which it has been collected and the quantum of data should be limited to the requirement.

Vaishnaw said citizens will have the right to correct their data and it should be stored with entities till the time it is required and protected by putting in place reasonable safeguards.

“The provisions of the bill will apply to data of Indian citizens stored overseas as well. Any person in India, even foreign nationals will get protection under the bill,” he said.

Addressing concerns around changes in the Right to Information Act, he said the Puttaswamy judgement has made the Right to Privacy a fundamental right. Therefore, any personal data can be published only through a legally approved process and in no other form personal information can be shared in any public forum.

During the discussion, YSR Congress Party member V Vijayasai Reddy raised the issue of telephone tapping through software.

Vaishnaw said that phone tapping is not an issue under the DPDP 2023 and it will be covered under the Indian Telecommunication Bill and Digital India Act.

The minister said an independent Data Protection Board (DPB) will be created, which is “digital by design”, and will provide similar access to justice to people across the country in the same way as privileged people in cities like Delhi and Mumbai.

Vaishnaw said that the subject of data privacy comes under the Centre and the bill will evolve over a period of time.

When asked if there will be a state-level DPB, the minister said that bodies like DPB are created at the Union level to check misuse of jurisdiction by rule violators.

AIADMK M Thambidurai had raised the issue of the medical data of politicians getting reported in the media and it should be protected as personal data.

Vaishnaw said that the DPDP 2023 will not overwrite sectoral rules and rules for media will be as per existing related laws.

“However, the healthcare department should not leak someone’s personal data without proper consent,” he said.

He also slammed the opposition for not participating in the discussion over the bill.

“Opposition has no interest in the rights of 140 crore people. They should have also participated and joined everyone in passing the bill,” Vaishnaw said. 


Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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