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₹35,000 crore in charges since 2018, Finance Ministry told Rajya Sabha in a written reply. The banks collected the money on account of non-maintenance of minimum balance, additional ATM transactions and SMS Services Minister of State, Dr Bhagwat Karad, stated that non-maintenance of minimum balance contributed ₹21,000 crore, while excess ATM transactions generated ₹8,000 crore, and SMS services added ₹6,000 crore.

Commonwealth Bank is lifting the bar on oil and gas producers’ access to financing, requiring fossil fuel producers to provide detailed plans that disclose carbon emissions through the supply chain.

DPDP) Bill that the Rajya Sabha cleared on Wednesday will make social media companies operating in India more accountable, boost the business of the IT industry and change the way organisations process data of Indians, minister for electronics and IT Ashwini Vaishnaw said. The exemptions that are given to the government under the proposed law are far fewer than what the European privacy law provides, he told Aashish Aryan & Surabhi Agarwal in an interview. Edited excerpts.How will having a privacy law further cement India’s position as tech powerhouse of the world? It will mean a lot for the Indian IT industry, which will find better traction all over the world.

Who’s Vaibhav Taneja Tesla’s New Indian-Origin CFO? Kirkhorn joined Tesla in 2010 as a senior financial analyst and was promoted five times. Most recently, he became the CFO in early 2019 at the age of 34.

In an op-ed for the Financial Times, Haldane argues the decision by central banks not to pay interest on citizen CBDC holdings reinforces a regressive tax levvied on consumers who rely on cash."Physical cash is an interest-free loan to government, a direct tax on citizens levied in proportion to their cash holdings at a tax rate given by the interest rate," he writes. "Most people are blissfully unaware they are being taxed in this way.

The pilot will begin on 15 August and involve select clients of the participating banks. It will test the opening of digital ruble accounts and money transfers to them, person-to-person transfers, bill payments, and QR code-based payments.

Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners and angel investors joined the round for the startup, founded by Israel Defence Forces veterans.The company has also launched SphereX Protect, a security solution for smart contracts. SphereX claims that billions of dollars have been lost via exploited smart contracts, many of which had been previously audited and monitored by third party security firms.

Nuveen and its parent company TIAA are the latest to bring a target-date series with an annuity component to the market, a pairing that they say can make 401(k)s perform more like traditional pensions.

inflation data that could provide clues to investors on Federal Reserve’s monetary policy path. The S&P 500 fell 31.47 points, or 0.70%, at 4,467.91 points. The Dow Jones Industrial Average dropped 186.92 points, or 0.53%, at 35,127.57.

New Delhi: Retailer Trent Ltd., part of the Tata Group, reported a 44% jump in June quarter profit to ₹148.27 crore from the ₹102.6 crore reported in the year ago period. Standalone revenue from operations grew 53.4% from ₹1,652.86 crore reported in they ago period to ₹2,536.43 crore, the company said in a filing to the exchanges. “Trent witnessed encouraging revenue growth during Q1FY24 amidst relatively subdued market conditions.

India1 is set to transform itself into a fintech company from being the top white-label ATM services provider. While the fintech businesses could take time to deliver profits, the ATM business keeps ringing in the cash. “We are looking at revenue streams beyond white-label ATMs,” said K Srinivas, managing director and CEO of India1 Payments. “Besides providing switching services to smaller banks to connect their ATM network, we are also working as a digital loan facilitator by connecting our 54 million customers who are already on our digital platform to potential lenders,” he added. India1 Payments, in which ICICI Ventures has about 49% stake, is promoted by Australia’s Banktech group. The company plans to leverage its customer base using its white-label ATM platform by being an account aggregator and connecting those interested in small-ticket loans with the potential lender. This could earn the company a fee-based income for the concluded transactions. The company will also continue to expand its mainstream business of providing white-label ATMs in semi-urban and rural areas where it is already having a strong presence and increase its ATM network and expand its regional spread. India1 Payments currently manages 12,200 white-label ATMs throughout the country and plans to double the count by rolling out another 12,000 more ATMs over the next five years.

Lok Sabha on Wednesday, Union home minister Amit Shah led the government's charge against the Opposition's no-confidence motion on Wednesday. Shah slammed the Opposition for «politicising» the ethnic violence in Manipur and demanding a statement from Prime Minister Narendra Modi and said there was no such precedent. He referred to incidents of ethnic violence of 1993, 1994, 1997 and 2004 — when Congress and United Front governments were in power — and said no prime minister had given a statement in the House and clarifications were left to home minister and ministers of state.

Supreme Court on Wednesday dealt a setback to Epic Games, maker of the popular video game «Fortnite,» in its legal battle against Apple, declining to let a federal judge's injunction take effect that could force the iPhone maker to change payment practices in its lucrative App Store. Liberal Justice Elena Kagan, acting for the Supreme Court, denied Epic's request to lift a decision by the San Francisco-based 9th US Circuit Court of Appeals that effectively delayed implementing an injunction issued by US District Judge Yvonne Gonzalez Rogers barring certain App Store rules, while Apple pursues a Supreme Court appeal.

migrant workers and domestic workers, paving the way for the government to introduce a targeted policy interventions to provide social security and other benefits to these workers. Interventions, wherever needed, could come in through a dedicated policy or tweaking in the existing laws, or the Labour Codes, a senior official told ET.

By Milana Vinn and Anirban Sen

By Nell Mackenzie

By Carolina Mandl

Paytm founder-CEO Vijay Shekhar Sharma’s decision to acquire an additional 10.3% in the company from Ant Financial has reignited the debate around his actual holding in the company and if, as a public shareholder, he has control of the company and enjoys the perks of being a promoter without actually being classified as one. Paytm parent One97 Communications says Sharma owns 19.42% of the country’s largest payments company.

ease of doing business for issuers and provide investors with quicker access to capital and liquidity. According to the circular on Wednesday, the revised T+3 days timeline will be rolled out in two stages.

IndoSpace is looking to deploy over $1 billion to acquire new warehousing and logistics assets across India over the next two-three years amid rising demand, led by improved connectivity and government’s supportive policies, said a top executive of the company. The joint venture between Everstone, Singapore-headquartered logistics facilities provider GLP and industrial real estate firm Realterm, will also be developing additional 30 million sq ft warehousing properties in the country.

₹393 crore debt owed to him. During the hearing, Maran’s counsel Maninder Singh called for action against SpiceJet for intentional non-compliance with previous court orders, and its failure to provide necessary documents. SpiceJet’s counsel Sandeep Sethi, in turn, pleaded against any severe measure, citing the extension till 5 September that the court had granted to comply with its orders and pointed out that such action would negatively impact SpiceJet’s narrow profit margins and its workforce.