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Banks: Banks disburse Rs 1,400 cr of loans below frictionless credit score platform: RBI ED

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Banks: Banks disburse Rs 1,400 cr of loans below frictionless credit score platform: RBI ED



MUMBAI: Banks have disbursed over Rs 1,400 crore in loans below the ‘frictionless credit score’ platform since its launch on August 17, a senior Reserve Financial institution official mentioned on Thursday. Talking on the sidelines of an Assocham occasion, Ajay Kumar Choudhary, an govt director on the central financial institution, mentioned round 20,000 central financial institution digital forex transactions are going down every day proper now.
The RBI launched the brand new strategy earlier this 12 months below which lenders will have the ability to disburse retail loans like those to agriculturists in a matter of minutes, utilizing an analytics engine that aggregates borrower particulars from a number of sources, together with financial institution particulars and land data, to take a name on mortgage proposal.
“70,000 loans and greater than Rs 1,400 crore of loans have been disbursed since August 17,” Choudhary mentioned, including that the volumes will not be necessary, at current, when the undertaking is being piloted.
He, nonetheless, mentioned there are nice prospects for the scheme sooner or later, and added that the operational value for a lender additionally goes down below this, giving a financial institution the possibility to have a relook on the fee of curiosity it will likely be charging.
On the central financial institution digital forex, Choudhary mentioned the transactions are averaging about 18-20,000 per day at current, however exuded confidence that they’ll develop within the subsequent few months to attain the goal of 10 lakh a day by December.
He mentioned the upcoming festivities may also assist improve the variety of transactions and added that the method of placing the constructing blocks and studying from them is the bigger intent proper now.
Choudhary mentioned the RBI can be piloting central financial institution digital forex utilization within the name cash market on the wholesale CBDC entrance, and added that the method of testing is on.
In the meantime, he mentioned, because the statutes make it clear that money will not be part of the money reserve ratio, CBDC models won’t entice the CRR for banks however will probably be accounted for the statutory liquidity ratio (SLR).





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Defeat against India was painful, but it’s not the end of the world: Hasan Ali | Cricket News – Times of India

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Defeat against India was painful, but it’s not the end of the world: Hasan Ali | Cricket News – Times of India



NEW DELHI: Pakistan‘s fast bowler Hasan Ali described the defeat against India as “painful” but emphasised that the team has put that setback behind them and is now fully focused on their upcoming World Cup match against Australia in Bengaluru on Friday.
In their previous encounter, India had convincingly beaten Pakistan by seven wickets in Ahmedabad. Hasan Ali expressed the team’s desire to deliver a better performance against the five-time champions, Australia.Following the loss to India, the team came together to reflect on areas that needed improvement for their match against the Australians.
“It was painful (defeat against India). But it is not the end of the world. Our vehicle (team) was moving ahead nicely, but it was stopped against India. But there are many other big stops ahead,” said Ali during the pre-match press meet on Thursday.
“We sat together and had a healthy discussion. We discussed the things that need improvement. Australia is not an easy team. But we are also a big team. We have come to win the World Cup and are trying to play good cricket,” said Ali.
Ali did not deny the fact that Pakistan’s bowling, historically their strong suit, has not fired in this tournament so far.
“Our bowling against India was not up to the mark. India vs Pakistan match is such that it can make or break your career. This is the reality.
“Maybe, if that was a match against some other team you wouldn’t be asking us this. But we are looking forward to it and the team is very confident,” he added.
The 29-year-old said Pakistan team is missing its group of fans during the tournament, as several of the team’s supporters are yet to receive a visa to cross the border.
“Of course, we miss our fans, but that is not in our control whether the fans are here or not. As a professional, we should focus on cricket.
“Our fans have increased since you (Pakistan journalists) have come. You have got visas – we had 40 fans, now we have 43 – 45 – 47 fans,” he said with a wry smile.
Ali would not have been playing in this World Cup had pacer Naseem Shah wasn’t ruled out with an injury.

India vs Pakistan: Rohit Sharma, bowlers star in India’s dominant 7-wicket win

While calling himself “wildcard”, Ali said it is not a good thing to put a lot of pressure on pace spearhead Shaheen Shah Afridi.
“I think you guys don’t like my wild card entry. But I feel proud. Shaheen has won us many matches. I know he is not fit right now but very soon he will be there.
“He is a champion and he has given a lot of performances for Pakistan,” he said.
Five Pak players miss nets
Fakhar Zaman, recuperating from a knee niggle, Salman Ali Agha, who is recovering from a bout of fever, pacer Haris Rauf, leg-spinner Usama Mir and middle-order batter Iftikhar Ahmed did not attend nets on Thursday.
Mir was expected to replace leg-spinner Shadab Khan in the playing 11 for the match against Australia on Friday.
(With PTI inputs)





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Unilever: Hindustan Unilever Q2 internet up 4% to Rs 2,717 crore

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Unilever: Hindustan Unilever Q2 internet up 4% to Rs 2,717 crore



MUMBAI: Hindustan Unilever (HUL) reported a 3.8% development in internet revenue at Rs 2,717 crore within the second quarter ended September 30, 2023, from Rs 2,616 crore within the corresponding quarter final yr. Gross sales rose 2.4% to Rs 15,027 crore from Rs 14,514 crore through the interval.
Underlying quantity development of two% is decrease than the previous quarter. EBITDA margin at 24.6% was up 130 bps yr on yr.
The corporate stated within the quarter, there was a one-off credit score from beneficial decision of previous oblique tax litigation benefiting each topline and bottomline. Excluding this one-off, the underlying gross sales development and quantity development, EBITDA margin, PAT (bei) development would have been 3%, 2%, 23.8% and seven% respectively.
Rohit Jawa, CEO and Managing Director commented

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“We delivered a resilient and aggressive development while stepping up our EBITDA margin in a difficult working setting, marked by subdued rural demand and heightened aggressive depth. Wanting ahead we stay cautiously optimistic.
FMCG demand is prone to proceed a gradual restoration with tailwinds from the upcoming festive season, sustained buoyancy of companies and Authorities’s thrust on capex.
On the similar time, we should be watchful of unstable international commodity costs in addition to the impression of monsoon on crop output and reservoir ranges. On this context, our focus is to supply superior worth to our customers, drive aggressive quantity development, and make investments behind our manufacturers.”





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Nestle India: Nestle India Q3: web revenue up 37% year-on-year to Rs 908 crore; firm broadcasts inventory cut up within the ratio of 1:10

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Nestle India: Nestle India Q3: web revenue up 37% year-on-year to Rs 908 crore; firm broadcasts inventory cut up within the ratio of 1:10



NEW DELHI: Nestle India’s web revenue elevated by 37% year-on-year to Rs 908 crore within the July-September quarter. Whole gross sales grew by 9.4% y-o-y to cross the Rs 5,000 crore mark in Q3, the primary ever for the corporate throughout 1 / 4.
“Shopper developments and rising proclivity in the direction of adoption of manufacturers in small cities and huge villages has propelled the expansion of the corporate…..we crossed Rs 5,000 crore turnover, which has been our first in any quarter within the historical past of the corporate and a landmark for us,” mentioned Suresh Narayanan, chairman and managing director at Nestle India. Whole gross sales throughout the quarter stood at Rs 5,009.5 crore.
The corporate’s board additionally introduced a inventory cut up within the ratio of 1:10. Which means one share having face worth of Rs 10 could be cut up into 10 shares having face worth of Re 1 every. This, the FMCG main, mentioned has been carried out to boost the liquidity of the corporate’s fairness shares and to encourage participation of retail traders by making fairness shares of the corporate extra inexpensive.
The board additionally declared second interim dividend for 2023 of Rs 140 per fairness share amounting to Rs 1,349.8 crore which will probably be paid on and from November 16. The inventory worth of Nestle India ended at Rs24122 apiece on the BSE on Thursday, up 3.66%.
Inside the agency’s basket of merchandise, manufacturers like Nescafe, Milkmaid and KitKat delivered sturdy progress. “Nescafe continued to cement its management place within the class with highest ever market share and robust family penetration positive aspects,” the corporate mentioned.
Speaking in regards to the commodity outlook, the agency mentioned that espresso continues to be unstable due to world provide deficit whereas the upcoming winter climate might impression manufacturing of wheat. “Uneven rain and rain deficit is predicted to impression manufacturing of maize, sugar, oilseeds and spices that will have an opposed impression on pricing,” the corporate mentioned.





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Google Pay: Google Pay to supply credit score merchandise to customers and small companies in India

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Google Pay: Google Pay to supply credit score merchandise to customers and small companies in India



NEW DELHI: Because it appears to be like to develop its footprint in India the place scores of individuals nonetheless don’t have sufficient entry to monetary choices and providers, Google Pay mentioned that it’ll begin providing a slew of credit score merchandise to customers and small companies within the nation by partnering with lenders and financing corporations. “Whereas the credit score is underwritten by accredited monetary establishments, Google Pay collaborates with them to make it accessible, easy and handy,” the agency mentioned.
The fintech firm which competes with the likes of Paytm and PhonePe in India will prolong sachet or small ticket loans beginning at Rs 15,000 to retailers in collaboration with DMI Finance. Apart from, to assist retailers meet their working capital necessities, it’s enabling a credit score line for them in partnership with ePayLater.
“Credit score stays considerably under-penetrated in India in comparison with international averages,” the agency mentioned. At a time when the rise of on-line apps have led to a proliferation of monetary frauds and scams, Google Pay mentioned that its goal is to disburse accountable credit score to its customers. Google Pay which together with PhonePe and Paytm drives the majority of the nation’s UPI volumes will concentrate on offering folks with entry to credit score because it charts its subsequent section of India progress, vice-president Ambarish Kenghe mentioned on Thursday.
For customers, the corporate is increasing the portfolio of private loans by partnering with Axis Financial institution which is able to make its private loans accessible on Google Pay. “Earlier this yr, Google Pay added the ability so as to add Rupay bank cards to the app, and utilizing them to seamlessly make funds through UPI.
Extending this performance additional, in collaboration with PSP (fee service supplier) ICICI Financial institution, customers can now avail credit score strains from banks on UPI, and use it to make funds through Google Pay in the identical approach that they might with a UPI fee, the agency mentioned.





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Ben Stokes says he is ready to make England return for crunch World Cup clash | Cricket News – Times of India

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Ben Stokes says he is ready to make England return for crunch World Cup clash | Cricket News – Times of India



NEW DELHI: Ben Stokes has declared himself fit and ready to participate in England‘s crucial World Cup match against South Africa after being sidelined due to injury for the first three games of the campaign.
England’s defence of their title in India has encountered significant challenges, particularly after a surprising loss to Afghanistan, which has left them with only one win.

Stokes, who is also the Test team captain, sustained a hip injury during England’s preparations for the tournament. However, he has given the green light for his return to action against South Africa in Mumbai on Saturday.

Speaking before a training session at the Wankhede Stadium that will double up as a final vigorous fitness test, Stokes told the BBC: “It was frustrating to pick up a minor injury just before the tournament, but I’ve put in a lot of hard work to get back to this point and make myself available for selection.
“We have had a few days off since the last game and first training session here in Mumbai. I’ll give it a good push but, yes, I think everything is pretty good. I am in a good place.”
The powerful batsman played down the hype surrounding his return.
“I know I am one person in a team sport,” said the 32-year-old, who starred in the 2019 World Cup final.
“No one looks to one person in this team to inspire them or anything like that. It is not the case that if I do come in then all of a sudden we are going to do well. It is just one of those things that gets spoken about a lot but I don’t read too much into it”.
“Everyone that walks out on to that field for England is a match winner and can do something individually that can win us a game. We just need to tone it down a bit on me coming back in.”
(With AFP inputs)





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Sunny Deol grooves to dhol beats, cuts cake as he celebrates his birthday with sons Karan and Rajveer Deol – See photos | Hindi Movie News

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Sunny Deol grooves to dhol beats, cuts cake as he celebrates his birthday with sons Karan and Rajveer Deol – See photos | Hindi Movie News


Sunny Deol, who is basking on the super success of his last release, ‘Gadar 2‘, is celebrating his 67th birthday today on October 19. The actor was also accompanied by his sons Karan and Rajveer Deol.
In a video that is doing the rounds on social media, Sunny is seen dancing to the vibrant rhythm of dhol beats. The actor exuberantly indulged in the energetic Punjabi traditional dance known as Bhangra.The celebratory mood continued as he participated in cutting his birthday cake, and his sons,Karan Deol and Rajveer Deol, lovingly fed him the first slices.
Check out the photos here:

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The father-son trio also took a moment to strike a pose for the media, radiating happiness and contentment on this special occasion.

Rajveer Deol recently marked his Bollywood debut with the film ‘Dono,’ in which he shared the screen with actress Paloma Dhillon. Directed by Avnish Barjatya, the movie delved into themes of romance, relationships, and matters of the heart, introducing audiences to a new talent from the Deol family. Meanwhile, Karan Deol marked his debut in 2019 with ‘Pal Pal Dil Ke Paas’.

After ‘Gadar 2’, Sunny will be seen in Rajkumar Santoshi’s ‘Lahore, 1947’. The film will be produced by Aamir Khan. Apart from this, Sunny will be reuniting with Anil Sharma in ‘Apne 2’. The film will also feature Dharmendra, Bobby Deol and Karan Deol in lead roles.

Bobby Deol opens up on his equation with Sunny Deol: ‘My mentor and guide’

Watch Sunny Deol turns 67, cuts birthday cake with fans





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KL Rahul or Ravindra Jadeja – Who is going to win the best fielder medal in the India-Bangladesh match? | Cricket News – Times of India

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KL Rahul or Ravindra Jadeja – Who is going to win the best fielder medal in the India-Bangladesh match? | Cricket News – Times of India



NEW DELHI: Healthy competition within the team is a sure shot path to success and that’s what was evident during Thursday’s India-Bangladesh ODI World Cup encounter when Ravindra Jadeja was seen demanding for the best fielder medal looking towards the Indian team’s dressing room after pulling off an extraordinary catch.
Indian team management has introduced a medal for the best fielder of the day in the World Cup, and this new addition to the dressing room rewards system appears to be having a positive impact on the players.

But the big question is who is going to win the best fielder medal as Jadeja had a stiff competition from wicket-keeper KL Rahul. The fact of the matter is whoever wins it, the ultimate winner is Team India at the end.

Following his sensational catch, Jadeja, who treated the crowd to a new celebration, straightaway hugged Rahul – who earlier took an unbelievable left-handed flying stunner.
Jadeja dived to his right at point and took a scorching sharp catch as he sent back Bangladesh‘s dangerous middle-order batter Mushfiqur Rahim for 38. Prior to Jadeja’s stunner, Rahul’s agility and athleticism were on full display as he dived to his left and executed a stunning one-handed catch that left fans in awe.

Ravindra Jadeja: India’s versatile all-rounder making an impact

Rahul sent back Mehidy Hasan Miraz as he came up with lightning-fast reflexes diving to his wrong side (down the leg) and completed a brilliant one-handed catch, securing the third wicket of the Bangladesh innings.
Here are some reactions on social media after both the catches:





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Pakistan’s Fakhar Zaman and Salman Ali Agha unavailable for match against Australia | Cricket News – Times of India

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Pakistan’s Fakhar Zaman and Salman Ali Agha unavailable for match against Australia | Cricket News – Times of India



NEW DELHI: Pakistan’s World Cup campaign has hit a stumbling block as they prepare to face Australia in a pivotal match, with injured opener Fakhar Zaman and fever-stricken all-rounder Salman Ali Agha ruled out of the upcoming clash on Friday.
Fakhar Zaman, currently nursing a knee injury, is set to miss the fixture, and the Pakistan media manager provided an update on his condition, stating, “Fakhar Zaman is being treated for a knee injury, and he is expected to be available for selection next week.”
In a further setback for the team, Salman Ali Agha is in the process of recovering from a bout of fever that emerged after a training session the day prior to the match. The team’s management was quick to assure cricket fans that the rest of the players in the 15-member squad are in robust health and ready for the contest.
Fakhar Zaman, a pivotal component of Pakistan’s batting lineup, had made an appearance in just one match thus far in the tournament. His sole outing was in Pakistan’s opening match against the Netherlands in Hyderabad, where he contributed 12 runs to the team’s effort.
In Fakhar Zaman’s absence, the responsibility of opening the innings has fallen to Abdullah Shafique, who has been turning heads with his remarkable performances. Shafique, the designated replacement for Zaman, left an indelible mark with a magnificent century, amassing 113 runs against Sri Lanka. In the match against India, he played an essential role by contributing 20 runs to Pakistan’s campaign.
Pakistan faces a formidable Australian side, and Abdullah Shafique’s form will be a critical factor as they strive to secure a victory without the services of their injured opener.
(With inputs from PTI)





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Unlawful betting and playing: Tax authorities dropping Rs 2 lakh crore yearly, says report

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Unlawful betting and playing: Tax authorities dropping Rs 2 lakh crore yearly, says report



NEW DELHI: As Cricket World Cup 2023 is gaining momentum, unlawful betting actions are additionally choosing up steam with crores of rupees invested by way of casual routes resulting in a lack of about Rs 2 lakh crore to tax authorities, a report stated.
The unlawful sports activities betting market receives an estimated influx of Rs 8,20,000 crore ($100 billion) every year from India, in line with Suppose Change Discussion board (TCF) report.
Elements equivalent to digital infrastructure development, smartphone utilization, and the growth of athletic occasions have contributed to this sort of influx, it stated.
Regardless of regulatory restrictions, India’s unlawful betting and playing market has proven outstanding development, it stated.
Based on the report at a baseline estimated deposits of Rs 8,20,000 crore being for betting at present GST price of 28 per cent, India is dropping Rs 2,29,600 crore every year.
To limit such actions, the report steered strict implementation of the brand new GST regime by establishing a job drive to watch unlawful offshore betting actions and forcing offshore operators to register in India to guard the outflow from authorized gaming platforms to offshore platforms.
With out such stringent measures, the brand new regime might result in the diversion of development from authorized gaming corporations to unlawful betting platforms and offshore operators, leading to substantial tax losses for the federal government, it stated.
In India, it stated, cricket dominates, with the Indian Premier League (IPL) being a major driver of betting exercise. As per estimates, greater than 140 million folks in India take part in betting and playing often and this quantity shoots as much as 370 million through the IPL.
The report highlighted {that a} ban on betting and playing transactions beneath India’s alternate management laws drives offshore playing corporations to make use of covert strategies for shifting cash each inside and out of doors the nation, it stated.
Funds are funnelled by way of mechanisms like hawala, cryptocurrencies, and different illicit channels, posing a menace to the nation’s monetary stability. These diverted funds could fund unlawful actions, undermining public order and nationwide safety.
Based on the report, there are greater than 75 betting and playing websites that particularly goal the Indian inhabitants, a lot of which persist of their operations regardless of authorized bans.
To additional appeal to Indian customers, it stated, they’ve secured the endorsement of standard Bollywood actors and sports activities figures as their model ambassadors.
Delay in forming of Self-Regulatory Organizations (SROs) will permit unlawful offshore betting websites to mushroom, as with out these regulators can have no authoritative instrument to categorise authorized and unlawful operators, it added.





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