We bring you the latest news stories from the Indian startup ecosystem.
One of the most crucial Indian startup news stories this week was the shut down of Alibaba-backed Chinese bike rental company Ofo’s India operations following the reports of the cash crunch as it fired most of its 30 employees team in India. Ofo had begun its operations in India in January 2018.
Also, Niti Aayog has launched the blueprint for the most awaited National Health Stack (NHS), a shared digital healthcare infrastructure. The blueprint is in line with the implementation of the Centre’s flagship scheme Ayushman Bharat and other public healthcare programmes in the country. The National Health Stack will facilitate collection of comprehensive healthcare data across the country.
Important Indian Startup News Stories Of The Week
UPI May Soon Be Used By Retail IPO Investors
The Securities and Exchange Board of India (Sebi) is looking to introduce Unified Payments Interface (UPI) as an alternative payment option for the retail IPO investors. According to Sebi officials, under the new payment process, an investor will have to avail a 16 digit UPI Id from his/ her bank. The investors will then enter the bid details in the form as per current practice and also enter the exclusive 16 digit UPI ID.
Finance Ministry Proposes To Relax Data Localisation Drive
After the RBI’s directive to payment system operators in the country to store data within India, the finance ministry has now proposed to relax the directive. The finance ministry has suggested that a possible solution could be that companies would be allowed to store their data offshore, as long as a copy was kept in India. It has also proposed that the RBI should issue a clarification on the kind of data that needs to be stored in India and the time given to companies implement the directive.
Telecom Commission Accepts Net Neutrality
The Telecom Commission has accepted the November 2017 recommendation of the Trai (Telecom Regulatory Authority of India) which emphasised on open internet. The commission has also cleared the new telecom policy- the National Digital Communication Policy 2018. The government will soon amend telecom licences to incorporate rules on net neutrality, including a bar on blocking or slowing down of content, while allowing fast lanes for only ‘critical’ services and keeping ‘content delivery networks’ out of their ambit.