Paytm Said to Seek RBI Licence to Start Money Market Fund

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers.

According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services.

When contacted, Paytm declined to comment.

The primary objective of a money market fund is to invest in short-term securities.

The Alibaba and SoftBank-backed company had, last month, started its payments bank operations in the country and aims to garner 500 million customers by 2020.

Paytm Said to Seek RBI Licence to Start Money Market Fund

The company has earmarked an initial investment of Rs. 400 crores to build its banking network over two years.

 

Also, it launched ‘Digital Gold’ in April this year to allow its over 200 million users to buy and sell gold through its platform.

At the time of launch, Paytm founder and CEO Vijay Shekhar Sharma had said it was “the first step in Paytm’s journey in wealth management”.

Paytm seems to be drawing inspiration from its investor, Alipay that set up Yu’e Bao in 2013 that allows Alipay customers to convert the money in their accounts into units of a money market fund, offering them higher interest rates.

According to reports, Yu’e Bao had over $165 billion (roughly Rs. 1,06,565 crores) under management, making it one of the biggest money market funds in the world.

RBI Directs IDBI Bank To Start Insolvency Proceeding Against Lanco Infratech

New Delhi: Lanco Infratech today said the Reserve Bank has directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC). “Lanco Infratech Limited (LITL)…vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Reserve Bank of India directed IDBI Bank Limited, the lead bank of LITL to initiate Corporate Insolvency Resolution Process (CIRP) for LITL under the Insolvency and Bankruptcy Code, 2016,” the company said.

The company is among 12 firms identified by the central bank with a combined debt of over Rs. 1,50,000 crore, a quarter of the total NPAs, for proceedings under the newly enacted Insolvency and Bankruptcy Code, 2016.

“The amounts mentioned…shall be read as Rs. 8,146 crore for fund based outstanding exposure and Rs. 3,221 crore for non-fund based outstanding exposure as on March 31, 2016,” Lanco Infratech said in a BSE filing.

RBI directed IDBI Bank to start insolvency proceedings against Lanco Infratech

On the heels of RBI naming these largest defaulters for insolvency proceedings, bankers are meeting from Monday to finalise their next course of action.

Last week, the RBI’s internal advisory committee (IAC) had sent the list of 12 accounts to bankers for immediate reference under IBC. These accounts are with SBI (six of them), PNB, ICICI Bank, Union Bank, IDBI Bank and Corporation Bank, according to bankers.

These 12 accounts referred by RBI have an exposure of more than Rs. 5,000 crore each, with 60 per cent or more classified as bad loans by banks as of March 2016.

Total NPAs of the banking system stand at over Rs. 8 lakh crore, of which Rs. 6 lakh crore is with public sector banks.

 

CBSE board exams may start from Feb 15 and end in March from next year

Class 10 and 12 board examinations conducted by the CBSE may start from mid-February rather than March to provide more time for the evaluation of answer scripts, sources said.

According to a senior CBSE official, a committee being set up to suggest systemic changes in the evaluation process followed by CBSE for board exams will explore this aspect.

“At present, the exams start on March 1 and usually go on for a month. This also coincides with the start of summer vacations and hence, a number of teachers go on leave during that time. Due to this, we get ad-hoc and contractual staff for the evaluation that affects quality,” said a source.

There are more than 18,000 schools affiliated to the Central Board of Secondary Education (CBSE).

CBSE

Sources further said by advancing the exams to February 15, the board will be able to get quality faculty to be part of evaluation to make the system better.

Officials said the move will not cause inconvenience to the students as most of them take preparatory leave from January. On Monday, the CBSE clarified that it received requests for verification of marks from only 2.47% of the students amid allegations of “faulty evaluation process” adopted for Class 12 exams.

The board said despite best efforts made by teachers, “there may be possibility of human error in transferring marks to the title page of the answer scripts, summation of marks and manually posting marks in the computer system”.

“We want to make the system more robust and foolproof and having quality evaluators will help immensely. The committee has also been asked to suggest technological changes that are required,” said a senior official.

Nearly 11 lakh candidates — 6,38,865 boys and 4,60,026 girls — registered for the CBSE Class 12 exam this year against 10.67 lakh last year, registering an increase of 2.82%.

The number of centres and schools registered for the Class 12 exam were 3,502 and 10,678 respectively.

 

DU admissions: Registration for undergraduate test-based courses to start today

Delhi University will begin the registration process for admission to nine entrance test based undergraduate courses from Friday at 6 pm.

The entrance examination will be conducted online. Officials said the entrance test will be conducted in 18 cities, including Delhi, Mumbai, Kolkata, Jammu and Varanasi.

The tests will start from July 1 and continue till July 6.

“The university will begin the registration process for admission to undergraduate entrance based programmes for the academic session 2017-18 from June 16 from 6pm,” said registrar Tarun Das.

DU admissions

All about DU admissions

Till last year, the university used to conduct entrance test for eight UG courses but this year the administration has decided to conduct entrance test for BA (Honours) Music as well.

DU will be conduct entrance test for nine courses including, BA (Hons) Humanities and Social Sciences, and Bachelor of Elementary Education (B.El.Ed.)

“There are around 1600 seats in the undergraduate courses for which the entrance tests will be conducted,” said an official.

Das said that for BA (Hons) Music, entrance examination will based on practical admission entrance test. “It will be held in the Department of Music, Faculty of Music & Fine Arts,” he said.

Officials said that students applying for the undergraduate management courses will no longer have to go through group discussion and personal interview.

COURSES FOR TEST
  • Bachelor of Management Studies (BMS)
  • Bachelor of Business Administration (Financial Investment Analysis)
  • B.A.(Hons) Business Economics
  • B.A. (Hons) Humanities and Social Sciences
  • Bachelor of Elementary Education (B.El.Ed.)
  • Bachelor of Science in Physical Education, Health Education & Sports: B.Sc. (P.E., H.E. & S.)
  • B.A. (Hons) Multimedia and Mass Communication
  • B.Tech. (Information Technology and Mathematical Innovations)
  • B.A. (Hons) Music

The university conducts a Joint Admission Test (JAT) for admission to Bachelor of Management Studies (BMS), Bachelor of Business Administration (Financial Investment Analysis) BBA (FIA) and BA (Honors) Business Economics.

Till last year, applicants had to give an entrance test followed by a group discussion and personal interview for JAT courses. The weightage given to entrance exam was 85% and 15% to GD and interview.

“But this year we have decided to do away with GD and interview. The merit list will be prepared based on the entrance test and Class 12 marks,” said a member of the admission committee.

The weightage given to entrance will be 65% and Class 12 marks will account for 35% of the weightage.

The online registration for these courses was supposed to start on May 31 but the university had postponed it.

Cities in which entrance test will be conducted:

Chennai, Delhi, Guwahati, Kolkata, Nagpur, Varanasi, Ahmedabad, Bangalore, Bhubaneswar, Jammu, Patna, Chandigarh, Bhopal, Jaipur, Hyderabad, Ranchi, Bombay, Trivandrum