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RBI issues alert against prepaid payment instruments by illegal entities

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Mumbai, April 25 (IANS) The Reserve Bank of India (RBI) on Thursday cautioned the public against Prepaid Payment Instruments issued by unauthorised entities.

“Members of public are urged to exercise utmost caution while using websites/ applications, and parting with their money to any such unauthorised entity,” the RBI said. Members of the public should verify and satisfy themselves that the website/ application used or the entity they are dealing with is authorised to carry out the activity it performs, it said.

The list of authorised payment system providers/ authorised payment system operators is displayed on RBI website at — https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043.

The RBI has issued a red alert against TalkCharge Technologies Pvt. Ltd., a company having its registered office at Sohna Road, Sector 48, Gurgaon in Haryana which is issuing Prepaid Payment Instruments (Wallets) through its website and app without obtaining the required authorisation from RBI.

It has come to the notice of the Reserve Bank that the entity has issued a legal notice to its customers demanding the return of Cashback, failing which the matter will be reported to the RBI.

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Thus, the entity has created an impression in the minds of its customers that demand for repayment of cashback amount is being made as per the directions of the RBI. The RBI clarified that it has only directed TalkCharge Technologies Pvt. Ltd. to refund the prepaid amount lying in the wallets, to the customers.

The entity was issued directions dated April 2, 2024, to stop issuance and operation of its Prepaid Payment Instruments or Wallets and refund the balances held in the wallets within 15 days, which was later extended on the entity’s request to 45 days to May 17.

–IANS

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Sensex falls 667 points on mixed global cues, Nifty drops to 22,704

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Mumbai, May 29 (IANS) The equity benchmarks in India closed in deep red on Wednesday due to profit booking by investors and mixed global cues – marking a decline for three consecutive days so far this week.

The Sensex was down 667 points or 0.89 per cent at 74,502, while the Nifty closed at 22,704, down 183 points or 0.80 per cent.

Banking index Nifty Bank also declined by more than 1 per cent to close at 48,501, down 640 points or 1.30 per cent.

The midcap and smallcap stocks performed better compared to the largecaps during the session on Wednesday.

The Nifty Midcap 100 index closed at 52,125 points, down 169 points or 0.32 per cent. However, the Nifty Smallcap 100 index increased by 10 points or 0.06 percent to close at 16,886 points.

Sector-wise, pharma and metal stocks were the major gainers, while auto, IT, PSU bank, FMCG, and realty were the major losers.

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The India volatility index (India VIX) closed at 24.17 points on a day when 24 out of 30 Sensex stocks closed in the red.

Tech Mahindra, ICICI Bank, Bajaj Finserv, HDFC Bank, UltraTech Cement, and Axis Bank were the top losers, while Power Grid, Sun Pharma, Nestle, ITC, and IndusInd Bank were the top gainers on Wednesday.

Rupak De, Senior Technical Analyst at LKP Securities, said: “The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000.”

“Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level,” De added.

–IANS

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RBI curbs business of 2 Edelweiss Group firms over breach of rules

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Mumbai, April 29 (IANS) The Reserve Bank of India (RBI) on Wednesday imposed business restrictions with immediate effect on two Edelweiss Group firms — ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited, citing material supervisory concerns.

The RBI has directed ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business

The RBI has also ordered Edelweiss Asset Reconstruction Company Limited (EARCL) to cease and desist from the acquisition of financial assets, including security receipts (SRs) and reorganising the existing SRs into senior and subordinate tranches.

The RBI said that the action is based on material concerns observed during the course of supervisory examinations, essentially arising out of conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations.

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“Incorrect valuation of SRs was also observed in both ECL and EARCL. Apart from the above, in ECL, supervisory observations included submission of incorrect details of its eligible book debts to its lenders for computation of drawing power, non-compliance with loan to value norms for lending against shares, incorrect reporting to Central Repository for Information on Large Credits system (CRILC) and non-adherence to Know Your Customer (KYC) guidelines,” the RBI said.

ECL, by taking over loans from non-lender entities of the group for ultimate sale to the group ARC, allowed itself to be used as a conduit to circumvent regulations which permit ARCs to acquire financial assets only from banks and financial institutions, according to the RBI.

In EARCL, other violations included not placing the Reserve Bank’s supervisory letter issued after the previous inspection for 2021-22 before the Board, non-compliance with regulations pertaining to the settlement of loans and sharing of non-public information of its clients with group entities, the RBI said.

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Instead of taking meaningful remedial action to rectify the said deficiencies, it was observed that the group entities were resorting to new ways to circumvent regulations, the RBI added.

–IANS

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Tata Steel Q4 net profit falls 64 per cent, declares dividend of Rs 3.60 per share

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New Delhi, May 29 (IANS) Tata Steel on Wednesday reported a 64 per cent decline in its consolidated net profit at Rs 611 crore for the January-March quarter of 2023-24 as the company grapples to restructure its loss-making UK business.

Tata Steel had reported a net profit of Rs 1,705 crore in the same quarter of the previous financial year.

The company’s total revenue from operations declined to Rs 58,687 crore during the fourth quarter from Rs 62,962 crore in the same period of the previous year.

Over 60 per cent of the revenue accrued from Tata Steel’s operations in India.

The Tata Steel board of directors have recommended a dividend of Rs 3.60 per share and fixed June 21 as the record date to determine the eligibility of shareholders.

The dividend, if approved by the shareholders at the AGM, will be paid on and from July 19, the company said.

–IANS

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India's cold chain sector turnover expected to scale Rs 5 lakh crore mark by 2030

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New Delhi, May 29 (IANS) The turnover of India’s cold chain sector is expected to scale the Rs 5 lakh crore mark by 2030 or 2032, a senior official of the Commerce and Industry Ministry said on Wednesday.

Speaking at FICCI’s Cold Chain and Logistics Summit, Surendra Ahirwar, Joint Secretary, Ministry of Commerce and Industry, said that the cold chain sector currently has a turnover of about Rs 2 lakh crore and is growing at a rapid rate of over 10 per cent.

Ahirwar highlighted the government’s efforts to create an enabling environment for innovation and efficiency in the cold chain sector.

He mentioned the PM GatiShakti National Master Plan initiative, which catalyses accelerated infrastructure development for the logistics sector, including temperature-controlled warehouses. Besides, he alluded to the National Logistics Policy launched in 2022, which comprehensively addresses various aspects of the logistics sector, including the cold chain.

He emphasised the importance of the industry’s various initiatives, including innovations, infrastructure creation, and partnerships between industry and academia. He cited examples such as temperature-controlled warehousing, ice battery technology, and efficient packaging solutions as positive developments in the sector.

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Speaking on occasion, Asheesh Fotedar, Chief Operating Officer, National Centre for Cold-Chain Development (NCCD), Ministry of Agriculture, highlighted NCCD’s initiatives aimed at bolstering the country’s cold chain infrastructure, with a focus on sustainability, efficiency, and innovation.

He said that NCCD is revising technical standards and minimum guidelines to implement cold-chain components in the sector. The revised guidelines will serve as a roadmap for all central and state government bodies setting up cold chain facilities nationwide. Besides,

NCCD is engaging with stakeholders to identify the problems faced by the reefer truck owners and simultaneously working out the policy part to provide proper recommendations to the ministry.

Fotedar also said that NCCD is developing a mobile application to digitalise data related to cold chain components.

This is expected to increase capacity utilisation, reduce fuel costs, and minimise the carbon footprint. The application will also capture relevant logistics data for policymaking and analytics.

Amit Kumar, Committee – Co-Chairman, FICCI Committee on Logistics stressed the importance of developing sustainable infrastructure and adopting smart technologies to optimise energy usage and reduce environmental impact.

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On the occasion, the FICCI-Grant Thornton Bharat Report on “Cold Chain Dynamics: Mapping India’s Logistics Transformation” was also released.

The knowledge report highlights India’s dynamic food processing industry, emphasising the crucial role of the cold chain sector in light of challenges such as infrastructure gaps and high costs.

–IANS

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EET Retail continues to deliver on ambitious expansion plans

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Stanlow, 28 May 2024 (IANS) EET Retail, the retail division of EET Fuels, has reopened two new service stations recently, with more expected to be opened throughout the year ahead.

The newly branded Spalding service station and Oakham service station signal a new era of convenience and service for the Essar consumer brand.

This expansion is part of a new forward-thinking strategy to develop a significant portfolio of Essar-branded fuel retail outlets and establish a nationwide presence, aligned with EET Retail’s vision to become the UK’s “retailer of choice” to consumers.

Additionally, the company is actively identifying opportunities for potential acquisitions to further accelerate its growth.

A growing forecourt network and increasing brand presence across the country will help the company deliver its promise of ‘Driving Community Convenience’ by making it easy for customers, simple for staff, and providing value for retailers.

EET Retail’s long-term vision includes a solid customer value proposition, offering a range of low-carbon, high-quality fuels, and catering to drivers’ evolving needs, including e-mobility and convenience options.

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Beyond simply fuelling vehicles, the newly rebranded Essar Oakham and Spalding service stations will elevate community convenience with a focus on providing exceptional service and a wide array of amenities.

Narayan Bhatra, CEO of EET Retail, said: “We’re embarking on an exciting journey of growth and innovation in the UK retail sector. With confidence, we’re committed to delivering best in class fuel outlets and building a network of partnerships that align with Essar’s customer-first belief.”

EET Fuels serves the UK energy corridor in the North West and Midlands through its modern road terminal, while our strategic pipeline connections strengthen our capability to supply South West and South East England.

–IANS

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