Business – Odisha News Insight https://odishanewsinsight.com Odisha News, Breaking News, India News Mon, 07 Sep 2020 11:34:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.1 https://odishanewsinsight.com/wp-content/uploads/2019/02/cropped-Odisha-News-Insight-Favicon-32x32.png Business – Odisha News Insight https://odishanewsinsight.com 32 32 Odisha’s Sanket Ray Appointed Coca-Cola India & SW Asia Head https://odishanewsinsight.com/business/odishas-sanket-ray-appointed-coca-cola-india-sw-asia-head/ https://odishanewsinsight.com/business/odishas-sanket-ray-appointed-coca-cola-india-sw-asia-head/#respond Mon, 07 Sep 2020 11:34:28 +0000 https://odishanewsinsight.com/?p=85669

Coca-Cola has appointed Odisha-born Sanket Ray as the president of its India and South West Asia region. Currently, he is serving as the Chief Operating Officer of Coca-Cola China. Sanket Ray is studied in DM School, Bhubaneswar and completed his plus two from BJB College. He has an mechanical engineering degree from NIT Bhopal. He […]

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Coca-Cola has appointed Odisha-born Sanket Ray as the president of its India and South West Asia region. Currently, he is serving as the Chief Operating Officer of Coca-Cola China.

Sanket Ray is studied in DM School, Bhubaneswar and completed his plus two from BJB College. He has an mechanical engineering degree from NIT Bhopal. He has also pursued MBA from XIMB.

Among the youngest to hold the position, Sanket Ray will be taking over as the head of Coca-Cola India and South West Asia on January 1, 2021.

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JSW Plans to invest 1lakh cr in Odisha in 10 years https://odishanewsinsight.com/business/jsw-plans-to-invest-1lakh-cr-in-odisha-in-10-years/ https://odishanewsinsight.com/business/jsw-plans-to-invest-1lakh-cr-in-odisha-in-10-years/#respond Mon, 24 Aug 2020 15:05:00 +0000 https://odishanewsinsight.com/?p=85454 Odisha CM Naveen Patnaik speaks to Sajjan Jindal MD JSW Group

Business conglomerate JSW is planning to invest Rs one lakh crore in the next ten years. Sajjan Jindal, MD of Jindal Steel informed while speaking to Odisha Chief Minister Naveen Patnaik through video-conferencing on Monday. JSW plans to set up a “JSW Centre of Development Studies” in collaboration with IIM Sambalpur. The JSW Steel will […]

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Odisha CM Naveen Patnaik speaks to Sajjan Jindal MD JSW Group

Business conglomerate JSW is planning to invest Rs one lakh crore in the next ten years. Sajjan Jindal, MD of Jindal Steel informed while speaking to Odisha Chief Minister Naveen Patnaik through video-conferencing on Monday.

JSW plans to set up a “JSW Centre of Development Studies” in collaboration with IIM Sambalpur. The JSW Steel will also establish a 100-bedded hospital and a school in Sundargarh district through PPP mode.

Apart from this, JSW group is expected to start work of the Jatadhar 13.2 MTPA steel plant project soon.

CM Naveen Patnaik spoke to Sajjan Jindal in this regard and urged him to commence the project soon.

For the Integrated Steel Plant Project in Jagatsinghpur district, the state Government has allocated land, water and power.

During the discussion, the Chief Minister stressed on maximum value addition of the State resources for accelerating job creation and revenue generation.

In response, Sajjan Jindal has said that the JSW is fully committed to all its projects in the State and expressed his satisfaction on the support of the State Government, a release from the CMO stated.

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China Reopens Blood-Soaked Markets – Back To Business After The Coronavirus Pandemic (Read…) https://odishanewsinsight.com/business/china-reopens-blood-soaked-markets-back-to-business-after-the-coronavirus-pandemic-read/ https://odishanewsinsight.com/business/china-reopens-blood-soaked-markets-back-to-business-after-the-coronavirus-pandemic-read/#respond Wed, 01 Apr 2020 08:11:33 +0000 https://odishanewsinsight.com/?p=83539 China Coronavirus Business Flesh Market

The Blood-Soaked Markets In China are once again back to its usual business after the Coronavirus outbreak worldwide. Yes, China has reopened its slaughter markets for human consumption, selling bats, dogs, pangolins and other animals. Experts have expressed high concern and remarked the move as dangerous as it is believed the pandemic begun from one […]

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China Coronavirus Business Flesh Market

The Blood-Soaked Markets In China are once again back to its usual business after the Coronavirus outbreak worldwide.

Yes, China has reopened its slaughter markets for human consumption, selling bats, dogs, pangolins and other animals.

Experts have expressed high concern and remarked the move as dangerous as it is believed the pandemic begun from one such market and passed on to humans.

If reports are to be believed, the dangerous virus remained concealed in a bat then pranced on to another animal which later got transmitted to humans in one such market in China while handling with virus-containing animal.

Various reports from different sources suggest that a 55-year-old man from China’s Hubei province could have been the first person to have contracted COVID-19 through one such dealing in the slaughter market.

Unfortunately, the slaughter markets have retracted to function exactly the same way as before COVID-19.

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Ban Ends Today – Yes Bank Might Witness Withdrawal Outpouring https://odishanewsinsight.com/business/ban-ends-today-yes-bank-might-witness-withdrawal-outpouring/ https://odishanewsinsight.com/business/ban-ends-today-yes-bank-might-witness-withdrawal-outpouring/#respond Thu, 19 Mar 2020 06:23:40 +0000 https://odishanewsinsight.com/?p=83108 Yes Bank Withdraw Ban

The ban imposed on Yes bank by RBI ended on Wednesday. The bank stocks up Rs 30,000 crore to meet cash withdrawals. The bank is fully prepped-up in case of undue outpouring. 

 Earlier, Yes Bank CEO Prashant Kumar had mentioned that during the ban phase only a third of the people with more than Rs […]

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Yes Bank Withdraw Ban

The ban imposed on Yes bank by RBI ended on Wednesday. The bank stocks up Rs 30,000 crore to meet cash withdrawals.

The bank is fully prepped-up in case of undue outpouring. 



Earlier, Yes Bank CEO Prashant Kumar had mentioned that during the ban phase only a third of the people with more than Rs 50,000 in deposits withdrew their funds. 



Noteworthy here, with withdrawals of Rs 72,000 crore, the bank deposits have fallen 34% to Rs 1.37 lakh crore between September 30 and March 5.

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JSW steel bags the 4th iron ore mine in Odisha this year https://odishanewsinsight.com/odisha/jsw-steel-bags-the-4th-iron-ore-mine-in-odisha-this-year/ https://odishanewsinsight.com/odisha/jsw-steel-bags-the-4th-iron-ore-mine-in-odisha-this-year/#respond Sun, 23 Feb 2020 19:43:00 +0000 https://odishanewsinsight.com/?p=82939 JSW steel iron ore mine in Odisha

Earlier, JSW Steel had informed that it has emerged as favoured bidder for three iron ore mines namely- Nuagaon iron ore mine, Narayanposhi iron & manganese ore mine, Ganua iron ore mine in Odisha. On Monday, JSW Steel announced that it has been declared as a preferred bidder for another iron ore mine in Odisha- […]

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JSW steel iron ore mine in Odisha

Earlier, JSW Steel had informed that it has emerged as favoured bidder for three iron ore mines namely- Nuagaon iron ore mine, Narayanposhi iron & manganese ore mine, Ganua iron ore mine in Odisha.

On Monday, JSW Steel announced that it has been declared as a preferred bidder for another iron ore mine in Odisha- Jajang iron ore block of Keonjhar district. The auctions were held by the state government on 6 February 2020 and soon after the auction, the Director of Mines for the Jajang iron ore block of Keonjhar district contacted JSW Steel stating that JSW has been their favoured bidder. The forecasted iron ore resource in this mine according to the tender documents is 39.4 million tonnes.

JSW Steel is a flagship company of the JSW Group, owned by Sajjan Jindal, is an integrated steel manufacturer in India with an installed steel-making capacity of 18 million tonnes per annum (MTPA)

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Banking Services affected Due to Employee Unions’ 24Hr Strike https://odishanewsinsight.com/business/banking-services-affected-due-to-employee-unions-24hr-strike/ https://odishanewsinsight.com/business/banking-services-affected-due-to-employee-unions-24hr-strike/#respond Tue, 22 Oct 2019 10:00:34 +0000 https://odishanewsinsight.com/?p=82376 Odisha Bank Employee Unions Strike

Banking services across the state are hugely affected after the employee unions observed a 24-hour strike on Oct 22, 2019 protesting merging of government banks. Thousands of bank employees, under the All India Bank Employees’ Association (AIBEA) and the Bank Employees Federation of India (BEFI) have gathered today for a 24-hour strike to protest against […]

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Odisha Bank Employee Unions Strike

Banking services across the state are hugely affected after the employee unions observed a 24-hour strike on Oct 22, 2019 protesting merging of government banks.

Thousands of bank employees, under the All India Bank Employees’ Association (AIBEA) and the Bank Employees Federation of India (BEFI) have gathered today for a 24-hour strike to protest against multiple issues including union of PSU banks.

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Jail Term Warning Compels Anil Ambani To Clear Ericsson’s Dues https://odishanewsinsight.com/business/jail-term-warning-compels-anil-ambani-to-clear-ericssons-dues/ https://odishanewsinsight.com/business/jail-term-warning-compels-anil-ambani-to-clear-ericssons-dues/#respond Tue, 19 Mar 2019 08:47:15 +0000 https://odishanewsinsight.com/?p=81440 Anil Ambani Ericssion

On February 20 after Supreme Court held chairperson Anil Ambani and two directors guilty of contempt of court for willfully not paying Rs 550 crores to Ericsson India and directed to pay Rs 453 crore to the latter within four weeks, Reliance Communications has paid Rs 458.77 crore to Ericsson India as per the directive. […]

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Anil Ambani Ericssion

On February 20 after Supreme Court held chairperson Anil Ambani and two directors guilty of contempt of court for willfully not paying Rs 550 crores to Ericsson India and directed to pay Rs 453 crore to the latter within four weeks, Reliance Communications has paid Rs 458.77 crore to Ericsson India as per the directive.

A three month jail-term would have followed in case of failure of the payment within the stipulated time.

Failure of clearing the dues would have cost a jail-term, fear of which propelled Reliance Communications to clear the dues.

Odisha News Insight

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Odisha Bags India’s highest domestic investment https://odishanewsinsight.com/business/odisha-bags-indias-highest-domestic-investment/ https://odishanewsinsight.com/business/odisha-bags-indias-highest-domestic-investment/#respond Wed, 06 Mar 2019 09:41:26 +0000 https://odishanewsinsight.com/?p=81249 Odisha Bags India's highest domestic investment

Odisha’s High-Level Clearance Authority (HLCA), supervised by Chief minister Naveen Patnaik, has accepted a proposal submitted by Haldia Petrochemicals Ltd. (HPL) to set up an integrated factory at a total investment of USD 4.05 billion. This Haldia Petrochemicals project has the ability to produce one lakh jobs by generating downstream garments and food packaging manufacturers […]

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Odisha Bags India's highest domestic investment

Odisha’s High-Level Clearance Authority (HLCA), supervised by Chief minister Naveen Patnaik, has accepted a proposal submitted by Haldia Petrochemicals Ltd. (HPL) to set up an integrated factory at a total investment of USD 4.05 billion.

This Haldia Petrochemicals project has the ability to produce one lakh jobs by generating downstream garments and food packaging manufacturers since these are key components for producing polyester fibres and plastic.

Haldia Petrochemicals Ltd was incorporated in September 1985. The factory complex of HPL is situated at Haldia, West Bengal.

Odisha News Insight

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Green Card Holders’ Data To Be Collected By Odisha Government https://odishanewsinsight.com/odisha/green-card-holders-data-to-be-collected-by-odisha-government/ https://odishanewsinsight.com/odisha/green-card-holders-data-to-be-collected-by-odisha-government/#respond Wed, 06 Mar 2019 09:00:45 +0000 https://odishanewsinsight.com/?p=81239 Green Card Holder Odisha

To keep track of the actual green card holders in the state, Odisha government has decided to collect data of the same. Apparently the green card holders have drawn the attention of Chief Minister regarding issues they have been facing for a long time. The CM has assured to address the issues and in this […]

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Green Card Holder Odisha

To keep track of the actual green card holders in the state, Odisha government has decided to collect data of the same. Apparently the green card holders have drawn the attention of Chief Minister regarding issues they have been facing for a long time. The CM has assured to address the issues and in this connection a decision has been taken to collect data to figure out the actual number of card holders.

To look into the matter, a ministerial committee has been formed who is currently examining the issues.

Odisha News Insight

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New terminal at Biju Patnaik Airport Bhubaneswar https://odishanewsinsight.com/odisha/new-terminal-at-biju-patnaik-airport-bhubaneswar/ https://odishanewsinsight.com/odisha/new-terminal-at-biju-patnaik-airport-bhubaneswar/#respond Mon, 25 Feb 2019 08:49:29 +0000 https://odishanewsinsight.com/?p=81098 New terminal at Bhubaneswar airport t3

Biju Patnaik International Airport (BPIA) is set to get a new terminal, which would be terminal -3. The project, estimated to cost of Rs 935 crore is expected to be completed in two-and-a-half-years, notified the Airports Authority of India (AAI) Chairman, Guruprasad Mohapatra. Interestingly Odisha receives the 2nd highest Viability Gap Funding (VGF) allocation amongst […]

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New terminal at Bhubaneswar airport t3

Biju Patnaik International Airport (BPIA) is set to get a new terminal, which would be terminal -3. The project, estimated to cost of Rs 935 crore is expected to be completed in two-and-a-half-years, notified the Airports Authority of India (AAI) Chairman, Guruprasad Mohapatra.

Interestingly Odisha receives the 2nd highest Viability Gap Funding (VGF) allocation amongst all States in India with a VGF expense of Rs.101 crores per year.

Odisha News Insight: Biju Patnaik International Airport is one of the fastest growing airports in India that has registered over 3 million passengers so far and is estimated to cross a whopping 4 million passenger traffic yearly.

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Govt To Publish White Paper In The Multi-Crore Chit Fund Scam In Odisha. https://odishanewsinsight.com/business/govt-to-publish-white-paper-in-the-multi-crore-chit-fund-scam-in-odisha/ https://odishanewsinsight.com/business/govt-to-publish-white-paper-in-the-multi-crore-chit-fund-scam-in-odisha/#respond Wed, 20 Feb 2019 21:16:16 +0000 https://odishanewsinsight.com/?p=81022 WHITE PAPER on Odisha CHIT FUND SCAM

The duped depositors in the scam have announced to put off their uproar on hold till February 22. Milita Khyatigrasta Jamakari Mancha, an organization fighting for the duped depositors, held a meeting with a team of delegates led by BJD MP Soumya Ranjan Patnaik. The delegation assured that a white paper will soon be published […]

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WHITE PAPER on Odisha CHIT FUND SCAM

The duped depositors in the scam have announced to put off their uproar on hold till February 22. Milita Khyatigrasta Jamakari Mancha, an organization fighting for the duped depositors, held a meeting with a team of delegates led by BJD MP Soumya Ranjan Patnaik.

The delegation assured that a white paper will soon be published by the State Government containing all the details on the total number of fraudulent companies involved, confiscated properties and the total amount of refund collected, among other data.

The white paper will apprise people about the measures taken by the Government of Odisha so far.

Odisha News Insight

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Coal India expects 322 mt from ongoing projects in FY19 https://odishanewsinsight.com/business/coal-india-expects-322-mt-from-ongoing-projects-in-fy19/ https://odishanewsinsight.com/business/coal-india-expects-322-mt-from-ongoing-projects-in-fy19/#respond Sat, 14 Jul 2018 13:08:59 +0000 https://odishanewsinsight.com/?p=70884 coal India

Coal India Ltd on Saturday said as many as 119 major ongoing coal projects are expected to contribute about 322 million tonnes (mt) to its estimated production in the current fiscal. Among ongoing projects, there are operating large projects like Kusmunda Opencast with 50 million tonnes a year (mty) and Gerva Expansion Project with 70 […]

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coal India

Coal India Ltd on Saturday said as many as 119 major ongoing coal projects are expected to contribute about 322 million tonnes (mt) to its estimated production in the current fiscal.

Among ongoing projects, there are operating large projects like Kusmunda Opencast with 50 million tonnes a year (mty) and Gerva Expansion Project with 70 mty capacity.

Out of 65 new projects with a targeted capacity of 247.66 mty, which were indentified in 2014-15, about 26 projects having ultimate capacity of 105.29 mty have been approved.

“119 major ongoing coal projects are under implementation…expected contribution of about 322 mt in FY2019 (financial year 2019),” CIL said in a regulatory filing.

According to it, the contribution from the ongoing projects has been planned to reach a level of 378 mt in FY 2020.

“Out of these 65 future projects, 26 projects having ultimate capacity of 105.29 mty have been approved,” the filing said.

The miner, which owned 369 mines with 177 open cast, 174 underground and 18 mixed mines, had produced around 567 mt of coal last financial year. Of which, 536 mt was produced from open caste mines and underground mines contributed 31 mt.

CIL said it was operating 15 washeries and of which, there were 4 non-coking coal beneficiation facilities with throughput capacity of 16.22 mtpa (million tonnes per annum) and 11 coking coal beneficiation units with a capacity of 20.58 mtpa.

Future programmes includes 18 new washeries with a capacity 95.6 mty, it added. (IANS)

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Egypt raises fuel prices by up to 66.6% to push reforms https://odishanewsinsight.com/business/egypt-raises-fuel-prices-by-up-to-66-6-to-push-reforms/ https://odishanewsinsight.com/business/egypt-raises-fuel-prices-by-up-to-66-6-to-push-reforms/#respond Sun, 17 Jun 2018 13:10:49 +0000 https://odishanewsinsight.com/?p=69338 fuel prices in Egypt

Egypt on Saturday increased fuel prices by up to 66.6 per cent to meet an International Monetary Fund (IMF) loan deal and push the implementation of economic reform plans, the Oil Ministry said in a statement. Oil Minister Tarek al-Molla said prices for cooking gas increased from 60 Egyptian pounds (3.4 U.S. dollars) to 100 […]

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fuel prices in Egypt

Egypt on Saturday increased fuel prices by up to 66.6 per cent to meet an International Monetary Fund (IMF) loan deal and push the implementation of economic reform plans, the Oil Ministry said in a statement.

Oil Minister Tarek al-Molla said prices for cooking gas increased from 60 Egyptian pounds (3.4 U.S. dollars) to 100 pounds per cylinder for commercial use.

The 92 octane gasoline increased from 5 pounds to 6.75 pounds per liter. The 80 octane gasoline increased from 3.65 to 5.5 pounds, reported Xinhua news agency quoting the statement.

The new prices went into effect since Saturday morning, said the statement.

This is the third time the government has increased fuel prices since austerity measures were announced late 2015.

Egypt has been suffering economic slowdown over the past few years of political instability and relevant security challenges.

The country hopes to increase production and exportation and to revive tourism as ways to boost its economy, with a strict three-year economic reform plan, which started in late 2016, based on austerity measures, fuel and energy subsidy cuts and tax hikes.

Including full local currency floatation, Egypt’s reform plan has been encouraged by a 12-billion-dollar loan from the IMF, half of which has already been delivered to the most populous Arab country. (IANS)

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India’s year-on-year exports up 20% in May; imports rise 15% https://odishanewsinsight.com/business/indias-year-on-year-exports-up-20-in-may-imports-rise-15/ https://odishanewsinsight.com/business/indias-year-on-year-exports-up-20-in-may-imports-rise-15/#respond Fri, 15 Jun 2018 14:05:41 +0000 https://odishanewsinsight.com/?p=69206 exports in India

India’s exports during May rose by 20.18 per cent to $28.86 billion from $24.01 billion worth of merchandise shipped out during the corresponding month of last year, official data showed on Friday. According to data released by the Ministry of Commerce and Industry on Friday, petroleum products, organic and inorganic chemicals and drugs and pharmaceuticals […]

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exports in India

India’s exports during May rose by 20.18 per cent to $28.86 billion from $24.01 billion worth of merchandise shipped out during the corresponding month of last year, official data showed on Friday.

According to data released by the Ministry of Commerce and Industry on Friday, petroleum products, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth rate.

“Non-petroleum and non-gems and jewellery exports during May 2018 were valued at $19.94 billion as compared to $17.51 billion during May 2017 exhibiting a positive growth of 13.85 per cent,” the ministry said in a statement.

As per the data, the country’s imports during the month under review rose by 14.85 per cent to $43.48 billion in May 2018 from $37.86 billion in the like period of 2017.

Segment-wise, oil imports during May 2018 jumped by 49.46 per cent to $11.50 billion from $7.69 billion imported during May 2017.

The ministry pointed out that global Brent prices ($/bbl) have increased by 50.68 per cent in May 2018 vis-à-vis May 2017.

“Non-oil and non-gold imports in May 2018 valued at $28.50 billion has recorded a positive growth of 13.09 per cent as compared to non-oil and non-gold import in May 2017,” the statement said. (IANS)

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NPCI launches Unified Payment Interface (UPI) https://odishanewsinsight.com/business/npci-launches-unified-payment-interface-upi/ https://odishanewsinsight.com/business/npci-launches-unified-payment-interface-upi/#respond Tue, 12 Apr 2016 07:25:51 +0000 http://www.odishanewsinsight.com/?p=47614 The National Payments Corporation of India (NPCI) has launched the Unified Payment Interface (UPI), which would revolutionize the mobile payment system in India. UPI would be a single app for accessing different bank accounts. Anyone using the interface for sending or receiving money from their mobile phones need not give their bank details to the […]

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NPCIThe National Payments Corporation of India (NPCI) has launched the Unified Payment Interface (UPI), which would revolutionize the mobile payment system in India.

UPI would be a single app for accessing different bank accounts. Anyone using the interface for sending or receiving money from their mobile phones need not give their bank details to the other party.

Through UPI, a customer with a bank account will be identified with a virtual address. The new platform also allows a customer to have multiple virtual addresses for multiple accounts in various banks.

The other benefits of this mobile payment mechanism include its round the clock availability and faster checkout. According to NPCI, 29 banks have already agreed to join the platform.

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