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The Reserve Bank's FI, or <keyword id="20377974" type="General" weightage="100" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> index, which captures the extent of financial inclusion across the country, rose to 64.2 in March 2024, marking growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said in a statement today. During FY23, the FI Index stood at 60.1. Improvement in <keyword id="18794777" type="General" weightage="20" keywordseo="FI-Index" source="Orion">FI-Index</keyword> is mainly contributed by usage dimension, which further reflects deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -access, which has a 35% weightage, usage, which has a 45% weight and quality, which has a 20% weight. Each of these parameters further consist of various dimensions, which are computed based on a total of 97 indicators. Breaking these parameters ahead, access is made up of 26 indicators, which capture the number of banking outlets NBFCs, and post offices, total number of <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword> accounts (including small savings), <keyword id="22348444" type="General" weightage="20" keywordseo="electronic-payment-infrastructure" source="Orion">electronic payment infrastructure</keyword> and more. Usage comprises 52 indicators, which aims to capture the demand side, and is essentially a barometer for understanding how actively financial infrastructure is being utilized in our country by way of savings, <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword>, availing of credit and remittance facilities, etc. And lastly, quality, which consists of 19 indicators, takes into account the efficacy of existing grievance redressal mechanisms and awareness efforts undertaken by stakeholders and more. In August 2021, the central bank said FI-Index has been conceptualized as a comprehensive index, incorporating details of banking, investments, insurance, postal, as well as the pension sector, in consultation with government and respective sectoral regulators. The index is responsive to ease of access, availability and usage of services, and quality of services. According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection and inequalities and deficiencies in services. <h2> India added 4.7 crore jobs in 2023-24, says RBI</h2>In another significant data release during the day, the apex bank of the country noted that India added nearly 4.7 crore jobs during 2023-24, taking the total number of employed people to 64.33 crore, which are spread over 27 sectors covering the entire economy. The number of employed people was 59.67 crore at the end of March 2023, as per the RBI's update on 'Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database'. The bank said the annual growth in employment during 2023-24 was 6% compared to 3.2% in the year-ago period. In the last five years, <keyword id="22348445" type="General" weightage="20" keywordseo="The-India-KLEMS" source="Orion">the India KLEMS</keyword> database revealed that total employment increased from 53.44 crore in 2019-20 to 64.33 crore during the previous fiscal. The data for financial 2022-23 is a provisional estimate of productivity for the total economy. The 'agriculture, hunting, forestry and fishing' employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Construction, trade, and transport and storage were among the leading employment provider segments in 2022-23. Notably, for the purpose of this database, 27 industries are clubbed together to form 6 major sectors, namely <ul><li>Agriculture, Hunting, Forestry and Fishing</li><li>Mining and Quarrying</li><li>Manufacturing</li><li>Electricity, Gas and Water supply</li><li>Construction</li><li>Services</li></ul>

Rise seen in financial inclusion index, jobs in the country, notes RBI

<ul class="summary-list"><li>The American Bankers Association is urging federal action on online financial fraud.</li><li>Banks are facing increased liability for scams, with $10 billion in losses reported last year.</li></ul>Remember the Spider-Man meme where <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-posts-spiderman-meme-first-tweet-in-a-decade-2023-7">he points at himself</a>? Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams.For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. Banks, on the other hand, want the government to do more to prevent those scams in the first place.The problem is real. Almost 1 in 3 Americans have been the victim of a scam in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm.According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. The agency's data also showed that consumers using payment apps reported <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/new-bill-zelle-fraud-payment-app-waters-blumenthal-warren-2024-8">losing $210 million</a>.It's also a major headache for the banks.American Bankers Association CEO Rob Nichols called for the federal government to create a national scam prevention strategy last week. Nichols also said that Congress should "create and fund" an Office of Scam and Fraud Prevention while speaking to bankers at the association's annual convention in October."The scale of fraud taking place every day is a massive burden for our country and for the millions of hardworking women and men whose lives are affected by it," Nichols said at the convention, according to Forbes. "It will take a united effort — with support from both inside and outside the banking industry — to win this fight."The government, meanwhile, has repeatedly called on financial institutions to improve compensation for victims who lose money to scams.In August, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo, all part owners of Zelle.The investigation came after a Senate investigations committee found that reimbursements from the three banks for disputed transactions on the app fell from 62% in 2019 to 38% in 2023.Also in August, three Democratic senators introduced a bill that would update the 1978 Electronic Fund Transfer Act to require financial institutions to share more of the burden when consumers are victimized by fraud.Nichols said at the convention, however, that fighting back against fraud will require "a whole-of-government approach … that starts at the very top." He also said that the government should create "financial crimes intelligence centers." One already exists in Texas, which he said has been a "force multiplier for law enforcement" there.Nichols also called on the FTC to create a database of reported spam text messages available for "all legitimate businesses to access." Nichols said this kind of database would help banks monitor how scams are evolving and "educate their customers" more effectively."

Banks and the federal government point fingers as Americans lose billions to online scams

<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

<ul class="summary-list"><li><keyword id="22530361" type="General" weightage="20" keywordseo="Ahmed-Al-Sharif" source="Orion">Ahmed Al Sharif</keyword> works in software engineering and <keyword id="6361185" type="General" weightage="20" keywordseo="consumer-electronics" source="Orion">consumer electronics</keyword> and previously worked for <keyword id="19911549" type="General" weightage="20" keywordseo="Meta" source="keywords" meta.keywordsubtype="org" meta.entityname="Meta" meta.hostid="261" meta.entityid="Meta">Meta</keyword>.</li><li>The CTO found himself caught up in the outage-induced travel chaos on Friday.</li></ul>This as-told-to essay is based on a transcribed conversation with Ahmed Al Sharif, the CTO of Sandsoft, a game developer. Al Sharif was stranded at Barcelona airport on Friday because of the <keyword id="20972526" type="General" weightage="100" keywordseo="IT-outage" source="keywords">IT outage</keyword> disrupting travel and other services. The following has been edited for length and clarity. I've worked in tech for close to two decades. I've been a <keyword id="19945384" type="General" weightage="20" keywordseo="software-engineer" source="keywords">software engineer</keyword> and startup founder, and have worked for large companies like Electronic Arts and <a target="_blank" href="https://www.businessinsider.com/meta-ends-restrictions-donald-trump-account-social-media-2024-7">Meta</a>. I was supposed to be flying from Barcelona-El Prat Airport to London Heathrow on business at 11 a.m. local time. I was surprised to arrive and find the flights shuttered. I was also surprised to learn there had been significant <a target="_blank" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">malfunctions across multiple Windows-based systems</a> at the airport. It took some digging to find out that it was a global event. Even as an engineer, the outage has been strange to witness. I didn't believe there was this much dependency on a single piece of third-party software or that pushing an update irresponsibly would cause this much havoc. <h2>I realized the IT outage was happening after I arrived to chaos at the airport</h2>I left for the airport at 8 a.m. Before I got there, there were some early signs of something being wrong. I couldn't log in to my online banking app, and things were a bit slow when I logged into my Outlook-based email, but I chalked it up to my hotel WiFi. When I got to the airport at around 8:20 a.m., it was packed. The queues were endless. Several check-in desks displayed blue screens, and no one was being processed. I realized something bigger was happening. I couldn't understand where to queue, and when I asked an airport advisor, they said there was no point queuing now because there was a problem with the ticketing, booking, and reservation systems. I asked if our airport was the only one affected, and they told me that it was happening everywhere. That's when my furious Googling began. I realized that the <a target="_blank" href="https://www.businessinsider.com/crowdstrike-outage-why-taking-time-companies-recover-2024-7">issue was with CrowdStrike</a>, and it was happening globally. <h2>Disruptions at the airport continued throughout the day</h2>Over the course of the day, baggage-drop machines, vending machines, and most display boards at the airport weren't working. Check-ins were being done manually. Before I was given a handwritten paper ticket, I had to prove I had booked a flight for that day by showing staff my emails as proof of payment. Anyone with checked luggage had to bring it to the gate, and airport staff were throwing it into the cargo hold by hand. <div type="image" title="A handwritten boarding pass" height="565" width="1280" msid="111870426" hostid="261"></div>My own <a target="_blank" href="https://www.businessinsider.com/mass-it-outage-microsoft-chaos-delays-distruption-shown-in-photos-2024-7">flight has been delayed</a> by six hours, and I'm still in the airport as we're speaking. It's been annoying and inconvenient, but thankfully, the company is covering my travel, and they understand the situation is out of my control. I've spoken to people waiting in the airport for 11 hours. People seem pretty frustrated. <h2>I was surprised to learn about <keyword id="20424191" type="General" weightage="20" keywordseo="CrowdStrike" source="keywords">CrowdStrike</keyword>'s dominance on <keyword id="19895622" type="General" weightage="20" keywordseo="microsoft" source="keywords">Microsoft</keyword> devices</h2>During my delay, I've been trying to understand the situation more. It's quite intriguing and reveals that we've taken for granted how interconnected our world is and how dependent we are. I was surprised to learn that the cascading failures were caused by an update CrowdStrike pushed early Friday morning. CrowdStrike is well-known in the <a target="_blank" href="https://www.businessinsider.com/how-to-work-in-cybersecurity-expert-advice-2022-1">cybersecurity industry</a>, but until today, I don't think anyone was aware of its dominance as a platform on Windows. It didn't cross my mind that a third-party solution could cause this much damage to Windows-based machines. One of the cardinal rules of <a target="_blank" href="https://www.businessinsider.com/software-engineers-tech-panicking-golden-age-over-chatgpt-ai-blind-2023-4">software development</a> is that you typically don't want to push a fix later in the week or on a Friday. You'll have less support trying to fix any issues and the weekend is gone. It feels like cardinal rules were broken. However, CrowdStrike might have evidence to suggest that this is a freak accident, so I don't think it's fair to point fingers too much. I've seen people comment on this situation about diversification and companies not relying on just one or two providers. I don't think that's realistic. Windows is commonly used. In any free market economy, the best-performing and most suitable product will dominate the market. We need more stringent reviewing and a better understanding of the tools we use on critical infrastructure. The impact here was so big because it affected infrastructure like airports, railway stations, and hospitals. It's going to cost the economy a lot. Had there been more due diligence or even government regulation, I don't think this would have happened. I'd expect that after this, government authorities will expect widely used platforms like CrowdStrike to notify them before they push changes like this. <h2>Technology will shape our future, so we need to consider how we regulate it</h2>We haven't seen the full impact of this outage, and it's definitely put into perspective how the little devices we keep in our pockets dictate the rhythms of our lives. I don't think anyone really understood the true scope and presence of CrowdStrike before Friday. I still see our future becoming increasingly automated. There will probably be many more situations like this, especially as our society pushes toward more automation. I still think technology is a good thing, but it's made me want to get my bills in the post now and then. It usually takes a horizon event like this for lessons to be learned. I don't think technology is intrinsically good or evil; it depends on how it's used and regulated. Correction: July 20, 2024 — An earlier version of the story misstated how long Al Sharif had worked in tech. He has worked in tech roles for close to two decades, including as a teenager, not "decades," as originally stated.

I'm a software engineer stranded in the IT-outage airport chaos. CrowdStrike broke a cardinal rule of software development, and I can't believe the fallout.     

Union Minister <keyword id="19897455" type="General" weightage="20" keywordseo="Nitin-Gadkari" source="keywords">Nitin Gadkari</keyword> has said that <keyword id="22181136" type="General" weightage="20" keywordseo="highway-agencies" source="keywords">highway agencies</keyword> should not charge tolls if <keyword id="20028505" type="General" weightage="20" keywordseo="roads" source="keywords">roads</keyword> are not in good condition. Gadkari was speaking at a global workshop on satellite-based tolling, set to be implemented over 5,000 km this financial year. "If you don't provide good quality service, you should not charge <keyword id="20071846" type="General" weightage="20" keywordseo="toll" source="keywords">toll</keyword>... We are in a hurry to start tolling to collect <keyword id="20085256" type="General" weightage="20" keywordseo="user-fee" source="keywords">user fee</keyword>s and protect our interest," the road transport and highways minister said. "You should collect the user fee where you provide the best <keyword id="22190322" type="General" weightage="20" keywordseo="quality-road" source="keywords">quality road</keyword>. If you collect toll on roads with potholes, mud, then there will be a backlash from people," he added. State-owned <keyword id="20198815" type="General" weightage="20" keywordseo="NHAI" source="keywords" meta.keywordsubtype="org" meta.entityname="NHAI" meta.hostid="261" meta.entityid="NHAI">NHAI</keyword> plans to implement (Global Navigation Satellite System) <keyword id="21980580" type="General" weightage="20" keywordseo="GNSS-based-Electronic-Toll-Collection" source="keywords">GNSS-based Electronic Toll Collection</keyword> (ETC) system within the existing <keyword id="22190323" type="General" weightage="20" keywordseo="FASTag-ecosystem" source="keywords">FASTag ecosystem</keyword>, initially using a hybrid model where both (Radio Frequency Identification) RFID-based ETC and GNSS-based ETC will operate simultaneously. NHAI proposes to roll this out on commercial vehicles initially then private vehicles, considering scalability and privacy concerns. The highway authority has also recommended driver behaviour analysis and back-end data analysis for fraud detection. "With GNSS, the payment modes might be converted from prepaid to postpaid. Banks and financial institutions might be able to provide faster credits based on travel plans," NHAI has recommended.

Highway agencies should not charge toll if roads are not in good condition: Highway Minister Nitin Gadkari

<ul><li>Amazon has teased its Summer Sale 2023 on its landing page.</li><li>Amazon brings an additional 10% off with ICICI Bank and Kotak Bank credit &amp; debit card and EMI transactions.</li><li>The Summer Sale 2023 date is yet to be announced by Amazon India.</li></ul>As summer knocks on the door, Indian e-commerce platforms are gearing up for the upcoming sale season. Amazon has taken the lead by announcing its summer sale, the<a href="https://www.amazon.in/b?node=23037349031&amp;pf_rd_r=SRZ6FTFCQ81KGR8GZFF7&amp;pf_rd_p=f2eb4d90-efd6-4f71-8e2c-2ce21ea6b04f&amp;pd_rd_r=9af2d60e-95fc-4660-af0a-35847aa6ec78&amp;pd_rd_w=iND6i&amp;pd_rd_wg=CgVH7&amp;ref_=pd_gw_unk"> Great Summer Sale</a>, which is expected to begin soon, although the exact start date remains undisclosed. The sale has already been given a micro-site on Amazon's website. Contrary to popular belief that summer sales only offer discounts on cooling appliances like air conditioners, coolers, and refrigerators, Amazon's Great Summer Sale promises a range of discounts and offers on other categories, including mobile phones, electronics, home and kitchen, and much more. Look at the various discounts and deals available during the Amazon Great Summer Sale 2023. <cmsannotation type="cmsannotation" annotationid="Exclusive bank offers" comment="subhead" text="Exclusive bank offers">Exclusive bank offers</cmsannotation> The Great Summer sale has been unveiled by Amazon, with the e-commerce platform in India offering various deals. Customers can also benefit from an extra 10% discount on transactions made via ICICI Bank or Kotak Mahindra Bank debit or credit cards and further discounts on EMI transactions. Also, if you want to apply for Amazon Pay ICICI credit card, you can <a href="https://www.amazon.in/cbcc/marketpage?ref_=CBCC_ACQ_MAYART23&amp;lop=false">click here</a> to apply and get rewards worth ₹2000. <cmsannotation type="cmsannotation" annotationid="Amazon Great Summer Sale 2023: Best deals and discounts" comment="subhead" text="Amazon Great Summer Sale 2023: Best deals and discounts">Amazon Great Summer Sale 2023: Best deals and discounts</cmsannotation> Although Amazon has yet to release full details on the deals and dates for the Great Summer Sale, the platform has teased discounts across various categories. Mobile phones and accessories are expected to receive up to 40% discounts, including the latest launches, such as the OnePlus Nord CE 3 Lite and iQOO Z7 5G. Budget mobile phones will be available starting at ₹5,899, with no-cost EMI starting at ₹1,555 per month. In the electronics category, which includes laptops and smartwatches, customers can expect discounts of up to 75%. Laptops will be available with up to ₹40,000 discount, while tablets will have up to 60% off. Amazon has also mentioned 1 lakh free earphones and smartwatches, although details on these are yet to be disclosed. Summer essentials, including ACs, coolers, and refrigerators, are set to have up to a 60% discount, with customers able to exchange their old TVs for a new ones at an additional discount of up to ₹5,000. Home and kitchen appliances will receive up to 70% discount, covering home decor, kitchen appliances, furniture, mattresses, and more. Clothing and other fashionable products will be discounted by 50% to 80%, while products from small businesses, books, toys, and grooming items will have up to 70% off during the sale. Amazon's in-house products, such as Alexa and Fire TV, are expected to be discounted by up to 40%, and products from Amazon will be available with up to 70% off. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/bill-gatess-optimistic-view-on-ai-chatbots-in-education/articleshow/99809787.cms">Bill Gates says AI Chatbots will transform education by making tutoring affordable and accessible</a> <a href="https://www.businessinsider.in/tech/news/smarter-than-a-smartphone-a-new-wearable-challenges-the-traditional-device/articleshow/99812363.cms">Smarter than a smartphone? A new wearable challenges the ‘traditional’ device</a>

Amazon Sale 2023: Bank discounts, offers, and deals on gadgets and more teased

<ul><li><keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has directed all banks to keep their branches open until the end of the working hours on March 31.</li><li>The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">central</keyword> bank has written a letter to all the agency banks that they should keep their designated branches open for over-the-counter transactions.</li></ul>Mumbai (Maharashtra) [India], March 22 (ANI): With just only 10 days till the annual closing of the current financial year, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31. The central bank has written a letter to all the agency banks that they should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023. It directed all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year. It also added, "Transactions through <keyword id="891879" type="General" weightage="50" keywordseo="national-electronic-funds-transfer" source="Orion">National Electronic Funds Transfer</keyword> (<keyword id="285745" type="General" weightage="50" keywordseo="neft" source="Orion">NEFT</keyword>) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours (12 midnight) as hitherto on March 31, 2023." The letter also read, "Regarding reporting of Central and state government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023, will be kept open till 1200 hours noon on April 1, 2023." (ANI) SEE ALSO: <a href="https://www.businessinsider.in/tech/news/chatgpt-prompts-to-boost-your-productivity-and-creativity-in-2023/articleshow/98693400.cms">ChatGPT prompts to boost your productivity and creativity in 2023</a> <a href="https://www.businessinsider.in/tech/news/ip-ratings-decoded-everything-you-need-to-know-about-waterproof-ratings-on-smartphones/articleshow/98738134.cms">IP ratings decoded: Everything you need to know about waterproof ratings on smartphones</a>

RBI directs all banks to keep branches open till March 31 for annual closing

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

Mumbai, The arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (<keyword id="19896633" type="General" weightage="20" keywordseo="cbi" source="keywords">CBI</keyword>) in a loan fraud case was "without application of mind and due regard to the law", amounting to an "abuse of power", the Bombay High Court has said. A division bench of Justices Anuja Prabhudessai and N R Borkar had on February 6 held the <keyword id="20482859" type="General" weightage="20" keywordseo="kochhars" source="keywords">Kochhars</keyword>' arrest as illegal and confirmed a January 2023 interim order passed by another bench granting them bail. In the order made available on Monday, the court said the CBI has been unable to demonstrate the existence of circumstances or supportive material based on which the decision to arrest was taken. The absence of such circumstances renders the arrest illegal, it said. "Such routine arrest without application of mind and due regard to the law amounts to an abuse of power," the court said. The court also refused to accept the probe agency's contention that the arrest was made as the Kochhars were not cooperating with the probe and said the accused had a right to remain silent during interrogation. "The right to silence emanates from Article 20(3) of the Indian Constitution, which gives an accused the right against self-incrimination. Suffice it to say that exercise of the right to remain silent cannot be equated with non-cooperation," it said in the order. The CBI arrested the couple on December 23, 2022, in the Videocon-ICICI Bank loan case. They immediately moved the high court challenging the arrest and sought for the same to be declared illegal, and by way of interim order, sought to be released on bail. On January 9, 2023, the court, in an interim order, granted the Kochhars bail, noting that the CBI had made the arrest casually and mechanically and without application of mind. In the February 6 order, the bench noted that section 41A of the Criminal Procedure Code (CrPC) was introduced to avoid routine arrests. It cited that this provision restricts the power to arrest when an accused person complies with the notice issued by the police to appear for questioning and mandates that an arrest shall be made only when the police are of the opinion that it is necessary. The court held that while it was within the domain of the investigating agency to interrogate an accused and to arrive at a subjective satisfaction on the issue, the same was not "wholly immune from judicial reviewability". "The court can consider whether the reasons for deprivation of liberty are rational, reasonable or fanciful," it said. The bench further said that the first information report (FIR) against the Kochhars was registered in 2019, and they were summoned for questioning only in 2022. "Despite the gravity of the offence, the petitioners (Kochhars) were not interrogated or summoned for a period of over three years from the date of registration of the crime," it said. From June 2022, the Kochhars have been appearing before the CBI as and when notices under section 41A were issued to them, the bench said. The CBI had claimed that the Kochhars were arrested as they were not cooperating with the probe and that their custodial interrogation was required to unearth the entire gamut of conspiracy. Apart from the Kochhars, the CBI had also arrested <keyword id="20060394" type="General" weightage="20" keywordseo="videocon" source="keywords">Videocon</keyword> group founder <keyword id="20641998" type="General" weightage="20" keywordseo="venugopal-dhoot" source="keywords">Venugopal Dhoot</keyword> in the case. The high court granted him bail in January 2023 in its interim order. The probe agency has alleged that private sector lender ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>'s guidelines, and credit policy of the bank. The CBI had named the Kochhars, Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under the Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act. The agency has alleged that the ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms. It further claimed that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

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