• Monday, October 02, 2023


India central bank launches portal for unclaimed deposits

Reserve Bank of India governor Shaktikanta Das (ANI Photo)

By: Shubham Ghosh

HERE are news in brief related to Indian economy and business for Thursday, August 17, 2023:

India’s central bank Reserve Bank of India (RBI) on Thursday launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation). The portal has been developed by RBI for use by members of the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks in one place,” a release by the top bank said. The launch of the web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks, the release read. The search facility for remaining banks on the portal would be made available in a phased manner by October 15.

Trinidad and Tobago has signed an agreement with the Indian government for sharing the India Stack, which is a collection of open application programming interfaces and digital public goods for identity, data and payment services. The agreement was signed in the presence of officials from the ministry of electronics and IT, National E-Governance Division, and the ministry of external affairs, according to an official release. The two nations agreed to cooperate for digital transformation through various means such as capacity building, training programmes and exchange of best practices. Indian minister of state for electronics and IT Rajeev Chandrasekhar said, “With the help of India Stack, these countries can climb up the digitalisation ladder rapidly and transform their economies and governance.”

The National Company Law Tribunal (NCLT) was told on Thursday that settlement talks between Go First, a grounded airline, and logistics firm Delhivery have been unsuccessful, Moneycontrol reported. Both sides have now decided to continue their legal battle at the tribunal which has sought the response of Go First’s Resolution Professional to Delhivery’s plea. According to the Moneycontrol report, the case’s hearing could come up on September 15. On Thursday, the tribunal also issued a notice to an application by aircraft lessor DAE (SY 22) 13 Ireland Designated Activity Company to be exempted from the moratorium, the report added.

A Chinese national accused of duping hundreds of people in the western Indian state of Gujarat by floating a fraudulent football betting app was also involved in money-laundering and hawala transactions worth Rs 2,300 crore (£217.3 million), an official of the state Crime Investigation Department said in Ahmedabad on Thursday. A Look-Out Circular has also been issued against Wu Choumbo, the Chinese national, who had visited Gujarat in 2018 and left after a brief stay. After finding hawala transactions worth Rs 2,300 crore from the bank accounts of some persons who were arrested recently, CID-Crime and Railways officials in March had requested the Enforcement Directorate to conduct a separate probe from the money laundering angle, said the official.

Debjani Ghosh, president of the premier trade body and chamber of commerce of the tech industry in India NASSCOM, on Thursday said the current entrepreneurship ecosystem in India is not just about startups but it is more about solving problems facing the world. She said Indian entrepreneurs fit the bill to serve the world through the use of technology. “Right now in India, the entrepreneurship ecosystem, it’s not just about startups and ecosystems. It’s a mindset. It’s how we think. Everybody wants to become an entrepreneur. Everybody wants to solve big problems,” Ghosh told the Asian News International on the sidelines of the two-day G20-Digital Innovation Alliance summit being held in Bengaluru.

(With agencies inputs)

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