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Confederation of All India Traders (CAIT) has asked Commerce Minister Piyush Goyal to conduct an investigation into the role of Amazon supplier, Cloudtail India owned by N.R. Narayana Murthy.
CAIT in a letter to Goyal has sought a point wise investigation including mockery of the law by Cloudtail India Limited and Appario Retail (P) Limited, joint ventures with Amazon India Limited.
In this context, we reiterate that not only Amazon, its joint ventures in India too are hand in glove and knowingly helping it desecrating our country s rule of law. It is also deeply worrying that some banks are colluding with Amazon by helping it keep prices lower than the market through exclusive policies giving cashback, CAIT said.
- 10% of the staff will be unhappy because their jobs will be down-graded.
- 10% of the Staff will be happy because their jobs would be up-graded.
There was a harmless middle-aged Sri Lankan fellow who had been working for over a decade in the bank. He had joined in Grade 5, and had remained in Grade 5 throughout. He was content with his mundane job and with his family - wife and two children.
This poor fellow was delighted to find that his job had been up-graded from Grade 5 to Grade 7, as a result of which his salary had shot up by 80%. In the resultant euphoria he sent a message to T to thank him for the up-gradation.
RBI Asks HFCs to Ensure Availability of Full Cover for Public Deposits Collected by Them
Moneylife Digital Team
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Bringing housing finance companies (HFCs) under closer scrutiny, while safeguarding interests of investors and depositors, the Reserve Bank of India (RBI) has issued master directions. These directions cover maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio for HFCs. Amidst the increasing concern of investor-depositors, the central bank has also asked HFCs to always ensure that there is full cover available for public deposits accepted by them.
“In case HFC fails to repay any public deposit or part thereof as per the terms, it shall not grant any loan or other credit facility or make any investment or create any other asset as long as the default exists,” the RBI says.
RBI Tightens Norms for Digital Payments; Asks Banks, FIs To Protect Consumer Confidentiality, Data
Moneylife Digital Team
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The Reserve Bank of India (RBI), in its master directions, has asked regulated entities (REs) like banks and financial institutions, to put in place adequate safeguards to protect integrity of data, customer confidentiality and security of data in digital payment products and related services for channels like internet, mobile banking and card payments, among others.
RBI says, REs shall develop sound internal control systems and consider the operational risk before offering digital payment products and related services. For digital payment applications that are licensed by a third-party vendor, REs shall have an escrow arrangement for the source code for ensuring continuity of services in case the vendor defaults or is unable to provide services.