Business

India has potential to do 100 billion UPI transactions a month: NPCI CEO-Telangana Today

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This would be a 10-time growth over the 10 billion transactions achieved by the 2016-launched platform in August

Published Date – 03:00 PM, Tue – 5 September 23


India has potential to do 100 billion UPI transactions a month: NPCI CEO



Mumbai: India has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month, a top official from the National Payments Corporation of India said on Tuesday.

This would be a 10-time growth over the 10 billion transactions achieved by the 2016-launched platform in August.

Dilip Asbe, chief executive officer and managing director of NPCI, said there are 350 million UPI users at present and pegged the growth opportunity in merchants and users at 3 times more.

“…if you take the combined effect, we have a 10x opportunity from where we stand,” Asbe said speaking at the Global Fintech Fest here.

He declined to specify a date by which NPCI aims to reach there, but said that by 2030, India will witness 2 billion transactions a day.

At present, global giant Visa processes 22.5 billion transactions a month, while its rival MasterCard does over 11 billion transactions.

Asbe also said that credit card usage can witness a ten-time growth if the industry shifts to the emerging trend of sachetisation, but was quick to add that it is possible only if banks provide the right platforms.

At present, the cost of acquisition and underwriting in credit cards are too high, which poses a challenge to the inclusion agenda, but digital and technological services can help decrease it, he said.

On the internationalisation of the UPI, Asbe said such efforts take regulatory help and by 2030, NPCI is aiming to have the right tie-ups to enable seamless payments between India and half of the top-30 markets.

The body is also in talks with Singaporean authorities to increase the single transaction limit to over SGD 5,000 from the present SGD 1,000, Asbe said.

NPCI is also aiming to evolve as a contributor to open source technology as part of a new avatar, from being a consumer of such technologies, he said.

Top News

Kerala police officer suspended after woman’s complaint accusing him of physical assault

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A sub inspector, accused of physically assaulting a woman following her dispute with some persons was suspended by Kerala police.

Published Date – 10:07 PM, Mon – 11 September 23


Kerala police officer suspended after woman’s complaint accusing him of physical assault



Kozhikode: A sub inspector, accused of physically assaulting a woman following her dispute with some persons over not giving way to their vehicle in Kozhikode district of Kerala, was on Monday suspended by Kerala police.

A senior police officer of Kozhikode district confirmed that the SI was suspended pending a departmental probe into the allegations against him.

The senior officer also said that the SI was off duty when the incident occurred on Saturday night.

According to an officer of Kakkur police station, where the woman lodged a complaint against the SI, two groups of persons travelling in two separate vehicles got into an argument over one car not giving way to the other.

“One group called a relative who is in the police. There was some scuffle between the two groups. Some members of both sides were admitted in hospital for treatment and cross complaints have been filed by them,” the officer had said on Sunday.

The woman had told news channels that the people in the other car had called a relative who reached the spot and identified himself as a police officer.

She alleged that the police officer and his relatives beat up her husband, and when she intervened to make them stop, the SI kicked her below the stomach.

“One of his relatives also bit me on the arm,” she had claimed.

The officer of Kakkur police station had said that cases were lodged based on complaints by both sides.

Hyderabad

Dry weather to prevail in Hyderabad in coming few days

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According to the Telangana State Development Planning Society (TSDPS), residents can expect the rains to take a backseat starting from Tuesday

Published Date – 07:30 PM, Mon – 11 September 23


Dry weather to prevail in Hyderabad in coming few days

File Photo

Hyderabad: After experiencing inclement weather conditions in the form of intermittent rains and cloudy conditions for more than a week, people in Hyderabad and other parts of the State can now expect dry weather to prevail in the coming few days. On Monday, the State’s Capital witnessed sunny conditions with mercury rising to 30.9 degree Celsius during the day.

Throughout last week, the daytime temperatures in Hyderabad consistently hovered between 24 degree Celsius and 26 degree Celsius due to extensive cloud cover and rains. People relished the relatively dry day on Monday, with just one or two short spells of rain towards the evening.

According to the Telangana State Development Planning Society (TSDPS), residents can expect the rains to take a backseat starting from Tuesday. With the exception of one or two brief spells, no major rainfall is predicted for the next two to three days in Hyderabad. This forecast extends to other districts in the state, which are also expected to receive very light to light rains.

The India Meteorological Department (IMD)-Hyderabad has issued a significant update stating that a low-pressure area is likely to form over the northwest Bay of Bengal within the next two days. This development is expected to have implications for the weather in Telangana.

In their forecast, the IMD elaborated, “Heavy rains at isolated places, thunderstorms with lightning, and gusty winds are likely to impact Telangana starting from September 14.”

World

Several killed, injured in Pakistan bomb blast

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The attack took place on personnel of the Frontier Constabulary (FC) in front of Prime Hospital on Warsak Road in this capital city of the restive Khyber Pakhtunkhwa province.

Warsak Superintendent of Police (SP) Mohammad Arshad Khan said that according to initial reports, five FC officials and three civilians have been injured as a result of the blast, NDTV reported.

He added that the blast appeared to have been an improvised explosive device (IED) attack.

Khan said that further investigation was underway and that a report by the Bomb Disposal Unit would further clarify the nature of the blast.

Recently, Pakistan has been hit by a wave of terrorist activities orchestrated by the outlawed terror outfit.

MP/PR

Sports

Shanmukha, Satyanarayana emerge champions at Brilliant Trophy Chess Tournament

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Shanmukha, who studies in Sri Gowthami Smart School, Rajahmundry topped the chart in the juniors category by scoring 6 points in as many rounds

Published Date – 06:13 PM, Sun – 10 September 23


Shanmukha, Satyanarayana emerge champions at Brilliant Trophy Chess Tournament

Prize winners of different age categories in the 208th Brilliant Trophy Chess Tournament on Sunday.

Hyderabad: Shanmukha Saish and P Satyanarayana emerged champions in the juniors and open categories respectively at the 208th Brilliant Trophy Chess Tournament held at Brilliant Grammar High school, Dilsukhnagar on Sunday.

Shanmukha, who studies in Sri Gowthami Smart School, Rajahmundry topped the chart in the juniors category by scoring 6 points in as many rounds while Shravan Ambaru and Parthiv D got second and third places with 5.5 points and 5 points respectively.

In the open category, Satyanarayana won the event by scoring 5.5 points out of 6 rounds while Srivallabhaditya and Kovidhkushal Reddy finished in second and third places with 5 points each.

Results: Top Ten Places: Open Category: 1.P Satyanarayana, 2. Srivallabhaditya G, 3.Kovidhkushal Reddy, 4.Perumallu K, 5.Ritesh Maddukuri, 6. Kranthikiran, 7. Rishi Pallagani, 8. Lalithkumar D, 9. Mallesh B, 10. Thota Jovenkataraman;

Age group prize winners: U-15: Boys: 1. Akhil M, 2. Mahaswin Reddy; Girls: 1. Jayani Sree G, 2. Saanvika P; U-13: Boys: 1.Parthiv D, 2. Anish Erukulla; Girls: 1. Yashashree K, 2. Harini; U-11: Boys: 1. Sravan Ambaru, 2. Abhinav Gandham; Girls: 1. Sahasra Veda, 2. Hyma Sanvitha; U-9: Boys: 1. Aarudh Reddy, 2. Kushaal Srinandan; Girls: 1. Anika Reddy L, 2. Pranaya K; U-7: Boys: 1. Prasidh Ambati, 2. Yuvan Kashyap; Girls: 1. Madhu Sree D, 2. Thrishika Patnaik; Best Woman: Prameela K, Best Veteran: M Ramamohan Rao.

Business

Sebi to have 1-hr trade settlements by end of this fiscal before making it instantaneous-Telangana Today

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Elaborating on the recently issued proposals to tackle the menace of financial influencers, the official said Sebi is acting keeping the future in mind and its intent is only to get into a situation if a regulated entity comes into the picture.

Published Date – 05:26 PM, Tue – 5 September 23


Sebi to have 1-hr trade settlements by end of this fiscal before making it instantaneous



Mumbai: Markets regulator Sebi will introduce one-hour trade settlements by the end of this fiscal, in the run up to making such processes instantaneous, a top official said on Tuesday.

Amid concerns raised by certain foreign portfolio investors on the shortening of the settlement cycles citing forex-related worries, the official made it clear that faster settlements are optional and investors can opt out.

Securities and Exchange Board of India (Sebi) has adopted a roadmap towards realising its aim of making trade settlements instantaneous, the official told reporters.

“From one day to one hour to instantaneous is the roadmap,” the official said, adding one hour settlements are much quicker to implement than instantaneous.

The official said technology for one hour trade settlements already exists and the regulator is confident about the same, while the instantaneous settlements need more technology development.

At present, Sebi is thinking of rolling out the one hour trade settlement for all investors by March next year, and is looking at a time frame of 6-8 months more for the instantaneous settlements, the official said.

The Application Supported by Blocked Amount (ASBA)-like facility for secondary markets will start by January for all investors and it will take another couple of months for the one-hour cycle to set-in after that, the official said.

Addressing investor concerns, the official said the early settlement facility will be optional for investors and they can opt out of it and stressed that data analysis does not indicate any problems on the trading side if some investors were to opt out.

“If the FPIs don’t want to do that (instantaneous), they’re free to do that. And we’ve looked at the matching data (on) whose trade matches with whom. So, our belief based on that data is that it will not be a problem for anybody,” the official said.

Elaborating on the recently issued proposals to tackle the menace of financial influencers, the official said Sebi is acting keeping the future in mind and its intent is only to get into a situation if a regulated entity comes into the picture.

Separately, the markets regulator is also keeping tabs on activities with the help of states’ law enforcement agencies, the official said.

Top News

UK’s major retailer to shut all stores amid high inflation, killing thousands of jobs

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British major retailer, Wilko, says it is forced to shut all its stores across the country by early October, amid rising inflation and an unprecedented cost-of-living crisis that is plaguing the UK.

According to the announcement, which was made on Monday, the decision will see more than 10,000 staff get laid off after last-ditch talks on a rescue deal with the owner of the HMV music store chain collapsed.

“…despite extensive efforts, it has become clear that no significant part of the Wilko operations can be rescued,” said PricewaterhouseCoopers (PwC), a British multinational audit and assurance firm, which has taken over as the family-owned budget retailer’s administrator.

PwC confirmed that 124 Wilko stores will be closed by September 21, while the timing for the closure of the remaining 222 stores has yet to be announced. The company’s distribution center operations are expected to be shut down on Friday.

Wilko, which started as a hardware store in 1930, announced its collapse on August 10, putting 12,500 jobs at risk.

It blamed Britain’s “stubbornly high inflation” and interest rates affecting businesses and consumers as the main reasons behind the decision.

Market analysts also confirmed that the company has succumbed to Britain’s tougher economic environment and cost-of-living crisis that has been driven by high inflation and a series of interest rate rises.

Earlier this month, London-listed retailer B&M struck a deal to buy 51 Wilko stores for up to 13 million pounds ($16.26 million). However, a deal could not be reached in time for the rest of the company, despite efforts by Canadian businessman, Doug Putman, the owner of HMV music stores, and PwC.

The PwC put the failure down to the impossibility of cutting down infrastructure costs quickly enough to make a transaction viable.

The rest of the bidders have said they were disinterested in running their stores under the Wilko name.

“This isn’t a tragedy without cause,” said Nadine Houghton, national officer at the GMB trade union, which says it represents about 4,000 workers at Wilko.

“Wilko should have thrived in a bargain retail sector that is otherwise strong, but it was run into the ground by the business owners,” she added.

Leader of the Britain’s opposition Labour Party, Keir Starmer, also commented on Wilko’s collapse on X, formerly known as Twitter.

“Devastating for staff and their families and another symptom of Tory Britain,” he said, referring to the Conservative Party, which has held power in Britain for the last 13 years.

India

College student run over by train in Nagpur

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A 19-year-old collegian was run over a by a train in Sadar area of Nagpur on Monday, a police official said.

Published Date – 10:10 PM, Mon – 11 September 23


College student run over by train in Nagpur



Nagpur: A 19-year-old collegian was run over a by a train in Sadar area of Nagpur on Monday, a police official said.

The incident took place near Goa Colony in Mangalwari and the deceased has been identified as Harsh Dhamgaye, the official said.

“He was walking along the tracks to reach college at around 9:30am. He fell on the tracks and was run over by a train some time later. An accidental death case was registered,” the Sadar police station official said.

Hyderabad

Telangana Assembly elections: Eight aspirants apply for Mancherial BJP ticket

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The long list of the applicants for the ticket of Mancherial Assembly constituency, however, is likely to pose a challenge for the leadership of the party in selecting its nominee

Updated On – 07:46 PM, Mon – 11 September 23


Telangana Assembly elections: Eight aspirants apply for Mancherial BJP ticket



Mancherial: Eight aspirants applied for the ticket of the Bharatiya Janata Party (BJP) from Mancherial Assembly constituency by the end of the last date for submitting papers on Sunday.

The applicants of the ticket for Mancherial segment included BJP district president Verabelli Raghunath Rao, senior leaders M Malla Reddy, Dr Vijay Raghunandan, Thula Madhusudan, Munna Raj Sisodia, Pulagam Thirupathi Gade Srinivas and student leader Thula Anjaneyulu. While Raghunath and Malla Reddy were strong contenders for the ticket, the applications from the others surprised many in the party.

The long list of the applicants for the ticket of Mancherial Assembly constituency, however, is likely to pose a challenge for the leadership of the party in selecting its nominee. The Bharatiya Janatha Yuva Morcha leader Patti Venkata Krishna dropped an application for the ticket of Bellampalli segment. He is facing stiff competition from aspirants such as Koyyala Emaji and Dr A Sridevi.

Soyam Bapu Rao’s son enters fray

Meanwhile, Soyam Venkatesh, the son of Adilabad MP Bapu Rao, submitted his application for the ticket of Boath segment. Venkatesh’s entry into the fray drew the attention of political analysts and parties. Until a few days back, Bapu Rao was thought to be in the fray from the Boath segment. BJP Girijan Morcha state vice president Sakati Dasharath, retired official Godru, Ade Monaji and Vijay Jadav were also vying for the ticket.

BJP Adilabad district president Payal Shankar was another frontrunner for the ticket of BJP. However, senior leader Suhasini Reddy, Vakulabharanam Adinath, Gangareddy, Vilas, Santosh Reddy and Kranthi Kumar have also applied for the ticket, making the selection of the candidate tough for the party. Ramesh Rathod, Bhukya Janu Bai, Harinaik, Bheem Rao and Satla Ashok are also expecting the ticket of Khanapur segment (ST).

At least two aspirants applied for the ticket of Chennur, Mudhole, Asifabad and Sirpur (T) Assembly constituencies each.

World

Christie’s to auction rare manuscript by Albert Einstein explaining his theories 

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The auction, expected to fetch around USD 980,000 – 1,400,000 (Rs 8.13-11.61 crore), will be held at the Waldorf Astoria Shanghai.

Published Date – 06:35 PM, Mon – 11 September 23


Christie’s to auction rare manuscript by Albert Einstein explaining his theories 



New Delhi: A rare autographed manuscript by renowned physicist Albert Einstein explaining the development of his famous contributions to science — theories of special relativity (1905) and general relativity (1915) — is set to go under the hammer at Christie’s ’20th/21st Century Art Evening Sale’ on September 23.

The auction, expected to fetch around USD 980,000 – 1,400,000 (Rs 8.13-11.61 crore), will be held at the Waldorf Astoria Shanghai.

The manuscript, first published in a special supplement to the New York Times on 3 February 1929, is written in German. Einstein had been commissioned to explain the development of his two most famous contributions to science: the theories of special relativity (1905) and general relativity (1915).

“We are delighted to bring this important manuscript by the renowned scientist Albert Einstein to our Shanghai saleroom for the very first time. Given Einstein’s historical links with Shanghai, alongside the significant interest from Chinese collectors in scientific artifacts, our Shanghai saleroom is a fitting context in which to present this unique manuscript.

“We look forward to exciting global collectors and science enthusiasts with this remarkable piece of history, inextricably connected with Einstein’s groundbreaking contributions,” said Georgina Hilton, head of Classic Art, Christie’s Asia Pacific in a statement.

The 14-page manuscript holds tremendous significance as it recounts the history behind the discovery of relativity, explains its working, and looks to the possibility of completing the cycle of relativity in a ‘unified field theory’.

It includes two equations and a diagram illustrating the structure of the spacetime continuum, along with two pages of scientific formulae.