Name: Here's why RBI slaps ₹5.39 crore penalty on Paytm Payments Bank
Uploaded: 2023-10-12T20:46:43.000+05:30
Duration: T00M32S
Channel: Editorji News Desk
Description: Penalty for non-compliance with certain provisions, including Know Your Customer (KYC) norms

All the 10 listed group companies were trading with sharp gains during the morning trade, defying a muted trend in the equity market

Adani shares soar: Investors gain ₹1.2 lakh crore in best day since Hindenburg crisis

<h2>Investors flocked the counters of all the 10 listed companies, with shares ending with sharp gains</h2>

Investors witnessed a significant upswing in Adani stocks, surging up to 20% following the positive sentiment from Friday's Supreme Court hearing regarding the Hindenburg issue.
This single trading session added Rs 1.19 lakh crore to investors' wealth. It marked the conglomerate's best trading day since the Hindenburg attack that resulted in substantial losses earlier in the year.
Shares of Adani Total Gas zoomed 20 per cent, Adani Energy Solutions surged 19.06 per cent, Adani Power soared 12.32 per cent, Adani Green Energy jumped 12.27 per cent, NDTV advanced 11.73 per cent, Adani Wilmar went up by 9.96 per cent and Adani Enterprises climbed 8.66 per cent on the BSE.
Adani Ports gained 5.20 per cent, Ambuja Cements climbed 4.22 per cent and ACC went up by 2.62 per cent.
The combined market valuation of all the 10 firms soared to Rs 11.31 lakh crore at the end of trade on Tuesday. It stood at around Rs 10.26 lakh crore at the close of trading on Friday. Thus, the combined market valuation of all the 10 firms went up by about Rs 1 lakh crore on Tuesday.
Also read/watch - <a title="Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe" href="https://www.editorji.com/business-news/adani-vs-hindenburg-row-supreme-court-reserves-verdict-stresses-media-reports-not-absolute-truth-1700829726148#google_vignette">Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe</a>
What's driving the rally
Adani Group stocks surged following recent developments in the Adani-Hindenburg case, notably the Supreme Court's hearing on Friday. The Court reserved its verdict on petitions seeking an investigation into allegations made by Hindenburg Research against the Adani group regarding stock market regulation violations.
Market experts link the rise in Adani shares to the Supreme Court's indication that it trusts SEBI's investigation into Hindenburg Research's allegations of stock manipulation. Avinash Gorakshkar from Profitmart Securities highlighted the positive sentiment but cautioned about potential profit booking triggering a downward correction.
SEBI informed the Supreme Court that it doesn't need additional time for its investigation, having resolved 22 out of 24 cases related to the Hindenburg issue. The remaining aspects hinge on data from foreign regulatory bodies.
Chief Justice DY Chandrachud's panel concluded hearings on petitions and requested written submissions by Monday regarding the Adani-Hindenburg matter.

During December's wedding season, there's an increase in loan applications, notably embracing the "Marry Now, Pay Later" approach in personal loans.

India's metros see big surge in loans for weddings

<h2>During December's wedding season, there's an increase in loan applications, notably embracing the "Marry Now, Pay Later" approach in personal loans.</h2>

In the grand tapestry of Indian celebrations, weddings stand out as extravagant affairs where families spare no expense to create unforgettable moments. However, as the cost of weddings continues to soar, many are turning to financial institutions for support. Delhi, Mumbai, and Bangalore have emerged as hotspots for the highest demand in loans to finance these opulent celebrations.
The wedding season, especially in December, witnesses a surge in loan applications, with the concept of "Marry Now, Pay Later" gaining momentum in the personal loan sector. Banks and non-banking financial companies have capitalized on this trend, offering loans tailored explicitly for funding wedding expenses.
A critical factor influencing loan approvals is the credit score, with a benchmark of 750 points or higher being imperative for securing desired loan amounts. Those falling below this threshold may face limitations in accessing the required funds.
The wedding industry's colossal scale becomes evident as millions of weddings unfold nationwide, and credit facilities emerge as crucial tools in transforming dream celebrations into tangible realities. Yashoraj Tyagi, CEO of CASHe, emphasized to Mint the convenience of wedding loans with their swift approvals and adaptable repayment terms, enabling families to navigate the financial aspects of their festivities seamlessly.
The Confederation of All India Traders (CAIT) projects a staggering business worth ₹4.25 lakh crore within a mere 23 days of the ongoing Indian wedding season. This estimate underscores the significant economic impact of these celebrations on various sectors.
At CASHe there has been a notable spike in the demand for wedding-related loans since October, witnessing a substantial 20% increase compared to the preceding year. This surge is attributed to the evolving preferences of younger borrowers towards digital transactions and their increased awareness of accessible credit options mainly in metro cities like Banglore, Delhi and Mumbai, CEO Yashoraj Tyagi told Mint.
 Also Watch:<a href="https://www.editorji.com/business-news/economy/wedding-bells-about-35-lakh-weddings-to-facilitate-rs-4-25-lakh-crore-flow-in-businesses-1697537019411#google_vignette"> Wedding Bells: About 35 lakh weddings to facilitate Rs 4.25 lakh crore flow in businesses</a>

BharatPe in October alone facilitated over Rs 640 crore worth loans gaining an annualised revenue of Rs 1,500 crore and turning profitable 

BharatPe Revenue: Turns profitable 5 years after launch; annualised revenue at Rs 1,500 crore

<h2>BharatPe in October alone facilitated over Rs 640 crore worth loans gaining an annualised revenue of Rs 1,500 crore and turning profitable&nbsp;</h2>

Five years after its launch, Indian fintech major Bharatpe has turned profitable. The company in an official statement said that BharatPe has turned Ebitda positive in October and recored an annualised revenue of Rs 1,500 crore&nbsp;
<h3>Bharatpe Revenue</h3>
The Accounting Rate of Return (ARR) was 31% more than from the year ago period mainly on the back of significant growth in its lending and payments business. ARR is a formula used to calculate the net income expected from an investment or asset compared to the initial cost of investment.
Also Read: <a href="https://www.editorji.com/business-news/apple-india-s-fy-23-revenue-surges-by-48-profits-soar-by-77-1698668720827">Apple India's FY'23 revenue surges by 48%, profits soar by 77%</a>
Bharatpe which launched its loan facility in 2019 has facilitated loans totaling over Rs 12,400 crore. In October alone, the fintech facilitated over Rs 640 crore worth of loans to its merchants. This is 36% more than on a year-on-year basis. The company recorded monthly total payment value (TPV) of over Rs. 14,000 crores across its diverse range of payment products.
"The company has significantly cut down its EBITDA burn&mdash;which was averaging at Rs. 60 Cr per month in FY23&mdash;to attain EBITDA positivity. This significant milestone in conjunction with strong growth is a testament to the efforts of the team, enabled by strategic guidance from the Board. The company will continue taking strides toward being a market leading financial services platform for the 50 million small businesses across India," Bharatpe said in a statement
In equity till date the fintech firm has raised over US$ 583 million. As per Business Today, the company&rsquo;s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management,Dragoneer Investment Group, Steadfast Capital,Steadview Capital and Tiger Global.&nbsp;
BharatPe is backed by Peak XV Partners. Harshjit Sethi, MD, Peak XV has expressed his happiness over the company achieving the profitable milestone
"We are thrilled with the progress the company has made to reach this key profitability milestone, reaffirming the belief we have had since our seed investment that BharatPe has the potential to build a large sustainable business by solving the needs of millions of small merchants in India,&rdquo; Harshjit Sethi, MD, Peak XV said

Capa India's forecast suggests the aviation sector could have nearly 790 aircraft by March 2024, with an operational count of just 588.

Capa India forecasts 200 aircraft grounding, fleet reduction issue looms

Capa India's forecast suggests the aviation sector could have nearly 790 aircraft by March 2024, with an operational count of just 588

Capa India's mid-year outlook suggests that around 200 aircraft of domestic airlines might face grounding, the potential grounding could significantly disrupt India's aviation industry, affecting operational capacities and potentially leading to substantial fleet reductions. &nbsp; IndiGo, India's largest airline, could encounter the brunt of this downturn, with over 90 of its aircraft possibly grounded by March. Meanwhile, both Air India, backed by the Tata Group, and the budget carrier SpiceJet might witness 25-30 grounded planes each. Moreover, Go First has already sidelined 54 aircraft since its flight suspension back in May, contributing to the current count of over 160 grounded aircraft across Indian airlines.
Notably, IndiGo has 55 aircraft currently grounded, according to CAPA &ndash; Centre for Aviation, hinting at the potential expansion of the grounded fleet size in the coming months.
Capa India's outlook indicates that the aviation sector might operate with a fleet size close to 790 aircraft by March 2024, out of which only 588 are expected to be operational. Additionally, the consultancy predicts possible delays in aircraft deliveries for Akasa Air, India's newest airline.
Regarding passenger traffic, Capa estimates approximately 155 million domestic and 70 million international passengers for the ongoing financial year. This marks a significant decrease compared to the 2022-23 statistics reported by the Airports Authority of India and Directorate General of Civil Aviation, which recorded 136 million domestic passengers and 57 million international passengers.
Capa India highlighted supply chain issues as a critical risk that could disrupt operations, potentially impacting the ability of major airlines to operate UDAN flights. The consultancy also anticipates the wet lease aircraft fleet in India to reach around 30 by March, as both IndiGo and SpiceJet plan to augment their capacity through this model.
Despite the capacity shortage, Capa observed a return to normalcy in airfares. While average fares dipped by 12.7% year-on-year in the September quarter, the consultancy forecasts a 3% yearly decrease in full-year yields. This projection may lead to higher losses for full-service carriers like Air India and Vistara than previously anticipated.
Also Watch: <a href="https://www.editorji.com/business-news/indigo-plans-to-introduce-premium-class-to-attract-business-flyers-report-1700725857328#google_vignette">Indigo plans to introduce premium class to attract business flyers: Report</a>

As Zomato withdraws its job offer of Rs 1.6 crore to IIT Delhi students, Netizens are split over the announcement with some calling it 'Marketing Stunt' and some calling it 'Typo Error'

Zomato withdraws Rs 1.6 crore job offer to IIT Delhi freshers; Netizens call it a marketing stunt

<h2>As Zomato withdraws its job offer of Rs 1.6 crore to IIT Delhi students, Netizens are split over the announcement with some calling it 'Marketing Stunt' and some calling it 'Typo Error'</h2>

Amid the placements season at IITs across the country, food delivery platform Zomato made an eye-popping job offer of Rs 1.6 Crore to an IIT Delhi student, only to withdraw it later.&nbsp; An IIT Delhi student posted in X (formerly Twitter), that "Zomato came to the campus, offered 1.6 cr salary, got the hype, and left".
<blockquote class="twitter-tweet">
Zomato came to the campus, offered 1.6 cr salary, got the hype, and left. ☠️ <a href="https://t.co/8SCLtMs7RC">pic.twitter.com/8SCLtMs7RC</a>
&mdash; Hrithik Talwar (@ApsHrithik) <a href="https://twitter.com/ApsHrithik/status/1728853951267909989?ref_src=twsrc%5Etfw">November 26, 2023</a></blockquote>
<h3>Nitizens React</h3>
An MSC student in IIT Delhi, Hrithik Talwar posted in X (formerly Twitter), that Zomato got the hype and left. This post garnered several replies from netizens. While some said that this is a marketing move by Zomato, some others felt that it could have been a typing error.
"Wasn't it supposed to be 16L and it got mistyped as 1.6 crore bruh," one user said
<h3>Rs 1.6 crore job offer</h3>
Before the onset of placement season that usually starts in December, companies announce the roles they would be hiring for so students can apply for the openings and sit for interviews during the placement.
Food delivery platform Zomato had planned to hire an Algorithms Engineer from IIT Delhi. The placements committee's circular revealed that Zomato was offering Rs 1.6 crore salary for the freshers. The role was for Zomato&rsquo;s grocery delivery subsidiary Blinkit and the major part of the salary was in the form of Restricted Stock Unit.
Also Read: <a href="https://www.editorji.com/business-news/iim-placement-goldman-sachs-bcg-top-recruiters-on-day-1-of-recruitment-in-iim-ahmedabad-1698918351549">IIM Placement: Goldman Sachs, BCG top recruiters on Day 1 of recruitment in IIM-Ahmedabad</a>
Rs 60 lakh was offered as gross pay and Rs 1 crore in Restricted Stock Units. However, Zomato withdrew this announcement.&nbsp;
&nbsp;

The increase in vehicle sales corroborates FADA's earlier forecasts from September, promising a bright festive season in the automotive sector.

Festive auto sales surge 19%, rural markets drive growth: FADA report

The increase in vehicle sales corroborates FADA's earlier forecasts from September, promising a bright festive season in the automotive sector.

The 42-day festive period spanning from Navratri through 15 days post-Dhanteras witnessed a significant surge in vehicle sales, marking a new milestone. FADA's analysis revealed an unprecedented growth across various automotive segments, except for a slight dip in the tractor category.
Manish Raj Singhania, President of FADA, highlighted to Business Today the 19% upswing in vehicle sales, which soared to 37.93 lakh units compared to last year's 31.95 lakh during the same period.
Notably, two-wheelers, three-wheelers, commercial vehicles, and passenger vehicles recorded substantial hikes of 21%, 41%, 8%, and 10%, respectively. However, the tractor segment experienced a marginal decline of 0.5%.
Breaking down the figures, the festive period witnessed the sale of 28.93 lakh two-wheeler vehicles, marking a notable increase from the previous year's 23.96 lakh units. Additionally, 5.4 lakh passenger vehicles, 1.4 lakh three-wheelers, and 1.2 lakh commercial vehicles were sold, collectively summing up to 37.93 lakh vehicles during the festive period.
Singhania attributed the surge in two-wheeler sales to rural areas, underscoring their substantial contribution to the overall growth. He also noted a sluggish start during Navratri for passenger vehicles, which picked up momentum and ended the period with a 10% growth by Diwali.
The surge in vehicle sales aligns with FADA's earlier projections made during the September vehicle sales data, setting the stage for a promising festive season in the automotive industry. Also Watch: <a href="https://www.editorji.com/business-news/markets/maruti-suzuki-m-m-and-audi-india-to-hike-prices-for-jan-2024-1701153101036">Maruti Suzuki, M&amp;M, and Audi India to hike prices for Jan 2024</a>

The average price of 1 gram of 22K Gold stood at ₹5,735 while the cost for 24K gold prices stood at ₹6,256 and 1 kg silver stood at ₹78,500

Gold, Silver Rates today November 28, 2023: Check Prices in Mumbai, Delhi, Chennai

<h2>The average price of 1 gram of 22K Gold stood at ₹5,735 while the cost for 24K gold prices stood at ₹6,256 and 1 kg silver stood at ₹78,500</h2>

Gold Silver Price Today 28 November 2023: Both Gold and Silver prices remained unchanged on the Multi Commodity Index on Tuesday. The average price of 1 gram of 22K Gold stood at ₹5,735 while the 24K gold prices stood at ₹6,256.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,050, which was followed by Delhi and Jaipur where the gold costs ₹62,710.&nbsp;
The average price of 10gm of Silver was at ₹785 and 1 kg of silver stood at ₹78,500.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹81,500 followed by Delhi and Mumbai where the metal was sold at ₹78,500
<h3>24 Carat Gold Price Today November 28 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹62,710 Chennai - ₹63,050 Mumbai - ₹62,560 Kolkata - ₹62,560 Bengaluru - ₹62,560
<h3>1 KG Silver Price Today November 28 - Indian Top Cities</h3>
Delhi - ₹78,500 Chennai - ₹81,500 Mumbai - ₹78,500 Kolkata - ₹78,500 Bengaluru - ₹76,250

Mercedes-Benz India and Audi India are both contemplating price hikes from January. Audi announced a price increase of up to 2% on its vehicles in India from January 1, 2024

Maruti Suzuki, M&M, and Audi India to hike prices for Jan 2024

<h2>Mercedes-Benz India and Audi India are both contemplating price hikes from January. Audi announced a price increase of up to 2% on its vehicles in India from January 1, 2024</h2>

Indian automakers Maruti Suzuki, Mahindra &amp; Mahindra, and Audi India have all declared plans to increase the prices of their passenger vehicles in the coming year. They cite cost pressures due to overall inflation and heightened commodity rates as the primary reasons for this decision.&nbsp; Following suit, Tata Motors is also contemplating increases for its passenger and electric vehicles in January 2024, although specifics regarding the extent of the hike are yet to be disclosed, as per PTI reports.
Maruti Suzuki India had previously raised vehicle prices by 0.8% in April of the current year. Over the last fiscal year, they had implemented a total price increase of 2.4%.
Shashank Srivastava, senior executive director at Maruti Suzuki, explained, "Steel prices, which constitute around 38% of our commodity purchases, have increased slightly over the past 3-4 months. We've been evaluating the impact of commodity price fluctuations on our costs, attempting to reduce expenses internally before considering price adjustments as a final measure."
Also read/watch - <a title="Bytedance's gaming division, Nuverse faces layoffs, 3,000 employees in limbo" href="https://www.editorji.com/business-news/markets/bytedance-s-gaming-division-nuverse-faces-layoffs-3-000-employees-in-limbo-1701143209571">Bytedance's gaming division, Nuverse faces layoffs, 3,000 employees in limbo</a>
Nalinikanth Gollagunta, CEO of the Automotive Division at Mahindra and Mahindra, stated, "We plan to raise prices for our automotive products starting January 2024," without specifying the details at this time.
Tata Motors is also contemplating a price increase across their passenger and electric vehicle lineup in January 2024. A company spokesperson mentioned, "We're assessing a price hike for January 2024 across our passenger and electric vehicle range. Specific details and the extent of the increase will be disclosed in the coming weeks."
Mercedes-Benz India and Audi India are both contemplating price hikes from January. Audi announced a price increase of up to 2% on its vehicles in India from January 1, 2024, citing escalating input and operational expenses.
Balbir Singh Dhillon, Head of Audi India, explained, "Owing to increased supply chain-related input and operational costs, we've adjusted prices across our model range, maintaining our brand's premium pricing strategy. This correction aims for sustainable growth for Audi India and our dealers, striving to minimize the impact on customers."&nbsp;

In 2021, Nuverse had a workforce of approximately 3,000, a number that has remained steady in recent years

Bytedance's gaming division, Nuverse faces layoffs, 3,000 employees in limbo

<h2>In 2021, Nuverse had a workforce of approximately 3,000, a number that has remained steady in recent years</h2>

ByteDance, the parent company behind TikTok, has initiated significant layoffs in its gaming division, causing uncertainty among Nuverse employees, as reported by Reuters.
The gaming branch, Nuverse, is undergoing substantial downsizing after a couple of years of moderate performance. A ByteDance spokesperson informed Reuters that they regularly evaluate their ventures and are making adjustments to focus on long-term strategic growth. As a result of this recent evaluation, they've made the tough decision to restructure their gaming business.
In 2021, Nuverse had a workforce of approximately 3,000, a number that has remained steady in recent years. Also read/watch - <a title="Union budget 2024: Experts push for higher tobacco taxes says report" href="https://www.editorji.com/business-news/union-budget-2024-experts-push-for-higher-tobacco-taxes-says-report-1701092206039">Union budget 2024: Experts push for higher tobacco taxes says report</a>
ByteDance had acquired Moonton Technology, a Shanghai-based gaming studio, in a $4 billion deal. Moonton gained acclaim for its mobile multiplayer online battle arena (MOBA) game Mobile Legends: Bang Bang, launched in July 2016. Reports suggest that ByteDance is exploring options to sell Moonton.
Sources indicate that ByteDance will halt ongoing gaming projects and is considering selling existing gaming titles within Nuverse. Among Nuverse's standout games is the online card game "Marvel Snap," developed by the US-based studio Second Dinner. Other titles include "One Piece: The Voyage" and "Crystal of Atland."
Despite these developments, TikTok remains banned in India. The ban, initiated in June 2020 due to national security concerns following a conflict with China, allowed Instagram to capture a substantial market share. Several TikTok imitations also emerged as significant players in the newly available market.

India ranks second globally in tobacco consumption, boasting 268 million users. Experts estimate that a tax hike could avert approximately 1.3 million tobacco-related deaths yearly.

Union budget 2024: Experts push for higher tobacco taxes

India ranks second globally in tobacco consumption, boasting 268 million users. Experts estimate that a tax hike could avert approximately 1.3 million tobacco-related deaths yearly.

In anticipation of the upcoming Union Budget 2024&ndash;25, a consortium of medical professionals, economists, and public health advocates have united to press the government for increased excise duty on tobacco products. Their collective plea emphasizes the pivotal role of augmented taxes in curbing tobacco usage and bolstering public health initiatives, reported PTI.
The call for higher excise taxes on tobacco encompasses cigarettes, bidis, and smokeless tobacco, aligning with the broader strategy of imposing health taxes, commonly referred to as sin taxes. These levies specifically target products like tobacco that pose severe public health risks.
Recent studies have exposed a disquieting trend: the affordability of cigarettes, bidis, and smokeless tobacco has surged over the past decade. Dr. Rijo John, a distinguished health economist from Rajagiri College of Social Sciences told Mint that the inadequacy of significant tax hikes on tobacco products since the introduction of the Goods and Services Tax (GST) in July 2017. He noted that the current tax burden remains insufficient, constituting only a fraction of the final retail price.
Dr. John highlighted a concerning consequence of the government's reluctance to escalate tobacco taxes. When taxes stagnate, tobacco companies independently amplify prices, elevating their profits while circumventing potential government revenue.
Dr. Pankaj Chaturvedi, Head Neck Cancer Surgeon at Tata Memorial Hospital, reiterated the imperative to hike tobacco taxes, citing that nearly 50% of all cancers in India stem from tobacco usage. He emphasized the dual benefits: reduced affordability leading to diminished consumption, benefitting both users and the nation, reported Mint.
A recent report by the Parliament Standing Committee on Health underscored the grim reality of India's battle against cancer, identifying tobacco as the leading cause of oral, lung, esophageal, and stomach cancers.
With India claiming the unenviable second spot globally for tobacco users, accounting for a staggering 268 million individuals, experts assert that a tax hike can contribute significantly to mitigating the devastating impact of tobacco-related diseases, preventing approximately 13 lakh deaths annually.
&nbsp;

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Penalty for non-compliance with certain provisions, including Know Your Customer (KYC) norms

Here's why RBI slaps ₹5.39 crore penalty on Paytm Payments Bank

<h2>Penalty for non-compliance with certain provisions, including Know Your Customer (KYC) norms</h2>

The Reserve Bank of India (RBI) has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd for non-compliance with various provisions, including Know Your Customer (KYC) norms.
The central bank found issues related to 'RBI Guidelines for Licensing of Payments Banks,' 'Cybersecurity framework in banks,' and 'Securing mobile banking applications, including the UPI ecosystem.' Also read/watch: <a href="https://www.editorji.com/business-news/groww-surpasses-zerodha-becomes-top-brokerage-firm-in-active-investors-count-1697113842343">Groww surpasses Zerodha; becomes top brokerage firm in active investors count</a>
A detailed audit and KYC/AML scrutiny revealed that the bank failed to identify beneficial owners for entities onboarded for payout services, didn't monitor payout transactions, and exceeded regulatory limits in certain customer advance accounts. RBI's penalty is based on regulatory compliance deficiencies and does not pass judgment on specific transactions or agreements. Additionally, a penalty of ₹4 lakh was imposed on Annasaheb Magar Sahakari Bank, Pune, for non-compliance with certain provisions."

As the attrition rate in FY23 is expected to be 50-60%, private banks are planning to hire over 50,000 freshers for entry-level roles

Private Bank Recruitment: Over 50,000 junior officers to be hired to battle FY23 attrition

<h2>As the attrition rate in FY23 is expected to be 50-60%, private banks are planning to hire over 50,000 freshers for entry-level roles</h2>

Bank Recruitment:&nbsp;Private banks are looking to hire over 50,000 employees for entry-level roles over the coming year to battle high attrition rate, reported Mint. As per the report, the lenders are facing infant mortality, which means &nbsp;just-recruited employees leaving for logistics, delivery-services and other firms.&nbsp;
Since recruiting from the markets is expensive, the banks are hiring from campuses in large numbers.&nbsp;
&ldquo;Banks will hire about 50,000 people in junior positions, including from campuses, over the next one year," Upasana Agarwal, partner (professional and financial services), ABC Consultants told Mint. ABC Consultants is an executive search and talent advisory firm.
<h3>Attrition Rate</h3>
Mint further quoted Agarwal and said that the attrition at the juniormost levels can be as high as 50-60%. &ldquo;Attrition at the juniormost levels can be as high as 50-60% and campus hiring enables a firm to be talent-ready. These models allow hiring in bulk rather than bringing talent in a fragmented manner," Agarwal told Mint.
Also Read: <a href="https://www.editorji.com/business-news/bank-salary-psb-employees-may-get-hike-and-5-days-work-week-by-mid-december-1701175722604">Bank Salary: PSB employees may get hike and 5-days work week by mid-December</a>
While HDFC bank the largest private sector lender in India saw an attrition rate of 34.15% in FY23 so far, IndusInd Bank saw 51% attrition and ICICI Bank 30.9%. Mint quoted experts and said that the impact of attrition is more potent in the long term than in the short term.
&ldquo;While it is difficult to dissect the impact of such things on the short-term performance of an institution, in the long term it can potentially impact the quality of the talent pool within the organization, its growth and profitability prospects," Anil Gupta, senior vice-president and co-group head, Icra told Mint.
<h3>Private Bank Hiring</h3>
The report quoted Axis Bank's Human Resource president and head Rajkamal Vempati who said that the private bank is planning hire about 12,000 from campuses from the batch of 2024. This is 4 times more than last year when it hired only 3,000 people from campus and academic programs.&nbsp;
&ldquo;Axis Bank will hire about 12,000 from campuses from the batch of 2024 &ndash; four times more than last year. This is across tier 1, 2 and 3 institutions. For every skill we have a campus feeder programme," Rajkamal Vempati, president and head of human resources, Axis Bank told Mint.
The spike in hiring will be seen in profiles such as lending, corporate and branch banking, as well as roles in information technology (IT) and analytics.
As per banking recruiters quoted by Mint, banks are offering about ₹5 lakh in tier 2 and 3 colleges, and this can rise to ₹8 lakh if the candidate has digital skills. Salaries in premier business schools range from ₹20-30 lakh and those in the better-known engineering colleges range from ₹15-20 lakh
&nbsp;

TCS is estimating that the Earnings per share will increase from Rs 58.52 to Rs 59.18 while the net worth will rise from 49.89% to 62.56% after the Rs 17,000 crore share buyback

TCS share buyback: Dates, share price; here's all you need to know

<h2>TCS is estimating that the Earnings per share will increase from Rs 58.52 to Rs 59.18 while the net worth will rise from 49.89% to 62.56% after the Rs 17,000 crore share buyback</h2>

Tata Consultancy Services will open on December 1 under which investors can tender their shares to the company at a price of Rs 4,150 per share. The buyback will remain open till December 7. TCS is aiming for Rs 17,000 crore share buyback
<h3>Share Allottment</h3>
The company has announced that shareholders with less than Rs 2 lakhs investment has an entitlement ratio of 1 equity share for every 6 shares held on the record date (i.e. November 25). For other eligible shareholders the entitlement ratio stands at 2 shares for every 209 shares owned.&nbsp;
Entitlement means the minimum number of shares that would be accepted in the buyback, although the final number could be higher
Also Read: <a href="https://www.editorji.com/business-news/tcs-board-to-discuss-share-buyback-proposal-on-october-11th-1696596028539">TCS Board to discuss share buyback proposal on October 11th</a>
TCS is expecting its Earnings Per Share (EPS) to increase from Rs 58.52 to Rs 59.18 on a standalone basis while the net worth will rise from 49.89% to 62.56%. Earnings per share (EPS) is a measure of a company's profitability, calculated by dividing quarterly or annual income (minus dividends) by the number of outstanding stock shares
If the share buyback is 100% then the aggregate shareholding of the promoters will increase to 72.41% as compared to 72.3% now. As per The Economic Times, Two holding companies of the Tata Group, Tata Sons and Tata Investment Corporation, have expressed interest in participating in the buyback and may tender up to an aggregate maximum of 2,96,15,048 equity shares. The total buyback size is 4,09,63,855 shares.
&nbsp;

Depreciating 20% this year, the Pakistan Rupee is Asia's worst performing currency. As economic challenges persist, analysts expect 2024 to be another turbulent year for the currency. 
 


Pakistan's rupee braces for tough year after 20% fall in 2023

<h2>Depreciating 20% this year, the Pakistan Rupee is Asia's worst-performing currency. As economic challenges persist, analysts expect 2024 to be another turbulent year for the currency.&nbsp;</h2>
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Asia&rsquo;s weakest currency, the Pakistani rupee, faces another challenging year ahead after it is set to close this year with significant losses. It's down around 20% against the US dollar in 2023, and analysts anticipate further declines into 2024. Predictions range from BMI's estimate of a drop to 350 Pakistani rupees by the year's end to Topline Securities Ltd.'s projection of 324 rupees; it closed at 285.64 rupees on Monday.
High inflation and a substantial trade deficit are among the key factors pressuring the rupee, according to John Ashbourne, a global economist at BMI. Pakistan's struggle with high debt payments and an external funding gap also weighs heavily on its currency. The country narrowly avoided default this year, but concerns linger about its economic challenges, potentially necessitating more foreign aid in 2024. Also read/watch - <a title="Maruti Suzuki, M&amp;M, and Audi India to hike prices for Jan 2024" href="https://www.editorji.com/business-news/markets/maruti-suzuki-m-m-and-audi-india-to-hike-prices-for-jan-2024-1701153101036">Maruti Suzuki, M&amp;M, and Audi India to hike prices for Jan 2024</a>
An IMF payout of $700 million helped stave off immediate default risks, but the nation's reliance on foreign aid persists due to subdued remittances and dwindling investments. A potential dollar shortage might lead to the resurgence of parallel currency markets that emerged last year. These markets gained traction as the government tightened access to foreign currency, aiming to preserve reserves.
Despite efforts to stabilize the rupee, such as crackdowns on illegal currency exchanges, sustained control seems challenging. Goldman Sachs highlights the market's demand for a rupee premium due to escalating interest costs and temporary external balance support arrangements.
As Pakistan gears up for national polls in February, analysts anticipate a new government to ink a long-term program with the IMF, potentially offering relief to the currency. Yet, Topline Securities emphasizes that the nation's external vulnerabilities necessitate a substantial IMF program for effective resolution.

This proactive step aims to deter fraudulent activities across UPI, IMPS, and RTGS platforms.

Government plans four-hour window to secure online payments above ₹2,000

This proactive step aims to deter fraudulent activities across UPI, IMPS, and RTGS platforms.

The government is gearing up to counter online payment fraud with a new strategy. According to a report from The Indian Express, the authorities are contemplating the introduction of a specific time frame for initial transactions between two users in the digital payment sphere. This initiative aims to tackle fraudulent activities in online transactions exceeding ₹2,000.
As per the report, the proposed strategy may encompass a four-hour window allocated for the maiden transaction between two users in cases of online transactions surpassing ₹2,000.
This measure is anticipated to encompass various digital payment methods, including Unified Payments Interface (UPI), Immediate Payment Service (IMPS), and Real Time Gross Settlement (RTGS).
At present, users initiating transactions encounter limits such as a maximum of ₹5,000 within the first 24 hours for UPI accounts, while NEFT allows transfers up to ₹50,000 post activation of a beneficiary within a day.
Under the potential new plan, a unique four-hour time constraint would apply each time a user conducts their first payment over ₹2,000 to an unfamiliar recipient. This window period grants users the opportunity to reverse or modify payments made to a first-time transaction counterpart.
The matter is set to be discussed in a meeting involving the Reserve Bank of India (RBI), public and private banks, and technology conglomerates like Google. The discussion aims to further refine and address the feasibility of implementing this safeguarding mechanism against online payment frauds. Also Watch: <a href="https://www.editorji.com/business-news/google-introduces-digikavach-to-combat-financial-frauds-in-india-1697781731354">Google introduces 'DigiKavach' to combat financial frauds in India</a>

The bipartite negotiations come as the current wage agreement for PSB employees expired on November 1, 2022. Since then, the IBA and the unions representing bank employees have been negotiating a new wage agreement

Bank Salary: PSB employees may get hike and 5-days work week by mid-December

<h2>The bipartite negotiations come as the current wage agreement for PSB employees expired on November 1, 2022. Since then, the IBA and the unions representing bank employees have been negotiating a new wage agreement</h2>

Public sector bank (PSB) employees, may get salary hikes of 15-20% and implementation of a five-day work week by mid-December as the 12th bipartite settlement talks between bank unions and associations and the Indian Banks' Association (IBA) have entered final stages, reported the Financial Express
"This is the first time in the history of negotiations that the offer [for wage hike] is starting with 15 per cent. It [wage hike] will likely be between 15% and 20%," IBA sources told Financial Express.
The report further mentioned that the announcement of the five-day work week will be made either concurrently with or immediately following the pay raise declaration by the Centre or the IBA. The wage revision and change in work days would also apply to regional rural banks.
Also Read: <a href="https://www.editorji.com/business-news/all-india-bank-employees-to-go-on-strike-from-december-4-banking-services-may-be-hit-1700217252807">All India Bank employees to go on strike from December 4; banking services may be hit</a>
As per Financial Express, the implementation of the five-day workweek will lead to branches remaining closed on weekends however employees may be asked to work for extra hours during the week to compensate for lost working hours
<h3>Wage Agreement</h3>
This comes as the current wage agreement for PSB employees expired on November 1, 2022. Since then, the IBA and the unions representing bank employees have been negotiating a new wage agreement. One final meeting will be held between the IBA and the bank unions where the two parties will sign a MoU, which will then be handed to the finance ministry for final approval.
In 2020, the IBA and the United Forum of Bank Unions signed a memorandum of understanding (MoU) by which around 85,000 bank employees got a 15% increase in their salary packages.&nbsp;
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