India opens 75 digital banking units to boost inclusion; Meta’s Horizon falling short – report; Avataar, Alteria raise funds
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India’s Prime Minister Narendra Modi, yesterday, launched 75 Digital Banking Units (DBUs) in 75 different districts across the nation, as the government moves to bring banks to the doorsteps of citizens in far-flung areas. These units are brick-and-mortar outlets that will offer a variety of services to customers—all digitally. They will also inculcate digital financial literacy and awareness of cyber security in digital financial transactions. A self-service mode will be available round the clock at these outlets. Notes: India’s Prime Minister Narendra Modi, yesterday, launched 75 Digital Banking Units (DBUs) in 75 different districts across the nation, to boost financial inclusion in the country. “We have given top priority to ensure that banking services reach the last mile,” he said. “We not only removed the physical distance but, most importantly, we removed the psychological distance,” Modi said, according to a government press release. Prosus, a Dutch-listed technology investor, said on Friday it has agreed to sell its Russian online marketplace Avito for 151 billion roubles ($2.46 billion), to Kismet Capital Group, Reuters reports. Horizon Worlds, Facebook parent Meta’s flagship metaverse for consumers, is failing to meet internal performance expectations, according to The Wall Street Journal, which has reviewed company documents including internal memos by employees. Meta initially aimed to reach 500,000 monthly active users in Horizon Worlds by the end of the year, but the current figure is less than 200,000, according to the Journal. Netflix will introduce its ad-supported plan called Basic with Ads in the US on Nov. 3, for about $7, and the plan isn’t available in India, Mint reports. Workers at a second Apple store in the US have voted to unionise, The Verge reports. At the Penn Square store in Oklahoma City, 56 workers voted for and 32 against unionising with the Communications Workers of America. In June, workers in Maryland voted to unionize in association with the International Association of Machinists and Aerospace Workers. Avataar Venture Partners, which has backed unicorn software startups such as Amagi and Zenoti, has launched its second fund with a corpus of $350 million, three years after the firm launched its first fund, Economic Times reports. Meanwhile, venture debt provider Alteria Capital, which has backed Mensa Brands and Dunzo, has launched its third fund with a first close of Rs. 1,000 crore ($125 million), largely from domestic investors and soft commitments from institutions. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds
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