Paytm bank gets new CEO, Amazon delivers 'faster than same day', another Unocoin arrest

Friday October 26, 2018 , 3 min Read

Grooming products marketplace Letsshave raised an undisclosed amount of funding led by Dorco, the South Korean razor company. Dorco now holds 10 percent stake in the Chandigarh-based Letsshave. The new funds will be used to expand Letsshave's product portfolio in the online business. Sidharth S Oberoi, Founder, Letsshave said the investment will give both companies an opportunity to share unique resources and capabilities.

Paytm Payments Bank has appointed Satish Kumar Gupta as its Managing Director and Chief Executive Officer. The news comes exactly three months after Renu Satti resigned from the role of the bank’s CEO. According to his LinkedIn profile, Satish spent close to 32 years at the State Bank of India, serving as the Deputy General Manager in his last posting. He then joined NPCI and served as the Chief Project Officer.

Satish Kumar Gupta, MD and CEO, Paytm Payments Bank — Satish Kumar Gupta, the new MD and CEO of Paytm Payments Bank.

What's 'faster than same day’ delivery? Amazon India customers in the Delhi-NCR region will now be able to receive their smartphones within three to five hours as the ecommerce platform announced it is set to pilot the new delivery service. The company's smartphones category leader Nishant Sardana said customers would like their smartphones delivered as early as possible, and this delivery service would enable the company to deliver products faster .

Indian festivals have seen a drastic change in terms of purchases. The 90s kid might have fond memories of visiting the market before festivals to buy clothes, crackers and sweets, but the millennial skips the hustle-bustle of the market to buy at the click of a mouse. With internet and smartphones, several ecommerce platforms have made their way to become important destinations for festival shopping.

The National Payments Corporation of India has cut the number of P2P transactions allowed from a single bank account to 10 over a period of 24 hours. The timestamp of the first transaction will be considered as the start time. Earlier, users could make up to 20 transactions a day. The circular from NPCI also stated this does not apply to merchant transactions. The move is expected to encourage genuine transactions in the UPI ecosystem and bring in rationality, the NPCI said.

A day after the Cyber Crime Police arrested Harish BV, Co-founder of crypto-exchange Unocoin, its co-founder Sathvik Vishwanath was also arrested. The arrests come a week after Unocoin launched its first physical kiosk in Bengaluru. After the first arrest, the police had registered a case against Unocoin, stating that the setup was illegal. According to reports, Unocoin had installed its first cryptocurrency kiosk, or ATM, in a mall on Old Airport Road without taking necessary regulatory permissions.