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News Headlines 29 October
PM Modi gives 51,000 appointment letters to new hires during the Rozgar Mela.
On Saturday, 51,000 employment letters were given to recent hires by Prime Minister Narendra Modi. Job fairs were held in 37 places around the country. States and union territories that support the program are included in these recruitments, in addition to federal government departments. The Indian Railways, Postal, Home Affairs, Revenue, Higher Education, School Education, Literacy, Health, and Family Welfare departments are among the departments involved. This program encourages more chances for the nation’s young and is in line with the Prime Minister’s commitment to employment development. News Headlines 29 October, Rozgar Mela
In 2021, Google spent $26 billion to become the default search engine.
Google, an Alphabet subsidiary, paid $26.3 billion in 2021 to guarantee default placements for its search engine, web browser, and mobile devices, according to a Friday report from Bloomberg News. A senior Google official testified during a Department of Justice probe. According to the article, Google’s search and advertising chief Sundar Pichai said that the company’s default position payments have quadrupled since 2014. News Headlines 29 October
Default payments were Google’s largest expenditure in 2021, with $146.4 billion coming from search and advertising. When Reuters contacted Google, the company declined to comment. They contend that revenue-sharing arrangements promote competition and are lawful. Despite Google’s reservations, Judge Amit Mehta decided in favor of disclosure of financial information.
Why is there a fuss about the rise in personal loans?
Governor of the Reserve Bank of India (RBI) Shaktikanta Das has expressed worries on the “excessive growth” of personal loans and has asked lenders to improve internal risk management and internal monitoring systems. Even while the RBI has never before voiced its concerns in public about the explosive increase of personal loans, it has been warning banks in meetings not to build their portfolios of unsecured loans. Personal loan growth increased to 30.8% in August from 19.4% in July, according to recent RBI statistics. RBI is keeping a careful eye on these events in reaction to look for any early indicators of stress. News Headlines 29 October
In light of growing prices, the center sets a floor price on onion exports to guarantee local supply.
The Indian government set a minimum export price (MEP) for onion exports from October 29 to December 31 of $800 per ton (₹67 per kilogram) in order to guarantee an adequate local supply of onions. This action is a reaction to rising onion prices brought on by delayed supplies of Kharif onions, mostly from Maharashtra. In the last two weeks, the cost of onions has increased by more than 50% in Delhi’s retail marketplaces, hitting ₹80 per kilogram.
Contributing reasons include delayed output in key onion-producing states and low arrival rates. By taking these actions, the government hopes to enhance availability and stabilize costs for customers.
Tear gas is shot as opposition supporters in Bangladesh fight with police and burn cars on fire.
When opposition supporters in Bangladesh attacked security personnel, authorities responded with tear gas, which led to stone-throwing, vandalism, and car burning. They called for a caretaker administration that was impartial in the run-up to the general election and the resignation of Prime Minister Sheikh Hasina.
Clashes in Dhaka resulted in several injuries and at least two fatalities. When Awami League members were reportedly attacked by Bangladesh Nationalist Party (BNP) militants during a rally hosted by former prime minister Khaleda Zia, violence broke out. Thousands of people were seen in videos escaping amid gunfire and tear gas. It was alleged by the police that an opposition activist had hit a constable fatally, but BNP Secretary General Mirza Fakhrul Islam Alamgir charged that authorities had used undue force.
NTPC Q2 results: Net profit rises Rs 4,726.4 crore, or 38% YoY.
For the second quarter of the fiscal year 2023–24, state-run power generator NTPC Limited reported a consolidated net profit of INR 47.26 billion, a 38.3% rise over the same time the previous year when it earned INR 34.18 billion. For each equity share valued at INR 10, the board approved the payment of INR 2.25 per share as the first interim dividend for FY24, which would be distributed on November 23. The company’s total revenue for the September 2023 quarter was INR 44,983.35 crore, which is a 1.8% increase over the INR 44,175.03 crore recorded during the same quarter in the previous fiscal year.
RBI guidelines for CIBIL score
New criteria for credit information businesses have been announced by the Reserve Bank of India with the goal of improving customer awareness and openness in the lending sector. When a customer requests a CIBIL check, they must get an email or SMS confirming their request. In addition, the consumer must be informed of the reasons behind any denial of their request. In an effort to raise consumer knowledge of credit scores, credit agencies are now compelled to provide a free, comprehensive credit report once a year.
Before disclosing defaults, lenders are required to notify clients and designate nodal officials to handle issues pertaining to credit scores. There are daily fees for delays in resolving complaints, which must be completed in 30 days. Institutions that disburse loans have a 21-day timeframe, while credit bureaus have nine days to address concerns. If this isn’t done, compensation is paid. New guidelines for CIBIL score
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