New PPF rules effective October 1: What you need to know
The new rules aim to streamline the management of PPF accounts, particularly for minors, individuals with multiple accounts, and Non-Resident Indians (NRIs). Here’s a closer look at the changes and what they mean for investors. Key Points
India TodayX bans over 2 lakh accounts for policy violations in India in March
X also took down 1,235 accounts for promoting terrorism on its platform in the country. Elon Musk-run X Corp banned a record 2,12,627 accounts in India... Key Points
The Tribune IndiaBanks to bring in extra KYC verification layers
Banks are enhancing their KYC standards by adding extra verification layers to identify accounts and account holders. The plan includes updating existing accounts, especially those with a single phone number linked to multiple or joint accounts, and seeking more verification from individuals with multiple accounts opened using different documents. A committee led by finance secretary TV Somanathan is working to standardise and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about slackened KYC norms by fintech companies, which may increase risks for lenders. Key Points
Economic TimesGovt to expedite inspection of crisis-hit Byju’s accounts
Prompted by fresh troubles hitting the edtech major BYJU’S, the Corporate Affairs Ministry said it has asked its field officers to expedite and... Key Points
The Tribune IndiaHike in incidents of compromising government, high-profile persons' social media accounts: CERT-In
These compromised accounts are often used for misinformation campaigns, scams and other malicious activities leading to reputation damage. Recent trends show... Key Points
The Tribune India
ICICI Bank branch manager withdrew money from deposits for years to meet business targets: Report
The matter turned worse when someone got a whiff of it and started blackmailing the officials. Hence, this withdrawal of money from the accounts continued and the money was used to pay the Udaipur-based individual as hush money so that the whole act can be kept under wraps, said the report. Key Points
mintHackers are promoting crypto scams by hijacking verified X accounts of governments and businesses
Hackers are hijacking verified X accounts of government and business entities to promote cryptocurrency scams. A black market has surfaced for trading these compromised accounts, with prices ranging from $1,200 to $2,000. Key Points
India TodayWhatsApp bans 7.2 million Indian accounts in November 2023: Here's why
WhatsApp banned 7,196,000 accounts in India between November 1 and November 30, 2023, with 1,954,000 accounts being proactively banned. The report also emphasizes the company's focus on abuse prevention and provides insights into user grievances and corresponding actions taken. Key Points
mintAbout 20 pc of 51 crore Jan Dhan accounts inoperative: MoS Finance
As per the Reserve Bank of India (RBI) guidelines, a savings as well as current account should be treated as inoperative/dormant, if there are no customer-induced transactions in the account for over a period of two years. The reasons for the account turning inoperative can be many and it has no direct co-relation to the account-holder being untraceable. Key Points
Economic TimesPMJDY: 20% of accounts inoperative with Rs 12,779 crore funds, says MoS Finance
49.3 million of the 103.4 million inoperative PMJDY accounts belong to women Key Points
Business Today
Google to remove inactive accounts from Friday, check here how to save it from deletion
From Friday, Google will start deleting all the accounts that have been inactive for a very long time. The process will begin in a phased manner. But Google has suggested some simple methods to keep the unused accounts at bay from deletion. Key Points
Economic TimesHere is govt's big plan to stop online frauds in India
The government is taking steps to combat cyber fraud in the financial sector by blocking IMEI and imposing withdrawal limits on suspicious accounts. Representatives from RBI, TRAI, NPCI, and the Ministry of Information Technology discussed the need to address 'inert' and 'mule' bank accounts, which are often used in fraudulent activities. Key Points
Economic TimesHere's why Google is warning inactive account users; Act before Friday or risk deletion
Google's updated policy alerts users with dormant accounts to sign in before Friday or risk deletion due to security concerns. accounts inactive for over two years face erasure, emphasizing the vulnerability of neglected accounts to cyber threats. To avoid deletion, users must engage in account activity, manage subscriptions, and access Google platforms regularly. Exceptions exist for organizational and transactional accounts. Google provides tools like Takeout and Inactive Account Manager for data management, urging users to update recovery emails for notifications. Key Points
Economic TimesGoogle announces mass removal of inactive Gmail accounts: All you need to know
Google's updated policy allows for the deletion of inactive Gmail accounts and their associated content after two years of inactivity. This puts dormant accounts at risk of security breaches and unauthorized access, as they are less likely to have two-factor authentication configured. Key Points
mintX Banned the Account of a Major Critic. Now He’s Taking It to Court
Software developer Travis Brown’s X account was banned after his research alleged far-right influencers were becoming more prominent on the platform. He’s taking X to court in a bid to reverse the decision. Key Points
WIREDJan Dhan accounts cross 50 crore-mark in less than 9 years: Govt
New Delhi, Aug 18 (PTI) The total number of Jan Dhan accounts in the country has crossed 50 crore-mark, with 56 per cent of the accounts belonging to women, the finance ministry said on Friday. About 67 per cent of these accounts have been opened in rural and semi-urban areas, it said in a statement. […] Key Points
ThePrintX to get rid of ability to block accounts: Elon Musk
Twitter, now called X, will remove the ability to block accounts, according to owner Elon Musk. Blocking will still be possible for direct messages. Key Points
Hindustan TimesYour casual digital transaction could lead to frozen bank account, police investigation. Read how
A family in Ahmedabad found themselves trapped in an online fraud case after their UPI account was linked to a bitcoin trading scam. A teenager in the family used the account to purchase bitcoin occasionally. The police froze the bank accounts of the entire family and businesses the family dealt with. Key Points
Economic Times22 lakh BPL families may not get DBT benefit immediately under Anna Bhagya scheme
Karnataka has 1.28 crore ration card of Antyodaya Anna Yojana and Priority Households and 99 per cent of these cards are seeded with Aadhaar numbers. Among them, 82 per cent comprising 1.06 crore of these cards are linked with active bank accounts. Key Points
Economic TimesTwitter displaying ‘rate limit exceeded’ message? Know what it means exactly as Elon Musk introduces readi
Twitter was unavailable for many users on Saturday, 1 July. The app displayed a rate limit exceeded message when users tried to refresh their feed. This issue was also reported on the website. Read to know what it means; Key Points
Economic Times
Twitter users report issue with website, ‘TwitterDown’ and ‘Rate Limit Exceeded’ starts trending
A few users reported encountering problems such as difficulties in accessing tweets or receiving the error message, Sorry, you are rate limited. Please wait a few moments then try again. Key Points
Economic TimesChina's cyberspace regulator eradicates 1.4 million misinformation-related social media posts in extensive crackdown
In an ongoing effort to exert control over its cyberspace, China has undertaken a massive campaign since 2021, specifically targeting billions of social media accounts. The CAC disclosed that it had shut down 67,000 social media accounts and eliminated hundreds of thousands of posts. Key Points
mintGoogle to delete accounts that are inactive for over two years
Google to delete accounts that are inactive for over two years. To learn more, read the full story on The Hindu. Key Points
The HinduCreditors’ recovery via IBC surges to 36% of admitted claims in FY23
Data from the Insolvency and Bankruptcy Board of India (IBBI) showed that out of the total admitted claims of Rs 1.42 lakh crore, creditors realised rs 51,425 crore in FY23, compared to Rs 49,208 crore realised from admitted claims of Rs 2.14 lakh crore a year ago. Key Points
Economic TimesTwitter is giving away free blue ticks to these accounts. Are you eligible?
Twitter has already ended legacy verified blue checkmarks from April 1. The organisations will have to shell out $1,000 a month to keep the verification badge. Key Points
Hindustan Times
WhatsApp bans over 4.5 million Indian accounts in February: Report
The account ban in February was higher than the number of accounts it barred in the preceding month. As per the report, WhatsApp had banned 2.9 million accounts in January, 3.6 million accounts in December and 3.7 million accounts in November. Key Points
mintMoney Mule Scam, a new fraud: How to spot and safeguard your money from fraudsters
Digital banking frauds: Mule accounts are being used to launder money and what's worst is that legitimate Indians are lending their bank accounts and others for some incentive and helping in furthering this type of fraud. According to BioCatch, a Israeli company, Bhubaneswar has the largest concentration of this type of activity. Key Points
Economic TimesCongress can operate ‘frozen’ accounts, relief from tax tribunal
The Congress party would not be restricted from using its bank accounts, lawyer Vivek Tankha confirmed today. Earlier, Ajay Maken has revealed that the party's and Youth Congress's bank accounts had been frozen. Key Points
India TodayMonitor cyber threat, bring all departments on e-bill platform, Somanathan tells pay and accounts officers
Finance Secretary T V Somanathan urged pay and accounts officers to bring government departments on e-bill platform and monitor cyber security threats. He emphasized on improving bill payment efficiency and complete implementation of e-bill system. The e-bill processing system enables online claim submission and real-time tracking by suppliers and contractors. Key Points
Economic TimesWhatsApp bans 71.1 lakh Indian accounts in September, here’s why
WhatsApp's latest report for India reveals that it took action against 7.11 million accounts in September, banning 2.57 million proactively. The report includes information on user complaints and the platform's proactive measures to address abuse. Key Points
mint
Farmers protest: X complies with Indian government's order to suspend accounts but says We disagree...
As per the official Global Government Affairs account of X, the platform is acting under potential threat of significant fines and imprisonment. However, in a move to challenge the governments demands, X has filed a writ appeal, which is currently pending. Key Points
Economic TimesWhatsApp banned over 45 lakh accounts of Indian users in February 2023, here is why
WhatsApp recent monthly reports reveal that the platform has banned more than 45 lakh Indian accounts after receiving grievances from users in India. Among these 45+ accounts, 298,000 accounts were banned proactively. Key Points
India TodayDefault private accounts, no alert after 10PM: Instagram announces new safety measures to protect teens
Instagram Teen accounts have built-in protection, which limits who can contact them and the content they see. It is designed to protect the teens’ online presence and promote digital well-being. Key Points
India TodayHere is why WhatsApp banned over 71 lakh accounts in India in September
WhatsApp has taken action against over 7.11 million accounts in India during September 2023 in line with IT regulations. Key Points
India TodayJan-Dhan scheme biggest instrument of financial inclusion: FM Sitharaman
Finance Minister Nirmala Sitharaman praised the Pradhan Mantri Jan-Dhan Yojana (PMJDY) for its success in promoting financial inclusion in India. She stated that over 50 government schemes now directly transfer benefits to bank accounts through PMJDY. Despite initial doubts about zero balance accounts, these accounts now hold over Rs 2 lakh crore. Sitharaman also discussed the challenges of climate financing and the declining effectiveness of multilateral institutions. Key Points
Economic Times
Commercial Taxes dept detects use of multiple QR codes by hoteliers to evade tax
The vigilance wing of the Commercial Taxes department in Bengaluru has uncovered hoteliers using 30 QR codes to evade taxes and suppress actual turnovers. The search operation also discovered Rs 1.47 crore cash at the residence of one of the proprietors. The hoteliers were engaged in the supply of biriyani and non-vegetarian items, and they were receiving payments through multiple UPI accounts to hide their actual turnovers and avoid issuing tax invoices. Income Tax officials have initiated proceedings regarding the cash found. Key Points
Economic Times