Wipro's new CEO Srinivas Pallia will receive an annual remuneration of up to $6 million (about Rs 50 crore), according to a regulatory filing by the Bengaluru-headquartered IT company. Earlier in April, Wipro announced the appointment of Pallia as its new CEO and MD, following the sudden resignation of Thierry Delaporte. Delaporte's annual salary of over Rs 80 crore at Wipro had made headlines last year.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
Tharoor argued that the proposed bill represents a "grave chapter in the history of the Indian republic, seeking to ratify an ordinance that in many ways is an assault on our democratic heritage and the spirit of federalism."
Nearly 90 per cent of the stocks comprising the National Stock Exchange Nifty 500 Index and 49 of the 50 stocks that make up the Nifty50 are trading above their respective 200-day moving averages (DMAs). The 200-DMA is considered one of the most relevant trend indicators by investors and traders. They believe that stocks and indices trading above this key level exhibit strength and are likely to rally, while those trading below this level are viewed as bearish, with the stock/index expected to see a selloff.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
A packed beyond capacity bus carrying passengers returning to work after Diwali fell into a deep gorge in Uttarakhand's Almora district on Monday, killing at least 36 of the over 60 people on board.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
Cracking down on repeated non-compliance of IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
Vikas Yadav, 39, was employed by the Cabinet Secretariat, which houses India's foreign intelligence service, the Research and Analysis Wing (RAW), the federal prosecutors claimed on Thursday in an indictment filed in a US court in New York.
The incident took place when around 50 passengers hailing from Kharsia area in the neighbouring Chhattisgarh were returning in the boat after visiting a temple in Patharseni Kuda in Odisha's Bargarh district.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Nandan Nilekani talks about moving towards a cashless economy and freedom of Internet, among others
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
Vodafone Idea, which reported a loss of Rs 6,439 crore in the December quarter, said it had received letters from the department of telecommunications (DoT) directing immediate payment of dues amounting to Rs 54,000 crores after the SC judgment. "The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by the Supreme Court in its order dated October 24, 2019. The company proposes to pay the amount so assessed in the next few days," it stated.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Surge in UPI transactions is because of an increased consumer interest in making bill payments and recharging mobile phones online, and purchase of non-essential goods on e-commerce platforms.
Google has said that it is pausing enforcement of Google Play billing system (GPBS) for developers in India. This comes after the Competition Commission of India (CCI) imposed a penalty of Rs 2,275 crore in two cases and an immediate cease-and-desist order of its policies of running the Android Mobile device and Play Store ecosystem. In a statement, the company said, "Following the CCI's recent ruling, we are pausing enforcement of the requirement for developers to use Google Play's billing system for the purchase of digital goods and services for transactions by users in India.
'The immediate impact would be delayed payments, followed by slowly ramping down of existing projects while retaining only the ones that are mission critical,' said Karthik Ananth of Zinnov Management. 'In the long run, it would have a trickle down effect on tier one and tier two suppliers for auto majors. They will indeed see an impact on their business, which in turn will impact the business of Indian service providers, who work with them and have them as key accounts.'
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The Reserve Bank of India has on Wednesday lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms. "In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect," RBI said. Similar bans were imposed on Diners Club International and Mastercard previously.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
When its founder, Raghunandan Kamath, took a calculated risk, his Bollywood customers backed him all the way, say Rohith Potti and Pooja Bhula.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
