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Shares of <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> on Tuesday further jumped nearly 35 per cent after <keyword id="6423565" type="PERSON" weightage="20" keywordseo="moody">Moody</keyword>'s upgraded the company's ratings. Rallying for the third consecutive day, the company's scrip zoomed 34 per cent to Rs 49.75 on the BSE.<br /><br /> On the NSE, it spiked by 34.77 per cent to Rs 50.<br /><br /> The scrip has jumped nearly 100 per cent in three days.<br /><br /> Yes Bank shares had on Monday also jumped sharply by over 45 per cent after announcement of a restructuring plan.<br /><br /> The rating agency upgraded the company's ratings and also changed its outlook to positive.<br /><br /> In a filing to the BSE on Monday, Yes Bank announced that the board of directors of the company has been approved for reconstitution, with <keyword id="219963" type="PERSON" weightage="20" keywordseo="Prashant-Kumar">Prashant Kumar</keyword>, former Chief Financial Officer and Deputy Managing Director of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, as Chief Executive Officer and Managing Director. <br /><br /> Yes Bank said it has also amended the memorandum and articles of association of Yes Bank Limited to reflect the application provisions of the Reconstruction Scheme.<br /><br /> The moratorium on Yes Bank, placing a withdrawal limit of Rs 50,000 on deposits, is to be lifted by 6 PM  on March 18, 2020 which is much before the original date of April 3.  SUM  ANSANS

Yes Bank shares soar after Moody's upgrade and RBI's assurance

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>China Daily/Reuters</span></p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/wework">WeWork's</a> <a href="https://www.businessinsider.com/category/ipo">initial public offering</a> paperwork, or S-1, offered some numbers that both sum up its business and highlight its risks.</li><li>The company touted the fact that it has $4 billion in future lease commitments from its customers.</li><li>But it also disclosed that it has $47 billion in future lease obligations to own its landlords.</li><li>Neither number is set in stone, but WeWork's customers could have an easier time getting out of their lease commitments than WeWork could have getting out of the obligations it's on the hook for with its landlords. That disparity presents a huge danger that could rock WeWork to its foundation if the economy stalls. </li><li><a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Read all of BI's WeWork coverage here</a>.</li></ul><p>The paperwork WeWork <a href="https://www.businessinsider.com/wework-s-1-prospectus-ipo-revenue-cash-flow-2019-8">filed last week in advance of its planned public offering</a> had lots of numbers in it.</p><p>But two sets of related figures stood out - $4 billion and $47.2 billion on the one hand, and 15 months and 15 years on the other. </p><p>The first pair of figures represent lease obligations: $4 billion is how much the coworking company is due to receive from its own clients in coming years, mostly by the end of 2020; and $47 billion represents the lease obligations that WeWork must pay to its own landlords, with the vast majority of that amount not coming due until after 2024.</p><p>The second set of figures represent lease durations. The first, 15 months, is the average lease commitment of WeWork's customers. The second, 15 years, is the average length of the leases WeWork is signing with building owners.</p><p>With those four numbers, you basically have WeWork's business model - it signs long term leases on properties that it turns around and subleases for relatively short durations. And it also clearly illustrates the big risk facing WeWork. Even as the company has attracted larger corporate customers and convinced them to sign longer contracts, its own obligations have outpaced its clients' commitments by more than a factor of 10.</p><p>"They've got big long-term liabilities, and if the people who are their customers don't have long-term commitments to them, the risk is high," said Robert Siegel, a lecturer in management at Stanford Graduate School of Business. "Forty-seven billion dollars," he continued, "is a lot of money."</p><h2>WeWork touted the $4 billion and 15-month numbers</h2><p>As might be expected, WeWork was much more eager to highlight some of those numbers than others.</p><p>In its IPO filing, the company bandied about the $4 billion number, which it described as its "committed revenue backlog." It touted the fact that that backlog had grown about eight times larger from $500 million in just 18 months.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Michael Kovac/Getty Images for WeWork</span></p><p class="caption">WeWork CEO Adam Neumann</p></div><p></p></div></div></p><p>Overall, the company mentioned the $4 billion figure at least eight times, starting on page four of the document, right in the part where it's pitching its stock offering to investors. WeWork also mentioned the number further down in a section where the company explains how it expects to fare in a downturn - a big concern of potential shareholders.</p><p>"We believe that the growth in committed revenue backlog provides greater visibility and predictability of our future revenue to help mitigate the impact of short to medium-term downturns in the economy," the company said in the filing.</p><p>It gave a similarly prominent place to the 15-month figure. That figure too has grown recently, it noted on page four. At the beginning of December 2017, the average contract its customers were signing was just 8 months. It also argued that these lengthening contracts will help it in a recession.</p><p>"Going forward, we believe that we are well positioned to navigate through further economic downturns," the company said. </p><h2>It wasn't so eager to highlight the $47 billion number</h2><p>But the company didn't seem nearly as eager to highlight the other two numbers. It mentioned the $47.2 billion figure only three times and the 15-year figure just four times. It didn't bring either of them up until page 26, buried within a section of the document devoted to the potential risks to its business, a section often ignored because it's typically filled with boilerplate, cover-your-derriere type items.</p><p>However much WeWork wanted to tout or bury the particular numbers, the four numbers have to be taken together to understand the company's real business model. For all of its attempt to portray itself as a tech company - it mentions the word "technology" some 93 times in its filing - those numbers show its business is really more akin to that of a car or furniture rental company - or that of coworking pioneer IWG, said <a href="https://www.businessinsider.com/category/scott-galloway">Scott Galloway</a>, a professor of marketing at New York University.</p><p>"This is a company that buys assets and [arbitrages] them" - takes advantage of price discrepancies - "through selling them short term," Galloway said, continuing, "Hertz does the same thing."</p><p style="padding-left: 40px;"><em><strong>Read this</strong>: <a href="https://www.businessinsider.com/nyu-professor-calls-wework-wewtf-and-slams-bankers-2019-8">NYU professor calls WeWork 'WeWTF,' says any Wall Street analyst who believes it's worth over $10 billion is 'lying, stupid, or both'</a></em></p><p>Taken together, the two sets of figures are also key to understanding the real risk WeWork faces. In an economic downturn, it may not have enough revenue coming in to match all the money it's committed to spending. The contracts WeWork's own customers have with it will likely give them much more flexibility to renegotiate their leases than WeWork's contracts with its landlords will give it.</p><p>"As long as the economy holds up ... [WeWork's] business model works," said Jeff Langbaum, a real-estate industry analyst for Bloomberg Intelligence. "If there's a pullback," and its customers start dropping their spaces or forcing the company to lower their rent, he continued, "WeWork is still on the hook for whatever leases it has signed for the long term."</p><h2>WeWork has tried to insulate itself from its lease commitments</h2><p>WeWork has protected itself from some of this risk. Most of its leases are held by so-called special purpose entities, or SPEs. That structure means that those particular obligations are held by subsidiaries that are legally separate from their corporate parent. If the company got into trouble filling particular properties, it could put those subsidiaries into bankruptcy and protect the larger corporation.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Courtesy of WeWork</span></p><p class="caption">WeWork has occupied buildings around the world, including this space in Shanghai.</p></div><p></p></div></div>Of the $47.2 billion in outstanding obligations, WeWork's corporate parent itself has only guaranteed $4.5 billion. It has another $1.6 billion in letters of credit, security deposits, and surety bonds that it's also committed toward paying those obligations. But that leaves some $41.1 billion that's essentially unguaranteed and that WeWork could potentially walk away from in a downturn.</p><p>However, it might not be as easy as all that. Its landlords would almost certainly try to enforce their agreements with WeWork if it tried to skip out on them. It also would face reputational harm - and a huge risk to the future of its business - if it started sending its subsidiaries into bankruptcy and having them default on their loans instead of keeping up with the rent they owe. </p><p>"If one of the SPEs were to default, no landlord's ever going to rent to a WeWork SPE after that," said Walter Johnston, who focuses on the real estate market as a vice president of credit ratings at the research firm Morningstar.</p><p>Even shorter term, the company could see its revenue and cash flow constrict markedly if it started shuttering some of its subsidiaries. That decline in cash flow could still imperil the corporate parent, even if it's able to protect itself from the outstanding leases. </p><p>"At the end of the day, it's cash flow that WeWork had been receiving that it's no longer receiving," Langbaum said. In a downturn, he continued, "we don't know, exactly, how their business will hold up."</p><h2>But WeWorks' customers could have an easier time breaking their agreements</h2><p>And while, because of the SPEs and WeWork's limited corporate guarantees, the $47.2 billion number may not be all it seems, neither is the $4 billion in lease commitments that WeWork says it has. Indeed, that number may be more at risk in a downturn than the larger figure.</p><p>In its filing, WeWork notes that the vast majority of its own leases with landlords don't include any kind of early termination clauses. By contrast, the contracts its clients sign with it are much more flexible. As it noted in the document, many of its customers can cancel their deals with only a month's notice. That's part of the intrinsic appeal of WeWork - there's no need for members to commit to a long term lease.</p><p>And even customers who have signed up with WeWork for longer terms would likely have a relatively easy time breaking their agreements, said Tom Smith, a cofounder of Truss, an online commercial real-estate marketplace. In addition to its short notice provisions, the company often asks for much smaller security deposits and has much lower early termination fees - when it requires them - than other landlords, he said.</p><p>What's more, traditional landlords often require individual business owners to personally guarantee that they will pay their leases, Smith said. Those guarantees provide a big disincentive to the owners to default on those obligations, even if their businesses start struggling, because they, and not just their corporations, are on the hook.</p><p>But Smith said he's never seen WeWork, which lists space on his site, ask for a personal guarantee as part of its member contracts.</p><p>"Its almost a feature of WeWork's membership agreement that it does not," he said.</p><p>There's no way to tell from the company's filing how much of its $4 billion revenue backlog number is at risk if there's a downturn and its clients start terminating their agreements early or simply defaulting on them. It would be good to know - but WeWork doesn't disclose - what portion of a member's outstanding lease obligation it typically recovers when the member cancels or defaults, Smith said. </p><p>But thanks to the ease with which WeWork members can get out from under their commitments, Smith thinks WeWork could see only a small portion of that backlogged revenue in the case of a downturn.</p><p>"This four billion has to be massively discounted," he said. "This four billion," he continued, "is not like another real-estate company's four billion in revenue backlog, I assure you."</p><ul class="read-more-links"><li>Read more about WeWork's planned IPO:</li><li><a href="https://markets.businessinsider.com/news/stocks/wework-ipo-questions-about-members-locations-beer-quotas-rett-wallace-2019-8-1028463726" data-read-more-link="" data-e2e-name="read-more-link">Members, locations, and beer quotas: 5 WeWork questions a skeptical analyst has after reading the group's IPO filing</a></li><li><a href="https://markets.businessinsider.com/news/stocks/andrew-yang-tweet-calls-wework-valuation-utterly-ridiculous-2019-8-1028463992" data-read-more-link="" data-e2e-name="read-more-link">Presidential hopeful Andrew Yang calls out WeWork in a tweet, saying its $47 billion valuation is 'utterly ridiculous'</a></li><li><a href="https://www.businessinsider.com/wework-ipo-s1-shows-real-estate-company-not-tech-firm-2019-8" data-read-more-link="" data-e2e-name="read-more-link"> WeWork wants investors to think of it as a tech company. These 5 slides illustrate how its numbers tell a different story.</a></li><li><a href="https://www.businessinsider.com/wework-ceo-adam-neumann-stock-gives-20-votes-a-share-2019-8" data-read-more-link="" data-e2e-name="read-more-link"> Adam Neumann has locked up control of The We Company in a jaw-dropping way, even by Silicon Valley standards, by giving himself 20 votes per share</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/robot-made-burger-creator-restaurant-san-francisco-2018-8">Robots make burgers at this San Francisco start-up backed by Alphabet Inc. and the restaurant already has a waitlist</a></h3>        <div>                    </div>    </div>

Two big numbers - $4 billion and $47 billion - sum up WeWork's business model and the risky reason it could collapse in a recession

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Alex Wong/Getty Images</span></p><p class="caption">Michael Bloomberg speaks at the DNC.</p></div><p></p></div></div></p><p>"Together, let's elect a sane, competent person."</p><p>It's not a soaring campaign slogan, but it's the strongest argument for voting for Hillary Clinton -- and it brought laughs and cheers when <a href="http://www.businessinsider.com/bloomberg-trump-dnc-speech-convention-2016-7" target="_blank">Michael Bloomberg said it at the Democratic National Convention</a> on Wednesday.</p><p>This is the most important election of my lifetime, and also the strangest, because one candidate clears basic bars of sanity and competence, and the other does not. Therefore, unlike most elections, this one is not about policy.</p><p>Periodically, I have gotten pitches during this campaign about the particulars of Trump's policy proposals. Isn't his tax cut too large, and his health care plan unworkable and full of magic asterisks?</p><p>The answer to these questions is yes, and I have a background in economic policy reporting, so normally I would write about them. But I've generally passed on writing these stories over the last few months because they don't matter very much.</p><p>If Trump becomes president, an overly large tax cut will be the least of our problems. The primary issue in this election is <a href="http://www.businessinsider.com/donald-trump-is-the-tail-risk-candidate-2016-5" target="_blank">Trump's disqualifying lack of sanity and competence</a>.</p><p>As a result, the necessary thought process for making peace with voting for Hillary Clinton is surprisingly similar for a moderate like Bloomberg (or me), or for a leftist who is crushed that Bernie Sanders did not get the nomination.</p><p>No, Clinton does not agree with us on everything. And no, we might not find her ethics record totally assuring.</p><p>But what's our alternative? Are we going to hand the nuclear codes to an ignorant, hot-headed egomaniac with a relentless urge to pursue vendettas and <a href="http://www.businessinsider.com/trump-statement-russia-hacking-us-2016-7" target="_blank">an insatiable thirst for Vladimir Putin</a>?</p><p>The options on the table are that and Hillary Clinton, who at least is sane and competent, and who does not pose a significant risk of the end of the American republic.</p><p>It's a depressing choice to have to make - but it is also an easy one, which is why Bloomberg could sum it up so succinctly.</p><p class="tagline">This is an editorial. The opinions and conclusions expressed above are those of the author.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hillary-clinton-lie-under-oath-james-comey-republican-email-server-2016-7">Here's the footage that Republicans suggest shows Hillary Clinton lied under oath</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0xeTNtNDE6APlY1xi113wD61bl6USM9j" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Michael Bloomberg just summed up the election in one sentence

<keyword id="22053621" type="General" weightage="20" keywordseo="Insurance-regulator-IRDA" source="keywords" meta.keywordsubtype="org" meta.entityname="Insurance regulator IRDA" meta.hostid="261" meta.entityid="Insurance regulator IRDA">Insurance regulator IRDA</keyword> has introduced sweeping reforms for various <keyword id="19936531" type="General" weightage="100" keywordseo="life-insurance" source="keywords">life insurance</keyword> products. In its master circular dated 12th June, 2024, the insurance watchdog laid out a slew of customer-friendly directives for life insurance companies to follow with immediate effect. Read on to know all about how these new rules will impact you :<strong><br /></strong><cmsannotation type="cmsannotation" annotationid="Customer information sheet" comment="subhead" text="Customer information sheet"><span data-til="noop"><keyword id="22033784" type="General" weightage="20" keywordseo="customer-information-sheet" source="keywords">Customer information sheet</keyword></span></cmsannotation><br />Going ahead, all life insurance companies will have to mandatorily provide their policyholders with a CIS, or Customer Information Sheet. This will serve to explain to them the basic features of the policy in very simple terms, and will include essential details like sum assured, benefits, policy loan options, free-look period and procedures for making claims and redressing grievances.<br /><br />In addition, benefits payable to the policyholder if they survive the policy tenure (maturity benefits), upon death and surrender of policy should also be clearly spelt out. Along with this, the policyholders are also entitled to a customised illustration of how the policy will benefit them while they are being sold the policy. CIS should also be made available to the policyholder in their local language on request.<br /><cmsannotation type="cmsannotation" annotationid="Free-look and grace period" comment="subhead" text="Free-look and grace period"><span data-til="noop"><keyword id="22053620" type="General" weightage="20" keywordseo="Free-look-and-Grace-Period" source="Orion">Free-look and grace period</keyword></span></cmsannotation> <br />Policyholders will now have a 30-day window from the day they receive the policy document to review and cancel the policy if they want. If the policy is cancelled within this period, they will be entitled to a full premium refund. Earlier, this period only lasted for 15 days. <br /><br />For grace period, which basically refers to the additional, penalty-free window given to the policyholder to make premium payment post due date to avoid losing coverage, the windows will differ depending on premium payment frequency. If you pay the policy premiums on a monthly basis, you will get a 15-day grace period. For premium payments made on a quarterly/half-yearly or annual basis, the grace period will be of 30 days.<br /><cmsannotation type="cmsannotation" annotationid="Penalty on violating Ombudsman’s word" comment="subhead" text="Penalty on violating Ombudsman’s word"><span data-til="noop">Penalty on violating Ombudsman’s word</span></cmsannotation> <br />The insurer is bound to comply with the <keyword id="960887" type="General" weightage="20" keywordseo="Insurance-Ombudsman" source="Orion">Insurance Ombudsman</keyword>’s award within 30 days of receiving the same. In case the same is violated, the insurer will have to pay a penalty of Rs 5,000 per day to the complainant.<br /><cmsannotation type="cmsannotation" annotationid="Higher value on early policy surrender" comment="subhead" text="Higher value on early policy surrender"><span data-til="noop">Higher value on early policy surrender</span></cmsannotation> <br />Often, policyholders ended up with a low, negligible amount as refund upon surrendering their insurance policy. This is set to change with <keyword id="21879234" type="General" weightage="20" keywordseo="IRDA" source="keywords">IRDA</keyword>’s latest directives. Now, policyholders will be eligible for <keyword id="885219" type="General" weightage="20" keywordseo="surrender-value" source="Orion">surrender value</keyword> even if they decide to surrender their policy after just one year. <br /><br />Previously, only 50% of <keyword id="2939473" type="General" weightage="20" keywordseo="policy-premium" source="Orion">policy premium</keyword> would be refunded, provided the policyholders surrendered their policy between years 4-7 of the policy tenure. Moreover, they would lose the entire premium amount if they surrendered their policy within a year. <br /><br />Customers will also be entitled to higher special surrender value (SSV) from now on. This SSV should be at least equivalent to the expected present one of the these three:<br /><ol><li>Paid up sum assured, or present value of your sum assured after you stop paying premiums</li><li>Paid up future benefits</li><li>Accrued benefits</li></ol>Also, it will be compulsory for life insurers to offer loans to policyholders as per the eligible surrender value of the policy. Says Vivek Jain, Head, Investments, Policybazaar.com, "The provision for higher Surrender Value (SV), calculated at a prevailing 10-year government securities rate with a limited spread, significantly increases the value returned to policyholders in the event of a policy surrender, after the completion of first year. The mandatory facility of policy loans across all life insurance savings products and the allowance of partial withdrawals under pension products will provide vital financial flexibility, which will enable policyholders to meet liquidity needs and specific financial goals. These measures will certainly enhance trust and transparency in the industry."<br /><cmsannotation type="cmsannotation" annotationid="Partial withdrawal allowed from pension products" comment="subhead" text="Partial withdrawal allowed from pension products"><span data-til="noop">Partial withdrawal allowed from pension products</span></cmsannotation> <br />Policyholders will be allowed to make partial withdrawals, provided they have 3 years of continuous coverage under their insurance-cum-pension plan. Also, these withdrawals cannot be more than 25% of the total premiums paid till date. The insurer cannot use this withdrawal towards making any adjustments in the policy's sum assured.<br />However, this withdrawal will only be allowed for specific situations, like funding children’s higher education/marriage, constructing a house, treating critical illnesses, starting a new venture or for skill development purposes. <br /><br />

Here’s how your life insurance plans are set to change

Online scams in India have been on the rise for the last few months and every now and then, a new case surfaces where a victim loses their hard-earned money. Usually, scammers in many cases pose as company officials to steal your sensitive information and misuse it. <br /><br />In one such recent incident, a 44-year-old woman from <keyword id="19895934" type="General" weightage="20" keywordseo="noida" source="keywords">Noida</keyword> recently fell victim to an <keyword id="20971199" type="General" weightage="100" keywordseo="esim-scam" source="Orion">eSIM scam</keyword>, losing ₹27 lakh and becoming the target of fraudulent loan activity. The scam involved the manipulation of her <keyword id="19909735" type="General" weightage="20" keywordseo="sim" source="keywords">SIM</keyword> card and banking details, which allowed the fraudster to siphon off her funds and take out a loan in her name.<br /><br /><h2>What exactly happened</h2><br />According to an HT report, <keyword id="23110017" type="General" weightage="20" keywordseo="jyotsana-bhatia" source="keywords">Jyotsana Bhatia</keyword>, a resident of Sector 82 in Noida, works at a private company and filed a complaint with the cybercrime police station in Sector 36.<br /><br />On August 31, Bhatia received a WhatsApp call from a person posing as a customer care executive from her telecom provider. The caller explained that her SIM card could be converted to an embedded SIM (eSIM), which is a digital version of a physical SIM card and can be helpful in case of phone loss.<br /><br />The suspect offered to help Bhatia activate the eSIM feature, instructing her to select the option in her mobile carrier’s application and enter a verification code that was sent to her phone. Bhatia, unaware of the fraud, followed the steps as instructed. Unfortunately, as soon as she entered the code, her physical SIM card was deactivated.<br /><br />The suspect assured her that a new SIM card would be delivered by September 1, leaving her temporarily without access to her mobile number. When the promised SIM card failed to arrive, Bhatia contacted the telecom provider’s customer care service and was advised to visit the service centre to get a replacement. After three days, on September 3, she was issued a new SIM card.<br /><br />However, by then, the damage had already been done. Bhatia started receiving messages from her bank, revealing that the fraudster had accessed her mobile banking account using her deactivated phone number. By changing the associated email ID, the suspect was able to bypass security checks and transfer large sums of money from her accounts. The fraudster also broke her fixed deposit, siphoned money from two bank accounts, and even took out a loan of ₹7.40 lakh in her name.<br /><br />Bhatia reported that the total amount stolen in multiple transactions amounted to ₹27 lakh. Shocked by the breach, she immediately filed an FIR with the cybercrime unit. The police registered the case under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita, as well as under relevant sections of the IT Act. Efforts to track down the suspect are currently underway.<br /><br /><h2>Understanding eSIM and its risks<br /></h2><br />An eSIM (embedded SIM) is a digital version of a SIM card that is built into a device and does not require a physical card. While this technology is convenient and allows users to switch networks or plans without handling a physical card, it also opens the door to new forms of fraud. Scammers can manipulate eSIM features to deactivate a user’s existing SIM card and take control of their phone number, which is linked to various accounts and services.<br /><br />In this case, the fraudster exploited the victim’s trust by posing as a telecom customer care executive, taking advantage of her lack of knowledge about the risks associated with eSIM activation. Once the fraudster gained control of her phone number, they accessed her bank accounts through mobile banking applications that rely on the phone number for authentication.<br /> <br />By changing the email ID linked to her account, they prevented the victim from receiving security alerts and were able to make unauthorised transactions without her knowledge.<br />

Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh

New Delhi, Congress president <keyword id="63771" type="General" weightage="50" keywordseo="mallikarjun-kharge" source="Orion">Mallikarjun Kharge</keyword> on Monday launched the party's crowdfunding campaign here, asking people to join the fight against unemployment and rising costs. Kharge donated a sum of Rs 1,38,000 from his salary to launch the "Donate for Desh" campaign in the presence of party leaders and general secretaries K C Venugopal and Jairam Ramesh and treasurer <keyword id="50339" type="General" weightage="50" keywordseo="ajay-maken" source="Orion">Ajay Maken</keyword>. <br /><br />"It is a very happy day that our party leaders have prepared an App. I feel this is the first time that the Congress is seeking the help of common people to build the country," he told reporters after the launch. <br /><br /> As part of the campaign, the party will receive money from small donors, he said and added, "If you keep working by depending on the rich, then tomorrow we would have to agree to their programmes and policies". <br /><br /> Kharge said the Congress is already working for the interests of the poor, Scheduled Castes, backwards and they have been helping us in the past too. <br /><br />"Through 'Donate for Desh', we will work to take the country forward by taking help from general public. The Congress always got help from general public. <keyword id="6355532" type="General" weightage="50" keywordseo="mahatma-gandhi" source="Orion">Mahatma Gandhi</keyword> also got Independence for the country with the help of people of the country," he said. <br /><br />People will in one or two days voluntarily come forward and donate, he said. <br /><br />"We will collect donation from common people and join them in this fight.We can assure people that there is only one party which is fighting for the poor," he said. <br /><br /> In a post on X, the Congress said, "Beyond a campaign, it's a commitment to champion the rights of marginalised communities, bridge disparities, and stand as a formidable opposition against a government favouring the affluent". <br /><br />"Join us in the fight against unprecedented unemployment and rising costs. Stand with the Indian National Congress as it strides beyond its 138th year, stronger and more determined than ever. Be a Changemaker, Contribute," the party said. <br /><br />Maken said anyone can contribute to the party by giving a donation of Rs 138, 1,380 or 1,38,000, marking the completion of 138 years of the Indian National Congress.

You Searched For "sum assured" and got 6 results

Yes Bank shares soar after Moody's upgrade and RBI's assurance

PTI

Two big numbers - $4 billion and $47 billion - sum up WeWork's business model and the risky reason it could collapse in a recession

Troy Wolverton

Michael Bloomberg just summed up the election in one sentence

Josh Barro

Here’s how your life insurance plans are set to change

Ira Alok Puranik

Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh

BI India Bureau

Cong launches crowdfunding campaign 'Donate for Desh' to help build country

PTI

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