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Paytm buys savings management start-up Balance Tech

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Bengaluru, Aug 9 (IANS) Digital payments major Paytm on Thursday announced the acquisition of Bengaluru-based smart-savings management start-up Balance Tech for an undisclosed amount.

Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.

“Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways,” Balance Tech CEO and Co-Founder Ankit Kumar said in a statement.

“Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives.

“We look forward to bringing in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” Kumar added.

The six-member Balance Tech team has joined Paytm product and design team and is working on further enhancing Paytm’s user/merchant interfaces, the SoftBank and Alibaba-backed Paytm said.

“They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm.

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Business

India’s wholesale inflation eases to 5.09% in July

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wholesale inflation

New Delhi, Aug 14: India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a rise of 5.77 per cent in June, official data showed here on Tuesday.

The data on wholesale price index (WPI) furnished by the Ministry of Commerce and Industry showed that the rate of inflation had risen 1.88 per cent during the corresponding month in 2017.

IANS

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Rupee hits record low of 70.08 against US dollar

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India Rupee

New Delhi, Aug 14: Fears over a rise in global protectionist measures, along with a strong US economy, dragged the Indian rupee to a fresh intra-day low of over 70 against a US dollar during the pre-afternoon hours on Tuesday.

Around 11.00 a.m., the rupee plunged to 70.08 to a US dollar. However, soon afterward the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee’s free fall.

The intervention aided the rupee to stabilise just a tad below 70 to a USD at 69.98 around 11.05 a.m.

IANS

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Macro-data, global cues push equity indices higher

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SENSEX NIFTY MARKET

Mumbai, Aug 14: Positive macro-economic inflation data along with supportive Asian stock exchanges pushed the key indices of the Indian equity market higher during the morning trade session on Tuesday.

According to market observers, healthy buying was witnessed in banking, consumer durable and FMCG stocks.

Around 9.40 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,396.35 points — higher by 40.60 points or 0.36 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 37,749.59 points, traded at 37,790.70 points — higher by 145.80 points or 0.35 per cent — from its previous session’s close of 37,644.90 points.

Sensex has so far touched a high of 37,829.83 points and a low of 37,689.71 points during the intra-day trade.

ANI

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