New Delhi: The Reserve bank of India is working on a brand new device for making public a list of wilful defaulters, whilst a brand new mechanism is being put in area for out-of-courtroom agreement of awful loan-related disputes, its Governor Raghuram Rajan stated on Saturday.
“As a regulator we don’t have any purpose or choice to guard malfeasance… we are very satisfied to make that list public. In reality my people are working on making sure that we will positioned that listing up in an handy manner and also (of) defaulters towards whom suit has been filed because that is already public records,” he stated whilst turning in a lecture here.
but, the imperative financial institution became in favour of protective privacy in instances in which there is no wrongdoing, he said, adding that a blanket edict that everybody’s call have to be made public at the website won’t be suited.
He further stated it may not be accurate to flash the call of every person, inclusive of those who forgot to pay their credit payments.
Such folks, Mr Rajan said, could not be clubbed with extreme bank mortgage defaulters in any other case human beings may start trowing away their credit score cards.
“We ought to be weary of killing entrepreneurship on this county by using setting all unsuccessful risk taking within the equal basket. We want chance taking, we need people to take risk,” he introduced.
Mr Rajan also stated the RBI is developing a structure for out-of-court docket settlement of the disputes regarding terrible money owed.
“At RBI, we are growing a structure to help out-of-court resolution and we are nevertheless at paintings, it is work in development. we are first-class-tuning it, ensuring it works,” he said.
Complimenting the authorities for passing the Insolvency and bankruptcy Code bill, the RBI Governor said, “So for the reason that truth that we’ve moved forward at all (On financial ruin bill)… is a credit score to the gadget. Will the financial disaster code take time to put in area, I assume we are able to pass quicker on it.”
Mr Rajan said that until lately, Indian banks did not have enough powers to steer promoters of agencies to pay loans.
“until recently the threat that banks may want to make to promoters changed into meaningless, which is why promoters could visit bankers and say take 25 paise at the rupee, otherwise i will see you in a courtroom for the subsequent 15 years,” he said.
Mumbai: Ongoing push with the aid of the Reserve financial institution of India to revolutionize banking through the Unified payments Interface (UPI) will depart cellular wallets redundant, as cell banking has jumped over three-fold in February from the year-in the past duration, in line with a record.
The document by town-primarily based Centrum broking said that cellular wallet services like SBI’s friend, ICICI financial institution’s wallet, HDFC financial institution’s Chillr and standalone operator Paytm will be redundant with the large adoption of the UPI.
“cellular banking has taken the country through storm, developing with the aid of 212 in line with cent increase in cost terms in February 2016 over the same length in 2015 and through 131 consistent with cent in extent.”
“If the UPI adoption continues cellular wallets like SBI’s friend, ICICI bank’s pockets, HDFC financial institution’s Chillr and Paytm could be redundant,” a Centrum broker said in a document titled ‘Banking Transactions – Technological Disruption’.
The record attributed the RBI push to undertake UPI as an effort to decrease the cash economy. Quoting RBI facts, the record said the cash floating inside the system is ready 18 consistent with cent of the GDP, making the u . s . a . one of the most coins-structured economies within the global.
“The RBI wants to reduce down on coins dependence and the UPI has been delivered in to do simply that. it will lessen the attempt, time and fee incurred on easy transactions, below Rs 1 lakh. via UPI, or three financial institution accounts can be connected and consequently any price/withdrawal can then be achieved through simply sending a message on this app,” the file said.
UPI does now not require a particular bank account in contrast to present players which offer the product to simplest those who have an account with them, accordingly considerably growing the pool of customers UPI may want to tap into, in comparison to banks that have a restricted universe of clients.
Of the 29 banks that have already tied up with the RBI-promoted national bills employer, which launched the UPI, 10 banks – Federal financial institution, Axis bank, Ratnakar bank, yes financial institution, Oriental financial institution of trade, Union financial institution, ICICI financial institution, HDFC financial institution, PNB and Canara bank – are ready with their apps.
in keeping with a global bank file, handiest 53 per cent of the Indian populace or 636 million people have bank money owed, while near over 1,000 million have cell telephones. If used to its complete capability, UPI can penetrate some distance extra houses than all of the cellular wallets prepare, the file said.
it’s far pretty probable that to live relevant inside the market and function on a low-cost model, banks and other economic service carriers will need to undergo a drastic digital makeover.
folks that are left in the back of on this race would possibly struggle to continue to exist, it brought.
Quoting RBI information, the record stated that the price of mobile banking transactions rose forty six in line with cent in December 2015 from a month ago. but that is more than 300 consistent with cent increase compared to December 2014 level, it said.
Samsung on Friday announced its ‘Make for India Celebrations’ offer, which offers customers reductions on a selection of products in India until may 15. discounts might be available on smartphones, capsules, domestic amusement systems, and other home home equipment which include TVs, fridges, and microwave ovens.
As a part of the Samsung Make for India Celebrations offer, customers can buy any device precise at the provide web page with cashback, smooth EMIs, offerings, and freebies.
beginning with smartphones, Samsung is providing its Galaxy S6 and the Galaxy be aware 5 (single-SIM) at Rs. 33,900 and Rs. 42,900 respectively. users have 10 percentage cashback for those handsets on each debit and credit score cards for EMI and non-EMI transactions. other provide includes ‘No more fee’ EMIs for three,6,nine, and 365 days, along with an option to pay Re. 1 for now and relaxation in 10 EMIs.
Samsung with its Make for India Celebrations offer is also giving freely its Galaxy A7 (2016), Galaxy A5 (2016), and Galaxy Grand top 4G at Rs. 29,900, Rs. 24,900 and Rs. eight,250.
The firm additionally is giving cash back gives and EMI options on its UHD flat smart television, complete-HD curved tv, and full-HD flat television as well. The offer additionally consists of cut up ACs with unfastened set up, EMI payments, and greater. Samsung could be even imparting free Galaxy Tab tablet with its fridges along side a 10-12 months warranty duration. greater details can be found on the employer’s offer web page.
“we’re humbled through the accept as true with that Indian customers have reposed in emblem Samsung. there is no more delight than turning into the most relied on brand in India, and we recommit ourselves to our undertaking to Make for India. Make for India Celebrations is a small gesture from Samsung for all our purchasers. It has continually been the endeavor of Samsung to convert humans’s lives with progressive ideas and technologies,” stated Ranjivjit Singh, Senior vice chairman, company advertising, Samsung Electronics India.
‘Make in India’ push will further boost FDI flows in the country, Moody’s said
Prime Minister Narendra Modi’s ‘Make in India’ programme has boosted foreign direct investment in the country, helping the government reduce its dependence on volatile portfolio (equity and debt) flows in times of global uncertainties, said Moody’s Investors Service.
The surge in FDI flows – a demonstration of stronger investor interest in India on the back of robust economic growth – will help the government cover its current account deficit, the global rating agency added.
“These trends are credit positive, as they lower India’s susceptibility to external shocks at a time when capital flows to emerging markets are volatile, and weak economic conditions globally and, in particular, in the Gulf states, may dampen remittances,” said Marie Diron of Moody’s.
The ‘Make in India’ programme, launched in September 2014, aims to transform the country into a global manufacturing hub. PM Modi’s aggressive campaigning among foreign investors has led to a steady rise in foreign investment, with net FDI inflows hitting an all-time high of $3 billion in January 2016, experts say.
“FDI inflows are likely to climb further in response to government measures, such as efforts to liberalize foreign investment limits in several sectors and the ‘Make in India’ initiative,” said Ms Diron.
According to Moody’s report, a lower oil bill and measures to contain gold imports have helped in keeping India’s trade deficit at moderate levels.
“The development of industrial corridors, investment and manufacturing zones, and ‘smart cities’ will further bolster investment inflows. In particular, flows into the manufacturing sector are likely to accelerate as the government seeks to boost the sector’s share of GDP to 25 per cent by 2022,” Moody’s said.
However, weakness in remittance inflows because of economic slowdown in Gulf states, may prevent India’s current account from returning to balance, the report said.
Apple’s recent efforts to trumpet its green initiatives have largely been about supply chain and manufacturing, but on Thursday the company unveiled a splashy new initiative aimed at its millions of customers.
The company is rolling out “Apps for Earth,” in which the App Store will, for 10 days, feature 27 popular apps including Angry Birds 2, Jurassic World: The Game, and SimCity BuildIt that have added new environmental content for Earth Day.
Money spent buying one of these 27 apps, or making purchases within them, will then support the World Wildlife Fund, to help advance its climate and environmental initiatives. And given the size of the App store itself which has many million users across 155 countries and the huge reach of some of the apps (Angry Birds II has been downloaded 85 million times, for instance), it just might just be one of the corporate world’s farthest-reaching green initiatives.
Apple, the world’s largest company by market capitalization, has been unveiling a series of high-profile green initiatives. In October, for instance, the company announced new solar energy plans in China. In March at the company’s latest special event, Lisa Jackson, former EPA director and now Apple’s vice president for environment, policy, and social initiatives, announced 93 percent of the company’s global facilities are powered by renewable energy.
But at a time when it’s hard to make people pay attention to the environment, Apple is in effect creating a gigantic new megaphone.
In an interview with the Post, Apple’s Jackson said the company is serious about extending its green initiatives in new directions.
“This is yet another example of our work to help the planet, and it addresses something we hear a lot of from our customers,” said Jackson. “They love the work Apple is doing as a company, but they want to be engaged in this mission of leaving the planet better than we found it.”
“This is really our first big step into engaging customers in our mission,” Jackson continued. And it has already drawn major attention:
“Elevating these issues on a global scale through an unprecedented platform like this is huge,” added Carter Roberts, President and CEO of the World Wildlife Fund. WWF’s own app will be one of the 27 featured, and the conservation group will receive the donations that result from Apps for Earth and invest them in conserving forests, oceans, freshwater, endangered species, and fighting climate change.
The initiative will run from Thursday through April 24. Earth Day is April 22.
Several major app developers who are participating in the program said that an environmental initiative on this scale is relatively new to them, but fits their values and that they’re thrilled to take part.
“It’s kind of in our DNA to do this,” said Patrick Liu, general manager for Rovio’s Stockholm Studio and creative director for the popular app Angry Birds 2. Liu said that as part of “Apps for Earth,” Angry Birds 2 will add a new level that highlights the importance of ocean conservation.
“We have a special level, that’s made specifically for this campaign, we’re going to see the birds kind of saving the oceans from the naughty pigs,” Liu said. “We also have a special power-up made, it’s almost like revenge of the fish, where we kind of liberate the fish from the nets, and they’re going to fight back.”
Players won’t have to go to the App store to see this it will upload automatically to their game. They will then receive environmental messages, and in app purchases will then go to WWF. “The extent of this initiative is pretty new I would say,” said Liu.
And then there’s EA’s SimCity BuildIt, which since launching has garnered 64 million players, each of whom is a “mayor” who designs and builds a city. As part of “Apps for Earth,” players will now be able to add natural environmental features to their cities – planting a huge forest within the city itself (see below), installing a coral reef offshore, and creating a nearby habitat to protect pandas, gorillas, or even snow leopards.
“Now they can really create a big forest to their city, and bring back the trees,” says Inka Vikman, a senior producer for the game, which is made by EA. “And the game code creates a unique forest batch for you. There’s over 12,000 variations of the forest, what it’s going to look like.”
Some of these features will only be available in the game for the next 10 days; in addition, players will be able to buy an “Apps for Earth” pack for $ 1.99, with the proceeds going to WWF.
The environmental messages will also be hard to miss. “We’re going to communicate this to the players with push notes, in-game messages, and trailers,” says Vikman.
With yet another participating game, Jurassic World: The Game, something similar will happen. Players purchase card packs as they build their park in the game, explains Alex Thabet, the founder and CEO of Ludia (which designed the game). These cards provide them with an array of possible buildings and structures, and the game is adding three new packs that will contain options like a wind turbine or solar greenhouse, as well as two new dinosaurs that can only be gotten by purchasing the WWF card pack.
The proceeds then, again, go to WWF. “Micro transactions is an easy way for us to transfer into micro donations,” says Thabet.
Other well-known apps participating in “Apps for Earth” include Candy Crush Soda Saga, Map my Run+, and Star Wars: Galaxy of Heroes.
And according to Apple’s Jackson, this initiative may be only the first way that Apple prompts its vast number of customers to be greener. “We don’t know what seeds we’re planting here,” she said. “We hope that this is more than just the campaign, the 14ththrough til Earth Day, but that what happens after this is just as important.”
New Delhi: Subscribers of New Pension System can now make their contributions online through net banking, credit or debit cards with pension fund regulator PFRDA launching a platform for the same.
“Through this platform, a prospective subscriber can register for NPS; contribute to his/her Permanent Retirement Account. Further, the subscribers who already have an NPS account can make contributions through eNPS directly,” the Finance Ministry said in a release.
As per government’s Digital India campaign to promote e-governance, the Pension Fund Regulatory Development Authority (Pfrda) has been pursuing development and operationalisation of online transaction facilities.
Towards this end, an online platform for registration of subscribers and receipt of contribution under National Pension System (eNPS) through NPS Trust at www.npstrust.org.in has been developed, the release said.
Further, the subscribers who already have an NPS account can make contributions through eNPS directly, it added.