New Delhi: The Reserve Bank of India (RBI) said on April 8 it plans to allow interoperable cardless cash withdrawals across all bank ATMs in the country. Such transactions can be completed using the Unified Payments Interface (UPI) facility, Governor Shaktikanta Das said in his statement after the monetary policy announcement.At present, cardless cash withdrawal through ATMs is limited only to a few banks. Read on to understand the nitty-gritties of the announcement and key benefits for customers. How will the interoperable cardless cash withdrawal facility work?Until now, only existing customers of some banks could withdraw cash without a card at their own bank’s ATM network. So, if you are a customer of, say, the State Bank of India (SBI) and want to make a cardless withdrawal, you can do so only at SBI’s ATM. If it’s not located in your vicinity, you have to make the trip to the nearest SBI ATM. Once interoperability is implemented, however, you will be able to withdraw cash from any other bank’s ATM in your location, using the UPI facility.How will the new facility benefit customers?Besides the convenience of making cardless withdrawals from any bank’s ATM, it will also reduce the scope for frauds, RBI governor said in his statement. Since a physical card is not needed, instances of frauds such as skimming, card cloning, device tampering and so on are expected to come down.But why has RBI allowed interoperable cardless withdrawals only via UPI platform?The growing popularity, adoption as also the ease-of-use that UPI facilities could have prompted this move. “As the adoption and popularity of UPI grows, the RBI is attempting to make it a more versatile payment option,” says Adhil Shetty, CEO of BankBazaar.com. Until now, only funds transfers between accounts was enabled via UPI. Now, even withdrawals can be made without the need for a debit card. “Today’s announcement opens the door for interoperability for cardless withdrawal across all ATMs of all banks. This will enable ease of transaction and further strengthen UPI as an all-round payment option,” says Shetty.How will the process work once it is rolled out?At the moment, not all banks offer the UPI-linked cash withdrawal facility. Here’s how it works in case of banks that do: let’s say you have a savings account with City Union Bank (CUB). The bank facilitates ATM cash withdrawal using UPI QR code scan from select ATMs. At such ATMs, you need to choose cardless withdrawal-QR-UPI option and enter the amount you want to withdraw before proceeding to the next page. Do note that at present, the bank has capped the withdrawal at Rs 5,000 using the UPI mode. Next, scan the QR code on ATM using BHIM, GooglePay or PayTm apps or scan it using your CUB UPI scanner in your mobile app. Recheck the amount in the mobile app, enter the pin and click on pay to continue. The last step is to click on the ‘press here’ tab for cash option in the ATM machine and collect your cash."While some banks have enabled this UPI-linked cash withdrawal facility already, it's great to see that all banks would soon support this feature, which would further increase convenience and improve security," says Sumit Gwalani, co-founder of neobank Fi.What should I do if a withdrawal fails at an ATM after using this facility?If a withdrawal fails at an ATM due to a technical glitch but the amount gets deducted from your account, inform your bank immediately. The amount will be credited back to your bank account within seven working days.—IANS

: The Reserve Bank of India (RBI) said on April 8 it plans to allow interoperable cardless cash withdrawals across all bank ATMs in the country. 

Card-Less Cash Withdrawal Facility Across All Banks' ATM Network Soon: RBI

Washington: As a result of Moscow's ongoing war on Kiev, Ukraine's economy is expected to shrink by 45.1 per cent this year, and Russia's economy is projected to contract by 11.2 per cent, the World Bank has projected.The war and the subsequent sanctions on Russia are hitting economies around the globe, with emerging markets and developing countries in the Europe and Central Asia region expected to bear the brunt, Xinhua news agency reported citing the newly-released World Bank's Economic Update for the region. The economy in the region's emerging markets and developing countries is now forecast to shrink by 4.1 per cent this year, compared with the pre-conflict forecast of a 3 per cent growth as the economic shocks from the conflict compound the ongoing impacts of the Covid-19 pandemic, the update revealed, noting that the contraction is twice as large as the pandemic-induced contraction in 2020.Ukraine's economy is expected to shrink by an estimated 45.1 per cent this year, "although the magnitude of the contraction will depend on the duration and intensity" of the conflict, it noted.Hit by unprecedented sanctions, Russia's economy has already plunged into a "deep recession" with output projected to contract by 11.2 per cent in 2022, according to the update.In addition to Russia and Ukraine, Belarus, Kyrgyzstan, Moldova and Tajikistan are projected to fall into recession this year, while growth projections have been downgraded in all economies due to spillovers from the conflict, weaker-than-expected growth in the euro area, and commodity, trade and financing shocks.The Ukraine crisis and the pandemic "have once again shown that crises can cause widespread economic damage and set back years of per capita income and development gains", said Asli Demirguc-Kunt, World Bank chief economist for Europe and Central Asia.She urged governments in the region to fortify their macroeconomic buffers and credibility of their policies to contain risks and deal with potential fragmentation of trade and investment channels, strengthen their social safety nets to protect the most vulnerable, including the refugees, and not to lose focus on improving energy efficiency to ensure a sustainable future.— IANS

 As a result of Moscow's ongoing war on Kiev, Ukraine's economy is expected to shrink by 45.1 per cent this year, and Russia's economy is projected to contract by 11.2 per cent, the World Bank has projected.

World Bank projects Ukraine’s economy to shrink by 45% in 2022

Washington: As a result of Moscow's ongoing war on Kiev, Ukraine's economy is expected to shrink by 45.1 per cent this year, and Russia's economy is projected to contract by 11.2 per cent, the World Bank has projected.The war and the subsequent sanctions on Russia are hitting economies around the globe, with emerging markets and developing countries in the Europe and Central Asia region expected to bear the brunt, Xinhua news agency reported citing the newly-released World Bank's Economic Update for the region.The economy in the region's emerging markets and developing countries is now forecast to shrink by 4.1 per cent this year, compared with the pre-conflict forecast of a 3 per cent growth as the economic shocks from the conflict compound the ongoing impacts of the Covid-19 pandemic, the update revealed, noting that the contraction is twice as large as the pandemic-induced contraction in 2020.Ukraine's economy is expected to shrink by an estimated 45.1 per cent this year, "although the magnitude of the contraction will depend on the duration and intensity" of the conflict, it noted.Hit by unprecedented sanctions, Russia's economy has already plunged into a "deep recession" with output projected to contract by 11.2 per cent in 2022, according to the update.In addition to Russia and Ukraine, Belarus, Kyrgyzstan, Moldova and Tajikistan are projected to fall into recession this year, while growth projections have been downgraded in all economies due to spillovers from the conflict, weaker-than-expected growth in the euro area, and commodity, trade and financing shocks.The Ukraine crisis and the pandemic "have once again shown that crises can cause widespread economic damage and set back years of per capita income and development gains", said Asli Demirguc-Kunt, World Bank chief economist for Europe and Central Asia.She urged governments in the region to fortify their macroeconomic buffers and credibility of their policies to contain risks and deal with potential fragmentation of trade and investment channels, strengthen their social safety nets to protect the most vulnerable, including the refugees, and not to lose focus on improving energy efficiency to ensure a sustainable future.—IANS

World Bank Projects Ukraine's Economy To Shrink By 45% In 2022

Mandi (The Hawk):&nbsp;Researchers at the Indian Institute of Technology Mandi, and Durham University in the United Kingdom, have developed suction monitoring setup for soil cyclic triaxial testing to investigate the impact of climate change on railway embankments.The findings of this study were published in the ASCE Journal of Geotechnical and Geoenvironmental Engineering, USA, published by the American Society of Civil Engineers. The study was conducted by Dr. Ashutosh Kumar, Assistant Professor, School of Engineering, IIT Mandi, and co-authored by Dr. Arash Azizi, Assistant Professor, University of Portsmouth, UK and Prof. David Geoffrey Toll, Department of Engineering, Durham University, UK.The main component of railway infrastructure is the trackbed, which is supported by earthworks. This is mainly used to support the track infrastructure and carry the load imparted by the moving traffic. The present design protocols only consider the load developed due to the moving train thereby ignoring the real case scenario of changing the natural state of the soil due to ingress and egress of water. Oftentimes, soil used in earthworks is compacted and remains unsaturated during its lifetime. Seasonal variations in terms of precipitation and drought are capable of altering the amount of water present within this compacted soil mass which can alter the strength of the embankment. Highlighting his work, Dr. Ashutosh Kumar, Assistant Professor, School of Engineering, IIT Mandi, said, “To address the challenge of providing sustainable and resilient transportation infrastructure under the changing climatic conditions, IIT Mandi is working closely with Durham University UK. We all now understand the reality of climate change which is causing intense rainfall. Compacted soil is susceptible to deteriorate under the changing climatic conditions due to changes in the water holding capacity of the soil causing a hysteretic loss in the soil strength. In addition, the repeated train loading can exacerbate the deterioration process that would ultimately cause premature track degradation and resulting failure.Understanding the coupled impact of train and environmental loading is essential to design and maintain the railway embankment against changing climatic conditions. Therefore, this study developed a setup within a cyclic triaxial apparatus to monitor changes in soil suction and deformation brought&nbsp;&nbsp;by traffic-induced cyclic loading and environmental loading, which can be used to assess climate risk at the design stage of railway embankments.”The soil sample used in the study was taken from a 650-km heavy haul South African coal line that connects around 40 mines to the Richards Bay Coal Terminal in South Africa.Explaining the research work, Dr. Ashutosh Kumar, said, "The research is unique in its kind as it would now allow understanding of the coupled impact of cyclic traffic-induced loading and environmental loading on the long-term performance of unsaturated soil present within the railway embankments. The setup uses a high-capacity tensiometer developed at Durham University to measure suction and on-sample displacement transducers to measure deformation within the soil under the coupled environmental and traffic loading.Further, Dr, Ashutosh Kumar, mentioned, “We have adopted three testing protocols. First, under the condition of train loading, we allowed the water from the soil to drain freely when the soil voids were filled completely with water as a result of intense rainfall. We then conducted a test under constant water conditions replicating constant weather conditions under the given traffic conditions. We followed this by replicating the condition of the train loading under the ongoing event of rainfall. This information was used to identify the potential deterioration of soil strength due to wetting and drying cycles. The deformation in the soil was associated with water infiltration leading to a reduction in suction and hydraulic history.”The results obtained indicate that deformation and reduction in soil strength are due to the combined impact of cyclic and environmental loading. The hydraulic history of soil has a predominant impact on its ability to undergo deformation. The suction monitoring setup can test the soil sample that has undergone the seasonal variation either in the laboratory environment or field conditions.&nbsp;This would help to develop strategies to mitigate climate risk at the design stage of railway embankments, leading to more sustainable construction. The novelty of this research was to gain knowledge of changes in the soil suction and deformation of soil under the impact of cyclic loading together with hydraulic loading imposed by the environment.”

Researchers at the Indian Institute of Technology Mandi, and Durham University in the United Kingdom, have developed suction monitoring setup for soil cyclic triaxial testing to investigate the impact of climate change on railway embankments.

IIT Mandi Researchers Work Towards Understanding The Impact Of Climate Change On Railway Embankments

New Delhi (The Hawk): Union Minister of Finance &amp; Corporate Affairs Smt. Nirmala Sitharaman participated in the 105th Meeting of the Development Committee Plenary in Washington D.C. today. The items on the agenda included Digitalisation &amp; Development, Making Debt Work for Development &amp; Macroeconomic Stability and World Bank Group’s Response to Global Impacts of the War in Ukraine: A Proposed Roadmap.In her intervention at this session, the Finance Minister stated that India’s economic growth in the current year is robust and highest among all large economies and reflects India’s resilience and strong recovery.Smt. Sitharaman stated that India faced the COVID-19 pandemic crisis with great resilience and made remarkable progress in vaccination and administered more than 1.85 billion COVID-19 vaccine doses. The Finance Minister underlined that India voluntarily offered COVID Vaccine Intelligence Network (CoWIN) platform to all countries and stand willing to provide assistance for other public-goods platforms recognising the importance of replication of proven and scalable digital platforms.&nbsp;The Finance Minister drew attention of distinguished gathering in the meeting to the unprecedented situation in Sri Lanka and hoped for decisive relief to Sri Lanka so that they come out of the crisis.

 Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 105th Meeting of the Development Committee Plenary in Washington D.C. today. The items on the agenda included Digitalisation & Development, Making Debt Work for Development & Macroeconomic Stability and World Bank Group’s Response to Global Impacts of the War in Ukraine: A Proposed Roadmap.

Sitharaman Participates In 105th Meeting Of  Development Committee Plenary In Washington DC

 Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 105th Meeting of the Development Committee Plenary in Washington D.C. today. The items on the agenda included Digitalisation & Development, Making Debt Work for Development & Macroeconomic Stability and World Bank Group’s Response to Global Impacts of the War in Ukraine: A Proposed Roadmap.




Mumbai:&nbsp;In its chargesheet filed before a local Mumbai court, the Enforcement Directorate (ED) said that former Yes Bank Chairman Rana Kapoor paid Rs 2 crore for an M.F. Husain painting and the money was later utilised for the treatment of Congress interim president Sonia Gandhi Sonia Gandhi in New York.Kapoor was was forced by then Petroleum Minister Murli Deora to purchase the painting from Congress leader Priyanka Gandhi Vadra.Deora visited Kapoor's home hand offices many times to force him to buy the paintings, the probe agency said.Deora also sent messages and called Kapoor in this respect several times.Kapoor tried to avoid Deora's call and didn't respond to his messages. However, he purchased the painting later.As per the directions, Kapoor gave a cheque of Rs 2 crore to Milind Deora, the son of Murli Deora.Kapoor's statements read that he was promised by Murli Deora that it would help him getting a Padma Bhushan. But it was never fulfilled.Late Congress leader Ahmed Patel had also told him that since he (Kapoor) had helped Sonia Gandhi at the crucial time, his name would be considered for a Padma Bhushan.Kapoor had said in its statements that it was a forced sale and he was never ready for it.It was the second supplimentary chargesheet filed by ED against Kapoor, his family, DHFL promoters Kapil and Dheeraj Wadhwan.

 In its chargesheet filed before a local Mumbai court, the Enforcement Directorate (ED) said that former Yes Bank Chairman Rana Kapoor paid Rs 2 crore for an M.F. Husain painting and the money was later utilised for the treatment of Congress interim president Sonia Gandhi Sonia Gandhi in New York.

Yes Bank's ex-Chair was forced to buy painting from Priyanka : ED

Yes Bank's ex-Chair was forced to buy painting from Priyanka: ED

Mumbai: The adverse effects of the unprecedented high global food prices due to the ongoing geopolitical situation is reflecting in the domestic market as well, and going forward inflationary pressures are likely to continue, RBI Governor Shaktikanta Das said on Wednesday.In an off-cycle Monetary Policy Committee (MPC) meeting during May 2-4, the Reserve Bank on Wednesday announced a hike in the key repo rate — at which it lends short term money to banks — by 0.40 per cent to 4.40 per cent with immediate effect.However, the central bank has not tinkered with its inflation projection announced in April this year. Das said that the action of the Reserve Bank of India (RBI) should be seen as “growth positive” aimed at containing inflation and supporting growth. The retail inflation that has remained stubbornly above the RBI’s upper tolerance level of 6 per cent for the last three months and the ongoing war between Russia-Ukraine has pushed the inflation in almost commodities across the globe. RBI projected the retail inflation to be at 5.7 per cent in the current fiscal year.“Confronted by elevated inflationary pressures that have shifted the future trajectory of inflation upwards, we have announced our intention to engage in withdrawal of accommodation to ensure that inflation remains aligned to the target,” Das said. Consumer Price Index (CPI)-based retail inflation rose to nearly 7 per cent in March mainly due to the impact of adverse spillovers from unprecedented high global food prices, RBI said.Nine out of the twelve food sub-groups registered an increase in inflation in March.“High frequency price indicators for April indicate the persistence of food price pressures. Simultaneously, the direct impact of the increases in domestic pump prices of petroleum products – beginning the second fortnight of March – is feeding into core inflation prints and is expected to have intensified in April,” Das said while reading out his statement.Looking ahead, food inflation pressures are likely to continue, he said.“Spillovers from global wheat shortages are impacting domestic prices, even though domestic supply remains comfortable. Prices of edible oils may firm up further due to export restrictions by key producing countries and the loss of sunflower oil output due to the war. Elevated feed costs are translating into escalation in poultry, milk and dairy product prices,” he said.Besides, the international crude oil prices continue to hover above USD 100 per barrel and this is prompting passthrough to domestic pump prices.The risks of unprecedented input cost pressures translating into yet another round of price increases for processed food, non-food manufactured products and services are now more potent than before, the governor said further.“This could strengthen corporate pricing power if margins get squeezed inordinately. To sum up, the strengthening of inflationary impulses in sync with the persistence of adverse global price shocks poses upward risks to the inflation trajectory presented in the April MPC resolution,” Das said.He said that sustained high inflation inevitably hurts savings, investment, competitiveness and output growth. It has pronounced adverse effects on the poorer segments of the population by eroding their purchasing power.“I would, therefore, like to emphasise that our monetary policy actions today – aimed at lowering inflation and anchoring inflation expectations – will strengthen and consolidate the medium-term growth prospects of the economy,” he said.Reiterating that the RBI remains steadfast in its commitment to contain inflation and support growth, Das said inflation must be tamed in order to keep the Indian economy resolute on its course to sustained and inclusive growth.“The biggest contribution to overall macroeconomic and financial stability as well as sustainable growth would come from our effort to maintain price stability,” he added.—PTI

The adverse effects of the unprecedented high global food prices due to the ongoing geopolitical situation is reflecting in the domestic market as well, and going forward inflationary pressures are likely to continue, RBI Governor Shaktikanta Das said on Wednesday.

Inflationary Pressures Likely To Continue Going Forward On Geopolitical Tensions: RBI

 The adverse effects of the unprecedented high global food prices due to the ongoing geopolitical situation is reflecting in the domestic market as well, and going forward inflationary pressures are likely to continue, RBI Governor Shaktikanta Das said on Wednesday.



COLOMBO : As cash-strapped Sri Lanka struggles to emerge out of a deepening economic crisis, Bangladesh has extended the term of the USD 200 million loan to the island nation under a currency swap deal by one more year.The decision was taken by the Bangladesh Bank directors in a meeting on Sunday. The spokesman of the central bank, Serajul Islam, said that the extension was granted by keeping the conditions for the loan unchanged, reported Daily Mirror.In its first loan to another country, Bangladesh agreed to the deal with Sri Lanka in May 2021. According to the deal, the island nation was supposed to repay the loan within three months, however, as the country is facing a severe economic crisis the loan term has been extended.Bangladesh last Thursday sent emergency medical supplies to Sri Lanka as the island nation faces one of the worst economic crises since gaining independence.At a token handover ceremony held at the State Guest House Padma, Bangladeshi Foreign Minister AK Abdul Momen and Health Minister Zahid Maleque handed over a few boxes of medicines to the Sri Lankan High Commissioner to Bangladesh Sudharshan D.S. Seneviratne.Momen described the supply of medicine as an expression of solidarity and friendship between Bangladesh and Sri Lanka, at a time when the two countries are celebrating 50 years of diplomatic relations.Meanwhile, Seneviratne said Sri Lanka values the friendly relationship with Bangladesh and is committed to further strengthening it.Essential Drugs Company Limited, a state-owned Pharmaceuticals Company in Bangladesh, and the Bangladesh Association of Pharmaceuticals Industries, have each contributed medicines worth 100 million takas as gifts to Sri Lanka.The crisis-hit Sri Lanka on Friday declared a state of emergency after the crippling strike and protest over the external debt for the second time in five weeks.Meanwhile, Sri Lanka is struggling with acute food and electricity shortages, forcing the country to seek help from its neighbours. The recession is attributed to foreign exchange shortages caused by a clampdown on tourism during the COVID-19 pandemic. The country is unable to buy sufficient fuel and gas, while the people are being deprived of basic amenities as well.The economic situation has led to huge protests with demands for the resignation of Prime Minister Mahinda Rajapaksa and President Gotabaya Rajapaksa—ANI

 As cash-strapped Sri Lanka struggles to emerge out of a deepening economic crisis, Bangladesh has extended the term of the USD 200 million loan to the island nation under a currency swap deal by one more year.

Sri Lanka gets one more year to repay bailout fund to Bangladesh

Colombo: After clashes broke out in Sri Lanka where the protestors came under attack by the pro-government supporters, the World Bank (WB) has expressed deep concerns over the deteriorating situation in the Island Nation.The developments come even as nationwide protests against the government have intensified over the past few days resulting in an increase in incidents of clashes with the security forces deployed at protest sites.WB Country Director for the Maldives, Nepal, and Sri Lanka Faris H. Hadad-Zervos on Monday tweeted, "We are deeply concerned with the perpetration of violence in Sri Lanka.""Those responsible are only standing in the way of the country's immediate economic recovery and making the task even more difficult for development partners," he added.Meanwhile, the ancestral home of the Rajapaksa family in Medamulana, Hambantota was set on fire by protesters. The protestors also set on fire Former Minister Keheliya Rambukwella's house in Kandy.Moreover, the houses of Sri Lanka Podujana Peramuna (SLPP) MPs Bandula Gunawardena, Prasanna Ranatunga, Channa Jayasumana, Kokila Gunawardena, Arundika Fernando, Thissa Kuttiyarachchi, Kanaka Herath, Pavithra Wanniarachchi have also been attacked.Earlier, Sri Lanka Prime Minister Mahinda Rajapaksa's residence in the city of Kurunegala in the north-western province was set on fire, hours after the leader tendered his resignation to President Gotabaya Rajapaksa, as the country goes through an intensified civil strife amid a crippling economic crisis.A large number of protesters including the Inter-University Students Federation (IUSF) were out on the streets and attacked the Sri Lanka Podujana Peramuna MPs. Even some Sri Lanka Podujana Peramuna (SLPP) offices were set ablaze.The developments come, even as the Prime Minister tendered his resignation and has called for the formation of an all-party interim government to handle the ongoing economic crisis in the country.The military has been deployed on the roads to maintain calm despite an island-wide curfew. Sri Lanka is facing its worst economic crisis since independence with food and fuel shortages, soaring prices, and power cuts affecting a large number of the citizens, resulting in massive protests over the government's handling of the situation.The recession is attributed to foreign exchange shortages caused by a fall in tourism during the COVID-19 pandemic, as well as reckless economic policies, like the government's move last year to ban chemical fertilizers in a bid to make Sri Lanka's agriculture "100 per cent organic".Due to an acute shortage of foreign exchange, Sri Lanka recently defaulted on the entirety of its foreign debt amounting to about USD 51 billion. The economic situation has led to huge protests with demands for the resignation of Prime Minister Mahinda Rajapaksa and President Gotabaya Rajapaksa. —ANI

After clashes broke out in Sri Lanka where the protestors came under attack by the pro-government supporters, the World Bank (WB) has expressed deep concerns over the deteriorating situation in the Island Nation.

World Bank Expresses Grave Concern Over Perpetration Of Violence In Sri Lanka

New Delhi: Tech giant Google announced that it now requires personal loan apps in India to complete the additional proof of eligibility requirements and the deadline for this was set to end on Wednesday.The eligibility includes copy of their license by the Reserve Bank of India (RBI), and declaration that they are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users."If you are licensed by the RBI to provide personal loans, you must submit a copy of your license for our review," the company said in a blogpost."If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration," it added.In addition, the names of all registered NBFCs and banks must be prominently disclosed in the app's description, the company said.Google also said to ensure that the developer account name matches the name of the associated registered business name provided through your declaration.The company mentioned that Indonesia and the Philippines, along with India, should complete the additional proof of eligibility requirements.Meanwhile, Google also said that it is all set to ban third-party call-recording apps from Wednesday as a part of the changes in its Play Store policies.According to media reports, Google claimed that it seeks to close alternative use accessibility application programming interfaces (APIs) for things other than accessibility. Accessibility Service APIs are tools that offer additional services that can help those with disabilities overcome challenges—IANS

 Tech giant Google announced that it now requires personal loan apps in India to complete the additional proof of eligibility requirements and the deadline for this was set to end on Wednesday.

Google deadline for personal loan apps in India to comply with new rules ends

Ramallah: &nbsp;A Palestinian man died of injuries he sustained during an Israeli raid last week in the northern West Bank city of Jenin, medics have confirmed.Dawoud Zubeidi was shot during the raid on the Jenin refugee camp on May 13, reports Xinhua news agency. The next day, Zubeidi’s family said they were informed by Israeli authorities that their son was under custody despite his critical health condition.He was moved to Rambam Hospital in the northern Israeli city of Haifa after a critical deterioration in his health condition resulting from the gunfire injury where he died on Sunday. Dawoud is the brother of Zakaria Zubeidi, one of the six Palestinian prisoners who escaped from a high-security prison in Israel’s Gilboa in September 2021. The six were recaptured a few days later. The Ministry of Health in Ramallah said that at least 13 Palestinians were wounded in the May 13 clashes in Jenin and the nearby village of Burqin in the northern West Bank.On May 14, an Israeli soldier died after being wounded in the raid, according to the Israeli media. The Israeli army has been carrying out frequent raids on the city of Jenin and its refugee camp to hunt Palestinian militants. On May 11, Al-Jazeera journalist Shireen Abu Akleh was killed amid an Israeli raid in the West Bank.Direct peace talks between Israel and the Palestinians stopped in 2014 following deep disputes on Israeli settlements and establishing a Palestinian state on the 1967 borders.—IANS

A Palestinian man died of injuries he sustained during an Israeli raid last week in the northern West Bank city of Jenin, medics have confirmed.

Palestinian dies of wounds after being shot in West Bank

Colombo: Sri Lanka’s Central Bank on Thursday decided to substantially decrease the limit of foreign currency a person can hold in his possession to $10,000 from $15,000 as the forex crisis has led to limited imports with no gasoline in filling stations in the country facing the worst economic crisis. Central Bank Governor Nandalal Weerasinghe said that under the Foreign Exchange Act, there is a limit anyone can hold foreign currency, which used to be a value of maximum $15,000, Lanka 1st news website reported.Stating that the apex bank is looking towards bringing it down to $10,000, the CBSL Governor said that even with that $10,000, proof of how the person came to possession of the relevant funds must be presented. Accordingly, a grace period of two weeks will be given to current holders to deposit this money either in their foreign currency accounts in the banking system or surrender that money and convert them to rupees and keep them in rupees, he added. Sri Lanka, near bankruptcy, has suspended up to $7 billion of foreign loan payments due to be repaid this year because of a foreign currency crisis. The country must repay $25 billion as foreign debt by 2026 out of a total $51 billion.It has led to limited imports with no gasoline in filling stations. Other fuel, cooking gas, medicine and foods are in short supply, forcing people to stay in long lines to buy the limited stocks. Amid fuel crisis, Energy Minister Kanchana Wijesekera said that posts shared on MPs being given subsidised fuel rates are false. No MP from either side or anyone has been given subsidised rates than the current market prices given to the public, he tweeted. Further, the Minister said he instructed the Ceylon Petroleum Corporation to carry out an investigation on the rates displayed in the dispenser at the police garage and will make a statement in Parliament. No one will be extended privileges on fuel stations other than ambulance essential services, he further tweeted.In his statement to Parliament, the Minister said the Ceylon Petroleum Corporation has never sold fuel to any MPs at a price less than the market rates, on any occasion. You (Speaker) has requested the Inspector General of Police over the possibility of providing fuel for MPs to visit Parliament during the days that Parliament convenes, he told Parliament. He said following the Speaker’s request to the Inspector General of Police, the Ceylon Petroleum Corporation has made it clear to sell Petrol for Rs. 334.19, Auto Diesel for Rs. 289.13, upon payment made by cash. The minister also said that filling stations are only permitted to sell fuel subject to the present conditions, which is a maximum of Rs. 8,000, except for vehicles engaged in transportation services. The rate of Rs. 121 is what existed several years ago, he told Parliament, adding that the said filling station was instructed to stop selling fuel upon payment by cash. Further, Energy Minister Wijesekera said an investigation will be carried out for not updating the said gasoline pump or the dispenser. Sri Lankan authorities have decided to suspend the issuing of fuel from the Narahenpita Police Transport Division for selected vehicles following public outcry.The Ceylon Petroleum Corporation on Thursday said that it stopped selling fuel to parliamentarians from the Narahenpita Police Transport Division’s filling station after reports emerged that fuel was being sold at subsidised rates."We do not allow to sell fuel at subsidised rates at any filling station. We cannot imagine selling fuel at a loss, said Attorney-at-Law Sumith Wijesinghe," the Chairman of the Ceylon Petroleum Corporation adding that the supply of fuel from the filling station was suspended. Speaker Mahinda Yapa Abeywardana had requested the Inspector General of Police to sell fuel from the Narahenpita Police Transport Division to parliamentarians on Wednesday. SJB MP Thalatha Athukorala speaking in Parliament on Wednesday also noted that the Inspector General of Police had been instructed by the government to provide fuel to all the Members of Parliament. This decision has put us in danger, she pointed out, noting that it is unfair for MPs to be given special treatment for fuel while the people in the country are forced to wait in line for hours for fuel.Sri Lanka Police in a statement on Thursday morning said that instructions were given to provide fuel upon payment of cash for the vehicles that belong to Members of Parliament that enter the Narahenpita Police Transport Division for fuel. Sri Lanka Police tightened security at the premises as authorities took measures to rectify the dispenser, as the Energy Minister revealed in Parliament that the said dispenser was not updated in years. Sri Lankans have been protesting for more than a month demanding the resignation of President Gotabaya Rajapaksa, holding him responsible for the country’s worst economic crisis in recent memory.—PTI

Sri Lanka’s Central Bank on Thursday decided to substantially decrease the limit of foreign currency a person can hold in his possession to $10,000 from $15,000 as the forex crisis has led to limited imports with no gasoline in filling stations in the country facing the worst economic crisis.

Lanka decreases limit of foreign currency people can hold to $10,000

Mumbai: The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday. The banks had sanctioned credit facilities to develop a housing building at the Tech Zone IV in Uttar Pradesh's Greater Noida on a plot measuring 1.06 lakh square metre, the FIR alleged.The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that "it has resulted in the loss of over Rs 230.97 crore". Following the FIR, the CBI on Thursday conducted searches at four locations in Delhi, Noida and Ghaziabad, they said. Some Amrapali Group flat buyers had approached the Supreme Court owing to the non-delivery of promised flats to them in Noida and Greater Noida area where the company had promised to develop and sell 42,000 units. The Supreme Court had ordered a forensic audit in the affairs of the company, the complaint has alleged. In the forensic audit, it surfaced that the group allegedly diverted Rs 5,619 crore through different companies -- Amrapali Leisure Valley Developers Pvt Ltd, Amrapali Homes Projects Pvt Ltd, Ultra Home Constructions Pvt Ltd and Amrapali Grand, it said.The bank asked the auditor to find out the amount of its money that has been diverted which showed that Rs 52.01 was transferred to Kapil Buildhome Pvt Ltd and Gaurisuta Infrastructure Pvt Ltd between 2013 and 2016 from the term loan sanctioned by Bank of Maharashtra, it said. "The modus operandi followed by the accused person(s) actively portrays criminal conspiracy hatched between the accused person(s) with mala fide intention to cheat, defraud, deceive and cause wrongful loss to the banks and the accused persons have committed cheating, criminal breach of trust," the bank has alleged in the complaint. Besides Sharma, the CBI has also named other directors Shiv Priya and Suvash Chandra Kumar, former director Pankaj Mehta, Atul Mittal and Ashish Jain -- both directors in Chintapurni Estate Pvt Limited (Corporate Guarantor) and Gagandeep Singh, authorised signatory in Chintapurni Estate, they said.The CBI has filed the FIR under sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code and provisions of Prevention of Corruption Act.—PTI

The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday.

CBI files Rs 230-crore bank fraud case against Amrapali

Ramallah: Scores of Palestinian protesters were injured during clashes with Israeli soldiers in several West Bank towns and villages, according to the Palestine Red Crescent Society. The clashes took place on Friday, Xinhua news agency reported.Among the injured were three shot by live ammunition, 71 by rubber bullets and dozens who inhaled tear gas, according to the organisation. Fierce clashes broke out near the villages of Beita and Beit Dajan, south and east of Nablus city respectively, and near the village of Kafr Qaddum, east of Qalqilya city, eyewitnesses said.Dozens of anti-settlement Palestinians burned tires and threw stones at the Israeli soldiers stationed on the outskirts of the villages, they added. The Israeli authorities have not given any comment on the incidents. The Masafer Yatta area near the southern West Bank city of Hebron also witnessed clashes, where Israeli soldiers used tear gas against protesters, according to Palestinian officials and eyewitnesses. Fouad Al-Amour, a Palestinian activist, told Xinhua that local residents and Palestinian and foreign activists took part in a protest against an Israeli court ruling to displace eight Palestinian communities from the area.He said the Israeli soldiers fired stun grenades and tear gas at the protestors, causing dozens of them to suffocate. The Palestinians have been organising weekly protests in the villages, towns and cities of the West Bank on Friday to denounce Israel’s settlement expansion and land confiscation. Israel occupied the West Bank and East Jerusalem, both claimed by the Palestinians, in the 1967 Middle East war.—IANS

Scores of Palestinian protesters were injured during clashes with Israeli soldiers in several West Bank towns and villages, according to the Palestine Red Crescent Society.

Scores of Palestinians injured in West Bank clashes

Berlin: Germany and Italy told companies they could open rouble accounts to keep buying Russian gas without breaching sanctions against Moscow following discussions with the European Union, sources said. The debate over Russia's demand that foreign buyers pay for gas in roubles has tested the resolve of European governments to take a hard line against Moscow over the war in Ukraine. Poland, Bulgaria and Finland have refused to comply with Moscow's demand that importers pay for gas via rouble accounts with Gazprombank and their supplies have been cut. Other member states, however, have been unwilling to steer companies towards action that could result in losing vital supplies of Russian gas that heats homes and powers factories.Brussels has given two sets of written guidance on how to buy Russian gas without breaching sanctions, but the legal route remains foggy as EU officials also advised firms in a closed-door meeting not to open rouble accounts with Gazprombank. Some diplomats in Brussels from EU member states said they thought the advice was intentionally vague to enable countries to open rouble accounts and keep buying Russian gas. "One has the impression that it leaves the door open for business as usual," one diplomat said, adding that in their view it risked undermining EU unity against Russia if companies in some countries opened rouble accounts but others did not. "They needed to create a level of creative ambiguity," a second diplomat said, referring to the Commission's advice. "The purpose of creative ambiguity is to create just enough room for all the different interpretations." The Commission declined to comment on the discussions. A Commission spokesman said on Thursday it was not "advisable" for companies to open rouble accounts.'GREY ZONE'Two sources told Reuters that German gas importers have been told by Berlin they can open rouble accounts to pay for Russian gas without violating sanctions, as long as the payments they make to Gazprombank are not in the Russian currency. The sources said Germany, which is the biggest importer of Russian gas in the region, had consistently acted on the issue in close coordination with the EU. The Italian government also spoke to the European Commission and received clarity on how to buy Russian gas legally, a senior government source told Reuters. That happened before Italian energy company Eni said on Tuesday it had begun proceedings to open two accounts, one in euros and one in roubles, the source said. "The decision is in line with what was communicated by the department," the source said, referring to the European Commission's energy department. Italian Prime Minister Mario Draghi said last week that it was a "grey zone" whether complying with Russia's payment scheme would breach sanctions, with no official ruling on the matter. Draghi's office declined to comment on Friday.In its written guidance, the EU said companies can buy Russian gas without breaching sanctions if they pay in the currency of their existing contracts - and declare that doing so fulfils their contractual obligations. Most contracts EU firms have with Gazprom are in euros or dollars. The guidance did not explicitly say, however, that opening rouble accounts for those payments to be converted into the Russian currency would be a breach of EU sanctions.Katja Yafimava, senior research fellow at the Oxford Institute for Energy Studies, said there was no legal basis to suggest that opening a rouble account violated sanctions. "There is nothing in the written guidance that prevents buyers from opening such accounts. While the European Commission verbal statements have created ambiguity, it is the written guidance that matters," she said. National governments are responsible for enforcing EU sanctions, which were approved by all 27 member states.Brussels could launch legal action against governments that fail to enforce them but member states disagree on gas payments. Poland has demanded clearer advice from Brussels on whether companies can open rouble account.A spokesperson for the Dutch economic affairs ministry said the country was lobbying for a clear EU stand, to "draw one line for the whole EU"—REUTERS

Germany and Italy told companies they could open rouble accounts to keep buying Russian gas without breaching sanctions against Moscow following discussions with the European Union, sources said.

Germany, Italy approved Russian gas payments after Brussels nod

Kolkata:&nbsp;Private lender Bandhan Bank will gradually increase its exposure to secured loans by enhancing advances to the housing and MSME sectors, its Managing Director and CEO Chandra Shekhar Ghosh said. Presently, the bank's exposure to MFI loans, which are unsecured, is 47 per cent, and the share of its advances to the housing segment is at 24 per cent, retail at two per cent and the micro, small and medium enterprises sector at 27 per cent, he said. Ghosh told PTI that "the lender will increase its exposure to secured loans and has set a target to increase disbursements to housing and medium-size MSME loans. Advances to MFIs and small-ticket MSME loans are unsecured". He said that 25 per cent of its MFI loans will be converted to formal MSME advances as the interest rates in the segment are similar to micro-credit or the loans given to self-help groups (SHGs). There will be "no impact on the profitability" of the bank as there is no difference in the interest rates, he said. In the last quarter of the previous fiscal, the bank clocked a net profit of Rs 1,902 crore and there had been no provisioning for bad loans, he said.By 2025, the bank will convert "26 per cent of group loans to joint liability group (JLG) advances, which are micro-credit given to batch of small borrowers". Responding to a query on the expansion of branches in the current fiscal, Ghosh said around 530 banking outlets will be opened across the country, taking the total number to more than 6,000. Recently, the private lender's holding company Bandhan Financial Holdings Ltd diluted 21 per cent of its stake in the banking entity to raise Rs 10,600 crore, out of which Rs 4,500 crore had been utilised to acquire a majority shareholding in IDFC Mutual Fund. Presently, the shareholding of the holding company has decreased to 40 per cent, which is in "conformity" to the regulatory norms, Ghosh said.Earlier, Bandhan Financial Holdings' stake was 82 per cent at the time of the listing of the bank on the stock exchanges, which subsequently decreased to 61 per cent with the acquisition of Gruh Finance. Ghosh said there is no need for a follow-on public offer as the bank is adequately capitalised.—PTI

Private lender Bandhan Bank will gradually increase its exposure to secured loans by enhancing advances to the housing and MSME sectors, its Managing Director and CEO Chandra Shekhar Ghosh said.

Bandhan Bank to increase exposure to secured loans

Tokyo: Indian Prime Minister Narendra Modi and SoftBank Group founder Masayoshi Son met on Monday to discuss more investments by the country's biggest tech backer, as a startup boom appears to cool in India amid worries about the global economy. The Japanese firm has injected more than $14 billion into India's tech industry, including in payments app Paytm whose market value has sunk since listing in Mumbai in November.Fundraising has become much more difficult this year for Indian startups after attracting a record $35 billion in 2021, while Softbank this month posted a record $26.2 billion loss at its Vision Fund investment arm. "Further propelling Japanese investments in India," Indian foreign ministry spokesperson, Arindam Bagchi, said on Twitter posting pictures of Modi and Son in a meeting in Tokyo.Bagchi said talks focused on "Softbank's future participation in India in technology, energy, finance, R&amp;D, etc" without giving details. In a video statement shared by New Delhi after the meeting, Son said India was growing "very quickly" and had become the third-biggest generator of startups in the world."India's future is bright," he said, adding Modi was keen to keep supporting the startup sector. Modi also met officials from Suzuki Motor Corp, the majority owner of India's biggest automaker, Maruti Suzuki, and discussed investment in electric vehicles and batteries.In a separate meeting with the chief of Uniqlo parent Fast Retailing Co Ltd, Modi urged the retailer to invest in India's upcoming all-in-one mega textile parks. The prime minister is in Tokyo for a summit of the leaders of the Quad group of countries - India, the United States, Japan, and Australia - and the launch of the Indo-Pacific Economic Framework for Prosperity.—IANS

Indian Prime Minister Narendra Modi and SoftBank Group founder Masayoshi Son met on Monday to discuss more investments by the country's biggest tech backer, as a startup boom appears to cool in India amid worries about the global economy. The Japanese firm has injected more than $14 billion into India's tech industry, including in payments app Paytm whose market value has sunk since listing in Mumbai in November.

PM Modi, Softbank's Son discuss more investments after big tech bets

Barabanki:&nbsp;Four people were killed in a collision between a car and a truck here on Wednesday, police said. The incident took place around 8 pm on Tuesday near Palhari crossing in Safdarganj area, they said. The four occupants of the car, who died in the accident, are yet to be identified, police said, adding that they were on their way to Lucknow from Ayodhya.According to eyewitnesses, the driver of the car was trying to dodge stray cattle and lost control and collided with the truck coming from the opposite direction.—PTI

 Four people were killed in a collision between a car and a truck here on Wednesday, police said.

4 killed in car-truck collision in UP's Barabanki

Washington: David Malpass, chief of the World Bank. has warned that Russia’s ongoing invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump. He made the remarks while addressing a US business event on Wednesday, the BBC reported.“As we look at the global GDP, it’s hard right now to see how we avoid a recession… The idea of energy prices doubling is enough to trigger a recession by itself,” he said in the latest warning over the rising risk that the world economy may be set to contract. Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent.Malpass also said that many European countries were still too dependent on Russia for oil and gas. That’s even as Western nations push ahead with plans to reduce their dependence on Russian energy. He also told a virtual event organised by the US Chamber of Commerce that moves by Russia to cut gas supplies could cause a “substantial slowdown” in the region.He said higher energy prices were already weighing on Germany, which is the biggest economy in Europe and the fourth largest in the world, the BBC reported. Developing countries are also being affected by shortages of fertiliser, food and energy, the World Bank head added. Malpass also raised concerns about lockdowns in some of China’s major cities. including the financial, manufacturing and shipping hub of Shanghai, which he said are “still having ramifications or slowdown impacts on the world”. “China was already going through some contraction of real estate, so the forecast of China’s growth before Russia’s invasion had already softened substantially for 2022,” he said. “Then the waves of Covid caused lockdowns which further reduced growth expectations for China.”—IANS

David Malpass, chief of the World Bank. has warned that Russia’s ongoing invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump.

Russia-Ukraine War Could Cause Global Recession: World Bank Chief

Ramallah: A Palestinian teenager was killed and more than 90 protesters were injured in clashes with Israeli soldiers in the West Bank. The Palestinian Health Ministry said in a statement that Zeid Ghuneim, 15, was killed after he was shot by Israeli soldiers on the neck and back during clashes in the town of al-Khader, near Bethlehem, reports Xinhua news agency.The Palestinian Red Crescent Society (PRCS) said the injuries were reported from villages of Burqa, Beit Dajan, Beita and Huwara.Among the injured, 10 were shot by live ammunition, 22 by rubber bullets, and dozens suffered from inhaling tear gas, said the organisation. Fierce clashes broke out on Friday, mainly near the northern West Bank cities of Nablus and Qalqilya, and dozens of anti-settlement demonstrators burned tires and threw stones at the Israeli soldiers. The Palestinians organise rallies and protests on Fridays against the Israeli government's policies of expanding settlements and confiscation of lands, and the demonstrations usually turn into clashes.—IANS

A Palestinian teenager was killed and more than 90 protesters were injured in clashes with Israeli soldiers in the West Bank.

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Card-Less Cash Withdrawal Facility Across All Banks' ATM Network Soon: RBI

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Card-Less Cash Withdrawal Facility Across All Banks' ATM Network Soon: RBI

Sunil Aswal

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