Will issue guidelines to make digital lending ecosystem safer: RBI Guv

Speaking on inflation, Guv Das said that had the monetary policy been tighter, the economic damage would have been enormous

The Reserve Bank of India Governor Shaktikanta Das said that the Central bank will soon issue guidelines to make digital lending ecosystem safe and sound. “Big tech’s play in finance poses systemic concerns like overleverage”, Das said at an event organised by Financial Express.

He said that blockchain players pose unique problems and regulating them will require globally coordinated action. “Blockchain platforms cannot be limited to a regulator or nation. Regulators can go for activity and entity-based regulations”, he added.

Das further said, “earlier, RBI’s approach was to provide sunset clauses. However, this year credit growth is around 12 per cent, compared to 5-6 per cent last year. Reasonably satisfactory credit growth is happening.” Taking a strict tone on loan recovery, Das said that loan recovery agents using harsh methods like calling up at odd hours, foul language is totally unacceptable….Read More

Moose Wala murder: Punjab police gets 7 days remand of gangster Bishnoi

Punjab police on Wednesday got 7 days remand of gangster Lawrence Bishnoi who was produced before Chief Judicial Magistrate in Mansa court in connection with Sidhu Moose Wala murder case

Punjab police on Wednesday got 7 days remand of gangster Lawrence Bishnoi who was produced before Chief Judicial Magistrate in Mansa court in connection with Sidhu Moose Wala murder case. Bishnoi was on Wednesday presented before Chief Judicial Magistrate in Mansa court by Punjab Police in connection with the Punjabi singer’s murder case.

The gangster was taken to Punjab after Delhi’s Patiala House Court on Tuesday allowed Punjab Police to arrest gangster Lawrence Bishnoi in connection with singer Sidhu Moose Wala’s murder and also allowed Punjab Police’s transit application. Advocate Vishal Chopra appearing for Lawrence Bishnoi opposed the Punjab Police application and said that there is a security threat. There is apprehension that Lawrence Bishnoi may be “eliminated” if transit remand is granted.

Give midday meal to guardians: Bengal to schools as summer vacation extends

With the West Bengal government extending the summer vacation, the School Education Department asked the authorities to distribute midday meal supplies among guardians within the period of June 20-26

With the West Bengal government extending the summer vacation in state-run and aided schools by 11 days till June 26, the School Education Department has asked the authorities to distribute midday meal supplies among guardians within the period of June 20-26.

In a notice, the Project Director, Midday Meal Programme on Tuesday asked the district authorities to ask schools to distribute rice, potato, sugar, pulses and soap among the guardians on designated dates and places from June 20 to June 26.

Every guardian will be getting 2 kg of rice, 2 kg of potato, 250 gm of sugar, 250 gm of pulses and one soap from the school distribution centre. The state earlier took similar initiatives in mid-May meal supplies once the summer vacation had started so that children were not deprived of midday meal facility due to the closure of campuses.

Human life cycle management: UIDAI plans linking Aadhaar with birth, death

From assigning temporary Aadhaar numbers to newborns to tracking deaths in hospitals, UIDAI is looking to expand the programme to cover a person’s entire lifecycle

The Unique Identification Authority of India (UIDAI), which has enrolled nearly all of India’s adult population since 2010, is now looking to expand Aadhaar to cover a person’s entire lifecycle with two ambitious pilot programmes, a media report said on Wednesday. According to an Economic Times report, newborn infants will receive a temporary Aadhaar number to be renewed with biometric data on attainment of majority, as the UIDAI prepares to launch the programmes to deepen its reach countrywide.

“The allocation of a UIDAI number at birth will ensure that children and families benefit from government programmes and no one is left out of the social security net,” ET quoted one official as saying. Teams will visit newborns’ families and complete the formalities of registering their biometrics, after which a permanent Aadhaar number shall be allocated, the report said, adding that once a child turns 18, biometrics will be re-registered to ensure that multiple IDs are not generated for the same child.

Govt to auction 5G spectrum for 20 yrs; allows private captive networks

The government will auction a total of 72097.85 MHz of spectrum with a validity of 20 years by July-end, said an official statement

The Union Cabinet has cleared the auction for 5G airwaves paving the way for auction and commercial launch of next generation telecom services this year. The cabinet in its meeting on Tuesday approved Department of Telecom’s proposal for the auction of 72 GHz of spectrum for a 20-year-period. It also decided to “enable the development and setting up of private captive networks to spur a new wave of innovations in industry 4.0 applications”.

“A total of 72097.85 MHz of spectrum with a validity period of 20 years will be put to auction to be held by the end of July, 2022. The auction will be held for spectrum in various bands (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz), Mid (3300 MHz) and High (26 GHz) frequency bands,” the government said in a press release on Wednesday….Read More

Satyendar Jain sent to 14-day judicial custody in money laundering case

AAP leader and Delhi’s Health Minister Satyendar Jain has been sent to 14-day judicial custody in a money laundering case by Rouse Avenue court

AAP leader and Delhi’s Health Minister Satyendar Jain has been sent to 14-day judicial custody in a money laundering case by Rouse Avenue court. Jain was arrested in a money laundering case by the Enforcement Directorate last month. He was arrested in a money laundering case by the Enforcement Directorate last month. The investigation has been underway since 2017 and the Minister was arrested on May 30.

Notably, during the search conducted on June 7, the ED has said it seized various incriminating documents and digital records. The ED said that the total movable assets were seized from an “unexplained source” and were “found to be secreted” in the raided premises. More than Rs 2 crore in cash and gold weighing 1.8 kg were seized by the ED after raids against Jain and those linked to him, in a money laundering case. The ED has submitted that Jain was not cooperating in the interrogation.

Sony Bravia X75K smart TV review: Audio-visual mismatch subdues experience

Powered by Google TV platform, the Sony Bravia X75K has a clean but buggy interface, which hinders interactivity and experience

When 4K resolution televisions first flooded the market in 2014-15, the TV sets were overpriced, and there was not much content on offer. Besides Tata Sky streaming the Cricket World Cup in 4K, there was no other service providing 4K content. Besides, internet speeds were on the slow side to support the smart TV ecosystem. The increase in internet speeds over the years and cost reduction have brought 4K televisions within the average consumer’s price range. Easy availability of the internet and 4K content availability on over the top apps has further provided a fillip to the sale of smart 4K televisions. A boom in gaming has also helped things.

While the market has changed, Sony’s approach has not changed much over the years. The company’s focus on video quality has ensured that it remains one of the market leaders, despite stiff competition. With its X1 processors, Sony has maintained its quality. Its new iteration, the X75K series, offers more of the same with slight infractions in user interface and connectivity….Read More

IPL media rights auction concludes; value stays at Rs 43,050 crore

The per-match value for IPL has touched $13.5 million (or Rs 105 cr), which is second only to America’s National Football League, which costs a broadcaster $17 million (Rs 132.26 crore) per match

The auction for the digital and television rights of the Indian Premier League (IPL) has concluded within an hour of the resumption of the bidding process on Monday. A decision was taken after bidding was opened at 11 am, persons in the know said. Bidders agreed, said sources, to conclude the auction for the digital and TV rights (packages A and B) after a fierce fight on Sunday, which took the combined value (of TV/digital) past the Rs 43,000-crore mark.

This had increased the value of the rights by over two-and-a-half times the previous rights value of Rs 16,347.5 crore, paid by Disney-Star in 2017. It is already Rs 10,000 crore more than the reserve price of nearly Rs 33,000 crore set by the Board of Control for Cricket (BCCI) for the current media rights cycle.

Also, the per-match value of the IPL has touched $13.5 million (or Rs 105 crore) after bidding closed on Sunday at 6 pm. This is second only to America’s National Football League, which costs a broadcaster $17 million (Rs 132.26 crore) per match. The English Premier League costs $11 million (Rs 85.58 crore) per match…

Myntra sells record-breaking 5 million products on day 1 of EORS-16

Myntra, one of India’s leading fashion, beauty and lifestyle destinations, on Monday said that the 16th edition of its flagship EORS-16 witnessed over 70% growth in traffic over business as usual

Myntra, one of India’s leading fashion, beauty and lifestyle destinations, on Monday said that the 16th edition of its flagship EORS-16 (End of Reason Sale) witnessed over 70 per cent growth in traffic over business as usual (BAU) on Day One. India shopped a record-breaking 50 lakh products in the first 24 hours of Myntra‘s EORS sale that is being held from June 11-16. On Day One, 2.6 million items were shipped within the first 24 hours of the event.

“The upwardly-mobile fashion-forward consumers have once again welcomed EORS with a hearty opening, purchasing 50 lakh products within the first 24 hours to cater to their fashion and beauty needs,” said Nandita Sinha, CEO, Myntra. “It’s also very encouraging to see women forming 60 per cent of the shopper base and some of the tier-3 towns emerging as high traction customer hubs on day 1 of this edition. As the event unfolds itself in the next few days, we are excited to serve millions of customers with our tech-pivoted delightful shopping experience,” Sinha added…Read More

India-Bangladesh bus service resumes after 2 years of suspension amid Covid

The cross-border bus service between Bangladesh and India resumed on Friday, two years after its suspension due to the Covid-19 pandemic

The cross-border bus service between Bangladesh and India resumed on Friday, two years after its suspension due to the COVID-19 pandemic. “Resumption of India-Bangladesh Cross-Border Bus Services! Bus services b/w India-Bangladesh via ICP Agartala-Akhaura & ICP Haridaspur-Benapole resumed with the Dhaka-Kolkata-Dhaka bus being flagged off from Dhaka early morning today-a major step forward in enhancing affordable, people-centric connectivity,” tweeted High Commission of India in Bangladesh.

Tazul Islam, chairman of Bangladesh Road Transport Corporation (BRTC), had confirmed that the service would resume to The Daily Star on Thursday. The development comes after the rail service between the two countries resumed on May 29. The train service between the two countries was suspended since March 2020 in view of the COVID-19 pandemic. Two trains travel between India and Bangladesh, Bandhan Express operates between Kolkata and Khulna, Bangladesh while Maitree Express connects Kolkata with Dhaka.