UIDAI brings Virtual IDs, Limited KYC to protect cardholders
The Unique Identification Authority of India, still reeling from damaging news reports about a massive data breach, is busy taking steps to avoid such crisis in future. The body has reportedly introduced a new two-layer security system to protect Aadhaar cardholders. The UIDAI has introduced the Virtual ID concept. This is a temporary 16-digit, randomly-generated number that an Aadhaar holder can use for authentication along with his/her fingerprint instead of disclosing the Aadhaar number. UIDAI will start accepting Virtual IDs from March 1. In addition to this, UIDAI has introduced the concept of 'limited KYC' under which it will only provide need-based or limited details of a user to authorised agencies.
Modi meets economists to discuss road ahead
Prime minister Modi held an over-four hour meet with ministers and bureaucrats yesterday in a meeting on 'Economic Policy - The Road Ahead'. The 42 experts suggested various measures including the need for labour reforms to give the economy a boost. The economists were unanimous that the government needed to focus on agriculture and maintain the macroeconomic balance. The meeting has come just a few days before the last budget of the NDA government.
PWC banned for 2 years
India's capital market regulator SEBI has banned global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two years for its alleged role in the Satyam Computer Services scandal.
Doors open for 100 percent FDI in single-brand retail
In a move that could lift the slowing economy, the government has allowed 100 per cent FDI in single-brand retail and construction development. This means foreign single-brand players can set up shop in India without the long wait for approvals. At least 30 multinational firms have been waiting for easing of norms. This could facilitate their easy entry into the country.
Gold loan market to grow to Rs 3.1 lakh crore by 2020: KPMG
A recent KPMG report predicts that value of organised gold loan market in India will grow to Rs 3,10,100 crore by 2020 at a three-year compounded annual growth rate (CAGR) of 13.7 per cent. In 2015-16, the gold loan market in the country had recorded a 10.82 percent growth with a value of Rs 1,96,600 crore.
Cabinet allows foreign investors to own up to 49 percent of Air India
India cleared a proposal to allow foreign investors to own up to a 49 percent stake in state-run carrier Air India, paving the way for global airlines to bid for the loss-making flagship carrier. It brings Air India, which previously had to be fully locally owned, in line with the country's other local airlines in which foreign investment is allowed. India allows 100 percent foreign investment in its other local airlines, but caps foreign airlines' stake at 49 percent.
Khadi to enter shopping malls
In a tie-up with retail chains, Khadi has entered shopping malls where it had not ventured earlier as it did not have the financial muscle to spend on leasing space. But it has come up with a solution by introducing a shopin-shop concept. It will now have a revenue share arrangement with retailers. The Khadi and Village Industries Commission (KVIC) would soon be present in 200 major stores in malls in India