Small-value payments to cost banks; Swiggy’s grim Q1

Also in the letter:
■ AI-led ad frauds cost brands billions
■ Cognizant’s financials
■ Zetwerk founders raise debt

Subsidy on small-value UPI payments cut, banks look for ways to offset cost

If the goverbment’s “free UPI” policy was already pinching banks, its latest move has turned the screw further. A fresh cut in incentives for small-value digital payments is prompting banks to quietly…