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<ul><li><keyword id="1554716" type="General" weightage="20" keywordseo="buy-now" source="Orion">Buy Now</keyword>, <keyword id="3621187" type="General" weightage="20" keywordseo="pay-later" source="Orion">Pay Later</keyword> schemes by e-commerce platforms may look attractive but charge you a higher amount if you miss any payment deadline.</li><li>Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. If you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day.</li><li>Online platforms like Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later and Flipkart PayLater charges up to ₹600 fees if you miss any deadline dates.</li></ul>Just like credit cards, Buy Now, Pay Later (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) schemes allow you to buy products beforehand and pay the total amount in installments. You must be aware of Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later, Flipkart PayLater and several others. To help you understand the steep charges by online platforms that have Buy Now, Pay Later scheme here is an example. Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. Later if you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day. Also, this amount will keep on increasing every cycle if you miss future deadlines. During the last couple of years and also because of covid infused financial stress, BNPL schemes have become very popular among young who are new to the credit space. Macquarie expects the total amount of loans disbursed through such schemes to be anywhere between $45 billion and $50 billion by March 2026. The current market is still very small ⁠— about 0.7% of all bank loans and about 2.07% of loans given by the non-banking financial companies, <a href="https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/DIGITALLENDINGF6A90CA76A9B4B3E84AA0EBD24B307F1.PDF">according to the latest data provided by the Reserve Bank of India</a>. <div type="image" title="loan disbursal" height="900" width="1200" msid="87798372" hostid="261"></div> While these schemes do serve the purpose of buying products on time and paying later, one should be aware about the high cost in late payments. How does BNPL work? <ul><li>Buy a product at an online or e-commerce platform</li><li>Select ‘Buy Now, Pay Later’ option</li><li>Make a small down payment of the overall purchase amount</li><li>The remaining amount shall be debited in a series of EMIs</li></ul>Most BNPL schemes offer a smaller repayment window of 15 to 30 days and charge up to ₹600 fees if you miss the deadline. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Late fees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZestMoney </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250+ 1% per day on late repayments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simpl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ePayLater </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KrazyBee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500+ 0.2% penalty charge per day </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Postpaid </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10-500 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Pay Later </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100-500 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mobikwik Zip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20-200 per cycle default. Plus 1% late fee after 3rd cycle </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart PayLater </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹60-600 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LazyPay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹50-500 per cycle default </td></tr></tbody><tbody></tbody></table>Source: Macquarie report dated November 18, 2021 BNPL looks attractive but is definitely not a win-win situation for consumers. These steep late fee charges indicate significant revenue for the company, said analysts at global brokerage firm Macquarie Research. What should you do? Educate yourself about the interest charges including processing fee, which you would be paying before you make your purchase via the BNPL option, on the total amount before buying a product through BNPL. It is best to use the BNPL option when you are sure of paying the entire due amount before the due date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms">OPINION: The next four-letter word taking the world of finance by storm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ntpc-is-hiring-experienced-engineering-professionals-with-a-monthly-salary-of-60000/articleshow/87781706.cms">NTPC is hiring experienced engineering professionals with a monthly salary of ₹60,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp</a>

From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

New Delhi, The <keyword id="76562" type="COMPANY" weightage="20" keywordseo="Confederation-of-All-India-Traders">Confederation of All India Traders</keyword> (CAIT) in a communication sent to Union Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> demanded <keyword id="2465241" type="PERSON" weightage="20" keywordseo="immediate-action">immediate action</keyword> against e-commerce entities including <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and others. "It is a case of daylight robbery of e-commerce entities in India and therefore demand immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT has accused Amazon, Flipkart, Zomato, Swiggy and various other e-commerce entities for violation of mandatory display of Country of Origin and Manufacturer, seller Details on products sold through their respective E-Commerce Portals as required under the Consumers Protection (E Commerce) Rules,2020, Legal Metrology (Packaged Commodities) Act, 2011 and guidelines of Food Safety &amp; Standards Authority of India. CAIT has asked Goyal to take action against E-commerce entities including Amazon, Flipkart, Zomato, Swiggy and others. "It is a case of daylight robbery of e-commerce entities in India and, therefore demands immediate action against the erring e-commerce portals and online mechanism providers," CAIT said. CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal in a communication to Goyal said that e-commerce entities conducting business in India including Amazon, Flipkart and others are highly violating the mandatory conditions spelled out in above Acts. "It is a pity that particularly in e-commerce every guidelines, Rules &amp; Regulations, Laws and policies are being flouted openly and no department has so far taken any cognizance of compliance issues resulting in a highly vitiated and mess like e-commerce trade of India," CAIT said. Bhartia and Khandelwal said that Rule 10 of Legal Metrology (Packaged Commodities) Rules, 2011 provide that e-commerce entities should have to display name and address of the manufacturer, name of the country of origin, common/generic name of the product, net quantity, best before/use by date (if applicable), maximum retail price, dimensions of the commodity, etc. This rule was introduced in June 2017 and provided a transition period of six months thereby its implementation from January 1,2018 but even after a lapse of three years, the above rules are not being complied by e-commerce companies prominently by Amazon, Flipkart, etc. Failure to make declarations as above will amount to selling non-standard packages and will invite penalty under the above said Act, including fine or imprisonment or both, CAIT said. Both trade leaders further said that similar obligations were imposed on e-commerce food business operators vide guidelines issued by the Food Safety &amp; Standards Authority (FSSAI) on February 2,2017. "But such FBOs like Zomato, Swiggy, etc. are not complying with the above rules," CAIT said. Bhartia and Khandelwal said that under Rule 4(2) of the Consumer Protection (E Commerce) Rules, 2020, it is provided that every e-commerce entity shall provide the following information in a clear and accessible manner on its platform, displayed prominently to its users, namely, legal name of the e-commerce entity, principal geographic address of its headquarters and all branches, name and details of its website, and contact details like email address, fax, landline and mobile numbers of customer care as well as of grievance office. Similar provisions are also spelled out in Press Note 2 of the FDI Policy, 2016. CAIT said no e-commerce entity has appointed a Nodal Officer as also complying with above provisions. Important rights of the consumers are being violated as they are not aware of the seller or description of the product at the time of purchase of products from e-commerce portals. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-indian-railway-finance-corporation-irfc-ipo/articleshow/80406208.cms">Indian Railway Finance Corporation IPO allotment: Here’s how to check share allotment status</a>

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

The <keyword id="206645" type="ORGANIZATION" weightage="20" keywordseo="ministry-of-interior">Ministry of Interior</keyword> has warned Saudi citizens against travelling to countries that have been put on the no-travel list recently as these countries are currently witnessing a surge in cases of Covid-19 and its new variants. In a statement carried by the <keyword id="310010" type="ORGANIZATION" weightage="20" keywordseo="Saudi-Press-Agency">Saudi Press Agency</keyword> on Tuesday, an official source at the ministry said that travelling to the banned countries is an explicit violation of the announced instructions, the <keyword id="175749" type="ORGANIZATION" weightage="20" keywordseo="Saudi-Gazette">Saudi Gazette</keyword> reported. The source said that there are reports about citizens travelling to the countries where travel is prohibited in violation of the instructions issued by the official authorities, warning that such deception, if proven, warrants legal accountability and heavy penalties. He added that those who are found to have violated the instructions would be banned from travelling abroad for 3 years. The Ministry of Interior in the statement called on citizens against travelling directly or indirectly to countries where the pandemic has not yet been controlled and there are cases of mutated strains. It also urged citizens to exercise caution and stay away from areas where instability prevails or the virus is spreading, and take all precautionary measures regardless of their destination. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/maharashtra-karnataka-and-telangana-plan-to-use-ethereum-in-their-fight-against-fake-degrees/articleshow/84823688.cms">This Indian startup is using Ethereum to help Maharashtra, Karnataka and Telangana fight against fake degrees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-stocks-are-down-today-like-zomato-dixon-technologies-cdsl-happiest-minds-shree-renuka-sugars-and-more/slidelist/84817104.cms">It's not just Zomato -- From Happiest Minds to CDSL, some of India's hottest stocks are melting too</a>

Saudi citizens warned against visiting countries facing travel ban

<ul><li>The net worth of Falguni Nayar is nearly four times higher than that of <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>.</li><li><keyword id="12213246" type="General" weightage="20" keywordseo="paytms-vijay-shekhar-sharma" source="Orion">Paytm’s Vijay Shekhar Sharma</keyword> has gone down 1,000 ranks in the Forbes Billionaires list in the last year.</li><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword>’s Falguni Nayar is currently the 573rd richest person in the world with a net worth of $4.8 billion.</li></ul>The net worth of Falguni Nayar — the founder and chief executive officer (CEO) of Nykaa — is nearly four times higher than that of <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>’s founder and CEO, Vijay Shekhar <keyword id="445" type="General" weightage="100" keywordseo="sharma" source="Orion">Sharma</keyword>. The shuffle in net worth rankings came only a few months after these founders took their companies public. While Nykaa was able to double investors’ money on its first day of listing, Paytm has been struggling to even reach its issue price of ₹2150. Nykaa was listed at a price of <a href="https://www.businessinsider.in/stock-market/news/nykaa-starts-trading-at-2001-a-premium-of-77-87/articleshow/87618803.cms"> ₹2,001 </a>compared to the issue price of ₹1,125. The company currently sits at a market capitalisation of ₹70,690 crore ($9.2 billion), which is lower than Nykaa’s listing price but still higher than the issue price of $7.4 billion. Paytm, on the other hand, is listed at a discount of 9% on the listing day, and has been on a decline ever since. It’s worth noting that Paytm was the highest valued startup — valued at $16 billion — in India till 2021 before Byju’s took over. Nearly 75% of its valuation has been eroded ever since Paytm made its entry into the public market. It is important to note that Paytm had raised capital at the valuation of $19.9 billion in its initial public offering (IPO), but its current market capitalisation is ₹41,476 crore ($5.4 billion). <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Person </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">World’s richest rank 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net worth in 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">World’s richest rank 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current net worth 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Shekhar Sharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1362 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.3 B </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2387 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.1 Billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falguni Nayar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">573 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4.8 billion </td></tr></tbody></table>Source: Forbes Billionaires List With this, Vijay Shekhar Sharma has slipped 1,000 ranks in Forbes Billionaires list. Last year, Sharma was the <a href="https://www.forbes.com/billionaires/">1362 richest person</a> in the world with a net worth of $2.3 billion. But currently, he is at the 2387th spot with a net worth of $1.1 Billion. Nayar, on the other hand, was not named on the list last year. She is <a href="https://www.forbes.com/real-time-billionaires/#1c267a023d78">currently at the 573rd spot</a> with a net worth of $4.8 billion. With that being said, Falguni Nayar is currently the richest self-made woman in India as per the Forbes’ real-time Billionaires' Index. Zomato’s founder and CEO Deepinder Goyal is not part of this list. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/india-is-monitoring-crypto-transactions-of-700-investors-evaders-could-reportedly-face-a-hefty-penalty-tax/articleshow/90263407.cms">India is monitoring crypto transactions of 700 investors – evaders could reportedly face a hefty penalty tax</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/germanys-cyber-watchdog-advises-users-to-switch-from-kaspersky-antivirus-as-russia-ukraine-tensions-simmer/articleshow/90261748.cms">Germany’s cyber watchdog advises users to switch from Kaspersky antivirus as Russia-Ukraine tensions simmer</a>

Falguni Nayar's net worth is now four times higher than that of Vijay Shekhar Sharma

<ul><li>Bharti Airtel has discontinued its ₹49 entry level prepaid recharge plan and started ₹79 smart recharge offer.</li><li>Shares of the company rose 5% after the company announced the development.</li><li>With this, the telecom operator says it is focusing on offering superior connectivity solutions.</li></ul>Shares of Bharti Airtel gained 5% as the company announced that it has discontinued its cheapest prepaid recharge plan of ₹49. Instead it has started a new prepaid recharge pack of ₹79 that offers up to four times more outgoing minutes of usage to customers along with twice the amount of data. Basically, it has hiked its cheapest prepaid plan to ₹79. “This change is in line with the company’s focus on offering superior connectivity solutions. Airtel customers on entry level recharges can now stay connected for longer without worrying about their account balance,” the company said in a BSE statement. “If they have hiked the plan the stock would have reacted but I don’t think there is any long term positive on the stock...eventually they will have to compete with Jio and Vodafone Idea and the space is so overcrowded that eventually none of these players have any pricing power at all.. The stock has really gone nowhere in 13 years now and unlikely to as right now they are competing in a market which is so stiff that everybody wants to gain market share,” said Rajat Sharma, founder of Sana Securities. Traders in the market must have found this announcement as a positive and that is why the rise in stock price, added Sharma. Moreover, a <a href="https://economictimes.indiatimes.com/markets/stocks/news/why-bharti-airtel-and-other-telecom-stocks-are-rallying-in-a-weak-market/articleshow/84819255.cms">report</a> said the telecom stocks were rallying as a report suggested that the government was considering a slew of long-term measures to improve the health of the debt-laden telecom sector, which includes prospectively redefining adjusted gross revenue (AGR) to exclude ‘non-telecom’ items and allowing telcos to surrender unused spectrum for a small penalty. As per The Economic Times report, the government was also considering other measures with the Department of Telecommunications (DoT) including a reduction in licence fees (LF) and spectrum usage charges (SUC) and phasing out of bank guarantees. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/list-of-stocks-are-down-today-like-zomato-dixon-technologies-cdsl-happiest-minds-shree-renuka-sugars-and-more/slidelist/84817104.cms">It's not just Zomato — From Happiest Minds to CDSL, some of India's hottest stocks are melting too </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-to-help-company-for-payment-of-loan-and-interest/articleshow/84818263.cms">Rolex Rings’ IPO to help company focus on growth and come out of corporate debt restructuring </a>

Bharti Airtel gains 5% as its cheapest prepaid plan gets costlier by ₹30

(Eds: Adding info) Mumbai, May 17 () RBL Bank, which derives 18 per cent of its loan portfolio from credit cards, is expecting new plastic issuances to halve and a fall in spends as well in FY21, but is confident of the overall revenues from the segment remaining intact, a senior official has said.However, the economic climate will result in an increase in credit costs, or money being set aside for possible loan losses, by over 30 per cent in the cards segment, the official told .Usually, banks have a lower reliance on the credit cards segment for their advances because it is an unsecured product, but its Segmental head Harjeet Toor said the bank has been using a slew of analytics capabilities to grow in the category without increasing its delinquencies.He explained that revenues will be stable largely on the back of the three month moratorium in loan repayments announced by the RBI, as interests keep getting compounded for the non-payees, adding to its overall income.Nearly a fourth of its overall credit card portfolio of Rs 10,500 crore has opted for the moratorium, he said."Our revenues are split evenly between fees and interest income. What we will lose on fees like lower spends, cross-sella and penalty for delayed payments, we will recover through an increase in interest. We expect revenues to be stable," he said.According to an investor presentation, in FY20, fees from credit cards contributed Rs 942.3 crore, accounting for 54 per cent of the overall core fee income, which suggests that overall revenues from the credit card to be in the vicinity of Rs 1,900 crore.As a prudential measure, the bank locks up the ability to use the cards for newer spends in cases of those customers who have opted for the moratorium, Toor said, adding that only 13 per cent of the customers by number have opted for the RBI-announced relief and sounded confident of it to come down even if the moratorium is extended.In FY21, it expects to sell only over 5 lakh credit cards as against the 13 lakh earlier, Toor said, adding that it has to wait for a few months before the market actually settles down.In April, there was negligible new acquisitions and the overall portfolio remained at 28 lakh cards, he said, adding that it will be slow in expanding the base at least till the post-monsoon festivities.With over 60 per cent of its customers being a resident of the 'red zones', spends have also taken a hit, Toor said, pointing out that spends on aspects like groceries and utilities have held on.In FY21, the bank expects a 12 per cent dip in overall spends, through which it derives an interchange fee, as per the investor presentation.Toor said the reduction in spends will not be very pronounced because the bank does not depend on discretionary spending categories like restaurants and cinema which are likely to be affected more.Uptick in spends will be seen as and when the lockdown eases, he said, adding that operating leverage will be a key driver of profitability.From a portfolio quality perspective, he said the credit costs will be up by 30-60 per cent due to the overall climate, but added that it has been using a host of levers to reduce it delinquencies.Its overall gross non performing assets from the cards business reduced to 1.2 per cent in March as against 1.67 per cent, he said, adding that its delinquencies are 27 per cent lower than peers.It uses strategies like age group, where it focuses on those above 30, tie-ups with brands like Bajaj Finance and Zomato to give it data analytics, and also avoiding fresh to credit card segment people to keep the NPAs under check, he said. AA BAL

RBL Bank: Credit card revenues to be stable in FY21; cards growth to dip

Mumbai, May 17 () RBL Bank, which derives 18 per cent of its loan portfolio from credit cards, is expecting new plastic issuances to halve and a fall in spends as well in FY21 but is confident of the overall revenues from the segment remaining intact, a senior official has said.However, the economic climate will result in an increase in credit costs, or money being set aside for possible loan losses, by over 30 per cent in the cards segment, the official told .Usually, banks have a lower reliance on the credit cards segment for their advances because it is an unsecured product, but it's segmental head Harjeet Toor said the bank has been using a slew of analytics capabilities to grow in the category without increasing its delinquencies. He explained that revenues will be stable largely on the back of the three months' moratorium in loan repayments announced by the RBI, as interests keep getting compounded for the non-payees, adding to its overall income.Nearly a fourth of its overall credit card portfolio of Rs 10,500 crore has opted for the moratorium, he said. "Our revenues are split evenly between fees and interest income. What we will lose on fees like lower spends, cross-sell and penalty for delayed payments, we will recover through an increase in interest. We expect revenues to be stable," he said.According to an investor presentation, in FY20, fees from credit cards contributed Rs 942.3 crore, accounting for 54 per cent of the overall core fee income, which suggests that overall revenues from the credit card to be in the vicinity of Rs 1,900 crore. As a prudential measure, the bank locks up the ability to use the cards for newer spends in cases of those customers who've opted for the moratorium, Toor said, adding that only 13 per cent of the customers by number have opted for the RBI-announced relief and sounded confident of it to come down even if the moratorium is extended.In FY21, it expects to sell only over 5 lakh credit cards as against the 13 lakh earlier, Toor said, adding that it has to wait for a few months before the market actually settles down.In April, there was negligible new acquisitions and the overall portfolio remained at 28 lakh cards, he said, adding that it will be slow in expanding the base at least till the post-monsoon festivities. With over 60 per cent of its customers being a resident of the 'red zones', spends have also taken a hit, Toor said, pointing out that spends on aspects like groceries and utilities have held on. In FY21, the bank expects a 12 per cent dip in overall spends, through which it derives an interchange fee, as per the investor presentation.Toor said the reduction in spends will not be very pronounced because the bank does not depend on discretionary spending categories like restaurants and cinema which are likely to be affected more.From a portfolio quality perspective, he said the credit costs will be up by 30-60 per cent due to the overall climate, but added that it has been using a host of levers to reduce it delinquencies. It's overall gross non-performing assets from the cards business reduced to 1.2 per cent in March as against 1.67 per cent, he said, adding that its delinquencies are 27 per cent lower than peers.It uses strategies like age group, where it focuses on those above 30, tie-ups with brands like Bajaj Finance and Zomato to give it data analytics, and also avoiding fresh to credit card segment people to keep the NPAs under check, he said. AA MKJ

RBL Bank expects dip in new credit cards, spends in FY21

<ul><li>India's Silicon Valley is headed to the polls today and unemployment is one of their main concerns. </li><li>It's not only the IT industry but also the small enterprises that have been hit by demonetisation and India's revamp of its tax system. </li><li>Bengaluru's transformation to an industrial hub hasn't been without its cost with the city's burgeoning environment pollution problem.</li></ul>Bengaluru, known as India’s Silicon Valley and home to two of the biggest IT companies in India — Infosys and <a href="https://www.businessinsider.in/wipro-phishing-attack-computer-system-hacked/articleshow/68918449.cms">Wipro</a> — goes to the polls today representing 17% of Karnataka’s population. Amid the rapid changes in technology and the United States <a href="https://www.businessinsider.in/us-immigration-denial-of-h1-b-visas-raises-legal-questions/articleshow/68844794.cms">tightening</a> immigration laws, the sheen from India’s IT hub has dulled. Between 2016 and 2018, at least five million people lost their jobs in India according to a <a href="https://in.reuters.com/article/india-election-jobs/five-million-lost-jobs-in-india-between-2016-and-2018-report-idINKCN1RT1I3">report</a> by the Azim Premji University reporting unemployment increase in the formal and informal sectors of the economy. India is already looking at the highest unemployment rate in 45 years according to <a href="http://v">reports</a> and its effect is not lost on Bengaluru even with the <a href="https://www.financialexpress.com/industry/here-are-jobs-hiring-rises-by-15-bangalore-tops-check-where-delhi-mumbai-stand/1487202/">highest</a> hiring rate in the country. <a href="https://www.teamleasegroup.com/resources/reports/19">According</a> to TeamLease’s Employment Outlook, Bengaluru has been categorised as an employment ‘laggard’ with its employment outlook falling two percentage points in 2018. Waning job growth after demonetisation and the implementation of the General Goods and Services Tax (GST), Bengaluru is far from the day when it saw job spurts across the board for technical and blue-collar positions — starting from state run companies like India Telephone Industries Limited (ITI), Hindustan Aeronautics Limited (HAL), Bharat Electronic Limited (BHEL), and Bhart Earth Movers Limited (BEML). 
 <div type="ExtQuote" text="One must remember that a significant number of voters come from outside Karnataka. In the IT sector, at best 65% of the people are locals and 35% are from outside. So it is quite possible that they cannot go back to their places to vote, while some may have gone back to vote. So I would not worry too much about voter turnout being only 55%." auname="Indian IT industrialist and co-founder of Infosys, NR Narayana Murthy"></div>

 Changes in technology As technology gets more complex with the rapid implementation of artificial intelligence (AI) and machine learning (ML), so does the <a href="https://www.nasscom.in/system/files/secure-pdf/the-future-of-me_0.PDF">gap</a> of technical and non-technical skill requirements required for the sector. So, it's not that the jobs don’t exist in Bengaluru — there’s actually an increasing demand for highly skilled technical management jobs that offer <a href="https://timesofindia.indiatimes.com/city/bengaluru/bengaluru-pays-the-highest-salaries-in-india-study/articleshow/66743965.cms">high</a> salaries — but more, that people aren’t equipped with the correct skill sets for employment. The bigger issue boils down to the quality and content of educational institutions where the <a href="https://www.facilities.aicte-india.org/dashboard/pages/dashboardaicte.php">placement rate</a> of engineering and management schools was its highest at 30% between 2012 to 2018, according to AICTE’s online data dashboard. It’s not just Bengaluru that has jobs on its mind. It’s the <a href="https://www.businessinsider.in/lok-sabha-elections-2019-pew-research-report-on-key-election-issues/articleshow/68572903.cms">number one</a> issue for Indian voters as they participate in the world’s largest democratic exercise according to a report by the Pew Research Center (PRC). Lingering effects of demonetisation Demonetisation has been particularly hard for the citizens in Peenya, one of the biggest industrial areas in Asia located in northwest Bengaluru — and primary depends on cash for its transactions. It’s home to more than 6,000 small businesses, employing over 800,000 people and generation ₹120 billion ($1.72 billion) in revenue, according to Peenya Industries Association. Even Bengaluru’s realty market is only just <a href="https://bangaloremirror.indiatimes.com/bangalore/others/realty-market-rises-from-demonetisations-ashes/articleshow/63523111.cms">starting</a> to recover from the effects of demonetisation where property <a href="https://news.housebolo.com/demonetisation-impact-bangalores-property-markets-takes-a-hit/">registrations</a> dipped from 1,800 per day to 200 per day. Startups <a href="https://inc42.com/features/indian-startup-shutdowns-2017/">came</a> under the gun as well, especially the e-commerce segment. Bigger startups like Flipkart and Zomato, both based out of Bengaluru, had to <a href="http://v">figure out</a> how to make up for the fact that 60 to 70% of their orders were cash-on-delivery transactions. Choking on industrial waste While industries in Bengaluru have thrived over the past couple of years, it has not been without its cost. The city’s Bellandur Lake and Vrishabhavathi River have been in the news for all the wrong reasons. The Bellandur Lake was seen spewing a 10-feet high wall of toxic foam that seeped on to the roads and bridges. 
	
 
 
 <div type="image" title="d7bc57be0e0a6a0fb56b45acb0836c51" msid="68930987" hostid="261" caption="&amp;lt;p&amp;gt;The 10 feet of foam on Bellandur Lake in Bengaluru in 2016&amp;lt;/p&amp;gt;"></div>









 Rashmi Mandanna, a south Indian actor, even did an underwater photoshoot at the lake to draw awareness the increasing problem of water pollution. 
	
	
	
	<div type="twitter" handle="iamRashmika" handlename="Rashmika Mandanna" image="http://pbs.twimg.com/profile_images/1048058166737608704/hcxNROBl_normal.jpg" favoritecount="12895" retweetcount="2839" status="This was a photoshoot regarding awareness for the water pollution by this wonderful team Creative Director :… https://t.co/CiRvenS0Ua" createdat="1544704656000" id="1073195228603928577"></div>









 The Peenya Industrial Belt, with more than 7,500 industries — including the Peenya, Yeshwanthpura, Rajajinagar, Jalahalli, Goraguntepalya and Dasarahalli industrial areas — has also been called into question for polluting the Vrishabhavathi River and the lakes within its catchment area. One of lakes, Nelagadaranahalli Lake, is even <a href="https://www.thenewsminute.com/article/how-bengaluru-s-peenya-industrial-area-has-choked-and-killed-its-surrounding-lakes-90116">speculated</a> to be more toxic than Bellandur Lake. The problem seems to be on the rise despite corporates facing penalties <a href="https://www.downtoearth.org.in/news/pollution/ngt-makes-polluters-pay-nearly-double-so-far-this-year-than-whole-of-2018-63927">amounting</a> to ₹750 million ($10.8 million) within the first quarter of 2019 for water pollution in Karnataka from National Green Tribunal (NGT). The issue of the city’s lakes being polluted also fuels the resultant water crisis in the city. Citizens <a href="http://www.newindianexpress.com/cities/bengaluru/2019/mar/26/water-and-traffic-issues-bog-down-it-showcase-of-bengaluru-1955879.html">claim</a> that the water was crystal clear and used for drinking and agricultural activities. But despite these issues, the biggest <a href="https://economictimes.indiatimes.com/news/elections/lok-sabha/india/decoded-the-concerns-and-aspirations-of-the-urban-electorate-in-seven-indian-cities/articleshow/68868018.cms">challenge</a> is going to be getting voters to come out and participate in a city that has consistently recorded a low voter turnout. The Bharatiya Janata Party (BJP already paid the price for some of these issues by losing its opportunity to win during the Karnataka’s State Assembly Elections in 2018. But, the Janata Dal (Secular) and Congress alliance that replaced the government has been <a href="https://www.news18.com/news/politics/dissidence-in-some-lok-sabha-seats-over-jds-alliance-says-congress-2078551.html">facing dissidence</a> in certain constituencies, hampering their prospects. See also: <a href="https://www.businessinsider.in/lok-sabha-elections-2019-pew-research-report-on-key-election-issues/articleshow/68572903.cms">5 charts that tell you what India cares about ahead of 2019 elections</a> <a href="https://www.businessinsider.in/lok-sabha-election-2019-second-phase-political-strategy-for-reserved-seats/articleshow/68925204.cms">Nearly a quarter of the seats in the Lok Sabha are “reserved” and they matter a lot in this election</a> <a href="https://www.businessinsider.in/politics/elections/lok-sabha-elections-2019-second-phase-of-polling-in-tamil-nadu-voters-issues/articleshow/68930595.cms">Tamil Nadu’s angry voters have a small oil field, a big highway, a medical entrance test, and a police shootout in mind</a>

You Searched For "zomato penalty" and got 8 results

From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

Bhakti Makwana

CAIT seeks action against Amazon, Zomato, Flipkart and Swiggy for 'daylight robbery'

IANS

Saudi citizens warned against visiting countries facing travel ban

IANS

Falguni Nayar's net worth is now four times higher than that of Vijay Shekhar Sharma

Kritti Bhalla

Bharti Airtel gains 5% as its cheapest prepaid plan gets costlier by ₹30

Bhakti Makwana

RBL Bank: Credit card revenues to be stable in FY21; cards growth to dip

PTI

RBL Bank expects dip in new credit cards, spends in FY21

PTI

Job losses will haunt Bengaluru, India’s Silicon Valley, as it goes to polls today

Prabhjote Gill

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