The objective of the RBI's diktat is to create a better security framework for digital transactions. In the past, there have been instances of unauthorised use of customer data, theft, and misuse
The government's amendment of the FRBM Act will target a path of fiscal consolidation aimed towards reaching a level of fiscal deficit below 4.5 per cent of GDP by 2025-26.
Wednesday's central bank order followed similar action in April against American Express, but Mastercard is a much bigger player in the Indian market, where many lenders offer cards using the U.S. firm's payments network
RBI says Mastercard was found 'non-compliant' despite being given adequate opportunities to meet regulations. Current RBI order will not affect existing Mastercard customers
A newly formed PPP global task force consisting of US companies like Accenture, Apple, IBM, Microsoft, Walmart expedite medical supplies and other assistance to help India fight the pandemic
The Indian-American corporate mogul also went onto express his gratitude towards the Biden administration for helping India tide over the coronavirus crisis
Nestle apologise for wrongly depicting Keibul Lamjao National Park on packaging
FMCG major Nestle India on Friday apologised for wrongly depicting Manipur's Keibul Lamjao National Park location in Meghalaya on the packaging of its KitKat chocolate after objection by authorities from the state government. The packaging of the particular batch of the KitKat travel break chocolate had also displayed a picture of a Red Panda, a species that is not found at the Keibul Lamjao National Park.
Facebook to integrate user feedback on News Feed arrangement
Facebook Inc said on Thursday it was taking steps to incorporate direct feedback from users to arrange their News Feed as per their preference. Facebook's News Feed, which comprises posts from friends and businesses, is the first thing users see when they open their account on the mobile app or go to the website. The company is running tests globally to get more specific feedback from users on what they want to see, wrote Facebook in a blog post.
Bitcoin plunges below $50,000 as cryptos slip over US Prez Biden's tax plans
Bitcoin and other cryptocurrencies suffered hefty losses on Friday on concern that U.S. President Joe Biden's plan to raise capital gains taxes will curb investment in digital assets. The selloff came after reports that the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. Bitcoin slumped 5% to $48,8867, while smaller rivals Ether and XRP fell around 7%.
Vaccinating Indians above 18 years to cost less than 1% of annual GDP: India Ratings
The cost of vaccinating all Indians above the age of 18 years against COVID-19 will be just 0.36% of India's annual GDP (Gross Domestic Product), according to a study by India Ratings and Research (Ind-Ra). It pegged the overall cost at Rs 67,193 crore, of which states will incur Rs 46,323 crore. The evaluation has been released at a time when the Centre and states are engaged in a debate over the pricing difference of coronavirus vaccines.
COVID-19: Second wave in India to peak by mid-May, 5,600 daily deaths likely
Even as India battles the second wave of COVID-19 pandemic, a study by an American university has warned that daily deaths in the country are expected to peak at 5,600 by May 10. In a study titled 'COVID-19 projections', published on April 15, the University of Washington's Institute for Health Metrics and Evaluation (IHME) said over 3 lakh people may lose their lives to COVID-19 between April to July alone. It said the COVID-19 pandemic is going to get worse in the country in the coming weeks, adding that effective vaccination rollout can help tide over the pandemic.
RBI bars American Express, Diners Club from onboarding new domestic credit card customers
The Reserve Bank of India has barred American Express and Diners Club from onboarding new domestic credit card customers from May 1 for violating the central bank's norms on storage of payment systems data. Through a circular in April 2018, RBI had asked payment system providers to ensure that within a period of six months the entire data (full end-to-end transaction details/information collected/carried/processed as part of the message/ payment instruction) relating to payment systems operated by them is stored in a system only in India. Besides, they were also required to report compliance to RBI and submit a board-approved System Audit Report (SAR) conducted by a CERT-In empanelled auditor within the timelines specified.
COVID-19: Defence Ministry to airlift 23 oxygen plants from Germany
The Defence Ministry on Friday said it will airlift 23 mobile oxygen generation plants from Germany to augment the supply of medical oxygen amidst a shortage in the country because of the rising COVID-19 cases. The oxygen will be used at the COVID-19 hospitals being run by Armed Forces Medical Service (AFMS) across the country. The oxygen generating plants are expected to arrive within a week. Each plant has a capacity to produce 40 litres of oxygen per minute and 2,400 litres an hour, which can cater to 20-25 patients round the clock.
RBI said American Express Banking Corp and Diners Club International Ltd were found to be non-compliant with the directions on storage of payment system data.
The New York-based company in January had extended its work from home policy to Sept. 6, 2021
The software maker will also suspend contributions through the same period for state officials and organisations who supported objections or suggested the election should be overturned
By the time Anil Chawla, Co-founder, Clix Capital, was in his mid-50s, he had managed to tick off Everest base camp from his bucket list
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