Top Headlines: Macy expenditure cut to hurt Indian IT cos, 5G auction Day 4

Macy's has informed its tech vendors of a 10-15 per cent cut in the IT budget for this year amid fears of a recession, a move that may hurt IT companies. Read more on this in our top headlines

The RBI  has allowed another window to payment aggregators (PAs) existing as of March 2020 to apply to the central bank for a licence. Meanwhile, US retailer Macy’s has informed its tech vendors of a 10-15 per cent cut in the IT budget for this year amid fears of a recession, a move that may hurt IT companies. Read more on these in our top headlines.

RBI gives payment aggregators another window till Sep to apply for licence

The Reserve Bank of India (RBI) has allowed another window to payment aggregators (PAs) existing as of March 2020 to apply to the central bank for a licence. PAs could now apply for a licence by September 30, 2022, and should have a minimum net worth of Rs 15 crore as on March 31, 2022, RBI said in a release. Read more

US retailer Macy's tech expense cut likely to hurt Indian IT giants

In a development that may hurt IT companies, US retailer Macy’s has informed its tech vendors of a 10-15 per cent cut in the IT budget for this year amid fears of a recession. The company’s decision may impact new projects, which are likely to get delayed, said sources in the know. Read more 
 

5G spectrum auction enters Day 4 as telcos up the game in Uttar Pradesh

The 5G spectrum auction will now enter the fourth day as telcos are engaged in an unexpected competition to get airwaves used for both 2G and 4G services. The battle is playing out in just one circle—Uttar Pradesh East. The total tally from the sale of airwaves has moved up marginally in the last two days and is still short of Rs 1.5 trillion. Read more

Expressways pave the way for Uttar Pradesh's trillion-dollar dream

Uttar Pradesh (UP) may still have a lot of catching up to do with the rest of the country on social parameters, but it is giving others tough competition in one area — roads. In Yogi Adityanath’s UP, expressways are scripting a silent transformation in the state otherwise known for its abysmal infrastructure (infra). Read more

Funding winter hits start-up advertising spend across properties

A long and bitter funding winter in the start-up world is beginning to take its toll on start-up advertising across properties. Earlier this week, Mastercard replaced Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI). Read more