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Flipkart-owned PhonePe given nod by NPCI to enable UPI-based IPO bidding

Walmart-backed PhonePe has been given the green light by The National Payments Corporation of India (NPCI) to allow its customers to make their bids for Initial Public Offerings (IPO) through the UPI platform. PhonePe will become the first non-bank to facilitate such transactions since the capital markets regulator SEBI and payments governance body NPCI allowed retail investors to make their offers through UPI channel.