GS-III

The Reserve Bank of India has released the guidelines for interoperability between prepaid payment instruments (PPIs) such as wallets and cards that will effectively allow users of popular payment wallets such as Paytm, Freecharge, Mobikwik, PhonePe and PayZapp, among others, to transfer money from one wallet to another. In a …

The devastation wrought by the cyclonic storm Titli and the resultant heavy rain has cast a shadow on Dussehra festivities across Odisha, especially for farmers. Hundreds of puja pandals in the State — where Durga Puja got under way on Tuesday — are witnessing low turnout as people are yet …

Electric autorickshaws are set to make a foray into Kerala, with the coordination committee of six autorickshaw driver unions set to ink a pact with a private firm to roll out 200 such vehicles in Kochi on Monday. The vehicles, which are expected on the road in November, will primarily …

The Massachusetts Institute of Technology is taking a particularly ambitious step, creating a new college backed by a planned investment of $1 billion. Two-thirds of the funds have already been raised, MIT said, in announcing the initiative on Monday. The college, called the MIT Stephen A. Schwarzman College of Computing, …

Humans have no option but to leave the earth Stephen Hawking’s final work, which tackles issues from the existence of God to the potential for time travel, was launched on Monday by his children, who helped complete the book after the British astrophysics giant’s death. Hawking was forever being asked …

Two male penguins who have paired up as a “same-sex couple” have become so good at nesting that zookeepers in Sydney have given them a real egg to look after. Sea Life Sydney said they had been watching “inseparable” gentoo penguins Sphen and Magic become a “great team” during this …

If you crave for a pint of beer at the end of a hard day, brace yourself: climate change is poised to make your favourite drink more scarce and pricey. Heatwaves and droughts will periodically cause sharp declines in barley yields, a crucial ingredient in most beer, according to a …

Kreditech has been licensed by the RBI to operate as an NBFC with the first-of-its-kind licence in the Indian financial history for digital lending business and app-based financing, the Germany-based company said in a release on Monday. Kreditech’s product suite for India will offer individualised direct-to-consumer loans as well as …

IndusInd Bank Ltd. reported a lower than expected net profit of Rs. 920.25 crore for the second quarter ended September 30, 2018 as compared with Rs. 880.10 crore in the year-earlier period on account of one-off prudential contingency provision of Rs. 275 crore. According to analysts the Rs. 275 crore …

Wholesale inflation accelerated to 5.13% in September, driven in large part by quickening inflation in the primary articles segment and stabilising food prices, according to official data released on Monday. Growth in the Wholesale Price Index quickened in September from 4.53% in August. Inflation in the primary articles category stood …

Infrastructure Leasing and & Financial Services (IL&FS), which is in the midst of a huge liquidity crisis, has got a one-month relief from proceedings filed against the company by banks and other creditors as the National Company Law Appellate Tribunal (NCLAT) has stayed all such proceedings against the company and …

Telecom Minister Manoj Sinha on Monday said the work on the second phase of implementing the Bharat Net project was on track. The Bharat Net project aims to bring broadband connectivity to 2.5 lakh gram panchayats in the country. “We have completed approximately 50% of the project… the work has …

The Gujarat High Court has expressed serious concern about the condition of lions in Gir, where 23 lions recently succumbed to a viral infection. The deaths prompted the State government to isolate 36 wild cats and vaccinate them to prevent the spread of canine distemper virus (CDV). On Monday, the …

‘Camera that can capture light in slow motion’ Scientists have developed what may be the world’s fastest camera, which can capture 10 trillion frames per second — making it possible to ‘freeze time’ to see light in extremely slow motion. The advance may offer insight into as-yet undetectable secrets of …

The predators have turned into prey as people in the North African country cash in on the crustaceans by exporting them to markets in Asia Tunisian fishermen saw the blue crab wreak such havoc on their catches when it first appeared that they nicknamed it after the terrifying jihadists of …

U.S. court to hear a lawsuit challenging the government’s decision not to list them as threatened Given a choice between giving birth on land or sea ice, Pacific walrus mothers would most likely choose ice. Likewise, they prefer sea ice for molting, mating, nursing and resting between dives for food. …

‘Claims about distress exaggerated’ Non-banking financial companies (NBFCs) are in the news following the IL&FS fiasco. The fall from grace for the giant has shaken up India’s financial markets. “The secular upswing enjoyed by NBFCs over the past five years has come to a sudden halt — bond markets are …

‘But, awareness about tax is rising’ Corporates are now realising that coming to terms with GST means a more drastic change to their tax infrastructure than the basic compliance-related changes they have made so far, Vishal Parekh, regional head, South Asia, Thomson Reuters said in an interview. “In the last …

Cost of funds seems to have increased by 30-40 basis points in wake of scare, says IIFL Group chairman The IL&FS debacle has raised the cost of funds for non-banking financial companies (NBFCs) by 30-40 basis points, says Nirmal Jain , founder and chairman, IIFL Group, which derives almost 60% …

Annual numbers throw up questions on financial management, complex group structure and debatable accounting policies The new Board of Directors of Infrastructure Leasing & Financial Services Ltd. (IL&FS) has ordered a fresh audit of its books and it is just as well that it has done so. A quick run …