Name: Amazon complies with RBI norms, begins storing payments data in India
Uploaded: 2018-10-30T17:51:18.0+05:30
Duration: T00M16S
Channel: editorji
Description: Amazon India has started storing their payments data locally in the country as per the guidelines laid out by RBI. Amazon says it will achieve complete compliance in the next 2 weeks after Reserve Bank of India set October 15 as the deadline.

Amazon India has started storing their payments data locally in the country as per the guidelines laid out by RBI. Amazon says it will achieve complete compliance in th

Amazon complies with RBI norms, begins storing payments data in India

Amazon India has started storing their payments data locally in the country as per the guidelines laid out by RBI. Amazon says it will achieve complete compliance in the next 2 weeks after Reserve Bank of India set October 15 as the deadline.   

The CBI has filed a chargesheet against the former international head of the Gitanjali Group of Companies, Sunil Verma, and others in connection with an alleged fraud i

The CBI has filed a chargesheet against the former international head of the Gitanjali Group of Companies, Sunil Verma, and others in connection with an alleged fraud in the PNB&nbsp;scam case, involving an amount of over ₹7,080 crore, in which the promoter of the group, Mehul Choksi, is wanted by the agency.
The fugitive diamond businessman, who is now facing a fresh effort by Indian authorities seeking his&nbsp;deportation from Dominica, where he apparently fled to last month, has been accused of destruction of evidence for the first time.
Two officials of the Punjab National Bank (PNB) and a director of the Nakshatra brands under the Gitanjali group, have also been named as accused in the supplementary chargesheet filed by the Central Bureau of Investigation (CBI).
The supplementary chargesheet, filed more than three years after the first chargesheet in the case against Choksi and his companies, coincides with the legal proceedings against&nbsp;Choksi in a court of Dominica, where he was arrested for &ldquo;illegal entry" on May 24 after his mysterious disappearance from neighbouring Antigua and Barbuda.

Fed commentary on inflation will be watched closely as the FOMC will end it's meet tonight. The Fed will undoubtedly leave rates unchanged but bets are rising that risi

Fed commentary on inflation will be watched closely as the FOMC will end it's meet tonight. The Fed will undoubtedly leave rates unchanged but bets are rising that rising inflation will push the world's most powerful central bank to bring ahead the chances of a rate hike to 2023.
Marketmen are awaiting commentary from the FOMC on larger-than-expected readings on inflation as retail inflation (CPI) is at the highest level since August 2008 in the US. Inflation pressures will decide when the Fed starts to withdraw or taper the easy money policy.
A BofA survey done last week noted that 63% of global fund managers do not expect the Fed to signal tapering until August or September &mdash; most likely at the Fed&rsquo;s late-August meeting in Jackson Hole, Wyoming.

Cryptocurrency is the trending chat all over the globe from altcoin to blockchain here is a list of the top 10 words you need to know get chatting about the cryptos: 1

Cryptocurrency is the trending chat all over the globe from altcoin to blockchain here is a list of the top 10 words you need to know get chatting about the cryptos:
1. Altcoin:&nbsp;To be put&nbsp;simply, an Altcoin&nbsp;is any&nbsp;cryptocurrency that is not Bitcoin.&nbsp;Bitcoin is the oldest and the biggest&nbsp;cryptocurrency, any digital&nbsp;coin or token that was created after was treated as an "alternative" or Altcoin.
2. Bitcoiner:&nbsp;A Bitcoiner&nbsp;is that friend of yours who cannot stop talking about Bitcoins. Despite the volatility of Bitcoin, a Bitcoiner believes in a future where Bitcoin continues to dominate the cryptocurrency market capitalization.
3. Blockchains:&nbsp;These are a series of individual blocks connected in a chain. Each block contains information about transactions. They also contain a unique identifier to differentiate them from every other block in the chain.
4. Hash: Each block contains a reference to the preceding block, in the form of a hash. This is the key security feature of blockchain technology which makes it virtually impossible to forge the ledger.
5. Crypto&nbsp;Mining: Blocks are created by solving cryptographic problems. The process of solving these problems is known as mining.&nbsp;Mining a block on the blockchain attracts a reward. For example, at the inception of the Bitcoin blockchain, miners solving the cryptographic hashing problem were rewarded with 50 BTC.
6. Decentralised:&nbsp;We hear this quite a lot,&nbsp;"blockchains are decentralized." Instead of being controlled by one central location, the blockchain is stored on the computers of every user of that given blockchain.&nbsp;
7. Buy The Dip:&nbsp;It is the modus operandi for cryptocurrency bulls as it implies that any correction or dip or fall in a cryptocurrency&nbsp;price should mean buying more.
8. Fiat currencies:&nbsp;Fiat currency is the&nbsp;traditional legal tender like the US Dollar, Euro or Rupee, that is issued by central banks.
9. CBDC:&nbsp;Central bank digital currencies or CBDC&nbsp;are fiat currencies that exist in a digital form and are issued by central banks.
10. DeFi: Almost all financial transactions in the real world involve an intermediary of some sort, generally banks. The DeFi or decentralised finance system is based on the idea that the financial system should not be controlled by 'monopolistic' third-party providers.

Vistara on Wednesday operated India’s first flight with pilots and cabin crew fully vaccinated against Covid-19. The special flight departed Delhi International A

Vistara on Wednesday operated India&rsquo;s first flight with pilots and cabin crew fully vaccinated against Covid-19. The special flight departed Delhi International Airport on June 16 and arrived at Mumbai Airport. Vistara has said that it plans to operate more such flights in the coming days as their number of fully vaccinated staff increases.
The airline recently announced that it had got nearly 100% of its eligible employees vaccinated with at least their first doses. This included Vistara&rsquo;s airport and corporate staff, cabin crew and pilots. Vistara also said that they continue to ramp up efforts to ensure all eligible employees receive their second doses as well in time.
Operating fully vaccinated flights has picked up pace across the globe, with Qatar Airways operating world&rsquo;s first fully vaccinated flight back in April.

$4 billion wiped from Coke's marketcap as football superstar Ronaldo endorsed water over Coca-Cola. Cristiano Ronaldo picked up two glass bottles of Coca

$4 billion wiped from Coke's marketcap as football superstar Ronaldo&nbsp;endorsed water&nbsp;over Coca-Cola.&nbsp;Cristiano Ronaldo picked up two glass bottles of Coca-Cola, mutters the company's name and set them aside before holding up a bottle of water saying&nbsp;Agua" (water) in Portuguese . The video of the whole episode was shared widely on social media. This single gesture led to the sudden drop in Coca-Cola share prices.&nbsp;Coca-Cola also decided to put in a statement after Ronaldo's act, saying:&nbsp;&ldquo;everyone is entitled to their drink preferences&rdquo; as people have different &ldquo;tastes and needs. &rdquo; Coca-Cola is one of the official sponsors of Euro 2020.

Jubilant Foodworks, the owner of the Domino's Pizza franchise in India has brokerages raising their target on the stock after a hot set of Q4 earnings. Jubilant Fo

Jubilant Foodworks, the owner of the Domino's Pizza franchise in India has brokerages raising their target on the stock after a hot set of Q4 earnings.&nbsp; Jubilant Foodworks reported better-than-expected Q4 results with net profit zooming 359% at Rs 104 cr. Brokerages like CLSA&nbsp;are confident of a better return from the stock going ahead as the management has seen a division and new hires to manage the wider portfolio better.&nbsp;The company hired Gaurav Pandey from HUL to head its Popeyes business and appointed a new CFO, Ashish Goenka, who previously worked at HUL and Airtel. These changes and outlook has prompted prompted brokerages to raise targets across the board. Here are what the brokerages are betting now betting on&nbsp;
<ul>
<li>HSBC: Revised target at Rs&nbsp;3550 from Rs 3300&nbsp;</li>
<li>CLSA: Revised price target at Rs&nbsp;3300 from Rs 3000&nbsp;</li>
<li>JPMorgan:&nbsp;Revised price target at Rs&nbsp;3425 from Rs 3030</li>
</ul>

Employee Provident Fund Organisation (EPFO) has extended the deadline to seed Aadhaar with the universal account number (UAN) for filing electronic challan-cum-ret

Employee Provident Fund Organisation (EPFO) has extended the deadline to seed Aadhaar&nbsp;with the universal account number (UAN) for filing electronic challan-cum-returns till September 1, 2021. This comes as a big relief to employers which were facing issues and also needed more time to link their employees' Aadhaar numbers with the&nbsp;UAN.
The earlier deadline of June 1 had to be extended as PF payout for many in the month of May was delayed due to the inability to link the two digital record keepers.&nbsp;

RBI has banned DHFL from taking any loans, the deposit-taking status of the bankrupt Dewan Housing Finance (DHFL) has been revoked ahead of a final nod t

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp; DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one. More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for In

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Reliance Jio has kicked off it's 5G trial in Mumbai using equipment that is 'Made In India'. India's largest telecom network provider is looking to

Reliance Jio&nbsp;has kicked off it's 5G trial in Mumbai&nbsp;using equipment that is 'Made In India'.&nbsp;India's largest telecom&nbsp;network provider is looking to launch the 5G network in India by June 24 as per reports.&nbsp; Samsung, Ericsson and Nokia&nbsp;are said to be working with Mukesh&nbsp;Ambani&nbsp;promoted Jio&nbsp;to launch the 5G network across the nation.&nbsp;Jio had applied for trials in Delhi, Mumbai, Gujarat and Hyderabad.&nbsp; There is a buzz on Dalal&nbsp;Street that&nbsp;Jio is expected to officially launch it's 5g network on&nbsp;June 24th during its Annual General Meeting (AGM). Department of Telecom&nbsp;had given permission to&nbsp;Airtel, Reliance Jio, VI, and MTNL to test out 5G networks in India. Jio&nbsp;is likely to be the first to roll it out.&nbsp;

Pune-based sexual and mental wellness app for teens ThatMate recently raised $140,000 in angel funding from Rebalance Angel Community

ThatMatem, a&nbsp;Pune-based&nbsp;app, which is helping thousands of young adults and their families understand the complex mental and sexual issues of teenagers has&nbsp;raised&nbsp;$140,000&nbsp;in angel funding from&nbsp;Rebalance Angel Community&nbsp;and a clutch of angels.
The bootstrapped startup, by Madhavi Jadhav and Nishant Neeraj, is building an end-to-end ecosystem that leverage tech and partners with schools, parents, doctors and Organisations to help adolescents make informed choices.&nbsp; Speaking about the issue, Jadhav&nbsp;told the Indian Express that in most cases, teenagers either don&rsquo;t know when they have a problem or think that an ordinary bout of sadness is depression. He said depression is a word that is misused a lot. With introducing sexual and mental health awareness through interesting content, the company launched&nbsp;its app in 2020. Since then, more than 10,000 people have downloaded the app and the helpline receives a call every day.&nbsp; The duo has plans to launch the app in Hindi and regional languages. According to the report, the&nbsp;startup has also partnered with the&nbsp;Jharkhand&nbsp;government and&nbsp;UNICEF&nbsp;to help six lakh students in the state.&nbsp;Talks are also underway with the government of Maharashtra to work with adolescents of the state.&nbsp;

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz Buzz, catch Ajay Bijli, chairm

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz&nbsp;Buzz, catch Ajay Bijli, chairman and owner of&nbsp;PVR&nbsp;Cinemas in India, candidly talk about the competition from the new platforms.

Ajay Bijli, Chairperson of PVR exclusively tells editorji & Fortune India even though cost cuts are here to stay, that they are looking at

Ajay Bijli,&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

In a candid conversation with editorji & Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination pick

In a candid conversation with editorji &amp; Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination picks up pace. Confidence he says will only return post mass vaccination or the optimism of revival will be short lived.

HDFC Bank took to social media on Tuesday afternoon said it is experiencing some issues with its mobile banking application and will be unable for use by customers.&nbs

India's largest bank&nbsp;HDFC Bank saw another digital hiccup, this time with the MobileBanking&nbsp;app.&nbsp; HDFC took to social media on Tuesday afternoon said it is experiencing some issues with its mobile banking application. The communications team of HDFC&nbsp;Bank tweeted "&nbsp;We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused." After an hour the financial giant updated customers via twitter that the 'issue' had been resolved.&nbsp; This is not the first time the bank is facing digital hurdles.&nbsp;In February, RBI appointed an external firm to conduct a special audit of its entire information technology (IT) infrastructure.
&nbsp;

Mandatory hallmarking of gold jewellery begins from today. As per the new guidelines, jewellers across India will now be allowed to sell gold items of only 14, 18

Mandatory hallmarking of gold jewellery began on Tuesday.&nbsp;As per the new guidelines, jewellers across India will now be allowed to sell gold items of only 14, 18 and 22 carats from June 15, 2021 onwards. If you are looking to buy gold jewellery here are&nbsp;a few important identification marks to keep in mind while making a purchase -:
<ul>
<li>The BIS Mark</li>
<li>Carat and Fineness Purity &ndash; 22, 18 and 14 carats</li>
<li>Hallmarking Centre&rsquo;s identification mark/ number</li>
<li>The Jeweller&rsquo;s identification mark/ number.</li>
</ul>
Hallmark is a purity certification for gold. Currently, only 40% of gold jewellery sold in India is being hallmarked. Furthermore, only 35,879 of India&rsquo;s approximately 4 lakh jewellers are currently BIS (Bureau of Indian Standards) certified, according to the World Gold Council.&nbsp;

The inflation monster has risen, the question that markets are asking is will it really spook the RBI enough to raise rates. Inflation at the retail level, th

The inflation monster has risen, the question that markets are asking is will it really spook the RBI&nbsp;enough to raise rates.&nbsp; Inflation at the retail level, the barometer the RBI&nbsp;follows surged to a 6-month high of 6.3% in May. This was much ahead the street expectation of 5.3% and the breaching the RBI's comfort zone of 4-6%. The worrying signal came in from core inflation that shocked with a seven year high print of 6.6%. The&nbsp;momentum in headline CPI was more than thrice the last 3-year average. This print is worrying economist as the inflation print seems to be reflecting price rise over and above the impact of the lockdown as per a report by Citigroup&nbsp;who have now raised their inflation target for the year to 5.9%. The pass through effect from the wholesale numbers has been stronger than anticipated.&nbsp;WPI inflation touched 12.94 per cent in May, the highest on record,&nbsp;as the constant rise in the cost of fuel, including petrol, LPG and high-speed diesel percolated down into the economy and a low base effect pushed up figures.&nbsp; The question now is should consumers be worried about a rate rise? RBI&nbsp;has been focused on growth stability over the pandemic but the worry of large spurts of inflation may push the central bank into normalising policy earlier than anticipated, writes Citigroup&nbsp;who thinks that we should expect a 'neutral stance' from Mint Street by this Diwali.&nbsp;

Shareholder were aghast as the market favourite Adani group stocks sank in Monday’s trade and shareholders lost heavily as the market-cap of Adani group sto

Shareholder were aghast as the market favourite Adani group stocks sank in Monday&rsquo;s trade and shareholders lost heavily as&nbsp; the market-cap of Adani group stocks fell nearly by Rs 1.03 lakh crore in a single session.&nbsp; The Allegation ET headlined a story stating&nbsp;accounts of three foreign funds that are big stakeholders of Adani group companies were frozen by the depository NSDL, leading to panic selling in across the board Adani stocks which had gained between 100%-800% in the last one year.&nbsp; The Clarification Adani Group wrote to NSDL to clarify on the allegations, the depository in a response India&rsquo;s second biggest conglomerate stated that&nbsp;&nbsp;the status of the demat accounts of the three funds holding shares in Adani Group companies is &ldquo;active&rdquo;&nbsp;in the NSDL system.Gautam Adani backed firms then informed&nbsp;stock exchanges that the demat accounts in which these foreign funds hold their shares were not frozen. The accounts in question are of&nbsp;Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own shares worth more than Rs 43,500 crore in Adani Group stocks.&nbsp;
 The Confusion: So is NSDL the order old or incorrect? NSDL officials quoted by Indian Express &amp; Moneycontrol stated that the reason why the NSDL website continues to reflect the name of these three foreign funds &mdash; Albula Investment Fund, Cresta Fund and APMS Investment Fund &mdash; in the list of frozen accounts as on May 31, 2021, was because these accounts were different from those which held shares of Adani Group companies and &nbsp;this punitive action pertains to older cases.&nbsp; Reuters as well quoted an unnamed NSDL official as saying the freeze is on accounts of the funds that hold certain other securities and is not new. "NSDL hasn't taken any action now,&rdquo;
 The Response:&nbsp;Adani hits back&nbsp; The Adani group hit back, stating to the exchange "We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group.&nbsp;We are issuing this letter in the larger public interest and for the protection of minority investors interest"

The ride towards electric vehicles has been slower than the govt would have hoped in India. To give the EV ride some acceleration the government has modified the F

The ride towards electric vehicles has been slower than the govt would have hoped in India. To give the EV ride some acceleration the government has&nbsp;modified the FAME scheme which will make electric 2-wheeler cheaper under the new scheme. Here are the highlights-:&nbsp;
<ul>
<li>Demand incentives for electric two-wheelers will be increased 50%, to Rs15k/KWh.</li>
<li>Incentives will, however, be capped at 40% of the cost of the vehicle.</li>
<li>Energy Efficiency Services Limited (EESL) &ndash; a JV between NTPC Ltd, Rural Electrification Corp. Ltd, Power Finance Corp. Ltd, and Power Grid Corp. of India Ltd. &ndash; will aggregate demand for 300k electric three-wheelers.</li>
<li>For electric buses, nine key cities with population of more than 4 million will be targeted &ndash; Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat, and Pune</li>
<li>EESL will again act as an aggregator of demand for the remaining e-buses on an opex basis. The details of implementation shall be worked out by EESL.</li>
</ul>
Only 6% of the target of 1 mn electric two-wheelers by 2022 under the&nbsp;FAME scheme has been achieved so far. The numbers are even lower for three-wheelers and four-wheelers at 3% each.

Traders betting on big stock action in Monday's trade here are the stocks on the radar-: DLF: Strong earnings coming in, Q4 profit at Rs 481 crore vs a los

Traders betting on big stock action in Monday's trade here are the stocks on the radar-:
<ul>
<li>DLF: Strong earnings coming in,&nbsp;Q4 profit at Rs 481 crore&nbsp;vs a loss last year. CLSA raises target price on the stock from Rs 300 to Rs 350, signaling a 16% upside from here.</li>
<li>Coal India: Trading at a fresh 52-week high, shareholders awaiting news as board likely to announce 20-25% additional dividend.</li>
<li>Lupin: Plant in New Jersey has been issued a warning letter by the US FDA, the facility makes up 5% of its overall sale.</li>
<li>Adani Enterprises: Forays into cement business, incorporates a fully owned subsidiary called Adani&nbsp;Cement</li>
<li>Reliance Power: Board approves preferential issue of shares and warrants to Reliance Infra at Rs 10/sh, to raise Rs 1325 cr.&nbsp;</li>
</ul>

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Business

PNB scam: CBI files supplementary chargesheet against Mehul Choksi, Gitanjali officials named

FOMC preview: See what markets expecting from the US Fed

Cryptocurrency Explained: Bitcoin to blockchain, 10 words you need to know

Vistara first airline in India to operate with crew fully vaccinated against Covid

Ronaldo's snub to Coca-Cola costs the drink $4 billion

Jubilant Food Q4: Why brokerages expect this stock to have a hot return

EPFO Aadhaar seed deadline extended to September 1, employers relieved

RBI bans DHFL from taking deposits from customers, revokes status

Fin Min & Infosys meet to discuss glitches in tax return e-filing portal

Jio 5G trial starts in Mumbai with Made In India equipment

Pune-based sexual & mental wellness startup, ThatMate, raises $140K

On Biz Buzz | Movie man Ajay Bijli of PVR makes the case for cinema vs OTT

On Biz Buzz | PVR Exclusive, Ajay Bijli details the revival plan for cinemas post pandemic

On Biz Buzz | PVR Exclusive, Chief Ajay Bijli says vaccination a priority not re-opening of cinema

HDFC Bank Mobile app suffers outage, 'issue' finally resolved

Gold jewellery hallmarking becomes mandatory: Here is what customers should know

Prices Rise, Will Rate Follow? Core Inflation Soars to 7 year high

Adani Stock Saga: Allegation, Clarification & Confusion

Govt gives a big EV push, FAME incentives increased

Stock Radar: 5 stocks traders are buzzing about

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