The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI's escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become "unworkable". The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.
The shift to a shorter T+3 settlement cycle for initial public offerings (IPOs) will be a big test of the domestic market structure, requiring players in the ecosystem to work harder to meet the squeezed timelines, according to industry insiders. The Securities and Exchange Board of India (Sebi), has announced that the transition to the T+3 cycle will be voluntary starting next month and mandatory from December 1. The new mechanism will necessitate quicker confirmations from banks and speedy verification of permanent account numbers (PANs) for all applicants.
More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote.
Ahead of Friday's extraordinary general meeting (EGM), Byju Raveendran, chief executive officer (CEO) of Byju's, told shareholders that he is committed to restructuring the board of the embattled educational technology (edtech) firm. He also committed to appointing two non-executive directors to the board by the mutual consent of the founder and shareholders. The development comes at a time when a consortium of key shareholders, holding over 30 per cent stake in Byju's, issued a notice to the embattled edtech firm this month, calling for an EGM to address "persistent issues", including a proposed change of management at the firm.
'Would @narendramodi allow his supporters to come and console or congratulate him in his bedroom, dressing room or the toilet?'
MPs and MLAs taking bribes to vote or make a speech in the house are not immune from prosecution, the Supreme Court said on Monday in a landmark, unanimous verdict that overrules its 1998 judgment protecting such lawmakers.
'Exit the car and call for your vehicle to be towed.'
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
The decision was taken as the Income-Tax Department found that a huge outstanding demand was not recoverable.
The court said being the author, Ray was the first owner of the copyright to the screenplay and the right to novelise it is also vested in him.
Edtech major Byju's may lay off up to 3,500 employees during the current fiscal as it looks to consolidate teams and enhance regional focus, sources privy to the development said. According to one of the sources, Byju's had "over hired" people at the time of Covid pandemic due to sudden jump in online education, but the demand has now receded, for which the company needs to do course correction. "There has been no retrenchment as of now.
P2P platforms do not have the safety net. Instead of playing the role of an intermediary, if they run their own balance sheets for safety and growth, it's a recipe for disaster, warns Tamal Bandyopadhyay.
Google, in its latest appeal to the Supreme Court, has said the Competition Commission of India (CCI) is protecting Amazon's interests after having complained that India's anti-competition body (CCI) had copied part of a European Commission ruling against it for allegedly abusing the market dominance of Android. The latest twist to the Google-CCI case comes as Google filed an appeal in the Supreme Court on June 26, against the National Company Law Appellate Tribunal's (NCLAT's) March 29 order. The tech giant's contention is that the NCLAT failed to apply the "effect analysis" part in the CCI order.
Dixon Technologies right now is a beehive of activity. It is building a new facility in Noida to make 1.3 million laptops for Taiwanese PC maker Acer. The facility must be up and running in four months. The pace of activity will only increase. Last week Dixon won a similar contract from Lenovo, the Chinese personal computer maker and the third largest information technology (IT) hardware brand in India, to assemble laptops and notebooks. Though the clientele in these two cases is Taiwanese and Chinese, Dixon is a company reaching for the stars with its feet planted firmly in the Indian government's policy.
'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'
rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate problems in a relationship.
Manipur Bharatiya Janata Party MLA Paonam Brojen on Thursday tendered his resignation from the chairmanship of Manipur Development Society on 'personal grounds'.
An open and direct conversation is the only way to deal with a marital problem but choose the right time and place to address the issue, advises rediffGURU Ravi Mittal.
ICICI Prudential Life Insurance Company (IPru) is struggling to generate growth in the value of new business (VNB). This is due to a combination of weak growth through the parent bank's channels, a shifting product mix in favour of unit-linked life insurance policies (ULIPS), and higher payouts to third-party channels. Leverage from current investments, a further reduction in contributions from ICICI Bank, and a pick-up in non-participating policies from the end of the year is key for this metric in the near to medium term.
According to the Pentagon report, the PLA is creating options for dissuading, deterring, and defeating external intervention in the Indo-Pacific region.
The Bombay high court on Monday rued that for long illegal constructions have been mushrooming but time has now come to change the attitude that nothing will happen to such structures.
Israel's Permanent Representative to the United Nations, Gilad Erdan, lambasted the United Nations Security Council for failing to condemn the October 7 Hamas terror attacks and the slaughter of unarmed civilians.
'The World Cup alone is expected to create an additional 100,000 jobs, most of which will comprise gig workers in the delivery space, transportation, hospitality and event management.'
Throughout 2022, China turned to the PLA as an increasingly capable instrument of Statecraft, strengthening its ability to 'fight and win wars' against a 'strong enemy', points out Ajai Shukla.
'Currently, 81 per cent of all reserved tickets are booked through e-ticketing.'
The July-September quarter results of software companies in the engineering research and development (ER&D) segment were broadly in line with expectations, though there have been cuts in revenue growth guidance. While results were a mixed bag, and there are cautionary views on the near-term outlook, brokerages and global consulting firms highlight the strong growth trajectory for the sector. They expect this segment of the software sector to grow by 8-12 per cent going forward.
Crypto assets should not be granted official currency or legal tender status, the much-awaited synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB) has said ahead of the G20 leadership summit under India's presidency. However, the report has argued against a blanket ban on activities linked to crypto assets, explaining that such a move can be costly as well as technically demanding to enforce. Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper.
HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC Ltd on July 1. "The runway for our growth is large. This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution," said Sashidhar Jagdishan, managing director and chief executive of HDFC Bank, explaining the reason for this overhaul.
While asserting that the CoWIN portal is completely safe with adequate safeguards for data privacy, it said an internal exercise has been initiated to review the existing security measures of CoWIN.
For the longest time, the court did not even hear important matters that the government did not want it to. Of late, it has begun to form benches. Meanwhile a lot of the damage has been done and continues to be done, asserts Aakar Patel.
A bench of justices Surya Kant and Dipankar Datta admitted the appeal filed by Ravindhranath against the high court order for hearing and issued notice to P Milany, who filed the petition challenging his election from the Theni constituency.
The Supreme Court on Monday said it has started "action" and disposed of a plea moved by former RSS ideologue KN Govindacharya, seeking a direction for a special arrangement with YouTube to safeguard the copyright of its live-streamed proceedings in accordance with a 2018 judgment.
The apex court on July 28 granted bail to the two accused, noting that the actual involvement of Gonsalves and Ferreira in any terrorist act has not surfaced from any third-party communications.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
Canada will be pausing all in-person services at the consulates in Chandigarh, Mumbai and Bengaluru and is now directing all Canadians in India to the High Commission in New Delhi.
A bench of Justices BV Nagarathna and Prashant Kumar Mishra noted, in accordance with its May 9 order, notices have been published in local newspapers, including those in Gujarati and English, against the convicts who could not be served (the notice).
Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year. Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.
Members of the IMA and IPA had met Mansukh Mandaviya on Monday and expressed their concerns over the regulations.
