Author: News Desk

  • UPI transactions surge to Rs 223 lakh crore in Jan-Nov

    UPI transactions surge to Rs 223 lakh crore in Jan-Nov

    New Delhi: The Unified Payments Interface (UPI) has achieved 15,547 crore transactions worth Rs 223 lakh crore from January to November this year, ‘showcasing its transformative impact on financial transactions’ in India, the Finance Ministry said on Saturday.

    The Finance Ministry also said that UPI is now accepted in seven countries including France, UAE, Singapore, Sri Lanka, Mauritius, Bhutan and Nepal. The UPI system provides a cheaper and quicker alternative to the available channels of cross-border remittances.

    UPI has succeeded in increasing financial inclusion and promoting equitable economic growth by enabling underserved groups, including subprime and new-to-credit borrowers to access formal credit for the first time, according to a new study by IIM and ISB professors.

    The authors said the success of UPI can be replicated in other countries as well and India can play a leading role in helping them adopt the fintech system.

    “Within a short span, UPI led to exponential penetration of digital payments across India and is used at all levels from street vendors to large shopping malls

    Since its launch in 2016, the Unified Payments Interface (UPI) has transformed financial access in India, enabling 300 million individuals and 50 million merchants to perform seamless digital transactions, according to a study by IIM and ISB professors.

    By October 2023, 75 per cent of all retail digital payments in India were through UPI. The rapid adoption of UPI was possible due to affordable internet across the country. A 10 per cent increase in UPI transactions led to a 7 per cent rise in credit availability, reflecting how digital financial histories enabled lenders to assess borrowers better., the study states.

    The authors said fintech lenders scaled rapidly, increasing their loan volumes 77 times, far outpacing traditional banks in catering to smaller, underserved borrowers.

    The study also highlights that despite the credit surge, default rates did not rise, showing that UPI-enabled digital transaction data helped lenders expand responsibly.

    In order to ensure greater financial inclusion, the RBI last week decided to permit small financial banks (SFBs) to also extend pre-sanctioned credit lines through the UPI.

    In September 2023, the scope of Unified Payments Interface (UPI) was expanded by enabling pre-sanctioned credit lines to be linked through UPI and used as a funding account by Scheduled Commercial Banks but Payments Banks, Small Finance Banks (SFBs) and Regional Rural Banks were excluded from this ambit.

    “Credit line on UPI has the potential to make available low-ticket, low-tenor products to ‘new-to-credit’ customers. SFBs leverage a high-tech, low-cost model to reach the last mile customer and can play an enabling role in expanding the reach of credit on UPI,” the RBI said.

    “It is, therefore, proposed to permit SFBs to extend pre-sanctioned credit lines through the UPI. Necessary guidelines will be issued shortly,” the RBI statement added.

  • ‘Project Registration With Fake Documents Are A Wake-up Call,’ Says Expert

    ‘Project Registration With Fake Documents Are A Wake-up Call,’ Says Expert

    Q. One of my friends has received a notice from the Kalyan Dombivli Municipal Corporation (KDMC) to vacate his home on the ground that the building is “unauthorised” hence needs to be demolished. My friend had booked the flat after the project received MahaRERA registration. Why is a buyer, who made the booking based on MahaRERA registration, staring at the demolition of house? Did MahaRERA not verify the authenticity of the commencement certificate (CC)? What action can the authority take apart from revoking the registration? Will Mumbai Grahak Panchayat help such people who are facing demolition of their homes for no fault of theirs?

    —Archana Pangaonkar, Borivili

    A. Same questions are haunting nearly 6,500 families in 58 buildings in Kalyan-Dombivli despite there being MahaRERA registration. In a public interest litigation (PIL) filed by architect Sandeep Patil in November 2022, it was brought to the notice of Bombay High Court that MahaRERA had registered these 58 projects without verifying the authenticity of the CCs, which were later on found to be forged.

    When this fact was brought to the notice of the regulatory authority, the registration of all these projects was revoked. It is learnt that the KDMC affirmed on affidavit that these CCs were not issued by it. The high court, based on this affidavit, directed the KDMC chief to raze these unauthorised buildings within three months. MahaRERA must own the responsibility for this huge fraud played on it by some unscrupulous builders.

    The body has now decided to verify the authenticity of these documents submitted by builders before granting registration. However, that does not address the problems being faced by these innocent buyers who trusted MahaRERA. In such a situation, MahaRERA should invoke provisions under section 7 (4) (f) of RERA to issue directions, as it may deem necessary, to protect the interest of these buyers. It also needs to explore possibilities of regularising these buildings instead of demolition. For this purpose, MahaRERA will be well within its jurisdiction to seek review of the court order directing demolition and a stay order pending such review. Sections 60 and 61 of RERA empowers the regulatory authority to impose a penalty up to 5% of the project cost for producing bogus and forged documents and thereby violating section 4 of RERA.

    MahaRERA must also initiate criminal proceedings against such fraudulent builders to restore public confidence in itself, which has been badly shaken with this entire episode. In case these buildings are to be demolished, then surely the affected allottees can claim refund of the entire amounts along with the interest and compensation by filing complaints with MahaRERA under sections 18 (1), (2) & (3) of RERA. For this purpose, the authority must ensure that these builders are immediately arrested and are not allowed to abscond or sell their properties in any way.

    Mumbai Grahak Panchayat (MGP) will surely help affected buyers. They must approach the secretary, MGP, by emailing their details on mpanchayat@gmail.com. They may also visit MGP office at Grahak Bhavan, Sant Dnyaneshwar Marg, JVPD Scheme, near Cooper Hospital, Vile Parle (W) on any Thursday between 2.30- 4.30pm.

    (Advocate Shirish V Deshpande is chairman, Mumbai Grahak Panchayat. Queries can be sent to him on email: shirish50@yahoo.com)


  • US Fed policy, FII data and global cues key triggersfor next week

    US Fed policy, FII data and global cues key triggersfor next week

    Mumbai: A blend of global and domestic factors will influence the stock market outlook for next week. On the global front, particularly the performance of US markets and the Fed’s monetary policy decisions will play a significant role; and domestic economic indicators like GDP growth, FIIs and inflation will shape market sentiment.

    Last week, Indian stock markets ended on a positive note, with the Sensex and Nifty gaining nearly 3 per cent from their recent lows. A broad-based buying spree lifted more than 40 Nifty stocks. This strong performance was driven by a combination of factors, improving global and domestic sentiments.

    On Friday (the last trading session), the stock market saw a smart turnaround after initially experiencing a big fall. Telecom, tech, consumer durables, and IT stocks saw a strong rally.

    On a weekly basis, the Nifty rose 0.37 per cent to 24,768 and the Sensex rose 0.52 per cent to 82,133. This was the fourth consecutive week when the Indian stock market closed with gains.

    Between December 9 to December 13, Foreign Institutional Investors (FIIs) net sold Rs 226 crore in the cash market, whereas Domestic Institutional Investors (DIIs) supported the market with a net investment of Rs 2,880 crore.

    Puneet Singhania, Director at Master Trust Group said, “Nifty 50 has claimed a bullish stance after breaking the horizontal resistance of 24,700 with closing above it for the first time. The strong support is at 24,100 and 24,300, making it a key level for traders. Buying is favourable at around 24,300-24,400 with a stop loss at 24,100.”

    “On the upside, the index may aim to reclaim the psychological 25,000 level. However, if it breaches 24,100, further downside toward 23,900 is possible. The current trend indicates optimism, with opportunities for buying on dips and clear risk levels for managing trades effectively,” he added.

    Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said, “Banknifty continues to show strong momentum, with 53,800-54,000 as the immediate resistance zone. A breakout above 54,000 could lead to the next resistance area at 54,350-54,500. On the downside, 53,300 serves as immediate support, followed by 52,600 as the next support level.”

  • Rs 71,889 crore released to states under various heads for FY25 till now: Centre

    Rs 71,889 crore released to states under various heads for FY25 till now: Centre

    New Delhi: The government on Sunday said that based on the recommendations of 15th Finance Commission (XV-FC), Rs 71,889 crore has been released to the states under various heads for FY 2024-25.

    The 15th Finance Commission had recommended the grants-in-aid of Rs 71,889 crore to the state governments under heads like grants to local bodies; post devolution revenue deficit grant; central share of state disaster response fund and state disaster mitigation fund and health sector grant, among others, for the year 2024-25 (upto December 10).

    In a post on X social media platform, the Ministry of Finance also said that “based on the recommendation of @MinOfPower, Department of Expenditure @FinMinIndia allowed additional borrowing of 0.5 per cent of GSDP worth around 1.56 lakh crore linked to performance in power sector for FY2024-25”.

    “The Department of Expenditure @FinMinIndia allows extra borrowing ceiling of nearly Rs 9.40 lakh crore to states in FY2024-25,” it further added.

    According to the ministry, Direct Benefit Transfer (DBT) through Public Financial Management System (PFMS) supports ‘Digital India’ by enabling electronic payment and receipt for ministries/departments in both centre and states.

    “Department of Expenditure @FinMinIndia has been consistently improving DBT linkages between beneficiaries and onboarding with external systems to facilitate greater #EaseOfLiving,” the ministry posted.

    Meanwhile, the government has also unveiled the Delegation of Financial Powers Rules, 2024 — a landmark initiative that aims to imbue financial regulations with simplicity and clarity for streamlined decision-making and enhanced operational efficiency.

    Also, based on the recommendation of the New Pension System (NPS) Review Committee, the Union Cabinet chaired by Prime Minister Narendra Modi approved the Unified Pension Scheme (UPS) in August this year.

  • WB Doctors plan sit-in in kolkata over bail granted in RG Kar case

    WB Doctors plan sit-in in kolkata over bail granted in RG Kar case

    Kolkata: The West Bengal Joint Platform of Doctors (WBJPD) was planning to begin a sit-in demonstration in the heart of Kolkata from Tuesday over the CBI investigation into the RG Kar hospital rape and murder case, in which two key suspects were granted bail.

    The proposed demonstration of the WBJPD, an umbrella organisation of five associations, will be held till December 26 at the Doreena Crossing, an office-bearer said.

    “We also demand the immediate submission of the supplementary chargesheet by the CBI,” said doctor Punyabrata Gun, a joint convener of WBJPD.

    He said WBJPD wrote to Kolkata Police Commissioner Manoj Verma, seeking permission for the 10-day demonstration.

    “We have sought permission from the police to set up a temporary stage without any interruption to the traffic movement. We have assured them that the demonstration will be conducted in a peaceful and orderly manner following all legal and safety guidelines,” Gun said.

    They have also asked the police to ensure the safety of all participants.

    The WBJPD on Saturday organised a march to the CBI office at CGO Complex in Salt Lake over the issue.

    An on-duty female doctor of the state-run RG Kar Medical College and Hospital in Kolkata was found dead on August 9, triggering nationwide protests.

    On Friday, the Sealdah court granted bail to the ex-principal of RG Kar Medical College Sandip Ghosh and former officer-in-charge of Tala police station Abhijit Mondal in the rape-murder case.

    They were granted bail after the CBI “failed” to file a charge sheet within the mandatory 90-day period.

  • Tabla maestro Zakir Hussain in San Francisco ICU with heart problems

    Tabla maestro Zakir Hussain in San Francisco ICU with heart problems

    New Delhi: Tabla maestro Zakir Hussain has been admitted to the ICU of a San Francisco hospital with heart-related problems, his friend and flautist Rakesh Chaurasia said on Sunday.

    The 73-year-old US-based musician, who has taken the tabla to the global stage, had been having blood pressure issues, added Hussain’s manager Nirmala Bachani.

    “He has been admitted to a hospital in San Francisco for a heart-related problem for the last two weeks,” Bachani said.

    “He is unwell and admitted in the ICU right now. We all are worried about the situation,” Chaurasia told PTI.

    Amid reports claiming that Hussain had died, his publicist confirmed to PTI that the percussionist is being treated at the San Francisco hospital and “has not passed”.

    Hussain’s sister Khursheed told PTI that her brother is “very very critical” but is “very much breathing at the moment”.

    “My brother is deeply ill at this time. We are asking for all his fans around India and around the world to pray for him, to pray for his health. But as India’s greatest ever exports, do not finish him off just yet,” she said.

    “I just want to request all the media not to follow wrong information about Zakir’s passing. He is very much breathing at the moment. He is very very critical, but he’s still with us. He has not yet gone. So, I will request (the media) not to spread this rumour by writing or saying that he has passed away. I feel so bad watching all this information on Facebook which is very wrong,” she added.

    The eldest son of legendary tabla player Allah Rakha, Hussain has followed in the footsteps of his father, becoming a marquee name in India and across the world. Hussain has received five Grammy Awards in his career, including three at the 66th Grammy Awards earlier this year.

    In his career spanning six decades, the musician has worked with several renowned international and Indian artistes, but it was his 1973 musical project with English guitarist John McLaughlin, violinist L Shankar, and percussionist TH ‘Vikku’ Vinayakram that brought together Indian classical and elements of jazz in a fusion hitherto unknown.

    As concern mounted over Hussain’s health, senior broadcast journalist Pervaiz Alam also took to X to share the news, citing the musician’s brother-in-law Ayub Aulia.

    “Ustad Zakir Hussain, Tabla player, percussionist, composer, former actor and the son of legendary Tabla player, Ustad Allah Rakha is not well. He’s being treated for serious ailments in a San Francisco hospital, USA, informed his brother in law, Ayub Aulia in a phone call with me. Aulia sahab, based in London, has requested Zakir’s followers to pray for his speedy recovery,” he wrote in a post.

    The percussionist, one of India’s most celebrated classical muscians, received the Padma Shri in 1988, the Padma Bhushan in 2002, and the Padma Vibhushan in 2023.

  • Tabla maestro Zakir Hussain dies at hospital in San Francisco

    Tabla maestro Zakir Hussain dies at hospital in San Francisco

    New Delhi: Tabla maestro Zakir Hussain died at a hospital in San Francisco, his family said on Monday.

    Hussain died due to complications arising out of idiopathic pulmonary fibrosis, the family said in a statement. He was 73.

    He had been hospitalised for the last two weeks and was later taken to the ICU after his condition deteriorated.

    Hussain, who is regarded as the greatest tabla player of his generation, is survived by his wife, Antonia Minnecola and his daughters, Anisa Qureshi and Isabella Qureshi. Born on March 9, 1951, he is the son of legendary tabla master Ustad Alla Rakha.

    “He leaves behind an extraordinary legacy cherished by countless music lovers around the globe, with an influence that will resonate for generations to come,” the statement read.

    In his career spanning six decades, the musician worked with several renowned international and Indian artistes, but it was his 1973 musical project with English guitarist John McLaughlin, violinist L Shankar, and percussionist TH ‘Vikku’ Vinayakram that brought together Indian classical and elements of jazz in a fusion hitherto unknown.

    Starting early at the age of seven, Zakir Hussain went on to collaborate with virtually all of India’s iconic performers, including Ravi Shankar, Ali Akbar Khan and Shivkumar Sharma in his career.

    His groundbreaking work with Western musicians such as Yo-Yo Ma, Charles Lloyd, Béla Fleck, Edgar Meyer, Mickey Hart, and George Harrison brought Indian classical music to an international audience, cementing his status as a global cultural ambassador.

    Hussain has received four Grammy Awards in his career, including three at the 66th Grammy Awards earlier this year.

    The percussionist, one of India’s most celebrated classical musicians, received the Padma Shri in 1988, the Padma Bhushan in 2002, and the Padma Vibhushan in 2023.

    Following Hussain’s demise at the hospital in San Francisco, messages of condolence poured in on social media.

    Grammy winner musician Ricky Kej remembered Hussain for his “immense humility, approachable nature”.

    “One of the greatest musicians and personalities India has ever produced. Along with being the best himself, Zakirji was known for…being responsible for the careers of numerous musicians, who are now forces to reckon with themselves. He was a treasure trove of skill and knowledge and always shared and encouraged the entire music community through collaborations and his actions. His legacy will live on forever, and his influence will be felt for generations. He left us too soon,” Kej wrote on X.

    American drummer Nate Smith thanked Hussain for “all of the music you gave us”.

    Rajya Sabha MP Priyanka Chaturvedi paid tributes to the “irreplaceable legend”

    “The world of music will be lesser without Tabla Maestro Ustad Zakir Hussain. Heartfelt condolences to his family, friends and his fans all around the world. My prayers, Om Shanti,” she wrote in a post on X.

  • ‘Condition Of People, Especially Women, Children Worsen In Manipur,’ Says Former DG Anuradha Shankar Singh

    ‘Condition Of People, Especially Women, Children Worsen In Manipur,’ Says Former DG Anuradha Shankar Singh

    ‘Condition Of People, Especially Women, Children Worsen In Manipur,’ Says Former DG Anuradha Shankar Singh | FP Photo

    Bhopal (Madhya Pradesh): Former DG Anuradha Shankar Singh who has just returned from Manipur, said that the condition of people, especially women and children, has worsened due to the ongoing violence between Meitei and Kuki.

    Shankar was speaking at ‘Bal Goshthi’, an event organised for peace in Manipur in the slum of Balveer Nagar in the city on Saturday. The children of Bhopal gave a message to the people of Manipur that all Indians are one. In their message they said, “Nothing will happen by fighting.

    This is only causing harm to us and the education of children like us is getting spoiled. We should stay with each other with love.” In a message to the elders of Manipur, they urged them not to play with the lives of children in mutual fights and create a peaceful environment for children to study.

    They also collected some money to help the affected families there. Besides, they observed silence for the peace of the souls of those killed in the Manipur violence.

    Candles were lit and the children of the colony also collected donations to help the people there. The children also took an oath to create a violence-free society. They presented a group song, Bhajan and a play was also staged.        


  • ‘Whether We Are Users Or Used By Social Media Is The Biggest Question’

    ‘Whether We Are Users Or Used By Social Media Is The Biggest Question’

    Ujjain Social Media Confluence-2024: ‘Whether We Are Users Or Used By Social Media Is The Biggest Question’ |

    Ujjain (Madhya Pradesh): ‘Ujjain Social Media Confluence-2024’ was organised at the Golden Jubilee Auditorium of Vikram University, here on Sunday under the joint aegis of Vishwa Samvad Kendra Malwa and School of Journalism and Mass Communication. Social media activists and influencers from Ujjain and Agar districts gathered at the event, where renowned social media influencers from across the country engaged in discussions on various topics.

    Addressing the inaugural session, Kailash Chandra, regional publicity head of Rashtriya Swayamsevak Sangh, said that we are all active users of social media, as well as content creators and influencers. Every individual has their own aura and sphere of influence. Currently, 64 per cent of the global population and 32 per cent of India’s population are social media users.

    However, the biggest question today is whether we are the users or the ones being used. Is the mobile controlling you, or are you controlling the mobile? This is something we must understand. Are we under someone else’s influence, or is someone else under our influence? Hence, social media influencers must be mindful of whether the content they post aligns with nation’s interests, he added.

    Vice-chancellor Prof Arpan Bhardwaj stated that the social media acts as sentinel of the nation. He remarked that both visible and invisible forces are either presenting ideals of beauty or emerging before us as unseen powers. Numerous attempts are being made to weaken our nation, but our social media warriors are courageously countering them. Today, as we return to our roots, a new hope has awakened in the country.

    Dialogue is the only solution to all conflicts, which is why platforms of dialogue, known to us as social media, become crucially important.  The event was conducted in four sessions. In the first session, Abhinav Khare, co-founder of AI FINTECH, engaged with social media influencers on ‘The war of narratives against India and Hindutva’.

    In the second session, Tripti Shrivastava, consulting Editor of weekly magazine ‘Panchjanya’ spoke on ‘The relevance of social media’. She emphasised that social media has given birth to a new ideology. It is important to evaluate whether a 30-second reel serves a purpose or not.

    In the third session, prominent Supreme Court counsel Ashwini Upadhyay engaged in a discussion on ‘The role of social media in social harmony’. He stated that the entire Indian Constitution aims to achieve the goal of social harmony. In the fourth session, Deepali Patvadkar, Indologist, author and educationist spoke on ‘The auspicious symbols of Indian culture’.


  • Isa Guha Apologises For Her ‘Primate’ Remark On Jasprit Bumrah On Air Amid AUS vs IND 3rd Test

    Isa Guha Apologises For Her ‘Primate’ Remark On Jasprit Bumrah On Air Amid AUS vs IND 3rd Test

    Isa Guha and Jasprit Bumrah. | (Credits: Twitter)

    Fox Cricket commentator Isa Guha apologised for her alleged racial comment on air against Team India’s pace spearhead Jasprit Bumrah on day two of the third Test in Brisbane. While Guha apologised for her remark, the former England cricketer clarified that she only meant respect for the right-arm pacer.

    In a video surfaced on social media during Bumrah’s opening spell in the morning, Guha was heard saying on air, “Well, he’s the MVP, isn’t he? Most valuable primate, Jasprit Bumrah. He is the one that’s going to do all the talking for India, and why so much focus was on him in the build-up to this Test match, and whether he would be fit.” It was in response to Brett Lee praising the 31-year-old for setting the tone.

    Speaking on the Fox Cricket broadcast before play, the 39-year-old stated that the word ‘primate’ can be interpreted in many ways and didn’t mean any offence.

    “Yesterday in commentary I used a word that can be interpreted in a number of different ways. Firstly, I’d like to apologise for any offence caused. I set myself really high standards when it comes to empathy and respect for others and if you listen to the full transcript I only meant the highest praise for one of India’s greatest players and someone that I admire greatly as well.”

    “I am an advocate for equality” – Isa Guha

    Guha admitted that it was a wrong choice of word on her part and doesn’t want this to deflect the attention from the Test in Brisbane.

    “I am an advocate for equality and someone who has spent their career thinking about inclusion and understanding in the game. I am trying to frame the enormity of his achievements and I have chosen the wrong word and for that I am deeply sorry. As someone who is also … of South Asian heritage, I hope people would recognise there was no other intention or malice there. I hope this doesn’t overshadow what has been a great Test match so far and I look forward to seeing how it progresses.”