<keyword id="819905" type="COMPANY" weightage="20" keywordseo="Instagram">Instagram</keyword> has emerged as the most preferred social media platform among the Indian youth while YouTube garnered most attention amid pandemic, with 98 per cent of those surveyed installed it in their phones followed by <keyword id="128682" type="COMPANY" weightage="20" keywordseo="Netflix">Netflix</keyword> and <keyword id="758541" type="ORGANIZATION" weightage="20" keywordseo="Amazon-Prime">Amazon Prime</keyword>, a new report said on Friday. Although the survey size was small (1154 respondents), the report by Youth Online Learning Organization (YOLO) said that nearly 80 per cent of the respondents were consuming social media when online. While 70 per cent opted for Instagram, 20 per cent reported <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> as their first choice. It further brought forward the concerns and challenges of using the Internet which included lack of awareness about the healthy and responsible consumption of the internet. Nearly 30 per cent of those surveyed accepted to have shared <keyword id="128617" type="PERSON" weightage="20" keywordseo="sensitive-information">sensitive information</keyword> on the Internet. "The majority of the respondents were non-adult users and had their own smartphones to surf through the net. This shows the power of the internet and its medium and how it can initiate ripples of change if used wisely while targeting the right audience," said Prem Prakash, Co-founder, YOLO. "It is high time for OTT platforms to start using their platform for a good cause and work towards creating a social change via their content". The survey conducted by YOLO along with IGPP (Institute for Governance, Policies &amp; Politics) and Social Media Matters (SMM) found that 75 per cent of the respondents use the Internet for their academic activity, followed by entertainment through video streaming and OTTs. "We request the social media and OTT platforms to pay heed to what floats on their portal because it could lead to an impact, positive or negative, that solely depends on their content," said Vikram Singh, Co-Founder, Social Media Matters. The study found that there is a need to promote awareness and capacity development programmes among youth to promote awareness about safe and healthy Internet usage. "Almost 85 per cent non-adult users have their own phones. More than 49 per cent user spent around 5 hours a day and around 30 per cent used it for more than 6 hours a day. This is alarming and very high usage for the young population," said Dr Manish Tiwari, Senior Fellow, IGPP. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbis-mpc-keeps-the-policy-rates-unchanged-to-maintain-accommodative-stance-for-inflation/articleshow/78566955.cms">RBI says it has decided to 'look through' the current 'high inflation' as it won’t last long⁠ but leaves interest rates unchanged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-beats-accenture-to-become-the-worlds-most-valuable-it-services-company/articleshow/78566487.cms">TCS beats Accenture to become the world’s most valuable IT services company — but this not the first time it has raced ahead</a> <a href="https://www.businessinsider.in/india/news/union-minister-ram-vilas-paswan-dies-at-74/articleshow/78558640.cms">India's consumer affairs minister Ram Vilas Paswan passes way at 74</a> <a href="https://www.businessinsider.in/science/space/news/mars-will-appear-bigger-redder-and-brighter-on-october-13-and-wont-get-this-close-to-earth-again-until-2035/articleshow/78556539.cms">Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035</a>

Instagram most preferred platform among Indian youth — nearly 30% share sensitive information online

<ul><li>The Indian government may ask foreign crypto exchanges to pay 18% Goods and Services Tax (GST) on transactions with its citizens.</li><li>For local crypto exchanges, the 18% tax is usually built into the trading fee charged to customers — akin to how brokerages change conventional stock trading.</li><li>India was also reportedly mulling over charging a 2% equalisation levy on transactions with foreign crypto exchanges earlier this month.</li></ul>With the Indian government mulling over new laws to regulate <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> in the country, the indirect tax department is looking into whether overseas exchanges need to pay the Goods and Service Tax (GST) at 18%. The 18% slab is meant for capital goods and industrial intermediaries, among other times, while the highest slab of 28% applies to luxury goods, like automobiles. It’s the same as the tax on brokerage with trading in conventional shares on the stock market. Indian <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> already charge their users GST. The tax is built into the trading fee that exchanges add to the buying price of Bitcoin, Ethereum and more. The exchanges pay GST to the government as part of their general tax payments. However, crypto exchanges based outside of India are currently curtailing paying these taxes, according to the Economic Times (<a href="https://economictimes.indiatimes.com/tech/tech-bytes/crypto-tax-overseas-crypto-exchanges-may-face-18-additional-gst-in-india/articleshow/84045569.cms">ET</a>). And, in order to bring them under the tax umbrella, the Indian government could categorise overseas crypto exchanges with Indian users as Online Information Database Access and Retrieval (<a href="https://www.cbic.gov.in/resources//htdocs-cbec/gst/OIDAR.pdf;jsessionid=387EC0A82F9E043A07073C92159199EB">OIDAR</a>) services. What is OIDAR? OIDAR rules <a href="https://www.cbic.gov.in/resources//htdocs-cbec/gst/OIDAR.pdf;jsessionid=387EC0A82F9E043A07073C92159199EB">state</a> that any digital or data service provided to Indians or people based in India should be taxed, even if there’s no physical interface. This way the supplier of a service from a non-taxable territory can be liable for GST payments. The government justifies the tax as a way of leveling the playing field. If a service is being provided by local players, and by overseas players, one should not be paying more tax than the other. “The overseas suppliers of such services would have an unfair tax advantage should the services provided by them be left out of the tax net,” says the government circular. The only thing that is required for the law to come into effect is that the ‘subject’ of the supply — that is, the consumer — should be located in India. Questions still unanswered While it may make sense to have local and overseas crypto exchanges on the same level, there is still an ongoing debate over whether cryptocurrencies are a financial asset, security or a currency. It’s also unclear whether the 18% GST slab will be applicable to all transactions or only on the margins. Right now, the 18% GST charged by conventional brokerages is only on the margins or the commission taken by the company — not the entire transaction. A report from last month had also argued that exchanges outside the country may be subject to a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">2% equalisation levy</a> as well, which would raise the price of cryptocurrency for Indian buyers. This tax is meant to have foreign entities doing business in India pay tax to the country, instead of only paying in their home countries. The race to bring in taxes for cryptocurrencies comes after the industry saw a boom of interest during the pandemic. Bitcoin hit an all time high earlier this year behind the fear, uncertainty and doubt (FUD) about its future in India. Several ministers have mentioned the fact that cryptocurrencies do not fall under any regulatory purview. In February, Minister of State for Finance and Corporate Affairs, Anurag Thakur, had <a href="https://www.businesstoday.in/latest/corporate/story/cryptocurrencies-are-neither-currency-nor-commodity-will-bring-bill-soon-anurag-thakur-287072-2021-02-09">said</a> that neither the Reserve Bank of India (RBI) nor the Securities and Exchange Board of India (SEBI), have regulatory oversight over these assets, since they aren’t issued by an identifiable user. This means that tomorrow if there is a scam or huge loss of wealth, these authorities may not be able to do much about it since the nature of cryptocurrencies is still undefined — akin to the conundrum <a href="https://www.businessinsider.in/cryptocurrency/news/south-africas-4-billion-in-crypto-scams-has-regulators-scrambling-to-bring-in-new-regulations-within-the-next-three-to-six-months/articleshow/84015957.cms">South African financial authorities are currently facing</a> after the largest crypto heist in history. A solution for this could be to classify crypto as an asset class, which would put it under the purview of various authorities — an idea that other central banks and authorities have also been <a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms">exploring</a>. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-is-working-on-a-new-app-to-let-you-store-your-medical-records/articleshow/84059948.cms">Google is working on a new app to let you store your medical records</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-official-download-link-how-to-update-bgmi-rewards/articleshow/84058116.cms">Battlegrounds Mobile India launched officially – here’s how to update, claim rewards and more</a> <a href="https://www.businessinsider.in/business/startups/news/failure-to-pivot-covid-19-blues-force-amazon-backed-shuttl-to-look-for-a-buyer/articleshow/84056797.cms">Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer</a>

Foreign crypto exchanges in India may have to pay 18% GST as the government mulls over taxation

Following are the top business stories of the day TCS Q3 net profit marginally up at Rs 8,118 cr: Country's largest software services major Tata Consultancy Services (TCS) on Friday reported a muted 0.2 per cent growth in consolidated net profit at Rs 8,118 crore for the third quarter ended December 2019. Iran, India can look at barter trade in agriculture: Mohammed Javad Zarif
Mumbai: Iran's Foreign Minister Mohammad Javad Zarif on Friday pitched for barter trade with India in the agriculture sector as well as setting up of Indian banks in the country which will also enable Iranian businesses to carry out transactions in rupee and rial.
 All foreign investments must adhere to law of the land: Goyal on Amazon row
Ahmedabad: A day after stating that Amazon was not doing any favour to India by investing one billion dollars, Union minister Piyush Goyal on Friday said the country welcomes all kinds of investments that follow the "letter and spirit" of the law. Rupee drops 15 paise to 71.08 against US dollar: The Indian rupee furthered its losses for the second day, dropping 15 paise to close at 71.08 against the US dollar on Friday amid strengthening of the American currency overseas and rising crude prices.
 INDIA
Amazon to create one million jobs in India by 2025, says Bezos: World's largest online shopping platform Amazon on Friday announced plans to create one million new jobs in India over the next five years as it firefights comments from Commerce Minister Piyush Goyal on the firm not doing a favour to the country by making the investments. Market ends flat; banks slide on NPA concerns after top court's AGR ruling: Market gauges Sensex and Nifty gave up early gains to close on a flat note on Friday as investors moved to the sidelines amid concerns that the Supreme Court ruling on telecom AGR issue might further aggravate stressed assets problem in the banking sector.
 Telecom dues: Curative petitions rarely admitted, say analysts: With just one week left for them to pay over Rs 88,600 crore in past dues, Bharti Airtel and Vodafone Idea are left with last legal remedy of filing a curative petition but such petitions are rarely admitted by the Supreme Court, analysts said on Friday.
 RBI should act as lender of last resort, provide liquidity to NBFCs: SBI: With difficulties in NBFC sector continuing, economists at SBI on Friday pitched for the Reserve Bank to play its role as the lender of last resort, something the central bank has avoided since the start of troubles in 2018.

DCM33 BIZ-2LD PIRAMAL-DRG
Piramal sells DRG business to Clarivate Analytics for USD 950 mn
New Delhi: Ajay Piramal-led Piramal Enterprises has signed an agreement for sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore), and will use the money to reduce debt and to explore organic and inorganic growth opportunities. 
 Vodafone Idea shares nosedive nearly 26 pc; m-cap drops by Rs 4,367 cr post SC order: Shares of Vodafone Idea on Friday plunged nearly 26 per cent after the Supreme Court dismissed telcos' plea seeking review of its earlier order asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23.

Business Wrap: TCS Q3 Net profit up 0.2%, RIL Q3 net profit up 13.5% and other top business news of the day

<ul><li>Chris Daniels, the CEO of <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword>, submitted a formal request to <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s central bank last month to allow the messaging platform to offer payment services to all its Indian users. </li><li>WhatsApp commenced the pilot phase of its Indian payments service earlier this year and currently offers the service to one million users. </li><li>India’s <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> space is a rapidly expanding market and is expected to total $1 trillion by 2023, according to Credit Suisse. </li></ul> The wait for WhatsApp’s full-fledged digital payments licence in India continues. Chris Daniels, the CEO of WhatsApp, submitted a formal request to India’s central bank last month to allow the messaging platform to offer payment services to all its Indian users, according to the Press Trust of India. WhatsApp commenced the pilot phase of its Indian payments service <a href="https://www.businessinsider.in/whatsapp-rushing-to-launch-its-payments-feature-in-india-next-week/articleshow/64386826.cms">earlier this year</a>. It currently offers the service, which is compliant with the government’s <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (UPI), to one million users. Once it receives approval from the Reserve Bank of India, it will expand access to the service to all 200 million of its Indian users. The impetus behind the move is to make the transfer of cash as easy as sending a message. In the letter, Daniels said that WhatsApp and its banking partners had fulfilled all the security requirements for its payments service. New leader, large checklist WhatsApp recently hired its first Indian head of operations, <a href="https://www.businessinsider.in/heres-what-whatsapp-india-head-will-take-on-as-it-sets-out-to-establish-its-first-full-country-team/articleshow/66751310.cms">Abhijit Bose</a>, from the payments industry following instructions from the Indian government to set up <a href="https://www.business-standard.com/article/companies/whatsapp-payments-hits-new-hurdle-govt-asks-comp-to-set-up-office-in-india-118080100128_1.html">a local office for its Indian operations</a>. Bose, who is the co-founder of point-of-sales mobile payment service EzeTap, has his work cut out for him in the next few months. The Indian government has mandated the local storage of citizens’ data, a condition that WhatsApp is in the <a href="https://www.businessinsider.in/whatsapp-gives-in-to-indias-data-localisation-policy/articleshow/66135946.cms">process of complying with</a>. In addition to data storage norms, WhatsApp will also have to weather a hit to its reputation in India following revelations that the service has been used to spread fake news resulting in mob-facilitated violence. This entails a comprehensive strategy to fight the spread of misinformation on its platform. Quick fixes that the service has implemented include the identification of all message forwards and limiting the ability to forward a message to more than five people at once. Enough pie to go around? India’s digital payments space is a burgeoning market and everyone wants a bigger slice of the growing pie, which Credit Suisse estimates will <a href="http://www.pib.nic.in/Pressreleaseshare.aspx?PRID=1540879">total $1 trillion by 2023</a>. At the end of September, Warren Buffett’s Berkshire Hathaway invested <a href="https://www.livemint.com/Companies/IzWIIJDec1NieTWjRZPPSL/Paytm-raises-300-million-from-Berkshire-Hathaway.html">$300 million</a> in market leader Paytm. That was roughly a month after Amazon bolstered its own payments business in India with the <a href="https://www.businessinsider.in/amazon-india-is-buying-tapzo-to-ramp-up-its-digital-payments-business/articleshow/65593792.cms">acquisition of Tapzo</a>. Meanwhile, Google, which launched its UPI-based Tez payment service (now Google Pay) a year ago, is planning an expansion into <a href="https://techcrunch.com/2018/08/28/google-is-supercharging-its-tez-payment-service/">the retail and microfinance space</a>. The entry of Whatsapp into the Indian digital payments market is bound to scare incumbents like Paytm and Google Pay. The service is the preferred messaging platform for most Indians with smartphones and hence, its payments service should have no difficulty gaining traction with individuals and small businesses. SEE ALSO: <a href="https://www.businessinsider.in/whatsapp-gives-in-to-indias-data-localisation-policy/articleshow/66135946.cms">WhatsApp gives in to India’s data localisation policy</a> <a href="https://www.businessinsider.in/india-plans-on-handing-over-the-reins-of-data-privacy-to-the-telecom-industry-watchdog/articleshow/66416519.cms">India plans on handing over the reins of data privacy to the telecom industry watchdog</a> <a href="https://www.businessinsider.in/whatsapp-rushing-to-launch-its-payments-feature-in-india-next-week/articleshow/64386826.cms">WhatsApp rushing to launch its payments feature in India next week</a>

WhatsApp is trying to make payment services available to all its users in India

<ul><li><keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> will add product catalogs, allowing businesses to showcase their products on the platform. </li><li><keyword id="4936066" type="PERSON" weightage="20" keywordseo="whatsapp-business">WhatsApp business</keyword> was introduced in India in January 2018. </li><li>The company’s payments platform WhatsApp pay is live in India in its beta version.</li></ul><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>, at the F8 developer conference, revealed that WhatsApp, which has integrated payments into its app in India, will soon enable <keyword id="6357762" type="UNKNOWN" weightage="20" keywordseo="online-shopping">online shopping</keyword>. With this move, the messaging app is likely to become an even bigger part of Facebook’s India business. Facebook will soon allow businesses to add a product catalogue on WhatsApp. “With catalogs, businesses can showcase their goods so people can easily discover them,” <a href="https://www.gadgetsnow.com/tech-news/facebook-to-add-shopping-features-to-whatsapp/articleshow/69121382.cms?utm_source=toiweb&amp;utm_medium=referral&amp;utm_campaign=toiweb_hptopnews">claimed Facebook.</a> WhatsApp business had been successfully running in India. It has been available on Android since January 2018; iPhone users got the feature only in April 2019. Ever since the launch, many big businesses had <a href="https://www.financialexpress.com/industry/technology/whatsapp-business-crosses-5-million-users-mark/1454128/">added</a> to ride WhatsApp’s immensely popularity in India. It has over 200 million active users in India and over 1.5 billion users globally, as of <a href="https://www.firstpost.com/tech/news-analysis/whatsapp-surpasses-facebook-in-terms-of-monthly-active-users-india-top-market-5918841.html">February 2019</a>. So much so that Mark Zuckerberg himself recently expressed fears that the messaging app may <a href="https://www.businessinsider.in/facebooks-zuckerberg-says-whatsapp-can-cannibalise-public-social-platforms/articleshow/69058552.cms">overshadow</a> Facebook in India. The most significant part of the Facebook’s evolving deck in India is WhatsApp pay. While most digital wallets took years and spent millions to acquire customers, WhatsApp will begin with an existing customer base of over 200 million in India. The feature is live in its beta version in India, and having seen a successful phase in India, Zuckerberg <a href="https://www.thequint.com/tech-and-auto/tech-news/facebook-f8-2019-developers-conference-whatsapp-payments-india">announced</a> that the payments feature will soon be available in other countries. This puts WhatsApp in the Indian e-commerce space, which is already led by players like <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> India, Flipkart, Paytm etc. Two of these – Amazon and Paytm – have presence in both payments and e-commerce just like WhatsApp. Amazon had introduced Amazon Pay which also recently entered peer to peer payments space. WhatsApp had also faced a few hiccups in India, with the RBI asking the company to store data locally. The company had then <a href="https://www.moneycontrol.com/news/business/whatsapp-to-follow-rbi-norms-on-payment-data-storage-report-3788201.html">agreed </a>to save the data of WhatsApp pay users on servers in India. See Also: <a href="https://www.businessinsider.in/facebooks-zuckerberg-says-whatsapp-can-cannibalise-public-social-platforms/articleshow/69058552.cms">Zuckerberg claims that WhatsApp has the power to 'cannibalise' public social platforms</a> <a href="https://www.businessinsider.in/whatsapp-group-new-feature-asks-for-user-consent/articleshow/68708123.cms">Finally, WhatsApp will demand ‘consent’ before adding people to random groups</a>

Facebook will now compete with Amazon as WhatsApp is set to offer online shopping

(Eds: Combining related stories) New Delhi, Mar 31 () Seeking to ease hardships faced by people during the ongoing lockdown, several banks on Tuesday initiated steps to effect the RBI-suggested moratorium on loans taken by their customers and e-retailers began deliveries, but job losses and pay cuts continued to haunt many even as authorities promised special facilities, including for migrant labourers. As the 21-day nationwide lockdown entered its seventh day, the Centre also asked all states and Union Territories to ensure normal functioning of banks and ATMs during the lockdown period and said the Rs 27,500-crore financial package under the Prime Minister Garib Kalyan Yojana will be disbursed in coming days. Separately, several public sector banks said they have started sensitising their branches about three months' moratorium on all term loans, including home, auto and crop loans, to help customers in overcoming financial difficulties due to the coronavirus outbreak and the subsequent nation-wide lockdown. Similar steps are expected from the private sector banks also. The Retailers Association of India, however, complained that banks are unwilling to extend the three-month moratorium to borrowers even after four days of it being announced. It sought the RBI's intervention in the matter. Some telecom companies also announced free talk time and free SMSes for a limited period, especially for the low-income group customers and those distressed during nationwide COVID-19 lockdown. Ride-hailing platform Ola said it will offer interest-free credit of up to Rs 3,600 to driver-partners to help them meet immediate household expenses amid the coronavirus pandemic. E-commerce companies like Amazon and Grofers are also gradually resuming services across various cities they operate in but it will still be at least a week or so before they can clear the pending orders, according to industry executives. However, job losses remained the biggest worry for many, for those working in the services sector as well as the contract labourers in the manufacturing plants most of which have been shut due to the pandemic. Besides, the Union Home Ministry said over 21,000 relief camps have been made operational in the country where more than 6.6 lakh destitute people and those stranded because of the COVID-19 lockdown are sheltered as of now. Punya Salila Srivastava, a joint secretary in the ministry, told reporters during a daily briefing on the coronavirus and lockdown situation that over 23 lakh people are also being provided food at these camps and other locations. Separately, the Supreme Court asked the government to prevent migration of people due to coronavirus and said "panic will destroy more lives than the virus". It asked the Centre to get trained counsellors and community leaders of all faiths to calm down the migrants kept in shelter homes across the country. The court said these shelters should be run by volunteers and not the police, and there should be no use of force and intimidation. Experts, meanwhile, said domestic violence cases in India have increased since the lockdown began with husbands venting their frustration on wives, who have no escape from their abusers. India has been under a three-week lockdown since March 24 with its 1.3 billion people instructed to stay home in view of the coronavirus outbreak, which has claimed 32 lives and infected over 1,200 people in the country. The National Commission for Women (NCW), for instance, received 58 complaints from March 23 to March 30. Many of these complaints have come from north India, particularly Punjab, said NCW chairperson Rekha Sharma. In Kerala, the state government has decided that special passes will be issued for tipplers to buy liquor but on doctor's prescription that they are showing withdrawal symptoms due to non-availability of alcohol in view of the coronavirus lockdown. At least three men in Kerala have committed suicide after allegedly showing alcohol withdrawal symptoms within days after liquor stores shut the doors. Similar incidents have been reported in other parts of the country including in neighbouring Telangana and Karnataka. Kerala has the highest per capita consumption of alcohol in the country. The sale of liquor in the state has continued on an upward spiral despite the prohibitive tax on legal alcohol and the many dry days. At the same time, more companies announced pay cuts for their staff, while a large number of people, including the contract workers and daily wagers, have already been rendered jobless. Budget carrier SpiceJet has decided to cut up to 30 per cent salary of its employees in March, though the company told its staff that Chairman Ajay Singh has opted for the highest 30 per cent cut in compensation. In the US also, foreign IT professionals, a majority of them Indians with H-1B visas, have urged the Trump administration to extend their permissible stay from 60 to 180 days after job loss, amidst the massive layoffs in America due to the coronavirus pandemic. The H-1B visa, most sought after among the Indian IT professionals, is a non-immigrant visa that allows the US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. A record 3.3 million Americans have filed initial jobless claims for the week ending March 21. TEAM BJBJ

Lockdown Day 7: Banks begin loan moratorium measures, but concerns mount over job losses and pay cuts

<ul><li>In order to get rid of germ-ridden cash, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is asking people to switch to <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>. </li><li>For the campaign, India Pay Safe, NPCI CEO Dilip Asbe shared a video and was soon joined by several other payment leaders.</li><li>Earlier the Reserve Bank of India too had asked people to switch to digital payments.</li></ul>The National Payments Corporation of India (NPCI) started a campaign to boost digital payments, so that people will stop exchanging cash which could spread <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Called ‘India pay safe’, the campaign asked people to switch to digital payments. NPCI CEO Dilip Asbe shared a video for the campaign <div type="twitter" handle="dilipasbe" handlename="Dilip Asbe" image="http://pbs.twimg.com/profile_images/1185223289901174786/QwO2CR0x_normal.jpg" favoritecount="518" retweetcount="73" status="A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact #IndiaPaySafe… https://t.co/FdkQlEuqYV" createdat="1584549409000" id="1240316238422654976"></div>

 And, he was soon joined by several other digital payments leaders from Pine Labs, Amazon Payments and PhonePe. <div type="twitter" handle="amrishrau" handlename="Amrish Rau" image="http://pbs.twimg.com/profile_images/863770631564705792/-bNwXzUb_normal.jpg" favoritecount="114" retweetcount="18" status="Payment karo Digital karo @PMOIndia @narendramodi @UPI_NPCI #covid19 #UPIChalega #indiapaysafe @PineLabs https://t.co/AdM0EOBclb" createdat="1584542913000" id="1240288992035131392"></div>

 <div type="twitter" handle="_sameernigam" handlename="Sameer.Nigam" image="http://pbs.twimg.com/profile_images/1226752315194896386/-vXoiacz_normal.jpg" favoritecount="266" retweetcount="62" status="A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact #IndianPaySafe… https://t.co/APSL3c07ys" createdat="1584544136000" id="1240294121375293441"></div>

 <div type="twitter" handle="maneshm" handlename="Manesh Mahatme | मनेश महात्मे" image="http://pbs.twimg.com/profile_images/1135210137176592384/S1NUeI___normal.jpg" favoritecount="19" retweetcount="9" status="Social Distancing is key to prevent the spread of this virus. Stay safe when paying for your daily needs. Let’s win… https://t.co/ONiSAZosRV" createdat="1584585434000" id="1240467336970170368"></div>

 As more and more people are staying home because of coronavirus, online transactions have seen a boost. Instead of venturing out, people are ordering food, groceries, everything online, and switching to digital payment methods. India’s central bank the Reserve Bank of India too issued an alert asking people to use digital payments as much as possible. "In the context of COVID 19, RBI and the government together are giving emphasis on encouraging digital payments. And over a period of time, various measures have already been taken to establish a safe, secure, stable and affordable retail payment system such as the National Electronic Fund Transfer (NEFT) and the Immediate Payment Service (IMPS),” said RBI governor <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms">Shaktikanta </a>Das at a press briefing on March 16. In America too, where the number of coronavirus cases have shot up, people are switching to <a href="https://www.cnbc.com/2020/03/18/germ-ridden-cash-may-boost-use-of-contactless-payments.html">contactless payments</a>. Meanwhile, <a href="https://www.businessinsider.com/south-korea-burning-cash-amid-coronavirus-outbreak-2020-3?IR=T">reports say</a> that in South Korea, its central bank – the Bank of Korea – was burning and disinfecting cash to stop the spread of the deadly virus. “Not only will things change at individual level but even company level. Many companies have been undergoing a digital transformation, or promoting new technologies such as self-checkout (eg- lifestyle stores), will see more rapid adoption of digital payments to reduce the risks of transmitting the virus through human interactions,” said Mandar Agashe, MD and founder of Sarvatra Technologies. See Also: <a href="https://www.businessinsider.in/topic/coronavirus">coronavirus: Latest News, Articles on coronavirus | Business Insider India</a>

NPCI starts a campaign for digital payments called ‘India pay safe’, asking people to ditch cash during coronavirus

<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

<ul><li>This is the highest number of monthly <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> transactions ever since the launch of this digital payments system in 2016.</li><li>The payments platform witnessed transactions worth ₹9.83 lakh crore last month.</li><li>The payments system recorded over 45 billion transactions worth ₹84 lakh crore in the fiscal year 2022.</li></ul>The data shared by the National Payments Corporation of India (NPCI) has revealed that 5.58 billion transactions were carried out through Unified Payments Interface (UPI) in April 2022. This is the highest number of monthly UPI transactions ever since the launch of this digital payments system in 2016. The payments platform witnessed transactions worth ₹9.83 lakh crore last month. In comparison, UPI registered 5.4 billion transactions worth ₹9.6 lakh crore in March 2022, which means that the volume of transactions grew 3.28% and the value of transactions dipped 2.36% in April. UPI is among the most popular digital payments methods available in the country at the moment. After all, the system has been designed to enable payments in a matter of seconds. The payments system recorded over<a href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms#slideid=90595911"> 45 billion transactions worth ₹84 lakh crore</a> between April 2021 and March 2022, or the fiscal year 2022. This was nearly double of 22 billion transactions worth ₹41 lakh crore that was carried out in the previous fiscal year. <div type="image" title="UPI reaches new heights with 5.58 billion transactions in April 2022" msid="91250092" hostid="261"></div> Walmart-owned <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms#:~:text=at%2020%20billion-,WhatsApp%20carried%20out%20only%2017%20million%20UPI%20transactions%20last,PhonePe%20was%20at%2020%20billion&amp;text=Over%2045%20billion%20transactions%20were,April%202021%20and%20March%202022.">PhonePe has facilitated the most UPI transactions</a> over the last two fiscal years. According to simple calculations based on the monthly payments data shared by NPCI, PhonePe carried out 20.7 billion UPI transactions in FY2022, which roughly represented 46% of the overall transactions. It was followed by Google Pay, which facilitated 35%, or 15.8 billion, of such transactions. It was followed by Paytm, or rather Paytm Payments Bank, with 13% market share. WhatsApp carried out 17 million transactions last fiscal year. <div type="image" title="UPI reaches new heights with 5.58 billion transactions in April 2022" msid="91250080" hostid="261"></div> NPCI is expected to share the app-based data for April in the second week of May. In order to further spread the usage of UPI, the Reserve Bank of India’s (RBI) has enabled the payment method for feature phone users and in offline mode with the launch <a href="https://www.businessinsider.in/india/news/rbi-launched-upi123pay-here-is-how-upi-would-work-on-feature-phones/articleshow/90073275.cms">UPI123Pay</a> in March 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/sustainability/news/amid-global-ecological-crisis-these-five-indian-women-ecopreneurs-are-building-innovative-green-businesses-for-a-greener-future/slidelist/91248462.cms">Amid global ecological crisis, these five Indian women ecopreneurs are building innovative green businesses for a greener future</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-tata-motors-maruti-yes-bank-among-stock-to-watch-out-for-on-may-2/slidelist/91247715.cms" data-type="tilCustomLink">Wipro, Tata Motors, Maruti, YES Bank among stock to watch out for on May 2</a> <a href="https://www.businessinsider.in/business/news/amazon-summer-sale-to-begin-on-may-4-2022-big-offers-on-smartphones-and-laptops/articleshow/91249886.cms" data-type="tilCustomLink">Amazon Summer Sale to begin on May 4 – offers on smartphones, laptops, appliances and more</a>

UPI reaches new heights with 5.58 billion transactions in April 2022

<ul><li>Banks in India cannot charge interest on the interest accrued during the period for which borrowers were allowed to pause repayments.</li><li>The Reserve Bank of India (RBI) had allowed borrowers to defer their payments in the wake of the economic crisis following the COVID-19 pandemic.</li><li>However, while the repayments had paused, interest continued to be accrued to the banks, and hence, the borrower would have had to shoulder the entire burden eventually.</li><li>With this ruling, the top court has also said that any amount collected as <keyword id="9418862" type="UNKNOWN" weightage="20" keywordseo="interest-on-interest">interest on interest</keyword>, shall be refunded to the borrower.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>India’s apex court has ordered the waiver of interest on interest on all loans under moratorium, not just those amounting to ₹2 crore. “We are of the opinion that there shall be no interest on interest or compensation interest during the moratorium period irrespective of loan amount. Any such amount collected shall be refunded,” said Justice MR Shah according to <a href="https://twitter.com/barandbench/status/1374231762759393284">Bar &amp; Bench.</a> He added that if a refund is not possible, the interest on interest collected shall be adjusted in the next instalment payable. However, the court did suggest that compound interest may be charged in cases of deliberate and wilful defaulters. The court also declared that there will be no extension of the moratorium period or the offer to restructure loans. <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> turns down requests for waiver of total interest and sector-specific relief While the Supreme Court has waived interest on interest for all loans, irrespective of the amount, borrowers will still have to pay the interest on the principal amount even during the moratorium period. The bench explained that the waiver of total interest is not possible since banks have to pay interest to account holders and pensioners. It added that if any sector-specific relief has to be given, it will be given by the RBI. Further reliefs over and above the packages already offered won’t come by way of the Supreme Court’s judgement. The power sector, for instance, wanted the court to <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-case-indias-power-sector-players-want-the-supreme-court-to-plug-the-loopholes-in-rbis-restructuring-scheme/articleshow/79301830.cms">‘plug’ the loopholes</a> in RBI’s restructuring scheme. Similar requests were made by the real estate sector, educational institutions, mall owners and other industries that bore the brunt of the COVID-19 pandemic. The court explained that it does have the necessary expertise to interfere in these matters. The economic packages and relief that are to be provided fall within the scope of the RBI and the government. "The Court will not embark upon an inquiry on whether public policy is wise or better policy can be evolved. Economic and fiscal policies are not amenable to judicial review and merely because a sector is not satisfied with a policy decision, cannot be the reason for interference unless there are malafides and arbitrariness in the said policy decision," said the Supreme Court’s order. The story so far In March last year, the RBI had announced that borrowers impacted by the COVID-19 pandemic are eligible to defer the interest payments on their loans until 31 May 2020. The move was intended to provide relief to individuals and businesses who were impacted by the COVID-19 pandemic without turning into a bad loan or non-performing asset (NPA). As the pandemic continued and economic growth contracted further, the RBI extended the moratorium period to 31 August 2020. However, as they say — there’s no such thing as a free lunch. Banks were ready to defer interest payments, but were charging compound interest on the delay, adding to the burden of borrowers in the long run. After outcry from the public, the Indian government then issued a notice waiving the interest on loans of up to ₹2 crore for eight categories of borrowers. But, this did not hit the right note with borrowers who were not covered within this net leading petitioners to file please with the Supreme Court for further relief. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/supreme-court-orders-to-pause-all-cases-against-netflix-amazon-prime-and-others-in-high-courts-across-india/articleshow/81647182.cms">Supreme Court orders to pause all cases against Netflix, Amazon Prime and others in High Courts across India</a> <a href="https://www.businessinsider.in/personal-finance/news/your-take-home-salaries-could-shrink-sharply-in-april-with-indias-new-definition-of-wages/articleshow/81631662.cms">Your take-home salaries could shrink sharply from April with India’s new definition of wages — but companies are hoping for a delay</a>

India's Supreme Court waives compound interest on ALL loans put under moratorium due to COVID-19 pandemic

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Friday said it would hear on November 23 the plea filed by Rajya Sabha MP Binoy Viswam seeking direction to the RBI for framing regulation to ensure that data collected on UPI platforms is not "exploited" or used in any manner other than for processing payments. The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian which listed it for hearing next week. On October 15, the apex court had sought responses from the Centre, Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and others including Google Inc, Facebook Inc, WhatsApp and Amazon Inc on the plea. Viswam, the Communist Party of India (CPI) leader, has sought a direction to the RBI and the NPCI to ensure that data collected on Unified Payments Interface (UPI) platforms is not shared with their parent company or any other third party under any circumstances. "In India, the UPI payments system is being regulated and supervised by Respondent no. 1 (RBI) and Respondent no. 2 (NPCI), however the RBI and the NPCI instead of fulfilling their statutory obligations and protecting and securing the sensitive data of users are compromising the interest of the Indian users by allowing the non-compliant foreign entities to operate its payment services in India," the plea has alleged. "The RBI and NPCI have permitted the three members of 'Big Four Tech Giants' i.e. Amazon, Google and Facebook/WhatsApp (Beta phase) to participate in the UPI ecosystem without much scrutiny and in spite of blatant violations of UPI guidelines and RBI regulations," it claimed. The plea has alleged that this conduct of RBI and NPCI put the sensitive financial data of Indian users at huge risks, especially when these entities have been "continuously accused of abusing dominance and compromising data", among other things. It said these allegations have become particularly worrisome at a time when India has banned host of Chinese applications on the ground that those applications were or could be used for data theft and could lead to security breaches. It has further sought a direction that RBI and NPCI should ensure that WhatsApp is not permitted to launch full scale operations of 'WhatsApp Pay' in India without fulfilling all legal compliances to the satisfaction of the court regarding requisite regulatory compliances. It said that in April 2018, the RBI, with a view to secure the data of Indian users, had issued a circular directing all system providers to ensure that entire data relating to payment systems operated by them are stored in systems only in India and they were asked to ensure compliance by October 15, 2018. The plea claimed that later, the RBI toned down the April 2018 circular by issuing Frequently Asked Questions (FAQs) and permitted processing of all payment transaction abroad, including domestic transactions. In the said FAQ it was clarified that in cases of data processing done abroad, the data should be deleted from the systems abroad and brought back to India within 24 hours, the plea said. It has sought the apex court's direction to declare the FAQ dated June 26, 2019 issued by the RBI as ultra vires to the circular dated April 6, 2018. The plea referred to another pending petition in the apex court and said that in that matter, the counsel appearing for WhatsApp had undertook that his client would not go ahead with payment services without complying with all the regulation in force. It alleged that Google and Facebook already have access to "immense personal data of millions of Indian users" and if they are permitted to collect "unrestricted financial data" of Indian users while operating at the UPI platform, the same would give them "draconian control" over sensitive Indian data. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/mumbais-massive-power-cut-last-month-may-have-been-the-work-of-hackers/articleshow/79318282.cms">Mumbai’s massive power cut last month may have been the work of hackers</a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-shares-jump-after-selling-stake-in-indus-towers-for-3760-crore/articleshow/79316662.cms">Vodafone Idea soars nearly 5% on fund infusion from Indus Towers stake sale</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a>

Plea for regulation to ensure UPI data is not 'exploited' to be heard by the Supreme Court on November 23

New Delhi, Mar 16 () Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18. "We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services," Yes Bank said in a tweet. "You will also be able to access all our digital services &amp; platforms @RBI @FinMinIndia," it said. The government on Saturday notified the reconstruction plan for cash-strapped Yes Bank and said the moratorium will be lifted by 18:00 hrs on March 18, much earlier than the earlier date of April 3. "The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said. The lender has posted a net loss of Rs 18,654 crore for third quarter ended December 31 due to huge provisioning for bad loans. It had posted a profit of Rs 1,001.8 crore during December quarter of 2018-19. "You will be able to use your YES BANK cards and accounts across wallets like Paytm, Amazon Pay and Freecharge among others from March 18, 2020, 18:00 hours," the bank said in an FAQ on its website. Besides, the customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts including Yes Bank accounts. "Outward NEFT/IMPS/RTGS will resume from March 18, 2020, 18:00 hours. The limits for transactions across digital channels will continue to remain what they were prior to the imposition of the moratorium. However, from March 19, 2020 post commencement of banking hours, transactions at branches will not have any limits," it said. Among others, customers will be able to pay towards their utility bills and use the UPI platform, Google Pay and PhonePe, Paytm, Amazon Pay, Freecharge. "You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same. You will be also able to access all services available through digital channel/platforms (Net Banking/ Mobile Banking etc)," it added. Customers can also initiate "stop a payment" service, Yes Bank said. The other service that remains inactive now is cheque clearing because clearing activities are suspended as per the directive. Customers who use forex card can also not use such services. "Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator," it added. KPM KPM ANUANU

Customers can access all banking services from Wed evening: Yes Bank

<ul><li>Earlier, the user only had options to pay through credit or debit cards. </li><li>The app major said using UPI users can now purchase monthly or quarterly prepaid subscriptions for <keyword id="10879" type="COMPANY" weightage="20" keywordseo="YouTube">YouTube</keyword> Premium and YouTube Music Premium.</li></ul>The video-sharing giant YouTube added a new UPI feature for users to pay and access its premium content on video sharing and music platforms. Earlier, users had to pay via credit or debit cards and the introduction of UPI will bring convenience. “This will enable users to make their transactions, directly from their bank account, using their unique UPI ID,” said a statement from Youtube. <div type="image" title="Youtube UPI" msid="75156390" hostid="261"></div> The app major said using UPI users can now purchase monthly or quarterly prepaid subscriptions for YouTube Premium and YouTube Music Premium. They can also buy and rent their favourite movies, and pay for premium features like SuperChat and Channel Memberships to engage with and support their favourite YouTube creators. <div type="Article" hostid="261" msid="75151960" title="Capgemini India, Cognizant and others who are giving salary hikes in times of Coronavirus" mstype="2" mssubtype="0"></div> A large number of Indian prefer UPI over debit cards The UPI is an immediate real-time payment system developed by the <keyword id="6383340" type="COMPANY" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> (NCPI). It was introduced in April 2016 as a pilot project and is regulated by the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI). <keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> or UPI, is one of the most popular payment systems in India. Apart from banking apps, there are several popular third-party apps like PhonePe, Google Pay, Paytm and Amazon, that support UPI. According to the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword>’s annual report, UPI recorded 1.2 times higher transactions in 2018-19 than the transaction done via debit cards. The report noted that there were as many as 5.35 billion UPI-based transactions, compared to 4.41 billion debit card payments. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires</a> <a href="https://www.businessinsider.in/careers/news/accenture-launches-people-work-connect-to-help-fired-employees-find-jobs/articleshow/75144624.cms">Accenture launches People+ Work connect to help fired employees find jobs</a>

Youtube allows payments via UPI to access its premium content

New Delhi, Mar 17 () Following are the top business stories at 1850 hours: DEL75 BIZ-LD YES BANKAbsolutely no worries on liquidity front, says Yes Bank CEO-designateMumbai: Yes Bank CEO-designate Prashant Kumar on Tuesday said there are absolutely no worries on the liquidity front and that complete operational normalcy would be restored from 6 pm on Wednesday. DEL74 BIZ-LD STOCKSNo respite: Sensex collapses in fag-end selloff, Nifty ends below 9,000Mumbai: Stock indices erased early gains to sink deeper into red on Tuesday as the global equity rout intensified amid the coronavirus-triggered recession fears. DCM25 BIZ-COMPANIES BILLGovt proposes decriminalising offences, direct overseas listing in cos lawNew Delhi: Decriminalising offences, allowing direct overseas listing of companies, relaxing CSR norms and setting up National Company Law Appellate Tribunal (NCLAT) benches are among the proposals in the latest bill to amend the companies law.DCM6 BIZ-MUTUALFUNDS-DEBTHit by pullout from liquid schemes, debt MFs see Rs 28,000 cr outflow in FebNew Delhi: Mutual funds focussed on investing in fixed-income securities saw an outflow of nearly Rs 28,000 crore in February, after registering an infusion of over Rs 1 lakh crore in the preceding month, mainly on account of a massive pullout from liquid funds. DEL82 CORONAVIRUS-AVI-GOAIRCoronavirus: GoAir suspends int'l services, offers leave without pay programme for employeesMumbai: Budget carrier GoAir on Tuesday announced suspending international operations and offering leave without pay programme for its staff on a rotational basis, amid sharp decline in air travel due to the coronavirus pandemic. DCM33 BIZ-ONGCONGC starts pumping gas from KG blockNew Delhi: State-owned Oil and Natural Gas Corp (ONGC) has begun gas production from its most promising block in the Krishna Godavari basin in the Bay of Bengal and is planning a ramp up production in coming weeks, officials said. DEL95 BIZ-RUPEE-CLOSERupee settles marginally down at 74.28 against US dollarMumbai: The rupee pared its initial gains to settle marginally lower at 74.28 (provisional) against the US dollar on Tuesday amid continued meltdown in equity markets and sustained foreign fund outflows. DCM34 CORONAVIRUS-BIZ-AMAZON INDIAOut of stock on some popular items, working with partners to ensure availability: Amazon IndiaNew Delhi: Amazon India has said it is working extensively with seller partners to ensure product availability, and bringing on additional capacity for delivery, after stocks ran out on some popular items, especially in the household staples category. DCM31 CORONAVIRUS-BIZ LD FORDCoronavirus: Ford asks 10,000 employees in India to work from homeNew Delhi: US auto major Ford has asked its 10,000 employees in India, except those in business-critical roles, to work from home with similar steps being taken by Swedish luxury car maker Volvo and Fiat Chrysler India in the wake coronavirus pandemic. DCM12 BIZ-INDIAINC-OVERSEAS INVESTMENTOverseas investment by Indian cos in Feb at USD 2.37 bnMumbai: Overseas investment by domestic firms stood at USD 2.37 billion in February 2020, as per RBI data. SHWSHW

Business highlights

Globally renowned economist <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>’s latest lecture at the Brown University is being used by the opposition in India to slam the government for its majoritarian approach while the supporters of the Narendra Modi administration are trolling the former governor of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) for an alleged political attack on the government. The fact of the matter is Rajan pointed out both the flaws and positives of the Modi regime in India and shared some ideas on how the currently sagging economy can be revived and put back on a high-growth path. “Let us not dismiss some of the good things that the Modi government did…. Consumption growth supported by borrowings and transfers as well as the household measures like the free cooking gas, really gave the people a sense that they were better off; despite the fact, unlike NDA-I, there were few deep reforms that liberalised growth and markets,” Rajan said in his lecture on October 12. “But what the Modi administration did in economic performance, it is not sustainable. And therefore, unless it changes we’re going to have problems down the line,” he added. So what is it that the government can do to improve India’s economic growth. Here’s Rajan’s “wishlist”, as he called them, in his own words. <ol><li>We need to further move to de-politicise appointments of leadership at democractic institutions and reduce interference/intervention in their functioning. There is no more important institution than the Supreme Court but also investigative agencies like the CBI, CAG, CVC, CIC including the vice chancellors of different universities.Universities are an important source of independent ideas and to politicise appointments there is to reduce the flow of ideas to what is more politically convenient. </li><li>There is a need to go back to the path devolving funding from the Centre to the states but also from the states to the local bodies. The states have also been remiss in pushing funding to the local bodies. It is important that we not only devolve funding but also devolve powers. It will allow the people to hold the government accountable. The more localised it is, the more we can see what the government is doing and can object. Local police paid by local funds will be much more sensitive to local needs than for example the local police that is employed by the state and responds to commands from the state capital rather than the locals. </li><li>There is no point in offering more stimulus in the economy if the stressed sectors-- real estate, construction, banking, non-banking financial firms-- hold back any possible economic growth. There is a need, in such stress situations, for the government to come in through the regulator, look through the balance sheets of these companies, figure out which ones can be saved and which one cannot be, and figure out a way for the ones that cannot be saved to be put them in some form of receivership so that they don’t serve as an overhang in the market. This is the classic game plan for distressed situations even if it involves private sector firms so long as these can be systemic. Given that non-banking financial firms are 17% of the economy, you can’t avoid doing this. If you keep avoiding it, eventually the problems will spread more widely. Unless the government is completely sure that each one of these stressed companies is isolated from the rest of the system, it is extremely important that you do that ‘search and rescue’. Providing <keyword id="6355375" type="DEFINITION" weightage="20" keywordseo="Liquidity">liquidity</keyword> is not enough. Release the stressed assets, like unsold apartments for example, into the market at a reasonable pace. Some of the decisions are going to be arbitrary, some of them are going to be the source for future governments to accuse you of shenanigans and investigate the process and send the CBI etc after you. But this is governance, and it is about taking hard decisions. You can make it as transparent as you can. </li><li>Improve the functioning of the factor markets -- land, labour, finance, regulations. India has workers who you can hire and fire at any time -- they have no rights whatsoever -- and those permanent labour who have all the rights and you can’t fire them. We have both those and nothing in the middle. India would be better off if it would ‘grandfather’ those guys who have permanent jobs, but find a way to move the guys with temporary jobs, contractual jobs to more security by giving them multi-year contracts and building up their stake in the firm by, for example, increasing severance pay over time. There are things you can do to improve labour markets even while adding more flexibility-- things that would improve job security. Not everyone will have a permanent job but it would give people much better than what they have today, which is really contractual uncertainty. One of the biggest stumbling blocks in India is acquiring land. We are a democracy and we need to acquire it in a fair way, which gives the person who sells the land substantial revenues in the future e.g. land sharing agreements. Take 5 acres, develop all 5 and give back 2 acres to the farmer or whoever you have taken it from. Many of these work but we need to find the best practices here and not get stuck in an equilibrium where we can’t buy the land-- the land that the farmer actually wants to sell. But we can’t buy it because we can’t agree on a price that is reasonable and not subject to political intervention later. </li><li>Prune some regulations while improving others. There are some areas where we are under regulated. If you see the way houses are built in hill stations, we will know that whatever zoning laws we have don’t seem to function there. </li><li>Reduce the public sector presence. Part of the reason why governments in India have so much power is because they control financing. 70% of the banking system is in the hands of the government, there are also a number of state-owned companies, the Life Insurance Corporation is under the thumb of the government. When you have so many ways to favour some and dis-favouring others, it is a temptation for any government. It is a source which can affect people’s actions.We need to reduce this as it will make India far more democratic and also far more amenable to growth. </li><li>Keep tariffs relatively low, keep them relatively predictable, that will bring more foreign direct investment. We need to focus on making India more export competitive but we can focus not just on manufacturing but non-traditional exports like education. Improving our educational institutions and getting students from the rest of the world would be a way of exporting. Similarly, healthcare. We can provide doctors to the rest of the world. Why not export Indian services by getting patients to come to India. That means make their experience much easier. Tourism is, of course, a big service factor. Even for manufacturing exports, we need a more transparent, institutionalised process for changing regulations and tariffs on investors. Today, it’s on a whim and can be changed overnight. This was a complaint that Amazon and Walmart had. They thought they were buying into a particular regime and started investing on that basis and the rules changed on them overnight. We need a more transparent process for this. If we move towards a government with more checks and balances and a more market-driven economy, not only will the private sector become more efficient and independent, it will become a more of a check on the government, like in this country (US). I am not saying that the private sector in this country (US) is perfect. I am just saying, in industrial countries there is a power that is independent of the government, that is the private sector and that is a good thing. Without stronger growth, distributive policies, which have been quite effective, will overwhelm revenues, driving the economy into a hard corner. </li><li>Ignore fiscal deficit at your own peril. There is sometimes a sense in India that fiscal deficit doesn’t matter-- let’s spend more. That would be disastrous. One of the things that India has done well over the last few decades has been to run a reasonably tight ship. There have been populist pressures but we have reversed them in times of trouble. For example, the efforts taken in 2012 to reduce spending and deficits protected the Indian economy during the ‘taper tantrum’ by the US in 2013.</li></ol>SEE ALSO: <a href="https://www.businessinsider.in/narendra-modi-pmeac-comments-on-indias-economic-slowdown/articleshow/70954078.cms" data-type="tilCustomLink" target="_blank">Here’s what Narendra Modi’s closest advisors have been saying about economic slowdown</a>

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