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<ul><li>A global <keyword id="1571551" type="General" weightage="100" keywordseo="Microsoft-outage" source="Orion">Microsoft outage</keyword> has impacted airlines, banks and other services.</li><li>The outage has resulted in disruption of flights from Indigo, SpiceJet and other airlines.</li><li>Here’s everything we know so far about the <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword> outage.</li></ul> In what is emerging as one of the biggest tech outages, Microsoft’s services across the world have been impacted by Blue Screen of Death (BSOD) errors. This has impacted the London Stock Exchange, halted banking services, and grounded several airlines such as Indigo, SpiceJet, and more. The global outage has affected various Microsoft services such as Azure, Microsoft 365 and more. Amazon Web Services has also recorded some reports of outages. “We're investigating an issue impacting users ability to access various Microsoft 365 apps and services,” Microsoft said in a statement. "Crowdstrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed,” said George Kurtz, CEO, Crowdstrike. <div type="twitter" handle="IndiGo6E" handlename="IndiGo6E" favoritecount="0" retweetcount="0" id="1814200437756641734"></div> <div type="twitter" handle="flyspicejet" handlename="flyspicejet" favoritecount="0" retweetcount="0" id="1814194223052144749"></div> Air India has issued an advisory on X, saying “Our digital systems have been impacted temporarily due to the current Microsoft outage resulting in delays. We regret the inconvenience caused and request our guests to plan their travel accordingly.” The London Stock Exchange on Friday said that its news services were experiencing a global technical issue which prevented news from being published on its platform. The stock exchange was also experiencing technical problems publishing its spot and forward prices for currencies. A traveller in Hyderabad, flying through Indio posted on X that he had received a hand-written boarding pass. <div type="twitter" handle="akothari" handlename="akothari" favoritecount="0" retweetcount="0" id="181420206853155266"></div> Delhi Airport, in a post on X, said that some of the services at the airport were impacted due to the outage. <div type="twitter" handle="DelhiAirport" handlename="DelhiAirport" favoritecount="0" retweetcount="0" id="1814203660186120407"></div> According to reports, a faulty update from CrowdStrike, a cybersecurity provider is forcing affected PCs and servers offline, resulting in a recovery boot loop. “We have widespread reports of BSODs on Windows hosts, occurring on multiple sensor versions,” CrowdStrike said in a support page. "We are aware of issue affecting a subset of customers. We acknowledge the impact this can have on customers, and we are working to restore services for those still experiencing disruptions as quickly as possible,” Mic UK broadcaster Sky News was unable to broadcast, forcing it off the air. American low-cost airline Frontier has cancelled some flights in the US due to the outage. Ryanair, a major European airline reported “third-party” IT issues, which were impacting its flight departures. Microsoft revealed that the outage started around 6 pm ET on Thursday, with some of its customers experiencing issues with Azure services in the Central US. Frontier on Thursday cancelled 147 flights and delayed 212 flights. Berlin airport has warned users of travel delays due to “technical issues.” It’s not just business, several 911 emergency call centres in Alaska have also reported an outage. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-suspends-withdrawals-after-230-million-worth-of-cryptos-stolen-in-a-hack/articleshow/111853401.cms">WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack</a> <a href="https://www.businessinsider.in/tech/mobile/news/honor-200-and-honor-200-pro-launched-in-india-starting-at-34999/articleshow/111830855.cms">Honor 200 and Honor 200 Pro launched in India starting at ₹34,999</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a>

Microsoft outage – London Stock Exchange, banks and airlines across the world affected

<ul><li>Net interest income grows 21% year-on-year and 6% sequentially </li><li>Net interest margins hit a 20-quarter high of 3.6%, but lags peers </li><li>The bank’s asset quality also showed an improvement during the quarter, with fresh accretion of slippages declining </li></ul><keyword id="6355975" type="General" weightage="100" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, the third largest private sector bank, on Monday reported a net profit of ₹4,125 crore in the opening quarter of FY23, a jump of 91% annually but remained flat sequentially. While the bank has beaten street estimates, its business growth momentum has come in lower than its peers. The bank’s key financial parameters showed improvement with net interest income clocking a growth of 21% year-on-year and 6% sequentially, as net interest margins improved by 14 bps annually and 11 bps sequentially to 3.60% during the quarter. This bank’s margins have hit a 20-quarter high. <cmsannotation type="cmsannotation" annotationid="Citi merger: ‘Customer experience has to hassle free’" comment="subhead" text="Citi merger: ‘Customer experience has to hassle free’">Citi merger: ‘Customer experience has to hassle free’</cmsannotation> Speaking on the merger with <keyword id="6400347" type="General" weightage="50" keywordseo="citibank" source="Orion">Citibank</keyword>, <keyword id="247960" type="General" weightage="50" keywordseo="amitabh-chaudhry" source="Orion">Amitabh Chaudhry</keyword>, CEO, Axis Bank said that CCI approval is likely to come in five to six weeks. "Based on limited data, we have limited concerns on business, which are all doing quite well. We cannot be engaging with Citi till we get CCI approval. Once approval comes we can engage more actively. The merger date refers to the date when we take over the assets. The customer experience has to be hassle-free," he said. While NIMs continue to trend marginally lower than its bigger peers, the lender has shown an improvement across all metrics during the quarter. "You are seeing delivery on NIM trajectory on what we had said earlier. You can take on higher risk and increase NIMs, so our growth factors in credit implication on the book. A rising interest rate environment plays to the strength of the larger bank and it should be positive for us on a net basis," said <keyword id="869603" type="General" weightage="50" keywordseo="puneet-sharma" source="Orion">Puneet Sharma</keyword>, CFO of Axis Bank. Fee income also grew at a robust rate 34% year-on-year, which is a big contributor to profits of private lenders. Retail fee income grew 43% annually. The bank’s core operating profit grew 17% annually and 5% sequentially. <cmsannotation type="cmsannotation" annotationid="Small biz loans grew by 74%" comment="subhead" text="Small biz loans grew by 74%">Small biz loans grew by 74%</cmsannotation> After two years of the pandemic, lenders are pushing for growth and Axis Bank reported a loan growth across segments, but it has disappointed analysts as it is lower compared to its peers. While retail loans grew 25% annually and 3% sequentially, small business loans and rural loans grew 74% and 42%, respectively, compared to the corresponding quarter last year. Overall loan growth stoof at 14% annually. The bank’s asset quality also showed an improvement during the quarter, with fresh accretion of slippages declining along with aggregate non-performing assets. The gross non-performing assets came in at 2.76%, which is lower by 109 bps year-on-year and 6 basis points sequentially. The bank’s net non-performing assets came in at 0.64%, which is 56 bps lower annually and 9 basis points sequentially. The bank’s accretion of fresh bad loans also declined. While the gross slippage ratio declined 210 bps year-on-year and 33 bps sequentially, the net slippage ratio was down 0.41% 219 bps annually. The bank’s provision coverage ratio stood at 77%. On a quarterly average basis, savings accounts grew 16% annually and 4% sequentially, while current accounts grew 15% annually. Term deposits grew 13% annually. On a quarterly basis, CASA grew 16% annually and 1% sequentially. The bank’s CASA ratio stood at 43%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/list-of-top-new-upcoming-whatsapp-features-in-second-half-2022/articleshow/93103440.cms">From avatars to hiding online status—list of top new upcoming WhatsApp features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-has-the-highest-rate-of-women-taking-action-against-harassment-calls-and-messages/articleshow/93107553.cms">India has the highest rate of women taking action against harassment calls and messages</a>

Axis Bank beats street estimates on net profit, business growth disappoints

<ul><li><keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> has announced the launch of its co-branded credit cards in partnership with Axis Bank.</li><li>The company has launched two credit cards – Signature and <keyword id="101580" type="General" weightage="80" keywordseo="infinite" source="Orion">Infinite</keyword>.</li><li>The company has announced a cashback of 10% on Samsung products and services on transactions done using its credit cards.</li></ul>Co-branded credit cards have become quite popular over the years and several companies like Amazon, Flipkart, Zomato, Tata Neu among others have partnered with banks to offer their own credit cards. Now, Korean smartphone giant Samsung is now entering the Indian credit card market with its own Visa co-branded credit card in partnership with Axis Bank, one of the largest private lenders in the country. Co-branded credit cards offer additional benefits on the company’s platform. For example, the Amazon Pay ICICI credit card offers extra cashback on all purchases on its platform. Similarly, Samsung’s co-branded credit cards offer a 10% cashback on Samsung products and services. The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features. We’re excited to be able to put the control into our consumers’ hands," said Ken Kang, president and chief executive office, Samsung South-West Asia. <cmsannotation type="cmsannotation" annotationid="Samsung Signature and Infinite credit cards – joining fees and welcome benefits" comment="subhead" text="Samsung Signature and Infinite credit cards – joining fees and welcome benefits">Samsung Signature and Infinite credit cards – joining fees and welcome benefits</cmsannotation> Samsung has announced two credit cards in partnership with Axis Bank – Signature and Infinite. While the Signature will be the entry-level card, Infinite will be the premium offering. Users who sign up for the Signature credit card will get 2,500 Edge rewards worth ₹500 and users who sign up for the Infinite credit card will get 30,000 Edge rewards worth ₹6,000. While the Signature credit card has a joining fee and an annual fee of ₹500, the premium Infinite credit card has a joining fee and annual fee of ₹5,000. <cmsannotation type="cmsannotation" annotationid="Flat 10% cashback on all Samsung products and services" comment="subhead" text="Flat 10% cashback on all Samsung products and services">Flat 10% cashback on all Samsung products and services</cmsannotation> Samsung has announced several offers for its upcoming credit cards but the highlight of the cards is the flat 10% cashback on all Samsung products and services, including purchase of extended warranty, device repairs and Samsung Care+ purchase. The Signature credit card will have a cashback limit of ₹2,500 per month with an annual cap at ₹10,000. The premium Infinite credit card will offer a monthly cashback of up to ₹5,000 with an annual cap of ₹20,000. The cashback will be available across Samsung online store purchases, offline store purchases, Flipkart and Samsung authorized service centres across the country throughout out the year. On non-Samsung spends, users will receive 5 Edge reward points per ₹100 on both Signature and Infinite cards for domestic transactions. If you use the Infinite card for international transactions, you will get 15 Edge reward points. Apart from this, Samsung has also partnered with Zomato, Myntra, Tata 1MG, Big Basket and Urban Company to offer additional rewards. Users will receive 10 Edge rewards and 15 Edge rewards on every ₹100 spent on these platforms using the Signature and Infinite credit cards respectively. <cmsannotation type="cmsannotation" annotationid="Samsung Signature and Infinite credit card application" comment="subhead" text="Samsung Signature and Infinite credit card application">Samsung Signature and Infinite credit card application</cmsannotation> The Samsung Signature and Infinite credit cards will soon be available. The registrations for the card are now live on Samsung’s website and the application process will begin soon. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-best-deals-and-offers/articleshow/94004700.cms">The best Amazon Great Indian Festival deals and offers</a> <a href="https://www.businessinsider.in/business/startups/the-zepto-boys-competition-that-amazon-never-saw-coming/articleshow/94399979.cms">The Zepto Boys: Competition that Amazon never saw coming</a> <a href="https://www.businessinsider.in/stock-market/news/nifty50-sensex-start-on-a-negative-note-ahead-of-rbi-policy-meeting-this-week/articleshow/94445282.cms">Nifty50, Sensex start on a negative note ahead of RBI policy meeting this week</a>

Samsung announces co-branded credit card in partnership with Axis Bank and Visa

In a small village in Zambia, a teenager carries the key to her <keyword id="21911075" type="General" weightage="20" keywordseo="bicycle" source="keywords">bicycle</keyword> lock around her neck like an ornament. Her father, the leader of the hamlet frowns upon it. But it has little to no effect on her, because the bicycle was her key to freedom, and symbolic of the agency she now had over her life. <div type="image" title="Students of Government Manorama Vidyapith Girls High School in Patna (2009)" agency="BCCL" msid="113057493" hostid="261"></div> Similarly, a girl in her neighbouring village would deflate her cycle’s tyres every day, and bury the key somewhere far from the reach of her brother, to stop him from using it. Why were these young women so territorial and proud over a seemingly modest mode of commute to their school? How is it related to Bihar, and how has something as small and insignificant as a bicycle paved the way for a broader movement of woman empowerment? Read on to find out! <h2>Bihar’s Mukhyamantri Balika Cycle Yojana</h2>Being one of the most impoverished states in India, Bihar is plagued with a large gender gap in school attendance. This gap in attendance in schools only grows with age. The enrollment of girls in primary school is satisfactory, largely due to the availability of primary schools and the introduction of schemes like the midday meal. However, distance remains a huge barrier in the hinterlands, pushing them further away from attending secondary school. In 2006, the Nitish Kumar-led state government, launched the Mukhyamantri Balika Cycle Yojana, a pioneering cash-for-kind program to empower girls through education. The program initially provided ₹2000 to 14-year-old girls enrolled in 9th grade, enabling them to purchase bicycles. This initiative was designed to address one of the most significant barriers to education for girls in Bihar—long distances to secondary schools. But, how profound were the implications of this policy intervention? In 2008, <a href="https://www.nishithprakash.com">Professor Nishith Prakash</a> from Northeastern University and <a href="https://econweb.ucsd.edu/~kamurali/index.html">Professor Kartik Muralidharan</a> of the University of California, San Diego embarked on a study to gauge the policy’s impact with support from the International Growth Centre (IGC). Their research found that this bicycle program increased age-appropriate secondary school enrolment for girls aged 14-15 by 32%. It also reduced the gender gap in enrolment by 40%. Moreover, the number of girls appearing for and passing the 10th-grade exam rose by 18% and 12%, respectively. The success of this initiative highlighted the transformative power of providing a bicycle. Inspired by the Bihar program's success, Professor Prakash later collaborated with <a href="https://worldbicyclerelief.org">World Bicycle Relief (WBR)</a> and Zambia's Ministry of General Education to implement a similar initiative in the Southern province of Zambia. <h2>After Bihar, why Zambia?</h2>Zambia is a landlocked country in Southern Africa that has made significant strides in improving access to primary education with near-universal primary school enrolment. However, the story, when it comes to girls in secondary education, is markedly different. The drop-off for girls, as they transition to secondary education is stark. According to the World Bank’s 2015 report ‘Policy Brief: Zambia,’ their enrolment fell to just 61% at the lower secondary level. The same report states that girls drop out of school at double the rate of boys in Grade 7 and triple the rate of boys by Grade 11. <h2>A tough road to secondary school</h2>Transitioning to, and completing secondary education is particularly challenging for girls, primarily due to barriers like school fees, long distances to school, and societal factors such as teenage pregnancy and child marriage. These challenges are even more pronounced in rural areas. Additionally, this transition to secondary school often coincides with the onset of menstruation, which brings its own set of challenges. The lack of menstrual hygiene facilities in schools, coupled with the stigma and lack of awareness surrounding menstruation, further exacerbates the already significant gap in girls' education. Nearly 98% of girls in their sample reported walking to school, spending an average of 110 minutes commuting just one way, as reported in a <a href="https://www.cesifo.org/en/publications/2022/working-paper/wheels-change-transforming-girls-lives-bicycles">new study</a> authored by Professor Nishith Prakash and his collaborators. Alarmingly, 35% of these girls reported experiencing sexual harassment during their commute, highlighting just how perilous a journey many face in their pursuit of education. This <a href="https://www.cesifo.org/en/publications/2022/working-paper/wheels-change-transforming-girls-lives-bicycles">intervention</a> was introduced in Zambia, providing bicycles to girls in 100 schools across three districts, and the results were promising. Overall absenteeism dropped by 29%, translating to an additional five school days per year for girls in the Southern Province, where the average primary school student missed 18 days annually. Girls in the schools who received the bicycles were 38% less likely to drop out of school compared to those in the schools who did not receive the bicycles. <h2>Pedalling towards a safer commute</h2>The impact of these bicycles extended beyond just improved attendance. The program also led to enhanced perceptions of safety among the girls. One year after the intervention, girls in the treatment group reported a 22% reduction in instances of being teased or harassed on their way to school. Additionally, the probability of girls missing school or leaving early due to safety concerns dropped by 39%. Post the success of this program, the United States Agency For International Development (USAID) awarded $3.5 million to fund bicycles for growth initiatives to increase access in rural communities in Sub-Saharan Africa, mainly Ghana, Malawi, Rwanda, Uganda, and Zambia. Additionally, the Ministry of General Education (Zambia) scaled up the cycle program in several districts in Zambia. Simply put, the bicycles in Bihar and Zambia gave young girls the agency of making choices for themselves. While the immediate benefit of these programs was providing the means for women to travel to school, the long-term impact reveals significant shifts in attitudes among both the women involved and the communities around them! But did you know that the use of bicycles to provide women with this much-needed agency isn’t new and was actively instituted by women during the suffrage movement of the 19th century — a decades-long fight to win the right to vote for women in the United States? <h2>Corsets to cycles: The Suffrage movement &amp; bicycles</h2> <div type="image" title="A woman with a bicycle in early 1900s" msid="113057788" hostid="261"></div> In the late 19th century, during the American industrial revolution, a seemingly simple invention sparked a movement that would forever change women's lives — the bicycle. As the country experienced a ‘bicycle craze,’ the first wave of the women’s rights movement was gaining momentum. The bicycle quickly became more than just a mode of transportation; it became a powerful symbol of change and progress in the fight for women’s emancipation. In fact, the introduction of the bicycle revolutionised women’s fashion, breaking away from restrictive corsets and long skirts that had previously hindered their mobility. Instead, women began to adopt more practical, comfortable clothing that allowed them to cycle freely. The image of the ‘new woman’ emerged — educated, sporty, and career-oriented — with a bicycle as her constant companion. In 1895, at the age of 80, suffragist leader <keyword id="23037502" type="General" weightage="20" keywordseo="elizabeth-cady-stanton" source="keywords">Elizabeth Cady Stanton</keyword> predicted the power of the bicycle in transforming the lives of women. Having the ability to be self-reliant, often for the first time in their lives, would encourage them to be more courageous in other areas as well. While back then, their fight was for their right to vote in political elections, times have changed. Women have to fight different battles — some new and some old — to realise and utilise their potential. What has remained constant in this journey is the bicycle! Susan B. Anthony, another suffragist leader further opined, “Let me tell you what I think of bicycling. I think it has done more to emancipate women than anything else in the world. It gives women a feeling of freedom and self-reliance. I stand and rejoice every time I see a woman ride by on a wheel…the picture of free, untrammelled womanhood.” Had she known that several decades later, this simpleton mode of transport would continue to improve the lives of young women in remote parts of the Global South, she would’ve been happy to her heart's content! If something as mundane as access to mobility has historically brought such great results, what can be done to bring greater mobility for women in policy-making today? Professor Nishith Prakash suggests that mobility needs to be thought of in a broader context. Mobility in the case of women isn’t just freedom to be able to go from one place to another. There are multiple actors at play, including their actual safety and the perception of feeling safe in an environment. Cultural norms in most societies across the globe, and in India, automatically grant the power of key-decision making to men. For these archaic norms to be challenged, he suggests changes in curriculum from early childhood. Reiterating the importance of agency in making choices for themselves, there need to be jobs for them to want to step out of the confines of their homes. And once they do, nothing can stop them from cycling away to their freedoms!

SIMPLY PUT: Two Wheels, One Mission — Bicycles empowering girls in Bihar and Zambia, a call-back to 19th century Suffrage movement

It takes an Oscar-worthy director to come up with the juicy drama that somehow seems to pervade India’s pre-general election seasons. Amid all the chaos, a political hot topic has just witnessed a major development: the electoral bonds row. <cmsannotation type="cmsannotation" annotationid="What are electoral bonds?" comment="subhead" text="What are electoral bonds?">What are electoral bonds?</cmsannotation> For those unversed in the whole episode, the government introduced the <keyword id="4697813" type="General" weightage="100" keywordseo="electoral-bond" source="Orion">Electoral Bond</keyword> Scheme via the Finance Act of 2016-2017, allowing anyone to anonymously make an indefinite number of non-capped donations to their preferred political parties. Before this scheme, all donations above Rs 20,000 had to be explicitly made public, and donations of more than a certain percentage of the company’s revenue were disallowed. Such restrictions were meant to ensure that no political party had an unfair monetary advantage over the others and that the policies would not be influenced by the rich. Therefore, many experts were concerned that this new lack of transparency in the donation process opened up a gaping avenue for big corporations to donate for favourable outcomes from the ruling regime in terms of acquiring licences, government contracts, leases, and even accelerating favourable policy changes. The government insists that the measure ensures transparency as the purchaser would be allowed to buy bonds only on due fulfilment of all the extant KYC norms and by making payment from a bank account. However, the opposition parties kept raising objections, with the <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> leader Rahul Gandhi terming the electoral bond scheme as a legalisation of the process of accepting bribes and commissions. <cmsannotation type="cmsannotation" annotationid="How did the Supreme Court step in?" comment="subhead" text="How did the Supreme Court step in?">How did the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> step in?</cmsannotation> Recently, in a move that many celebrated as a major win for transparent and fair electoral practices, a Constitution Bench panel of five Supreme Court judges scrapped the Centre’s electoral bonds scheme on February 15, deeming that the whole ordeal was “unconstitutional” to begin with. Subsequently, the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) was ordered to disclose all details of the donors that had purchased electoral bonds, the amount purchased, and the recipients of these “support” donations. Nearly a month after the directive, SBI finally submitted the electoral data to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword> on March 13, after the apex court denied its application for more time. The bank attributed the delay in compiling the information to the non-digital nature of the way electoral data was collected and stored, making it harder to collate and produce. <cmsannotation type="cmsannotation" annotationid="What does the data reveal?" comment="subhead" text="What does the data reveal?">What does the data reveal?</cmsannotation> The data published by the Election Commission based on SBI’s affidavit revealed information on over 22,217 electoral bonds purchased between April 1, 2019 and February 1, 2024. This also means there exists a year’s worth of data missing from the first year of the electoral bonds scheme, amounting to hundreds of crores of Rupees. Further, the very content of the data remains lacklustre, many experts maintain. The problem is that individual electoral bonds do not have their serial numbers attached. This makes it impossible to accurately ascertain who these bonds were directed to, meaning we still do not know which corporations donated how much to which parties. Condemning the SBI for not divulging the unique serial numbers as per its previous full-disclosure directive, the Supreme Court has now issued a notice for a prompt response by March 18. <cmsannotation type="cmsannotation" annotationid="Which political party benefited the most?" comment="subhead" text="Which political party benefited the most?">Which political party benefited the most?</cmsannotation> While many political parties benefited from this scheme, the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>) encashed about 1,300 crores worth of electoral bonds during the 2023 financial year, according to media reports. This amounted to about half of the total electoral bond donations, and more than seven times the amount Congress received during the same period. Out of a total of 12,155 crores worth of electoral bonds purchased between 2019 and 2024, BJP redeemed Rs 6061 crores, followed by Mamata Banerjee’s Trinamool Congress at Rs 1610 crores. A total of 213 donors purchased bonds worth over Rs 10 crores, with the top 20 donors accounting for nearly half of the total electoral bonds. <cmsannotation type="cmsannotation" annotationid="Are scams hiding behind the electoral bonds?" comment="subhead" text="Are scams hiding behind the electoral bonds?">Are scams hiding behind the electoral bonds?</cmsannotation> The ruling party receiving such a disproportionate share of the electoral bonds has raised many eyebrows. Rajya Sabha Minister Kapil Sibal expressed discontent with the SBI report, calling it a “scam” and explaining that it needs thorough investigation by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Jharkhand Congress President Rajesh Thakur emphasised that a comprehensive study is essential to ascertain the true extent to which companies might have their money to get favour from the central government. Many Congress leaders, such as Manickam Tagore and Jairam Ramesh, also held that it was suspicious that only companies that donated funds to the BJP were given projects and contracts. The other problem is the fact that several of the big purchasers have been consistently under the radar of central agencies, facing frequent raids. This includes the top donor, Lottery company Future Gaming and Hotel Services, led by “Lottery King” Santago Martin, who donated a whopping Rs 1,368 crores. Many others also concern that large corporations may have donated money through shell corporations, in order to hide their involvement in any political favouritism. Congress MP Manish Tewari asked for a Supreme Court order to “lift” this corporate veil of shell companies to reveal the true purchasers of the bonds. Further, as per a Mint analysis, several donor companies who contributed massive amounts were found to be ‘inactive’, and thus the true details of the donors were not transparent at all. According to their report, this included entities such as Rungta Sons, SN Mohanty, Sasmal Infrastructure Private Limited, Avees Trading Finance, and others, whose collective contributions amount to hundreds of crores of Rupees. The official electoral bond data can be accessed via the <a href="https://www.eci.gov.in/candidate-politicalparty" data-type="tilCustomLink">Election Commission of India website</a>.

Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

New Delhi, A petition has been filed in the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> seeking contempt action against the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) alleging it "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The plea, filed by two NGOs, claimed SBI's application seeking extension of time till June 30 to disclose the details of electoral bonds encashed by political parties has been deliberately filed at the last moment to ensure that details of donor and the amount of donations are not disclosed to the public before the upcoming <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> elections. A bench headed by Chief Justice <keyword id="19936357" type="General" weightage="20" keywordseo="d-y-chandrachud" source="keywords">D Y Chandrachud</keyword> on Thursday took note of the submissions by advocate <keyword id="20027334" type="General" weightage="20" keywordseo="prashant-bhushan" source="keywords">Prashant Bhushan</keyword>, who appeared on behalf of NGOs Association for Democratic Reforms and Common Cause, that he wanted initiation of contempt proceedings against the SBI. Bhushan said the SBI's application is likely to be listed on March 11 and the contempt application should also be heard together with it. "Please send an e-mail. I will pass the order," the CJI said. The SBI moved the top court on March 4 seeking extension of time till June 30 to disclose the details of the electoral bonds that were encashed. In a landmark verdict on February 15, a five-judge constitution bench of the apex court had scrapped the Centre's electoral bonds scheme of anonymous political funding, calling it "unconstitutional" and ordering disclosure by the Election Commission of the donors, the amount donated by them and the recipients by March 13. Ordering closure of the scheme forthwith, the top court had directed the SBI, the authorised financial institution under the scheme, to submit by March 6 the details of the electoral bonds purchased since April 12, 2019 till date to Election Commission (EC), which will publish the information on its official website by March 13. In the contempt plea, the NGOs have said that two days before the expiry of the stated deadline, the SBI has filed an application seeking time till June 30 to comply with the directions. "It is submitted that the said application is mala fide and demonstrates a wilful and deliberate disobedience &amp; defiance of the judgement passed by the constitution bench of this court. It is further a clear attempt to undermine the authority of this court," it said. "The petitioner herein is filing the instant petition seeking initiation of contempt proceedings against State Bank of India for wilfully and deliberately disobeying the order dated February 15 passed by this court... wherein this court directed SBI to submit details of contribution made to the political parties through electoral bonds to the Election Commission of India by March 6," it said. It said the affidavit supporting the SBI's application has neither been sworn by the chairman or the managing director of the bank. It said SBI has the record of the unique number allotted to each electoral bond and the know your customer (KYC) details of its purchaser. "The requirement of the KYC is mentioned in section 4 of the EB scheme itself, therefore, the SBI is well aware of the identity of purchasers of each electoral bond," the plea said. It said as per clause 7 of the electoral bond scheme, information furnished by the buyer can be disclosed when demanded by a competent court. "As per clause 12 (4) of the scheme, electoral bonds have to be encashed within fifteen days failing which the amount of bonds not encashed are to be deposited by the bank to the PM relief Fund. Thus, it is inconceivable that SBI does not have the recorded information readily available within its data base," it said. The plea said electoral bonds are "completely traceable" which is evident from the fact that SBI maintains a secret number-based record of donors who buy bonds, and the political parties they donate to. It said as per information received through RTI, in 30 phases of electoral bonds sale, only 19 out of 29 SBI authorised branches sold electoral bonds and 14 SBI branches encashed them. "The data available as on January 2024 further shows that only 25 political parties had opened their account and are eligible for encashing electoral bonds. Therefore, compiling of this information should not be difficult as the system is already in place," it said. "It is mandatory that SBI furnishes all information relating to electoral bonds within stipulated time frame given by this court as voters will not be able to exercise their informed opinion properly during Lok Sabha 2024 if complete information about EBs is not shared with them," it said. The plea said any form of anonymity in the finances of political parties goes against the essence of participatory democracy and people's right to know enshrined under Article 19(1)(a) of the Constitution. It said availability of information about electoral bonds will give voters a chance to truly inspect, express and decide their choices. "This defiant approach of the SBI towards citizen's 'right to know' about huge sums of money received by parties through electoral bonds and corporates in a non-transparent and unaccountable manner is reprehensible and betrays its clear motive to stifle citizen's voice and right to audit actions of the political class, and therefore it should be held as serious breach of contempt by this court," it alleged.

Electoral bonds: Plea seeks contempt action against SBI for disobeying SC's order

<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices called ‘Wear N’ Play’. “The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third largest private bank launched a band, a key chain and a watch loop, which cost just ₹750 (around $10) apiece. <div type="image" title="image003(1)" msid="81443349" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s new line of wearable contactless payments devices&amp;lt;/p&amp;gt;"></div> Just as SBI collaborated with Titan, Axis Bank developed its devices in collaboration with Thales and Tappy Technologies. The new system should allow Axis Bank customers to make a transaction at any merchant who accepts contactless payments. The move comes within two months of the Reserve Bank of India (<a href="https://www.businessinsider.in/finance/news/rbi-hikes-limit-for-contactless-card-payments-from-2000-to-5000/articleshow/79542969.cms">RBI</a>) announcing that it is raising the limit for contactless payments from ₹2,000 to ₹5,000. However, there are still concerns around the safety of contactless payments. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of fees for Axis Bank wearable payments device </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issuance fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Replacement fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily purchase limit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover up to 100% purchase limit </td></tr></tbody></table>Source: Axis Bank Direct transactions without OTPs According to a survey conducted by global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, 50% of people are happy about the increase in limits but still have concerns about security and fraud. “This denotes that consumers tend to value security over convenience,” the report said. Leigh-Anne Galloway and Tim Yunusov from Cyber R&amp;D Lab showed how it was possible to bypass multi-factor authentication controls for tap-and-go transactions at a <a href="https://www.blackhat.com/asia-20/briefings/schedule/index.html#first-contact---vulnerabilities-in-contactless-payments-19359">Black Hat Asia</a> event in October 2020. They were able to devise various ways to get around payment limits. The bigger threat is to data privacy. Contactless systems collect an immense amount of data from users and that data can be used to track a person’s movements. While the systems themselves may be secure, all it would take is one wrong download or malware to sneak on to a user’s smartphone to gain access to whatever part of that data is stored on the device. How do wearable payment devices work? Wearables typically use near-field communication (NFC) or radio frequency identification (RFID) technology in order to link the device to a customer’s credit or debit card. This eliminates the need for them to touch public surfaces or the physical point of sale (POS) terminals. The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. Using chip-enabled cards to make the same transaction takes around 45 seconds, but wearables can undercut that time and pull a transaction through in just 10 to 15 seconds. According to global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, contactless payments are a key growth factor for digital payments in India going forward. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a> <a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

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