DIGITAL MODE
Menace of 'money mules' and how not to become one
Mule accounts are bank accounts that are used to launder proceeds of crime by fraudsters. In an age when there are strict laws on holding or using large amounts of cash, transactions in the banking system cannot be avoided. At the same time, criminals cannot use bank accounts because KYC norms will enable authorities to link the money to the activity through which they receive it.
Sebi mandates email as default mode for dispatching CAS by depositories, Mutual Fund-RTA
Markets regulator Sebi on Tuesday mandated email as a default mode of dispatch of 'Consolidated Account Statement', which provides an account of securities traded by an investor, by depositories and Mutual Fund-Registrar and Transfer Agents (MF-RTAs).
Hamara gaon, hamara digital push
While smartphone adoption among low- and moderate-income (LMI) communities is growing, usage is limited to social media and messaging apps. This indicates that critical challenges continue to hinder the use of digital payments for close to 1 bn LMI people, especially women and people from marginalised communities.
No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
Madras HC delivers shot in the arm for online pharmacies
In a shot in the arm for epharmacies, the Madras High Court overturned a previous ruling by a single-judge bench restricting online platforms like Tata 1mg, PharmEasy, Netmeds, and Practo from engaging in the digital trade of medicines.
Debate ensues over offline vs. digital exams amid NEET-UG and UGC-NET controversies
Controversies over NEET-UG and UGC-NET, with question paper leaks on the darknet, spark debate on offline vs. digital exams. Ministry of Education forms committee to review National Testing Agency. Experts weigh pros and cons, suggesting secure year-round computer-based tests. Calls for CBT to prevent leaks and improve efficiency.
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Madden 25: Everything you may want to know about release date, features and trailer
Madden 25, set for release on August 16, 2024, will feature Christian McCaffrey as the cover athlete. New game features include a re-engineered physics system, Franchise mode updates, and new commentary teams. Early access begins on August 13 for special edition purchases.
Strong foundation to be laid for youth: Ashwini Vaishnaw as he assumes charge of I&B Ministry
Ashwini Vaishnaw has been appointed as the Minister of Information and Broadcasting (I&B) in India. He was presented with a bouquet and a tree sapling by the Ministry staff. Vaishnaw thanked Prime Minister Narendra Modi for the opportunity and expressed gratitude for the Prime Minister's decisions dedicated to the poor and farmers. He has been assigned portfolios as Minister of Railways and Minister of Electronics and Information Technology.
Microsoft unveils all-digital Xbox consoles, new 'Doom' and 'Call of Duty' titles at Games Showcase
Microsoft kicked off its annual Xbox Games Showcase on Sunday, revealing the new all-digital versions of its Xbox Series X and S consoles along with trailers for over a dozen games, including the highly anticipated next installment of "Call of Duty." This showcase is crucial for Xbox and Microsoft as the gaming industry faces challenges such as a downturn and studios dealing with layoffs and shutdowns.
How brands should inspire politicians to move away from 'divide' and 'drown’ to ‘unify' and 'thrive’
Political parties should be emulating those marketers who have already cracked New India. To narrow-cast our population as a fundamental oneness, courtesy technology and aspiration. Then to engage experientially, with customer-centric regional empathy.
Market will soon start acting and reacting to economic fundamentals
The unexpected election results and resulting uncertainty have triggered market jitters, reminiscent of similar situations in 2004 and 1991
RBI, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
UPI transactions set new record, scale 14 billion peak in May
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
UPI transactions scale 14 billion peak in May
The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
Adani Energy Solutions to raise up to Rs 12,500 crore via QIP or other permissible mode
In its filing to the exchanges, the company said that the fundraising exercise will be subject to the receipt of the necessary approvals at the ensuing Annual General Meeting (AGM) scheduled on June 25, 2024.
IIM Bangalore launches online BBA programme in digital business and entrepreneurship
The Indian Institute of Management Bangalore is launching an online Bachelor of Business Administration (BBA) degree in digital business and entrepreneurship. The three-year program, starting in September, will target 1,000 students and include internships and practical projects. The program aims to create professionals who understand digital business and contribute to digital businesses or make traditional businesses digital-ready. The institute chose online to make the course more accessible and deliver world-class quality.
Key changes at Wipro; CCI on digital firms’ ‘opaque’ algorithms
IT services company Wipro is undergoing more changes under new CEO Srinivas Pallia. More on this on today’s ETtech Top 5.
Madden 25: Here’s what we know about release date and more
Madden 25 will be released on August 16, 2024. It features a re-engineered physics system, updated Franchise mode, and new commentary. Early access starts on August 13, 2024. More information will be revealed on June 11, 2024.
DMEO, an attached office of NITI Aayog, to evaluate the roll-out and implementation status of e-Vidhan project
The Indian government is assessing the implementation of the e-Vidhan project, a mission mode project for state legislatures, under the Digital India Programme. The project aims to make all legislatures paperless, streamline information exchange, and enable members to use the latest ICT tools. The Development, Monitoring and Evaluation Office is inviting bids to evaluate the project's progress and identify concerns. The evaluation is expected to be completed within four months, with the inception report submitted within 30 days.
10 Best Digital Lockers for Home in India
Delve into the realm of home security with our curated selection of the best digital lockers, meticulously crafted to safeguard your valuables with cutting-edge technology and uncompromising reliability. In this article, we unveil a range of digital lockers designed to meet the diverse needs of modern homeowners, blending sleek design with advanced security features. From user-friendly pin code access to biometric fingerprint recognition, these lockers offer unparalleled convenience and peace of mind. Whether you're safeguarding important documents, precious jewelry, or valuable electronics, our top picks cater to every aspect of home security.
Hero MotoCorp joins ONDC to provide accessible digital mode to customers
The open network will initially offer two-wheeler parts, accessories and merchandise. Customers can easily discover 'Hero Genuine Parts' by using any buyer apps on the network, such as Paytm and Mystore, among others, Hero MotoCorp said in a statement.
10 Best Digital Lockers for Homes Under 5000 in India
Choosing the right digital locker for our homes can be a tough decision and we must make sure that we get our hands on the most robust and ultra-safe locker. Items like jewellery, keys, property papers, and cash are really valuable and one must make sure that they remain guarded. We have curated a list of 10 best digital lockers for homes under 5000 in India, to ease your task of choosing the right one based on your requirements.
Paytm Paytments Bank moves bill pay business to Euronet India
Paytm Payments Bank transitions bill payment operations to Euronet Services India, impacting commission revenue. Senior executives resign amidst business challenges, influencing OCL's performance in the market.
RBI working on off-line mode to boost retail CBDC volumes: Guv Shaktikanta Das
The Reserve Bank of India (RBI) is working to increase the acceptance of the Central Bank Digital Currency (CBDC) for retail transactions, despite the high number of transactions reaching 1 million per day. The RBI is focusing on making the digital currency transferable offline, introducing programmability features, and promoting financial inclusion. The central bank is also addressing concerns about the CBDC's potential to pose a risk to banks' business models.
No GPay, No stop for ATM: Chennai auto driver's rules go viral on X
A user, identified as No Context Suveeshared her experience on X (formerly Twitter). She posted a picture of the auto's interior with the message displayed, "Gpay not available. No stop for ATM withdrawal." Alongside the image, she captioned it, "It was nice knowing y'all."
Ecomm, gaming, financial services comprise 80% of online transactions in H2 2023: report
Worldline's report showcased Ecommerce, gaming, utilities, government, and financial services as online transaction leaders. In-store, grocery stores, restaurants, pharmacies dominated. UPI transactions surged as PoS terminals increased, highlighting the importance of mobile payments.
Can KYC be done via digital mode?
It is important to note that from April 1, bank statements or utility bills will not be considered as officially valid documents to complete the KYC process.
Statistics Ministry ties up with ISRO to conduct Urban Frame Survey in digital mode
The Ministry of Statistics and Programme Implementation (MoSPI) has partnered with the National Remote Sensing Centre (NRSC) under ISRO to digitise the Urban Frame Survey (UFS) using the Bhuvan Platform. This collaboration aims to update the UFS regularly and in a timely manner by transitioning from analogue to digital mode. The agreement includes the development of a mobile application for geo-tagging, a web portal for visualisation, and data editing. The MoU was signed by officials from MoSPI and NRSC.
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