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1 min read Last Updated : Jun 27 2020 | 3:11 AM IST
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Flipkart-owned PhonePe on Friday said it has partnered with ICICI Bank on UPI multi-bank model, giving its users the option to create and use multiple UPI IDs with ICICI and Yes Bank's handles.
"PhonePe has partnered with ICICI Bank on UPI multi-bank model giving its users the option to create and use multiple UPI IDs with ICICI Bank's '@ibl' handle and YES Bank's '@ybl' handle on the PhonePe app," a statement said.
This addition, in partnership with ICICI Bank, enables quick and contactless payments to over 200 million registered PhonePe users, the statement added.
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The Finance Commission on Friday decided to form a group to devise a mechanism to incentivise states for carrying out the agricultural reforms announced as part of the Rs 20 trillion stimulus package.
A decision in this regard was taken by 15th Finance Commission Chairman N K Singh in a meeting with Agriculture Minister Narendra Singh Tomar and senior officials of his ministry.
The group's views will be included in the Commission's final report for the period 2021-26, an official statement said.
The group consists of Finance Commission member Ramesh Chand, Agriculture Secretary Sanjay Agarwal and Agriculture, Research and Education Secretary T Mahapatra.
The group has been set up "to devise mechanism for incentivisation of states in areas of agricultural reforms agenda for the purpose of inclusion in the Commission's recommendations in its final report", it said.
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Amid the ongoing border tensions with China, industry chamber Ficci on Friday asked its members to look for alternate sources of supplies and not remain dependent on a single nation.
"We have been standing shoulder to shoulder with the government in dealing with the situation and have been sharing with you our inputs and responses to the government.
"Ficci and its members have been supporting all the steps taken by the government in handling the standoff at Galwan valley, and will continue to support," Ficci President Sangita Reddy said in a letter to members on the India-China standoff and the industry's action plan.
Reddy said "while measures have been taken at the government level, it is equally important that industry also takes some actions to strengthen the government's hand in putting 'India first'."
She further said the industry needs to focus on the five-point 'PEACE' action plan -- Productivity, Efficiency, Alternates, Competitiveness and Exports.
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Sebi on Friday slapped a total fine of Rs 5 million on Surana Corporation and its former managing director Vijayraj Surana for inflating the company's asset position and non-disclosure of price sensitive information.
The regulator levied a penalty of Rs 2.5 million each on Surana Corporation Ltd (SCL) and Surana.
Besides, it levied a fine of Rs 100,000 on company's statutory auditor Prithviraj Jain.
The regulator had conducted a probe following a complaint received from Chennai Zonal Unit - Department of Revenue Intelligence (DRI), Ministry of Finance in the matter.
The complaint mentioned that a search operation was conducted by DRI at the showroom and factory premises of SCL during October 2014.
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Microsoft Corp said on Friday it would close its retail stores and take a related pre-tax asset impairment charge of $450 million in the current quarter.
The Redmond, Washington-based software giant said would continue to serve customers online, with team members working remotely from corporate facilities.
It was not immediately clear if Microsoft's move would lead to any layoffs. The company also said it will rethink other spaces that serve all customers, including operating Microsoft Experience Centers in London, New York City, Sydney, and Redmond campus locations.
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The Supreme Court Friday stayed further proceedings in three FIRs lodged in West Bengal against some persons, including editors of a news web portal, regarding articles published by them.
The apex court also issued notices to the West Bengal government and the Centre seeking their replies on a plea filed by Nupur J Sharma, the editor of English language Opindia.com, and others including its founder and CEO.
"Issue notice. Further proceedings in pursuance to the FIRs are stayed," a bench comprising Justices S K Kaul and B R Gavai said in its order.
The bench was hearing a petition filed by Sharma and others including the founder and CEO of news portal and editor of its Hindi language publications who have claimed that the West Bengal government and its "authoritarian Kolkata Police" is misusing FIRs and "brute police-powers" to intimidate journalists.
The petitioners were represented in the apex court by senior advocate Mahesh Jethmalani and lawyer Sandeep Kapur.
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There has been a 12 times growth of Chinese investments in Indian start-ups over the past four years to $4.6 billion in 2019 from $381 million in 2016 with a majority of unicorns in India being backed by corporates and pure-play investment firms from China, according to data and analytics firm GlobalData.
An analysis of the deals database of GlobalData's Disruptor Intelligence Centre showed 12 times growth of Chinese investments in Indian start-ups over the past four years from $381 million in 2016 to $4.6 billion in 2019.
The majority of the unicorns in India (17 out of 24) are currently backed by both corporates and pure-play investment firms from China, predominantly Alibaba and Tencent, GlobalData said.
Alibaba and its affiliate Ant Financial along with others invested over $2.6 billion in four Indian unicorns (Paytm, Snapdeal, BigBasket and Zomato), while Tencent alongside others invested more than $2.4 billion in five unicorns (Ola, Swiggy, Hike, Dream11 and BYJU's), it added.
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Puducherry Lt Governor Kiran Bedi has approved of the scheme to disburse relief to fishermen who have been rendered jobless during the month-long ban ending June 15 on fishing operations.
A release issued by Secretary to Fisheries Department Purva Garg on Thursday evening said the Lt Governor had approved of the amendment to the scheme for Welfare and Relief for fishermen to be paid during the lean season and natural calamities.
The release stated that benefit under this scheme shall not be denied only on the ground that the head of the family or family member is a recipient of old age pension.
This amendment would help fishermen whose livelihood and income were affected during the ban period and the relief would be paid through the direct benefit transfer scheme to their bank accounts.
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The National Green Tribunal Friday directed the Central Pollution Control Board (CPCB) to devise an action plan to minimise harmful effects of pesticides on human health and soil.
A bench headed by NGT Chairperson Justice Adarsh Kumar Goel asked the apex pollution monitoring body to complete the exercise in coordination with the state pollution control boards.
An appropriate protocol may be evolved for the purpose and circulated it to the concerned agencies within four months, the NGT told CPCB.
The order came after Ministry of Agriculture told the tribunal that non-judicious and indiscriminate use of pesticides may adversely affect human health and environment.
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Shares of UCO Bank on Friday jumped nearly 16 per cent after the company reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31.
The stock zoomed 15.53 per cent to close at Rs 16.14 on the BSE. During the day, it jumped 19.97 per cent to Rs 16.76.
On the NSE, it increased 15.77 per cent to close at Rs 16.15.
In terms of volume, 84.40 lakh shares were traded on the BSE, while 5.19 crore shares changed hands on the NSE during the day.
The public sector lender on Friday reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31, mainly due to fall in NPA and lower provisioning.
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Three days after the Enforcement Directorate (ED) carried out searches at over half a dozen premises linked to suspended AAP leader Tahir Hussain, the financial probe agency on Friday once again raided his home here in connection with its money laundering probe.
According to ED sources, the agency sleuths carried out searches at Hussain's residence in northeast Delhi's Chand Bagh area. The agency sleuths carried out searches at his premises to look for the documents pertaining to his companies and the financial transactions.
On June 23, the financial probe agency team carried out searches at four locations in northeast Delhi and two locations in Uttar Pradesh's Noida. The sources had said that the raids were carried out at Hussain's Khajuri Khas residence and at companies allegedly controlled by his wife and children.
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Weeks after a showdown with two Punjab ministers, Chief Secretary Karan Avtar Singh was on Friday replaced by Vini Mahajan, who becomes the first woman to head the bureaucracy in the state.
The Indian Administrative Services officer was shunted out just ahead of his retirement next month, the move following protests by two Punjab ministers over his behaviour at a meeting.
While Vini Mahajan, a 1987-batch IAS officer, is now the top bureaucrat in Punjab, her husband Dinkar Gupta heads the state police force as Director General of Police.
Mahajan's last posting was as Additional Chief Secretary, Investment Promotion, Industries & Commerce, IT and Governance Reforms and Public Grievances, said a government statement.
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S&P Global Ratings said on Friday that Indian economy is in deep trouble with growth expected to contract by 5 per cent in the current financial year 2020-21.
"India's economy is in deep trouble. Difficulties in containing the virus, an anemic policy response and underlying vulnerabilities -- especially across the financial sector -- are leading us to expect growth to fall by 5 per cent this fiscal year before rebounding in 2021," it said.
The pandemic remains the key driver of the country's prospects. "Even though lockdowns have eased in less populated areas, urban growth engines are still held back by rising infections, severe mitigation policies and consumer risk aversion."
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Union Minister Nitin Gadkari on Friday said women should enhance their skills, equip themselves with technology to become 'atmanirbhar' and asked the BJP Mahila Morcha to reach out with MSME schemes.
During a video-conferencing session with workers of the party's women's wing in Nagpur, Gadkari emphasised on the need to create jobs and opportunities for sustainable living for women in villages and slums.
He urged the Mahila Morcha to conduct workshops for women where officials from MSMEs and Khadi Gram Udyog can guide them about entrepreneurial opportunities.
Women entrepreneurs have been given 3 per cent reservation in the Public Procurement Policy and they should take advantage of this by registering themselves with the MSME authorities, he said.
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Senior Congress leader Prithviraj Chavan on Friday took a dig at Prime Minister Narendra Modi, saying that his remark that 'nobody intruded into the Indian territory' has made him popular in China.
Addressing a press conference, the former Maharashtra chief minister alleged that Modi's 'no intrusion' remark, however, demoralised India's armed forces.
Twenty Indian soldiers died after a fierce clash with the Chinese army personnel at Galwan valley in eastern Ladakh earlier this month.
During an all-party meeting held last week, the PM had said that neither is anyone inside our territory nor has any Indian post been captured.
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A US State Department report on human trafficking in India has said that non-state armed groups continue to recruit and use children as young as 14 years in direct hostilities against the government in Jammu and Kashmir.
The Congressional-mandated 2020 Trafficking in Persons report of the State Department, released by Secretary of State Mike Pompeo on Thursday, noted that Maoist groups, particularly in Chhattisgarh and Jharkhand, forcibly recruited children as young as 12 to handle weapons and Improvised Explosive Devices (IEDs), and in some cases be human shields.
According to the report, India made significant efforts towards the elimination of human trafficking in 2019, but did not fully meet the minimum standards.
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A new initiative aimed at boosting tourism, trade and investment between the West Midlands region of England and India was launched on Friday in the UK.
The West Midlands India Partnership (WMIP), launched virtually due to the coronavirus lockdown restrictions, will focus on supporting long-term economic growth plans for the region in the heart of England by developing stronger links and opportunities for collaboration as part of a five-year programme of activity with the Indian market.
Led by the West Midlands Growth Company and supported by partners such as Tata Jaguar Land Rover (JLR), State Bank of India (SBI) and Birmingham City University, the new initiative has been developed in partnership with Invest India, the Confederation of Indian Industry (CII) and the Consulate General of India in Birmingham.
Through the partnership's long-term strategy, we aim to identify opportunities for both Indian and local businesses to trade, innovate and grow, said WMIP Chair Jason Wouhra.
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Topics :CoronavirusAtmanirbhar Bharat MissionToday Newstop news of the day
First Published: Jun 26 2020 | 7:45 AM IST
