TOP News on 29-05-2021

We bring the top business and financial news for the day which is useful to know the current business and financial markets and keep you updated.

Bicycle demand grows🚴

The bicycle Industry in India sees a high growth of 20% due to Covid,

As people need bicycles for fitness and leisure requirements there is a huge demand.

Fact: India is the second largest manufacturers of cycles globally.

India’s Forex lifetime high 💰

India’s foreign exchange reserves got raised up by $2.865 billion to set a record high of $59.894 billion for the week ended May 2021.

Earlier the highest was $590.185 billion for the week ended January 29, 2021.

A good foreign exchange reserve will help India during financial crisis.

Paytm Payments Bank Visa Cards coming soon 💳

Paytm Payments Bank Limited [PPBL] has announced it is planning to issue physical Visa Card soon.

They have set a target or 10 lakh physical visa cards by the end of FY21.

They have already issued over 45 lakh virtual visa debit cards.

DubaiCoin = Fake 🤑

The Dubai government has clarified that they have not approved any cryptocurrency as their official.

The site promoting Dubaicoin as official cryptocurrency of Dubai is a phishing campaign to steal personal data from the visitors.

Whatever the situation always checks its reliability before giving your details.

Tata acquired Big Basket 🥦🥬🥕

Tata group has acquired 64.3% stake in online grocery platform BigBasket.

The Competition Commission of India approved its proposal to buy the stakes.

Tata increased the capital by $200 million and now the value of BigBasket is $2 billion.

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