New Delhi (The Hawk): Vijay Sai Reddy, a YSRCP member, brought up the topic of instant loan app scam carried out by Chinese businesses in India.
Since the majority of the applications are run by Chinese corporations, Reddy added, "The instant loan app threatens to disclose critical information and the government should take care of this."
According to him, the companies were functioning out of China and were also carrying out their operations without the RBI's consent. The police had only detained Indian operatives.
An official stated on Wednesday that two people were detained by the Intelligence Fusion &amp; Strategic Operations (IFSO) Unit of the Delhi Police's Special Cell last month for using rapid loan applications to extort money from people. One of the detained individuals was a Chinese national.
The defendants have been named as Vineet Jhaver, a citizen of Haryana, and Chinese national Yu Zhang, who was the brains behind the extortion ring.
According to the authorities, Vineet and Zhang's accounts have been used to syphon off more than Rs 150 crore thus far.
22 people were detained in August of this year after the IFSO unit discovered several modules of rapid loan applications with a Chinese connection and reportedly stole Rs 500 crore by using the hawala system or investing in cryptocurrencies.
(Inputs from Agencies)

Vijay Sai Reddy, a YSRCP member, brought up the topic of instant loan app scam carried out by Chinese businesses in India. Since the majority of the applications are run by Chinese corporations, Reddy added, "The instant loan app threatens to disclose critical information and the government should take care of this."

In RS, YSRCP raises the topic of instant loan app scam

New Delhi News: The Centre has sanctioned more than Rs 40,700 crore to over 1,80,630 accounts under the Stand-Up India Scheme in the last seven years.

"Stand-Up India scheme is an important milestone in promoting entrepreneurship among SC, ST and women," Finance Minister Nirmala Sitharaman said on the occasion of the scheme completing seven years on Wednesday.

The Stand-Up India Scheme was launched on April 5, 2016 to promote entrepreneurship at grassroots level focussing on economic empowerment and job creation.

This scheme has been extended up to the year 2025.

The scheme was launched to address the challenges faced by the SC, ST and women entrepreneurs while setting up businesses or greenfield enterprises in manufacturing, services or the trading sector and activities allied to agriculture.

"The scheme has created an ecosystem which facilitates and continues to provide a supportive environment for setting up green field enterprises through access to loans from bank branches of all scheduled commercial banks," the finance minister added. IANS

The Centre has sanctioned more than Rs 40,700 crore to over 1,80,630 accounts under the Stand-Up India Scheme in the last seven years.

More than Rs 40,700 cr sanctioned under Stand-Up India scheme in last 7 years

San Francisco: Meta-owned WhatsApp is reportedly rolling out a new feature called -- 'status archive' for businesses to beta tester on Android. According to WABetaInfo, the status updates will be archived on users' devices after 24 hours when the feature is enabled. In addition, users can also manage their archive preferences and see their archive directly from the menu within the Status tab. As the archive is always private, only the businesses can see their archived status updates. Moreover, the report said that this feature could be very useful for businesses as it will allow them to republish a status from their archive and share it with their customers again in order to improve their business. The status updates will be stored on the device for up to 30 days, and businesses will still be able to create advertisements for Facebook or Instagram or share the status updates until they expire in the archive. Currently available to beta testers, the report mentioned the new feature will become available to more users in the coming weeks. Meanwhile, WhatsApp is reportedly working on a new feature called -- 'WhatsApp usernames', which will let users choose unique usernames for their accounts. With this feature, users will be able to opt for a unique and memorable username, instead of depending solely on phone numbers to identify contacts. —IANS

 Meta-owned WhatsApp is reportedly rolling out a new feature called -- 'status archive' for businesses to beta tester on Android

WhatsApp Rolls Out 'Status Archive' Feature For Businesses On Android

New Delhi (The Hawk): The Government of India has taken many steps to provide hassle free loan to develop Micro, Small and Medium Enterprises (MSMEs) in the country. Some of them are given below: i. Priority Sector Lending Guidelines: In terms of Master Direction on ‘Priority Sector Lending (PSL) – Targets and Classification’ dated September 4, 2020, all bank loans to MSMEs conforming to the conditions prescribed therein qualify for classification under Priority Sector Lending. ii. Collateral requirements of MSME units: Scheduled Commercial Banks (SCBs) have been mandated not to accept collateral security in the case of loans up to ?10 lakh extended to units in Micro &amp; Small Enterprises category. RBI issued circular No. RPCD.SME &amp; NFS. BC. No. 79/06.02.31/2009-10 dated May 6, 2010. iii. CGTMSE provides credit guarantee to its Member Lending Institutions for loans extended by them to Micro and Small Enterprises without any collateral security and third party guarantee. iv. With effect from 01.04.2023, the credit limit for Guarantee Coverage under Credit Guarantee Scheme for Micro &amp; Small Enterprises has been enhanced from ? 2 crore to ? 5 crore and the annual guarantee fees have been reduced by 50%. v. Under the revised guidelines of Prime Minister’s Employment Generation programme (PMEGP) issued on 13.05.2022, the project cost for Manufacturing and Services have been enhanced to Rs. 50.00 Lakh and Rs. 20.00 Lakh, respectively from Rs. 25.00 Lakh and Rs. 10.00 Lakh. vi. Under Aatmanirbhar Bharat, the Government of India has announced Self Reliant India Fund to infuse equity in MSMEs which have the potential and viability to grow. vii. New revised composite criteria of Investment &amp; turnover for classification of MSMEs adopted on 26.06.2020. viii. No global tenders for procurement up to Rs. 200 crore. ix. “Udyam Registration” for MSMEs, for Ease of Doing Business w.e.f. 01.07.2020. x. Launch of Udyam Assist Platform on 11.01.2023 to bring Informal Micro Enterprises under the formal ambit for availing the benefits under Priority Sector Lending. As reported by Department of Financial Services (DFS), a total number of 2,11,501 loan applications have been received in which 1,90,897 loans have been sanctioned to women and SC/ST entrepreneurs in the country under Stand-Up India Scheme and an amount of Rs. 20,541 crore has been disbursed. This information was given by Minister of State for Micro, Small and Medium Enterprises, Shri Bhanu Pratap Singh Verma in a written reply to the Lok Sabha today.

The Government of India has taken many steps to provide hassle free loan to develop Micro

Hassle Free Loan To Small Businesses

Bengaluru: Amazon on Thursday launched multi-channel fulfilment (MCF) for sellers including direct-to-consumer(D2C) brands, retailers and manufacturers in India. With this, sellers can use a single inventory source which is in Amazon’s fulfillment centres to fulfill all their orders. Amazon's MCF offers a comprehensive solution at an introductory price as low as Rs 59 per order to level the playing field for all sellers.
Through MCF, sellers can leverage Amazon's extensive coverage of 100 per cent of India's serviceable pin codes (over 20,000), opening up new business opportunities, the e-commerce giant said in a statement. “The challenges of digitisation, limited reach, and productivity constraints often hamper the expansion of medium and small-scale brands, along with other challenges like inventory tracking and high shipping costs,” said Vivek Somareddy, Vice President, Fulfilment Channels and Global Trade, Amazon India.
Multi-Channel Fulfilment addresses these challenges through comprehensive and best-in-class solution for all their fulfilment needs. “It allows sellers to focus on core business activities like product development, marketing, and customer service,” Somareddy added. MCF makes it easy for sellers to create orders for their off-Amazon shoppers, track them, and generate tax invoices, while ensuring swift shipping and faster delivery.
With MCF, sellers can automate their off-Amazon orders, thus removing complexities and simplifying the entire order fulfilment process. Sellers will also benefit from Fulfilment by Amazon -- a flexible, affordable, and scalable storage and fulfilment solution spanning across plethora of services, said Amazon. “This innovative fulfillment solution ensures super-fast delivery, 24x7 fulfilment of customer orders, and removes the need for inventory pooling for separate sales channel,” said Somareddy.
—IANS

Amazon on Thursday launched multi-channel fulfilment (MCF) for sellers including direct-to-consumer(D2C) brands, retailers and manufacturers in India

Amazon launches multi-channel fulfilment for sellers, retailers in India

Gwalior: During the Madhya Pradesh leg of the Bharat Jodo Nyay Yatra, Congress leader Rahul Gandhi said on Sunday that the nation is grappling with a higher number of unemployed youths compared to Bangladesh and Bhutan. The Congress MP said that the country has more unemployed youths than Bangladesh and Bhutan because Prime Minister Narendra Modi has finished small businesses.
"Today, there has been maximum unemployment in the country in the last 40 years. India has double the unemployment as compared to Pakistan. We have more unemployed youth than Bangladesh and Bhutan because Narendra Modi has finished small businesses by demonetization and implementing GST," Rahul Gandhi said while addressing a gathering in Madhya Pradesh's Gwalior. The World Bank report points out that in 2022, the youth unemployment rate in India was at 23.22 per cent, which was higher than its neighbours Pakistan (11.3 per cent) and Bangladesh (12.9 per cent). Further, the Congress leader said that in terms of social injustice, the number of backward people in the country is 50 per cent, Tribal at eight per cent, and Dalit at 15 per cent. All these together amount to 73 per cent. "Not a single person among these 73 per cent will be found in big companies. Then Modi Ji says that I am working for the poor," he said. Rahul Gandhi further said how one can object to caste census without knowing about the population and wealth of Dalits, Tribals and backward classes. "Why would anyone object to this? Narendra Modi ji says that there is no caste in the country. There are only two, poor and rich. If so then how did you become OBC?" he asked. "Narendra Modi ji is afraid because he does not want this 73 per cent to know the truth of the country," Rahul Gandhi added. Earlier, highlighting the reason behind such high levels of unemployment in the country, Rahul Gandhi on Saturday blamed the Narendra Modi government's economic policies like demonetization and the Goods and Services Tax, which he claimed, was a huge blow to the MSME sector, which employs the most youths in the country. As the Bharat Jodo Nyay Yatra entered Madhya Pradesh on Saturday, Rajasthan Pradesh Congress President Govind Singh Dotasra handed over the national flag to his Madhya Pradesh counterpart, Jitendra Patwari.
—ANI

Rahul Gandhi criticizes high unemployment and social injustice in India, blames Modi's policies for economic downturn during Bharat Jodo Nyay Yatra.

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In RS, YSRCP raises the topic of instant loan app scam

Pankaj Sharma

The Hawk

Tag : Businesses

In RS, YSRCP raises the topic of instant loan app scam

Pankaj Sharma

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