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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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Paytm Payments Bank moving data to China? Founder responds to allegations

Last week RBI released a statement asking Paytm Payments Bank to stop onboarding new members immediately. The central bank issued this statement in view of “certain material supervisory concerns observed in the bank”. Following the ban on bringing in new customers, a Bloomberg report has hinted that the RBI took this step because Paytm was allowing user data to flow through Chinese servers.

The report also shared that Paytm was not verifying its customers in the proper fashion. The lack of verification can also lead to fraudulent money laundering processes using the financial institution.

Paytm Founder’s Response

In response to the allegations made against Paytm, Vijay Shekhar Sharma, the company’s founder stated that it is completely compliant with the RBI’s data storage rules about servers. He told CNBC TV18 that even the bank’s ownership structure and KYC compliance have not been raised as issues. Shekhar claimed that the concerns RBI has with Paytm Payments Bank is related to IT. He assured that RBI wants a third party to audit the systems and deliver a report on it.

The RBI statement said, “ The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors.”

Paytm shares witnessed a dip after the report surfaced about possible data being routed through Chinese servers. As of writing this story, Paytm is at its lowest since its IPO last year. Sharma has been wanting to convert Paytm into a small finance bank. In the past, he has claimed that moving in that direction will solve a lot of problems for the entity.

The post Paytm Payments Bank moving data to China? Founder responds to allegations appeared first on BGR India.



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