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Star India is set to produce a new web series spotlighting the <keyword id="19899810" type="General" weightage="100" 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 its critical role in shaping India’s economy over the past 90 years. The RBI, established in 1935, celebrated its 90th anniversary this April, and the upcoming series will aim to deepen public understanding of the central bank’s operations and achievements. Several prominent media companies — Star India Private Limited, Viacom 18, Zee Entertainment Network Limited, and Discovery Communications India — competed for the project. Following a request for proposal (RFP) by the RBI in July, Star India secured the contract, valued at Rs 6.5 crore, after progressing through final evaluations alongside Viacom 18. The RBI's vision for the series, as outlined in the RFP, includes five episodes of about 25-30 minutes each. This format will allow for an engaging, in-depth look into the RBI’s journey, from its establishment in pre-independence India to its modern-day functions. The episodes will delve into the RBI's mission and vision, major achievements, and ongoing developments, aiming to make the central bank’s functions more relatable and accessible to the general public. With expert interviews, high-quality visuals, and storytelling, the series is designed to demystify complex financial topics for a broad audience. By presenting the RBI's key initiatives, collaborations, and challenges in an engaging way, Star India hopes to foster greater transparency and trust in the central bank. The series will be available on both national television and OTT platforms, expanding its reach and impact. The RBI views this web series as a valuable tool to promote financial literacy. By making the central bank's work understandable and interesting, the series could serve as a bridge between the RBI and the public, contributing to a more financially aware society. (With inputs from agencies)

Curious to know what the Reserve Bank does? Star India will soon produce a web series narrating the RBI's 90-year journey

Amid questions on the depleting <keyword id="20776807" type="General" weightage="100" keywordseo="loan-to-deposit-ratio" source="keywords">loan-to-deposit ratio</keyword> in <keyword id="19895091" type="General" weightage="20" keywordseo="Indian-banks" source="keywords">Indian banks</keyword>, a recent report by <keyword id="19896146" type="General" weightage="20" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="269" meta.entityid="Motilal Oswal">Motilal Oswal</keyword> suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming months. The debate on loan-to-deposit ratio (LD), particularly concerning sluggish <keyword id="19998084" type="General" weightage="20" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> and potential risks to <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">financial stability</keyword> is raised by even the finance minister and the <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-governor" source="keywords">RBI governor</keyword>. However, the report notes that on closer examination, the situation may not be as alarming as it seems. As of 9th August, 2024 the Indian <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>'s loan-to-deposit (LD) ratio stood at 77.2 %, which is slightly below its recent peak of 78.2 % on 22nd March 2024, and its all-time high of 78.8 % in September 2013. The report stated that typically a rising LD ratio is indicative of a tightness in the banking sector, potentially indicating overheating. A lower LD indicates that the bank is aggressive in its credit disbursement practises, which could be risky. It highlighted that an analysis of the sector's transactions with the Reserve Bank of India (RBI) through the liquidity adjustment facility (LAF), along with recent trends in the weighted average call rate (WACR), suggests that the current rise in the LD ratio does not indicate tightness, which is why there is no immediate cause of concern. In fact, the report added that the concern over weak deposit growth may be overstated. Historical data show that bank deposits grew at an average rate of 9.5 % during the pre-COVID period (January 2015 to February 2020) and 10.4 % in the post-COVID period (March 2020 to August 2024). Earlier, Finance Minister Nirmala Sitharaman also urged state-run banks to enhance deposit mobilization through attractive offers and focusing on Tier-2 and Tier-3 cities. Loan-to-deposit ratio pegs the total deposits received by the bank against the loans it has offered. It helps in understanding how liquid the bank is. The loan-to-deposit ratio (LDR) is a financial metric that compares a bank's total loans to its total deposits. It's used to assess a bank's liquidity and credit risk, and to inform lending and deposit-taking decisions The report said while the exact measures are unclear, the deposit growth could potentially be increased by making other asset classes less attractive through taxation or interest rates, or by boosting fiscal spending to increase net credit to the government. In its forecast, the report noted that private banks will witness a moderation in their <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>, while public sector banks will maintain a healthy credit growth rate. "Our analysis suggests that deposit growth could be raised by either making other asset classes unattractive (through taxation and/or interest rate) or increasing the growth in net credit to the government by pushing fiscal spending higher" the report added. Alternatively, policymakers might consider curtailing loan growth to lower the LD ratio. However, this could slow deposit growth, particularly if corporate credit growth remains weak. Encouraging savers to shift investments from other assets to bank deposits could also be an option, but this carries risks of overreach and potential damage to economic confidence. Das had also flagged the excessive growth, or froth developing in the personal loan space. Notably, while credit growth in unsecured personal loans like credit cards continues to decline, it remains elevated at 23.3% as of June 2024. However, this is a significant reduction from 34.2% witnessed in November 2023. As fiscal spending increases, bank credit to the government is likely to grow, which should elevate deposits and broad money supply. The report said "However, the extent of foreign capital inflows and the RBI's policy for managing these inflows remain uncertain". Last month, RBI governor Shaktikanta Das had also addressed this issue in the 50th meeting of MPC (Monetary Policy Committee). Per him, deposit mobilisation has been lagging credit growth for some time now. This may potentially expose the system to structural liquidity issues. "While there could be a debate regarding ‘deposits funding loans’ vis-à-vis ‘loans funding deposits’, the current regulatory concern stems from the fact that there could be structural changes happening which banks need to recognise and, accordingly, devise their strategies. Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to capital markets and other financial intermediaries", Das said. Per him, while bank deposits continue to remain dominant as a percentage of financial assets owned by households, their share has been declining consistently, since households are now increasingly allocating their savings to mutual funds, insurance funds, pension funds and other avenues.

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

<ul><li><keyword id="122724" type="General" weightage="20" keywordseo="government-securities" source="Orion">Government securities</keyword> are considered among the safest investment options due to the sovereign guarantee attached to them. </li><li>Most brokers allow trading of existing <keyword id="6371629" type="General" weightage="20" keywordseo="g-secs" source="Orion">G-secs</keyword> on the secondary market through their platforms.</li><li>Investing in G-sec-focused mutual funds allows a diversified portfolio within Government securities and low-ticket investments. </li></ul>Government securities, commonly known as G-secs, are <keyword id="166233" type="General" weightage="20" keywordseo="debt-instruments" source="Orion">debt instruments</keyword> issued by the Government of India to raise capital. These securities serve as a way for the government to borrow money from the public or institutions. G-secs come with fixed <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> and predetermined maturity dates. They are considered among the safest investment options due to the sovereign guarantee attached to them, ensuring repayment of the principal amount and interest upon maturity. The credit risk on G-secs is thus minimal. Government bonds also boast high liquidity and can be traded easily in the secondary market. This flexibility provides an opportunity to earn improved returns on the bonds and allows for exiting at any desired time before the maturity date as well. How G-secs work Investing in g-secs involves purchasing these bonds at face value, and the interest, also known as the coupon, is paid periodically, typically semi-annually or annually, until the maturity date. The interest rates on g-secs are influenced by various factors, including market demand, inflation, and the monetary policy of the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>). Consequently, the prices of G-secs fluctuate inversely with the prevailing interest rates in the market. When interest rates rise, the value of existing G-secs falls, and vice versa. These securities are traded in the primary and secondary markets. In the primary market, they are directly issued by the government through auctions, while in the secondary market, they are bought and sold among investors. How to invest G-secs are available in various tenures, ranging from short-term (Treasury bills) to long-term (Government bonds). The Retail Direct Scheme by the Reserve Bank of India (RBI) rolled out in 2021 enables individual investors to directly invest in government securities without requiring intermediaries such as brokers or mutual funds. The NSE goBID platform allows retail investors to participate in auctions for new G-sec issuances through your broker. It offers a non-competitive bidding process, meaning you specify your desired amount, and if your bid is accepted, you'll get allotted securities at the cut-off price. Most brokers allow trading of existing G-secs on the secondary market through their platforms. This offers flexibility to choose specific securities and exit positions when needed. Steps to invest `Here are the steps to invest in G-secs. <ol><li>Log in to your brokerage account </li><li>Navigate to the bids section: Locate and click on the "Bids" tab or section within the platform.</li><li>Select government securities: Once in the Bids section, find and select the option for "Govt. securities."</li><li>Initiate the bid: Look for the option to "Place bid" and click on it.</li><li>Enter bid Amount: Input the specific amount you wish to bid for the government securities.</li><li>Finalise the bid: After entering the amount, confirm the bid by clicking on the "Place bid" button.</li></ol>Investing in G-secs through the mutual fund route One can also take the mutual funds route to invest in G-secs. “Investing in G-sec focused mutual funds allows a diversified portfolio within Government securities and low ticket investments,” says Marzban Irani, chief investment officer, fixed income, LIC Mutual Fund. This can be suitable for passive investors or those seeking exposure without actively managing individual bonds. “It is always easy for investors to buy subscription or redemption requests in a mutual fund, compared to looking out to buy or sell securities in the fixed income market. Also, one may buy and hold but in between prices can fluctuate. Many people may not understand the drivers of those price fluctuations,” says Pankaj Pathak, fund manager, fixed income, Quantum AMC. Interest rate risks G-secs do carry one particular risk, that of interest rate fluctuations in the broader market. When rates rise, existing G-Secs with lower rates lose value compared to newer securities offering higher rates. Conversely, falling rates increase demand for older G-Secs, potentially raising their value. Longer-term G-Secs are more prone to rate change risks than short-term ones. Investors holding G-Secs until maturity aren't affected by price fluctuations but can lose potential earnings if rates rise after purchase. “A sudden increase in interest rate can impact return. So one is advised to invest into G Secs only for long-term goals,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. Is this a good time to invest? Government securities (G-Secs) typically attract conservative investors seeking a steady income from their investments. Moreover, investors often include G-Secs in their portfolio's debt allocation, which comprises diverse assets like equities, fixed-income instruments, and safe havens such as gold. At present, we are at the peak of the interest rate hike cycle. Developed economies like the US are expecting rate cuts going ahead in 2024. On the domestic front, the core inflation seems to be under control. “The interest rates are holding steady and might even start going down from the second half of next year,” says Kumar. So, going forward, retail investors can expect to improve their returns on G Sec investments. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

A case for investing in Government securities

Ahead of the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword>, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. <keyword id="679937" type="General" weightage="70" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly. In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax. She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living. The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now. "I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020. For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy. On the banking sector, she said, the government's 4R strategy --Recognition, <keyword id="1518048" type="General" weightage="50" keywordseo="recapitalization" source="Orion">Recapitalization</keyword>, Resolution and Reform--has helped in revival of public sector banks (PSBs). As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said. The government implemented an unprecedented recapitalization programme for PSBs amounting to Rs 2.11 lakh crore to support capital adequacy and prevent their default. PSBs turned the corner during 2020-21 with a combined net profit of Rs 31,820 crore supported by massive recovery, reduction in NPAs and windfall gains on their bond portfolio. Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> last month said, banks' gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised. Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction. On trade with Pakistan, she said the neighbouring country never offered Most Favoured Nation (MFN) status to India. Trade relations with Pakistan have suffered since the Pulwama terror attack in 2019, she said. With regard to freebies, the minister said, promises have to be made keeping in mind the financial health of the state and there has to be full transparency about it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a>

I belong to middle class, understand their pressures: Sitharaman before Budget

With the latest official data indicating a cooling off in the headline <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> to 4.7 per cent in April, <keyword id="7268643" type="General" weightage="20" keywordseo="RBI-Governor-Shaktikanta-Das" source="Orion">RBI Governor Shaktikanta Das</keyword> said that it proves the 'monetary policy is on the right track, here on Friday. Terming the official data as a very satisfying development, Das refused to comment if the release of the numbers would lead to change of the policy stance or the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) becoming less hawkish. He preferred to say that all this would be clear on June 8 when the next policy review will come up. Das was speaking at the launch of the book 'Made In India' by the G-20 Sherpa Amitabh Kant in Mumbai on Friday evening. He said the RBI is optimistic and fairly confident over India's 6.5 per cent real <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> rate though other analysts have differing views. The RBI chief pointed out that private investments are picking up and it is visible in sectors like enlisted steel, cement and petrochemicals, among others, and any entrepreneur can testify on the growth momentum of higher sales notched every month. Das said that if India grows at 6.5 per cent, it would contribute 15 per cent to the world growth during the year, "which is no mean achievement". Das also stressed the need to continue with reforms, keep accessing the best technology and hike the expenditure on research and development, both in the public and private sectors. In his book, Kant discusses how the Indian economy has emerged as one of the largest in the world with a vibrant startup ecosystem. The Indian economy has come a long way since the time economic performance, shacked by Socialist politics and the licence-permit-quota raj, was christened as the 'Hindu rate of growth'. Kant has attempted to understand the remarkably robust and resilient growth story of the Indian business and enterprise, in a multi-faceted survey of the country's business heritage and culture. The book includes accounts of the development of Indian business and enterprise from the pre-Independence era to the present, 75 years post-Independence. There are inspirational accounts of the top business families or groups like the Tatas, Birlas, Walchand Hirachand Doshi, Wadias, Kirloskars, Shapoorji Pallonji, and the new age entrepreneurs like Sunil Bharti Mittal and Rahul Bhatia. Also present at the launch were Tata Sons Chairman N. Chandrasekaran, Kotak Mahindra Bank CEO Uday Kotak, Nykaa CEO Falguni Nayar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-sc-hints-at-granting-sebi-extension-on-probe-report-to-decide-on-may-15/articleshow/100185994.cms">Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15</a>

As inflation cools off, RBI Guv says 'monetary policy on right track'

<ul><li>The <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> has said that the government does not plan on levying charges on <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> transactions.</li><li>A discussion paper by the RBI suggested a tiered charge for UPI transactions.</li><li>The ministry has said that the government will continue to support the digital payment ecosystem.</li></ul>The Unified Payments Interface (UPI) is one of the biggest achievements of the Digital India initiative and has made payments easier. One reason that UPI was so successful is that the users were not charged anything to send and receive money. The Reserve Bank of India (RBI) recently released a <a href="https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/DPSSDISCUSSIONPAPER5E016622B2D3444A9F294D07234059AA.PDF">consultation paper</a> on charges in payment systems. One of the suggestions in this paper was that a tiered charge could be imposed on UPI transactions in line with Immediate Payment Service (IMPS) transactions. “UPI as a funds transfer system is like IMPS. Therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions. A tiered charge could be imposed based on the different amount bands,” the RBI said in its paper. The government has now clarified that it does not plan to impose any charges on UPI. “UPI is a digital public good with immense convenience for the public &amp; productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services,” the Finance Ministry said in a <a>tweet</a>. The ministry also said that the cost incurred by the service providers would have to be recovered through other means. “The concerns of the service providers for cost recovery have to be met through other means," the ministry added. “The Govt had provided financial support for the Digital Payment ecosystem last year and has announced the same this year as well to encourage further adoption of Digital Payments and promotion of payment platforms that are economical and user-friendly,” the ministry added. The government must continue to keep UPI transactions free as it continues to grow. To understand the importance of UPI, we need to look at the transaction numbers. <cmsannotation type="cmsannotation" annotationid="India recorded over 200 million UPI transactions per day in July 2022" comment="subhead" text="India recorded over 200 million UPI transactions per day in July 2022">India recorded over 200 million UPI transactions per day in July 2022</cmsannotation> In July 2022, over <a href="https://www.businessinsider.in/finance/news/upi-transactions-reach-a-new-high-cross-the-6-billion-mark-in-july-2022/articleshow/93297345.cms'">200 million transactions</a> were done daily using UPI, resulting in a total of 6.28 billion transactions. The total value of transactions in July 2022 alone was ₹10.62 lakh crore. Another area where UPI has become important is international travel. Indians can use UPI in countries like <a href="https://www.businessinsider.in/india/news/indian-travellers-in-uae-can-now-use-upi-for-payments/articleshow/90976283.cms">UAE</a>, <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">France</a>, Singapore, Bhutan and Nepal, making payments easier when they travel. In addition, the government also announced its plan to allow credit cards to be <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">linked to UPI</a>, allowing users to use UPI to make payments with their credit cards. This will give a big boost to b credit cards and UPI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">Chinese smartphones continue to lead the market share despite crackdown by the Indian government</a> <a href="https://www.businessinsider.in/finance/news/upi-transactions-reach-a-new-high-cross-the-6-billion-mark-in-july-2022/articleshow/93297345.cms'">Over 200 million UPI transactions were done each day in July 2022</a> <a href="https://www.businessinsider.in/finance/news/indian-policy-makers-are-not-happy-that-8-out-of-10-upi-transactions-are-being-done-through-phonepe-and-google-pay/articleshow/92804434.cms">Indian policy makers are not happy that 8 out of 10 UPI transactions are being done through PhonePe and Google Pay</a>

UPI transactions will remain free, government says it has no plan to charge them

<keyword id="2757237" type="PERSON" weightage="20" keywordseo="Sukanya-Samriddhi-Yojana">Sukanya Samriddhi Yojana</keyword> is an incredible savings scheme offered by the Central Government for the benefit of girl children. Post Offices and some banks are authorized to operate these accounts on behalf of the government. Customers can open this account in some simple steps by submitting the required documents at the designated branches of banks and post offices offering this facility. Here are the features of this scheme you need to know and how to open this account to benefit your girl child. Who can open this account? <keyword id="7329439" type="UNKNOWN" weightage="20" keywordseo="sukanya-samriddhi-yojana-account">Sukanya Samriddhi Yojana account</keyword> can be opened by any parent or a legal guardian of a girl child of less than 10 years of age. Under this scheme, only one account can be opened for a given child. Also, the parents or legal guardians can open this account only for two girl children in a family. However, a third account is permitted in case the first or second delivery gives birth to twin girls. Documents required to open a <keyword id="248266" type="PERSON" weightage="20" keywordseo="Sukanya">Sukanya</keyword> Samriddhi Yojana account The documents required to open an account under the Sukanya Samriddhi Yojana include the SSY account opening form, birth certificate of the girl child on whose name the account must be opened, identity proof, and residence proof. The documents submitted as proof of identity and address must satisfy the KYC guideline issued by the RBI. Attractive features of Sukanya Samriddhi Yojana Account This scheme provides an attractive interest of 8.4%. However, the interest rate is regulated by the Ministry of Finance from time to time. In a given financial year, a minimum amount of Rs. 1,000 can be invested. The maximum amount that can be invested in a financial year is Rs. 1,50,000. In a given account opened under this scheme, deposits can be made until the girl child attains 14 years of age from the date of opening the account. The account opened under this scheme will mature once the girl child completes 21 years of age. If the marriage of the girl happens before the account matures, the account cannot be operated beyond the date of the child’s marriage. Tax exemption The investment made in the Sukanya Samriddhi Yojana account is fully exempted from Income Tax under Section 80C. the tax benefits offered by this scheme comes under the triple E regimen which means the principal amount, interest accumulated and also the outflow are all tax exempted. Once the account holder attains the age of 18, a partial amount can be withdrawn to support the girl’s higher education. Simple steps to open a Sukanya Samriddhi Yojana Account You can open a Sukanya Samriddhi Yojana account by visiting any authorized post office or the authorized branches of nationalized banks. For a general understanding, we can say all those banks that provide the facility to open public provident fund (PPF) account provide the facility to open a Sukanya Samriddhi Yojana Account also. The bank branches and post offices will provide the complete assistance to open this account. Once the account is opened, the account holder will be given a passbook.

How to open Sukanya Samriddhi Yojana account

<ul><li><keyword id="52685" type="General" weightage="20" keywordseo="wearable" source="Orion">Wearable</keyword> payment is a way to make contactless <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> using a device you wear, like a <keyword id="1009777" type="General" weightage="20" keywordseo="smartwatch" source="Orion">smartwatch</keyword>, <keyword id="1612756" type="General" weightage="20" keywordseo="fitness-tracker" source="Orion">fitness tracker</keyword>, ring, or a wristband</li><li>Wearable payment adoption is hindered by challenges like limited contactless infrastructure, bank charges for device issuance, and managing user experience </li><li>Wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all major <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword></li></ul>Technology has transformed every aspect of our lives, and payments are no different. From debit and credit cards, to UPI, how we make payments have evolved rapidly over the years. UPI payments happen through our phones, but the next big thing in payment is payment through wearables. “Wearable payment refers to a contactless payment method made through wearable devices that support the near field communication (NFC) method” says Atish Shelar, COO of Tech Fini, a fintech company. These wearables act as a digital wallet, storing your credit card or bank account information securely. IndusInd Bank has introduced 'Indus PayWear’ where one can make payments with wearables such as rings and watch clasps, secured via card tokenization tech. Priced between ₹499 and ₹2,999, they offer an alternative to traditional cards and payment apps. Initially this is exclusive to Mastercard. “Recently introduced contactless payment wearables are slowly gaining popularity among consumers. Integrating tokenization with wearable payments would be like tokenising physical cards that replace actual card details with unique 'tokens’. This initiative will boost consumer confidence,” says Rahul Jain,CFO, NTT DATA Payment Services India. How RBI made had made wearable payments possible We need to go back to understand how wearable payments have been made possible. “A few years ago RBI asked every point of sales (POS) machine to accept contactless payments. RBI pushing it as a mandatory thing has led everyone to adopt on the POS machine side, which in turn gives the chance to bring this facility that to customers,” says Sai Prasanth, Co-founder and CEO, Muse Wearables, which designs payment-enabled hybrid smartwatches. “Most of the wearable payments options in India are based on card form factor and to make these card based wearable payments more safe and secure, RBI had extended the scope for card tokenization to include wearables (smart watches, bands, etc.) back in 2021 and also increased the limit for contactless transactions( from ₹2,000 to ₹5,000) to boost adoption,” says says Jitin Sehgal, Partner, Consulting, Deloitte India. In addition, we have also witnessed initiatives from NPCI in this space, such as launch of “OTG Ring for NCMC”, and “RuPay On-the-Go”. Wearable payment market in India in the nascent stages The wearable payments market in India appears to be in nascent stages from customer adoption standpoint, even though a number of domestic companies are gaining market share in wearable device manufacturing. In 2020, SBI and Titan launched a range of watches with contactless payment functions. Axis Bank also launched its own range of wearable contactless devices in 2021. “We have seen launch of wearable payments options such as rings, watch claps, mobile stickers, by both public and private sector banks, however adoption seems to relatively slow,” says Sehgal. Several challenges remain “Some of the key reasons for slow adoption have been limitation on extending existing wearables such as smart watches to support payments, limitation on contactless acceptance infrastructure, wearable device issuance charges from banks, managing customer experience on the device for entering PIN for transactions above the value threshold,” says Sehgal. NFC technology may not be universally accepted at all payment terminals, and consumers may not be aware of the availability or functionality of these devices. “Consumers may also prefer established payment methods, which requires clear benefits and incentives. Security features and consumer education are essential to address these concerns,” says Shelar. Also, there is a lot of dependencies that need to be worked on with all financial partners before seamless wearable payments system can be introduced. The road ahead Until recently most of the tap and pay systems were available through passive tokenisation methodology where the card details were directly put into a wearable device before the shipment or before it was sold to the customers. People have to keep on topping up their cards. “With active tokenization, you can have any number of cards and transfer the information to a wearable on a real time basis and your debit or credit card is directly linked to your wearable,” says Prashant. Now, since there is a limit on contactless transactions, customers would need to carry their card anyway to make payments of over ₹5,000. Once this limit is relaxed, wearable payments are likely to pick up. There is already an ecosystem of wearable devices in India from domestic and global brands for instance for smart watches. “We believe the wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all the major banks, as not many customers will not prefer buying a separate device for payments, just on the back of convenience it may offer,” says Sehgal.

Tap your ring or watch to pay! Wearable payment devices are a reality, but challenges remain

<ul><li>OpenAI’s <keyword id="15681942" type="General" weightage="20" keywordseo="ChatGPT" source="Orion">ChatGPT</keyword> now has plugin support, exposing the artificial intelligence chatbot to the internet in a limited but useful manner. </li><li>Plugin support is only available to a very limited set of users who already have a<a href="https://www.businessinsider.in/tech/news/chatgpt-plus-subscription-price-benefits-and-more-other-information/articleshow/98803997.cms"> ChatGPT Plus subscription</a> and have been given API access. </li><li>To get started, OpenAI has teamed up with several leading names like <keyword id="2120455" type="General" weightage="80" keywordseo="wolfram-research" source="Orion">Wolfram Research</keyword> to travel aggregator Expedia. </li></ul>OpenAI’s ChatGPT now has plugin support, exposing the artificial intelligence chatbot to the internet in a limited but useful manner. To get started, OpenAI has teamed up with several leading names like Wolfram Research to travel aggregator Expedia. Among other things, these <keyword id="16958191" type="General" weightage="20" keywordseo="CHatgpt-4-plugins" source="Orion">ChatGPT 4 plugins</keyword> address users' demands and allow developers experimenting with similar solutions to finally hop on board and combine the power of their services with <keyword id="16795290" type="General" weightage="20" keywordseo="CHatgpt-4" source="Orion">ChatGPT 4</keyword>. This, according to OpenAI, allows the company to understand the real-world use of plugins in a regulated and safe manner. Essentially, you won’t have to worry about AI going rogue, deciding to take over the world, and humanity relying on a real-world John Connor and time travel. “Though not a perfect analogy, plugins can be 'eyes and ears' for language models, giving them access to information that is too recent, too personal, or too specific to be included in the training data,” said OpenAI. It is worth noting that plugin support is only available to a very limited set of users who already have a<a href="https://www.businessinsider.in/tech/news/chatgpt-plus-subscription-price-benefits-and-more-other-information/articleshow/98803997.cms"> ChatGPT Plus subscription</a> and have been given API access to apply. The limited access ensures ChatGPT’s responses are safe and supervised before being rolled out to the public. With that out of the way, here is an initial list of the top ChatGPT 4 plugins and a quick glance at what they do. <cmsannotation type="cmsannotation" annotationid="Top ChatGPT 4 plugins" comment="subhead" text="Top ChatGPT 4 plugins">Top ChatGPT 4 plugins</cmsannotation> 1. WolframAlpha WolframAlpha has been around for a long time, giving step-by-step solutions to help students understand simple and complex concepts easily. Now users can leverage the smarts of ChatGPT 4, inputting their queries in simple English, which are then processed by ChatGPT 4, which in turn queries WolframAlpha. 2. Expedia Expedia is a well-known name when it comes to travel aggregators. Now with ChatGPT 4 support, you can not only get the best deals on flight tickets and more, you can also plan your travel and vacation. AI can now be your travel agent! 3. <keyword id="6431566" type="General" weightage="80" keywordseo="speak" source="Orion">Speak</keyword> Learning new languages can often be a difficult task for many people. Services like Duolingo can help you, but what if your language tutor had the smarts of ChatGPT? That is what the Speak plugin does – it combines its multilingual smarts with the conversational powers of ChatGPT. 4. Zapier Zapier is a service that allows users to integrate web applications like Slack, Google Sheets, Todoist, Gmail and over 5,000 other services and automate tasks. Imagine IFTTT on a much larger scale that works across a wide range of services. With ChatGPT 4 integration, you can now interact with Zapier within ChatGPT and engage with it almost like you would with a human being. Think of it as an AI-powered personal assistant. 5. FiscalNote FiscalNote helps users to convert insights into actionable strategies. This service offers insights into legal, political, and regulatory developments. With ChatGPT integration, users will be able to ask queries in a conversational form and receive inputs tuned by ChatGPT. It will also allow FiscalNote to fine-tune its algorithm based on how users interact with it. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/tech/news/chatgpt-plus-subscription-price-benefits-and-more-other-information/articleshow/98803997.cms">ChatGPT Plus subscription launched in India – price, benefits, and more</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner

Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday made a strong case for regulating cryprocurrencies at a global level to mitigate the risk of money laundering and terror funding. Participating at a high-level panel discussion organised by the IMF, the Finance Minister said that as long as the non-governmental activity of the <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets was through unhosted wallets, the regulation was going to be very difficult. However, she said, cross border payments between countries will become very effective through Central Bank-driven digital currencies. "The risk which worries me more on the non-governmental domain is essentially you're looking at unhosted wallets across the borders, across the globe... So, regulation cannot be done by a single country within its terrain through some effective method and for doing it across the borders, technology doesn't have a solution which will be acceptable to various sovereigns at the same time applicable within each of the territory," she said. The risks involved will have to be differentially approached, because for each user case, the risks can also be different, depending on the economy, she said during a panel discussion on the topic 'Money at a Crossroad: Public or Private Digital Money?' Citing an example, Sitharaman said application of regulation and risk involved for Nigeria would be different from a tourism or investment rich Bahamas. Stressing that regulation using technology will have to be so adept and nimble that it should not be behind the curve. It has to be ahead and this is not possible if any one country thinks that it can handle it, she said. Pointing out that unless there's going to be a global approach at regulating and understanding of the technology on cryptocurrencies there is a risk of money laundering. "I harp on that very much because I think the biggest risk for all countries across the board will be on the money laundering aspect, and also on the aspect of currency being used for financing terror," she said. With regard to taxing income generated from transactions in crypto assets, Sitharaman said it is a means to check the source and trail but not to legitimise them. "We haven't said that this is currency. We haven't said that this has intrinsic value, but certain operations are taxable for the sovereign and that is why we have taxed," she said. Budget 2022-23 proposed a 30 per cent tax on income from transactions in crypto assets and also imposed a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. "We did announce that on the income that was generated out of the transactions of these crypto assets will be taxed at 30 per cent and over and above that, there is a 1 per cent tax deduction at source which is also imposed on every transaction. So through that we will be able to know who's buying and who's selling it," she said. On the Central Bank Digital Currency (CBDC), she said, it is going to happen sometime this year. RBI is planning to come out with a central bank-backed digital currency using blockchain technology in 2022-23. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/finance/news/rbi-thinks-that-risk-of-inflation-may-continue-to-rise-as-export-declines/slidelist/90932616.cms" data-type="tilCustomLink">Here’s what is worrying RBI as India faces the double whammy of rising inflation and declining exports</a> <a href="https://www.businessinsider.in/science/health/news/ayushman-bharat-health-account-features-benefits-and-how-to-apply-for-abha/articleshow/90933084.cms" data-type="tilCustomLink">Ayushman Bharat Health Account — features, benefits and how to apply for ABHA</a>

Cryptocurrency could be used for money laundering and terror funding, says Indian finance minister

New Delhi, As India plans to introduce a new law to prohibit all 'private cryptocurrencies' in the country, the <keyword id="4010286" type="PERSON" weightage="20" keywordseo="industry-stakeholders">industry stakeholders</keyword> have come out in unison, hoping that the government will listen to all the stakeholders before taking any decision. Among the bills lined up for consideration during the <keyword id="513556" type="COMPANY" weightage="20" keywordseo="Budget-session-of-Parliament">Budget Session of Parliament</keyword> is the '<keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> and Regulation of <keyword id="10676888" type="UNKNOWN" weightage="20" keywordseo="official-digital-currency-bill">Official Digital Currency Bill</keyword>, 2021' that will create a facilitative framework for creation of the official digital currency to be issued by the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. "Since the government is considering introducing the Bill during this session of Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision," said Sumit Gupta, co-founder and chief executive of CoinDCX, a cryptocurrency exchange in India. "We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison," he said in a statement. The Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> (RBI) is already exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it. The RBI made the remarks in a booklet titled "<keyword id="6370208" type="UNKNOWN" weightage="20" keywordseo="Payment">Payment</keyword> and Settlement Systems in India" released last week. The apparent softening in RBI's stand on cryptocurrency came after the Supreme Court last year set aside a circular issued by the RBI that barred any entity from providing banking services to anyone dealing with virtual or cryptocurrencies. The RBI in its booklet on payment systems noted that central banks around the world are examining whether they could leverage on technology and issue fiat money in digital form. According to Kumar Gaurav, Founder and CEO, Cashaa, it is too early to comment on what exactly the term 'private cryptocurrency' refers to as per the new government draft. "Further, understanding that cryptocurrency is a global and decentralised system, there is no way any government can ban it. That would require that kind of technology and control, which technically does not rest with anyone," Gaurav said. "We are positive that the government will come up with regulations and policies that will put control on the scams and let the innovation in the industry, including the crypto like bitcoin, Cashaa, ethereum that are built on the public chain to grow and thrive," he added. Rahul Pagidipati, CEO at ZebPay said that the digital currency Bill to be introduced before the Lok Sabha is a welcome step forward. "Its success will depend on the details, particularly the definition of what the Bill calls 'private cryptocurrencies'. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet," Pagidipati said. Bitcoin and most crypto assets are more like gold and not an alternative to government-issued legal tender. "Crypto assets and digital government currency can coexist and together, they can bring tremendous benefits to the Indian economy," he noted. With the overall value of all cryptocurrencies surpassing the $1 trillion mark and Bitcoin hovering over $33,000, industry experts have said that crypto may become the most important asset class of the 21st century and India needs to catch up fast with the global trend. SEE ALSO: <a href="https://www.businessinsider.in/travel/article/the-many-marvels-of-satpura-biosphere-reserve/articleshow/80598269.cms">The many marvels of Satpura Biosphere Reserve in Madhya Pradesh</a> <a href="https://www.businessinsider.in/budget/news/india-travel-and-tourism-sector-is-hoping-that-the-budget-2021-wont-leave-them-behind/articleshow/80596702.cms">India’s travel and tourism sector is hoping that the Budget won’t leave them behind</a>

Indian cryptocurrency players in huddle as government mulls ban

While there have been a few cases of new <keyword id="1609796" type="General" weightage="100" keywordseo="omicron" source="Orion">Omicron</keyword> sub-variants BA.4 and BA.5, so far there is no change seen in the severity or transmissibility, the World Health Organisation has said. The new sub-variants have to date been detected in South Africa, Botswana, Belgium, Germany, Denmark, and the UK. The global health agency earlier said that it is keeping a track of the new variants. "There are less than 200 sequences available so far and we expect this to change...We are tracking (the virus) very closely to see if there is any uptick in case detection, but (so far) we haven't seen any change in epidemiology or severity," WHO lead epidemiologist Dr. <keyword id="5856524" type="General" weightage="80" keywordseo="maria-van-kerkhove" source="Orion">Maria Van Kerkhove</keyword> said at a press event on Wednesday. The global health agency said it had begun tracking the two sub-variants because of their "additional mutations that need to be further studied to understand their impact on immune escape potential". In its latest weekly epidemiological update, the WHO noted that the number of new Covid-19 cases and deaths continues to decline. During the week of April 4-10 for a third consecutive week, more than 7 million cases and over 22,000 deaths were reported, a decrease of 24 per cent and 18 per cent, respectively, as compared to the previous week. "On Covid-19, there's good news. Last week, the lowest number of Covid-19 deaths was recorded since the early days of the pandemic," WHO Director General <keyword id="3685849" type="General" weightage="80" keywordseo="tedros-adhanom-ghebreyesus" source="Orion">Tedros Adhanom Ghebreyesus</keyword> told a press briefing in Geneva on Wednesday. However, the agency warned that lower case numbers and deaths do not necessarily mean 'lower risk' as the pandemic continues to remain a public health emergency. <keyword id="10642477" type="General" weightage="80" keywordseo="ghebreyesus" source="Orion">Ghebreyesus</keyword> advised countries to be prepared to scale up Covid-19 response rapidly. He reiterated that higher testing and sequencing rates are vital for scientists to track existing variants and to identify new ones as they emerge. "At present there are a number of Omicron sub-lineages we're following closely, including BA.2, BA.4 and BA.5 and another recombinant detected, made up of BA.1 and BA.2", he said. WHO's director of emergencies, <keyword id="293730" type="General" weightage="80" keywordseo="michael-ryan" source="Orion">Michael Ryan</keyword>, warned that as the virus continues to evolve, the world "cannot simply afford to lose sight of it". "It would be very short-sighted at this point to assume that lower numbers of cases mean absolute lower risks. We are pleased to see deaths dropping but this virus has surprised us before, it has caught us off guard before," he added. Meanwhile, WHO's lead scientist Dr. <keyword id="2612043" type="General" weightage="80" keywordseo="soumiya-swaminathan" source="Orion">Soumiya Swaminathan</keyword>, said that sub-lineages and recombinants will continue to appear, and the world must continue investing in improved tools such as new vaccines. "We have to be prepared for the possibility that this virus can change so much that it might be able to evade existing immunity", she said. Ghebreyesus emphasised that currently, the virus remains deadly, especially for the unprotected and unvaccinated that don't have access to health care and antivirals. Besides getting vaccinated, he also advised people to continue wearing masks - especially in crowded indoor spaces and maintain good ventilation. The WHO chief also urged forA equitable distribution of Covid tools and strengthening of health systems. "Bridging the vaccine equity gap is the best way to boost population immunity and insulate against future waves", he highlighted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/whatsapp-is-finally-allowed-to-have-100-million-users-for-its-payments-service/articleshow/90835669.cms">WhatsApp is finally allowed to have 100 million users for its payments service</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/rbi-is-hiring-294-officers-with-a-starting-pay-scale-of-55000-per-month/articleshow/90835474.cms">RBI is hiring 294 officers with a starting pay scale of ₹55,000 per month, apply before April 18</a>

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