In no particular order, here are MediaNama’s top 10 stories of the week ended 11th March 2018

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Paytm gift vouchers circumvent mandatory KYC but usability is limited

Users who haven’t completed their KYC can still load money onto their Paytm account by purchasing gift vouchers on the platform. The workaround, which is an effort to circumvent the RBI’s mandatory KYC rules, is far more limited compared to using the standard Paytm wallet though. Read it here

Flipkart gets infusion of Rs 4,472cr from its Singapore parent

Flipkart India Private Limited, wholesale arm of Flipkart has got a massive infusion of Rs 4,472 crore from its Singapore parent (Flipkart Limited, Singapore), Registrar of Companies documents showed. The development was first spotted by the data platform Paper.vc. Read it here

Government sets up steering committee for fintech, aims to boost sector

The government has set up a steering committee to find ways to help ease regulations and boost entrepreneurship in the financial technology sector.

The eight-member panel is being led by the Department of Economic Affairs secretary Subhash Chandra Garg. Other members include top functionaries from the ministry of electronics and information technology, Central Board of Excise and Customs, UIDAI and the Reserve Bank of India. Read it here

After mandatory KYC RBI targets wallet interoperability by April: Report

The Reserve Bank of India (RBI) is reportedly sticking to its original target of making prepaid payment instruments like mobile wallets interoperable by April despite extending the KYC verification timeline for payment companies by two months. This development has been reported by the Economic Times quoting bankers who are “aware of the matter”. Read it here

Paytm Money gets SEBI approval, to commence operations soon: Report

Paytm Money, the payments company’s wealth management arm, is reportedly set to commence operations in the next six to eight weeks. According to a report on the Economic Times, the company received the approval of the Securities and Exchange Board of India (SEBI) last week, along with a dozen other asset management companies (AMCs). Read it here

Vice India to launch on April 2nd; would-be editor exits

Vice, the New York-based millennial-targeted media brand, is going to launch in India on April 2nd. Hosi Simon, the company’s Asia Pacific CEO, announced the launch in Mumbai at FICCI Frames, an annual entertainment industry event. Simon said that Vice India’s content would be targeted at an Indian readership and that the company wanted to reach young readers beyond the thin slice of English speaking cosmopolitan elites, with content in regional languages. Read it here

Linking Aadhaar to recruitment violates Constitutional right to equal opportunity: Punjab and Haryana High Court

The Punjab and Haryana High Court has ordered a stay on the entire recruitment process of the Maharishi Dayanand University, Rohtak. The application process for several posts in the university, including those of Assistant Professors, requires an Aadhaar Number in Step 1 of the application process, without which, the applicant cannot proceed to Step-2 and thus cannot complete their application. Read it here

Zomato Gold crosses 150,000 subscribers, subscription prices to go up

Zomato Gold, the paid subscription product from Zomato, which allows users to get complimentary food or drinks at around 2000 restaurants in Hyderabad, Pune, Delhi-NCR, Mumbai and Bangalore, has crossed 150,000 subscribers within three months of its launch. This represents a growth of 477% in three months, as Zomato had about 26,000 subscribers, apparently just around seven-eight hours after its launch, as per MediaNama estimates. Read it here

PhonePe calls Paytm’s UPI crown claim ‘uni-dimensional and misleading’

Flipkart-owned payments company PhonePe has taken a swipe at Paytm’s claim of being the largest player on the Unified Payments Interface (UPI) platform, calling them “uni-dimensional and misleading”. Read it here

False news is 70% more likely to be shared on Twitter than true news, blame humans not bots

A Massachusetts Institute of Technology’s Media Lab study, which examined around 126,000 stories tweeted by about 3 million people more than 4.5 million times on the microblogging platform Twitter between 2006 and 2017, has found that the chances of false news being retweeted by people was about 70% more likely than true news. Read it here