General Affairs
Teachers' Day 2018: PM Modi To Felicitate National Award-Winning Teachers
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Prime Minister Narendra Modi will felicitate national award-winning teachers on Tuesday, ahead of Teachers' Day celebrated on September 5.
Vice President M Venkaiah Naidu will confer National Awards for 2017 on the teachers on September 5.
The teachers were selected under revised guidelines aimed at selecting those who had shown innovation in their work and had added value to the school and to their students, according to a government statement.
"The number of awardees was brought down to just 45 as this was necessary to restore the prestige of the awards. Under the earlier scheme, the number of awardees had crossed 300," the statement said.
The nominated teachers gave a presentation last month before an independent jury comprising a senior educationist. This ensured that all of them were given an opportunity to place before the jury their contribution and the work done by them, the statement added.
In all, 6,692 applications were received from teachers from all over the country. Out of the applications received, every district selected three best teachers and forwarded these to the committee under the state secretary of education who made a short-list.
A total of 152 nominations were finally received from all states, union territories and organisations. The final selection was done by an independent jury, the statement said.
Under the revised guidelines, all regular teachers will be eligible to apply and the minimum 15 years of service had been done away with. The teachers got the chance to directly apply and nominate themselves for the award. Self-nominations from teachers were invited online.
Vice President M Venkaiah Naidu will confer National Awards for 2017 on the teachers on September 5.
The teachers were selected under revised guidelines aimed at selecting those who had shown innovation in their work and had added value to the school and to their students, according to a government statement.
"The number of awardees was brought down to just 45 as this was necessary to restore the prestige of the awards. Under the earlier scheme, the number of awardees had crossed 300," the statement said.
The nominated teachers gave a presentation last month before an independent jury comprising a senior educationist. This ensured that all of them were given an opportunity to place before the jury their contribution and the work done by them, the statement added.
In all, 6,692 applications were received from teachers from all over the country. Out of the applications received, every district selected three best teachers and forwarded these to the committee under the state secretary of education who made a short-list.
A total of 152 nominations were finally received from all states, union territories and organisations. The final selection was done by an independent jury, the statement said.
Under the revised guidelines, all regular teachers will be eligible to apply and the minimum 15 years of service had been done away with. The teachers got the chance to directly apply and nominate themselves for the award. Self-nominations from teachers were invited online.
On Charge Of Weather Forecast "Lapses" Over Kerala Floods, Centre's Reply
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The central government said on Monday that the IMD had issued necessary severe weather warnings for Kerala rains last month, refuting the charge that there were lapses on its part.
India Meteorological Department or IMD representatives apprised the state authorities about the strong monsoon conditions with heavy rainfall activity in a meeting convened by Chief Minister Pinayari Vijayan on August 9, according to a statement issued by the Ministry of Earth Sciences or MoES.
"Also the Additional Chief Secretary (Revenue and Disaster Management) was briefed orally over phone on all occasions. Member Secretary, SDMA (State Disaster Management Authority) was briefed on August 10. District collectors of Kollam and Thiruvananthapuram were briefed on August 14. Briefings were sent to media also during this period," the statement said.
The ministry said the weather department had issued all necessary severe weather warnings through its office in Thiruvananthapuram and extended forecast range was issued two weeks in advance.
On August 30, the chief minister in the state assembly had said there were "lapses" on the part of the IMD's rain forecast during this period. The IMD had forecast an estimated 98.5 mm rain in the state between August 9 and 15.
But, the actual rain received was 352.2 mm, Mr Vijayan said, adding he purpose was not to find fault with anyone.
Weather forecasts for five days and outlook for subsequent two days, which also include heavy rainfall warning and wind warning, were sent through e-mail to Chief Secretary, Additional Chief Secretary (Revenue and Disaster Management), SDMA, Navy, Special Marine enforcement, print and electronic media, the statement added.
Short and medium range forecasts (five days in advance) were also issued by the IMD unit in Thiruvananthapuram, it said.
The ministry said orange alerts, which mean authorities should prepare for action, were issued with effect from August 6 and applicable from August 8 onwards while red alert, which means authorities start taking necessary action, was issued with effect from August 9.
"Further, for showing the severity of rainfall intensity expected, heavy (7-11 centimetres in 24 hours) to very heavy (12-20 cm in 24 hours) rainfall warning for Kerala state was issued with effect from August 10 for August 14 with orange alert to Idukki and Alappuzha, red alert to Wayanad district.
"On August 11, heavy to very heavy rainfall warning was extended for August 15 with orange alert to Idukki and Wayanad districts," the statement said.
On August 14 again, heavy to very heavy rainfall warning was issued for that day and a day later with red alert and orange alerts for most of the districts, the statement said.
On August 15, extremely heavy rainfall warning was issued for Kerala state with red alert to all districts for August 16 and red for seven districts and orange for the remaining seven districts for August 17.
"It may be noted that the 'Red' alert is the highest alert for issuing heavy rainfall warning and no other alerting criteria than this is adopted by IMD. The weather bulletins issued from Delhi office also carried warnings for Kerala in 'Orange' and 'Red' colours about 2-3 days in advance of the event, advising the disaster managers to be alert and initiate action respectively," the IMD said.
India Meteorological Department or IMD representatives apprised the state authorities about the strong monsoon conditions with heavy rainfall activity in a meeting convened by Chief Minister Pinayari Vijayan on August 9, according to a statement issued by the Ministry of Earth Sciences or MoES.
"Also the Additional Chief Secretary (Revenue and Disaster Management) was briefed orally over phone on all occasions. Member Secretary, SDMA (State Disaster Management Authority) was briefed on August 10. District collectors of Kollam and Thiruvananthapuram were briefed on August 14. Briefings were sent to media also during this period," the statement said.
The ministry said the weather department had issued all necessary severe weather warnings through its office in Thiruvananthapuram and extended forecast range was issued two weeks in advance.
On August 30, the chief minister in the state assembly had said there were "lapses" on the part of the IMD's rain forecast during this period. The IMD had forecast an estimated 98.5 mm rain in the state between August 9 and 15.
But, the actual rain received was 352.2 mm, Mr Vijayan said, adding he purpose was not to find fault with anyone.
Weather forecasts for five days and outlook for subsequent two days, which also include heavy rainfall warning and wind warning, were sent through e-mail to Chief Secretary, Additional Chief Secretary (Revenue and Disaster Management), SDMA, Navy, Special Marine enforcement, print and electronic media, the statement added.
Short and medium range forecasts (five days in advance) were also issued by the IMD unit in Thiruvananthapuram, it said.
The ministry said orange alerts, which mean authorities should prepare for action, were issued with effect from August 6 and applicable from August 8 onwards while red alert, which means authorities start taking necessary action, was issued with effect from August 9.
"Further, for showing the severity of rainfall intensity expected, heavy (7-11 centimetres in 24 hours) to very heavy (12-20 cm in 24 hours) rainfall warning for Kerala state was issued with effect from August 10 for August 14 with orange alert to Idukki and Alappuzha, red alert to Wayanad district.
"On August 11, heavy to very heavy rainfall warning was extended for August 15 with orange alert to Idukki and Wayanad districts," the statement said.
On August 14 again, heavy to very heavy rainfall warning was issued for that day and a day later with red alert and orange alerts for most of the districts, the statement said.
On August 15, extremely heavy rainfall warning was issued for Kerala state with red alert to all districts for August 16 and red for seven districts and orange for the remaining seven districts for August 17.
"It may be noted that the 'Red' alert is the highest alert for issuing heavy rainfall warning and no other alerting criteria than this is adopted by IMD. The weather bulletins issued from Delhi office also carried warnings for Kerala in 'Orange' and 'Red' colours about 2-3 days in advance of the event, advising the disaster managers to be alert and initiate action respectively," the IMD said.
No Black Gown On University Convocation, Bihar Goes Ethnic, Colourful
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More than 70 years after Independence, the British dress code for students receiving their degrees - the black gown and mortar board - is on its way out in Bihar. Chief Minister Nitish Kumar had never been its fan and never made a secret of it. Now, by the order of the Governor, Bihar colleges are set to move towards a homegrown version that would involve a turban and angvastram - the very Indian neck scarfs.
The traditional ceremonial garb of British students is still followed by many universities in Bihar, especially when honorary degrees are conferred.
The order from Governor Lalji Tandon detailed the costume for everyone attending such an occasion -- Chancellor, Vice-Chancellor, Chief Guest, University officials and men and women students.
While the officials and guests will wear kurtas and jackets with "sujani embroidery" - the traditional quilt embroidery from rural parts of the state - everyone, including the women, would use the turban favoured by freedom fighter and educationist Madan Mohan Malviya.
The colour scheme promises to make such occasions dazzling, with lots of lemon yellow, red and various shades of blue being the dominant hues.
The order from the Governor's secretariat said the matter was decided after costume designs were submitted by three "Vice Chancellors Stature Committee" and suggestions from different vice chancellors.
The traditional ceremonial garb of British students is still followed by many universities in Bihar, especially when honorary degrees are conferred.
The order from Governor Lalji Tandon detailed the costume for everyone attending such an occasion -- Chancellor, Vice-Chancellor, Chief Guest, University officials and men and women students.
While the officials and guests will wear kurtas and jackets with "sujani embroidery" - the traditional quilt embroidery from rural parts of the state - everyone, including the women, would use the turban favoured by freedom fighter and educationist Madan Mohan Malviya.
The colour scheme promises to make such occasions dazzling, with lots of lemon yellow, red and various shades of blue being the dominant hues.
The order from the Governor's secretariat said the matter was decided after costume designs were submitted by three "Vice Chancellors Stature Committee" and suggestions from different vice chancellors.
British Lawmakers Question Aid To India Over Chandrayaan-2 "Splurge"
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Some of Britain's lawmakers from the ruling Conservative or Tory party on Monday questioned the British government's financial assistance programme for India, which will involve 52 million pounds for 2018-19 and 46 million pounds for 2019-20.
A few weeks after the government's Department for International Development (DfID) released its "India Profile" for the coming years in July, Tory lawmaker David Davies said India did not "want or need" UK aid and that "in effect we are sponsoring an Indian moon launch".
In reference to India's 95.4 million-pound "splurge" on lunar probe Chandrayaan-2, which is expected to launch later this year, other Tory lawmakers also attacked the financial assistance ear-marked for India.
"Here we are spending money in a country that has not only got its own space programme but is developing its own overseas aid programme. To be honest, the government needs looking at if it thinks that is an appropriate way of spending taxpayers' money," Tory lawmaker Phillip Davies told 'Daily Express', a newspaper which runs campaigns against what it believes is the UK's unnecessary foreign aid spending as opposed to domestic expenditure.
"It needs to get out of Whitehall and appreciate the public is not just sick and tired of this but angry too. It is completely unjustifiable and truly idiotic," Mr Davies added.
However, DfID stressed that none of the financial assistance marked for India was intended for its space programme.
"DFID ended traditional aid to India in 2015. The UK now provides the country with world-leading expertise and private investment which boost prosperity, create jobs and open up markets, while generating a return for the UK at the same time," a spokesperson said.
"This is firmly in our interests. Not a penny of British taxpayers' aid money has gone on India's space programme," the spokesperson said.
In its "India Profile" assessment, DfID notes that it works in partnership with the UK's Foreign and Commonwealth Office, the Department for International Trade and the UK Treasury to deliver joint economic development priorities in India, focusing on areas which will "generate the most jobs and lift people out of poverty".
Describing India as an important economic partner for the UK, DfID points out that India is constrained in reaching its full global economic and political potential by significant internal challenges, including some 230 million people living in poverty, skills shortages, unplanned urbanisation and a huge infrastructure deficit.
"Our partnership with India helps enhance investment and trade; increase prosperity and jobs in both countries; strengthen joint action on global issues of mutual concern; widen access to knowledge and technology and support the UK's global security objectives," DfID notes.
But objections to the financial assistance from members of the country's ruling Conservative party dismiss this as a viable explanation.
"It's difficult to explain to the taxpayer that we are sending aid to a country that can afford its own space programme," said Andrew Bridgen, Tory lawmaker for North West Leicestershire.
The 'Daily Express' ran a 'Stop The Foreign Aid Madness' campaign recently, which involved handing over a petition on behalf of thousands of its readers demanding the UK government cuts down on foreign aid.
"The 'Daily Express' has revealed how the government's target of spending at least 0.7 per cent of national income overseas has led to huge rifts," the newspaper claims.
A few weeks after the government's Department for International Development (DfID) released its "India Profile" for the coming years in July, Tory lawmaker David Davies said India did not "want or need" UK aid and that "in effect we are sponsoring an Indian moon launch".
In reference to India's 95.4 million-pound "splurge" on lunar probe Chandrayaan-2, which is expected to launch later this year, other Tory lawmakers also attacked the financial assistance ear-marked for India.
"Here we are spending money in a country that has not only got its own space programme but is developing its own overseas aid programme. To be honest, the government needs looking at if it thinks that is an appropriate way of spending taxpayers' money," Tory lawmaker Phillip Davies told 'Daily Express', a newspaper which runs campaigns against what it believes is the UK's unnecessary foreign aid spending as opposed to domestic expenditure.
"It needs to get out of Whitehall and appreciate the public is not just sick and tired of this but angry too. It is completely unjustifiable and truly idiotic," Mr Davies added.
However, DfID stressed that none of the financial assistance marked for India was intended for its space programme.
"DFID ended traditional aid to India in 2015. The UK now provides the country with world-leading expertise and private investment which boost prosperity, create jobs and open up markets, while generating a return for the UK at the same time," a spokesperson said.
"This is firmly in our interests. Not a penny of British taxpayers' aid money has gone on India's space programme," the spokesperson said.
In its "India Profile" assessment, DfID notes that it works in partnership with the UK's Foreign and Commonwealth Office, the Department for International Trade and the UK Treasury to deliver joint economic development priorities in India, focusing on areas which will "generate the most jobs and lift people out of poverty".
Describing India as an important economic partner for the UK, DfID points out that India is constrained in reaching its full global economic and political potential by significant internal challenges, including some 230 million people living in poverty, skills shortages, unplanned urbanisation and a huge infrastructure deficit.
"Our partnership with India helps enhance investment and trade; increase prosperity and jobs in both countries; strengthen joint action on global issues of mutual concern; widen access to knowledge and technology and support the UK's global security objectives," DfID notes.
But objections to the financial assistance from members of the country's ruling Conservative party dismiss this as a viable explanation.
"It's difficult to explain to the taxpayer that we are sending aid to a country that can afford its own space programme," said Andrew Bridgen, Tory lawmaker for North West Leicestershire.
The 'Daily Express' ran a 'Stop The Foreign Aid Madness' campaign recently, which involved handing over a petition on behalf of thousands of its readers demanding the UK government cuts down on foreign aid.
"The 'Daily Express' has revealed how the government's target of spending at least 0.7 per cent of national income overseas has led to huge rifts," the newspaper claims.
Anna Hazare To Sit On Strike From October 2, Seeks Pension For Farmers
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Social activist Anna Hazare will sit on a hunger strike in Mumbai from October 2 over issues like appointment of Lokpal and welfare measures for the agrarian sector, including Rs. 5,000 monthly pension for farmers.
According to a statement on Monday, Anna Hazare also sought implementation of the Swaminathan Commission recommendations to alleviate the plight of farmers, who have been facing serious economic crisis for the last few years.
The government has not acted on these demands despite repeated requests, it said.
Anna Hazare has also sought that each farmer in the country get Rs. 5,000 pension per month, an aide of the social activist said.
The 80-year-old anti-graft activist will launch the protest at his native village, on the birth anniversary of Mahatma Gandhi.
Anna Hazare sat on a hunger strike in Delhi in March this year raising the demands, but had called it off after assurance from the government that necessary steps would be taken in this regard.
He had then warned the government about launching the agitation again within six months if his demands go unattended.
"The demand of appointments of Lokpal and Lokayukta for ensuring speedy justice to people combating corruption and assuring transparency in governance and another demand for implementing the (Swaminathan) Commission report have not been fulfilled despite repeated requests to the government," the statement said.
"As a result, Hazare is firm on launching his protest in Ralegan Siddhi," it said.
After the activist's protest at Delhi's Ramlila Maidan in March, Maharashtra Chief Minister Devendra Fadnavis had acted as an emissary of the Centre and had said that the NDA government had taken "positive decisions" in response to the demands.
The Swaminathan Commission was formed in 2004 to identify and suggest solutions to problems farmers in the country face. It submitted five reports between December 2004 and October 2006, suggesting various steps to improve the agrarian situation.
Anna Hazare, who has been the face of the Lokpal movement, had first gone on a 12-day hunger strike in 2011 over the Lokpal issue.
According to a statement on Monday, Anna Hazare also sought implementation of the Swaminathan Commission recommendations to alleviate the plight of farmers, who have been facing serious economic crisis for the last few years.
The government has not acted on these demands despite repeated requests, it said.
Anna Hazare has also sought that each farmer in the country get Rs. 5,000 pension per month, an aide of the social activist said.
The 80-year-old anti-graft activist will launch the protest at his native village, on the birth anniversary of Mahatma Gandhi.
Anna Hazare sat on a hunger strike in Delhi in March this year raising the demands, but had called it off after assurance from the government that necessary steps would be taken in this regard.
He had then warned the government about launching the agitation again within six months if his demands go unattended.
"The demand of appointments of Lokpal and Lokayukta for ensuring speedy justice to people combating corruption and assuring transparency in governance and another demand for implementing the (Swaminathan) Commission report have not been fulfilled despite repeated requests to the government," the statement said.
"As a result, Hazare is firm on launching his protest in Ralegan Siddhi," it said.
After the activist's protest at Delhi's Ramlila Maidan in March, Maharashtra Chief Minister Devendra Fadnavis had acted as an emissary of the Centre and had said that the NDA government had taken "positive decisions" in response to the demands.
The Swaminathan Commission was formed in 2004 to identify and suggest solutions to problems farmers in the country face. It submitted five reports between December 2004 and October 2006, suggesting various steps to improve the agrarian situation.
Anna Hazare, who has been the face of the Lokpal movement, had first gone on a 12-day hunger strike in 2011 over the Lokpal issue.
Business Affairs
What is India Post Payments Bank and how does it work? Here's a complete guide
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The much-delayed launch of the India Post Payments Bank on Saturday has put the spotlight back on payments banks (PBs), the new bank model visualised by the Reserve Bank of India back in 2013-14. India Post Payments Bank is the sixth payments bank to commence operations in the country. The others in the space are two-year-old Airtel Payments Bank, Paytm Payments Bank and Fino Payments Bank - both launched last summer - and recent-entrants Aditya Birla Idea Payments Bank and Jio Payments Bank.
Here are some frequently asked questions about payments banks and a look at how they stack up against each other.
What are payments banks?
They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population.
How are they different from traditional banks?
The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For instance, India Post Payments Bank has teamed up with financial services providers like Punjab National Bank and Bajaj Allianz Life Insurance for this purpose.
Payments banks can only accept deposits of up to Rs 1 lakh per customer in a savings/current account. Last but not the least, opening an account in a scheduled bank takes time because it requires a lot of documentation and verification. But PBs, being primarily driven by mobile technology, can simplify the process and make it quick and paperless.
Should you open an account with payments banks?
All of the above does not mean that payments banks are good only for low-income households, migrant workers and those living in the boondocks. Even if you already have multiple banking relationships with the likes of HDFC Bank, SBI and HSBC, you might consider opening a payments bank account, too, for the following reasons:
More convenience
A major USP of PBs is their wide distribution network since the model allows retail outlets, fuel stations, post offices, dairy milk collection centres and everything in between to double as a mini bank branch. So there is a good chance that your PB branch will be located a lot closer to you than your regular bank's nearest branch. Moreover, most of these banking points will operate well beyond normal banking hours.
Avail a zero balance account
Unfortunately the days of payments banks offering much higher interest rates than most scheduled commercial banks are over. Till last month, Airtel Payments bank was offering 5.5%, down from over 7% till February 2018. Currently, the interest rate offered by most of the operating payments banks is 4%. No information is available for Jio Payments Bank, but one can hope that parent Reliance Industries will pull its usual tricks - read offer higher interest rates - to stay ahead of the competition in this space, too. Nonetheless, this rate is still better than the 3.5% per cent typically offered by the state-owned and private banks for balances under Rs 50 lakh.
The icing on the cake: You never have to worry about paying a fine for not maintaining a minimum balance in the account. In contrast, most traditional banks limit the zero account balance option to the basic savings bank deposit accounts that they are mandated to offer to the underprivileged. Premium customers, who get access to benefits like preferentially-priced product and specialised investment solutions, have to maintain a minimum monthly balance of anywhere between Rs 3,000 to Rs 1 lakh, depending on the bank.
Best for cashless transactions
According to Nitin Bhatia, a leading real estate and personal finance blogger, a payments bank account provides best of both the worlds, mobile wallets and direct bank debit. After all, the focus of these banks is high-volume, seamless transactions in a secure technology-driven environment.
"Based on my personal experience, I can conclude that a payments bank account can come handy for monthly online payments. For example, if I earn Rs 1 lakh then I would spend approximately Rs 30,000 online towards grocery, electricity bill, other utility bills, shopping, mobile recharge, DTH recharge, etc. So I transfer this amount from my current account to my payments bank account for all my online spends," says Bhatia. "The best part is that I am earning higher interest on this amount till I actually spend it," he adds.
The merits of payments banks notwithstanding, it may not be advisable to forego your long-standing banking relationships and park your money in a payments bank. Apart from the obvious constraints like low deposit limits and the blanket ban on any type of direct lending, payments banks can't help you build credit worthiness. So it's best as a second - or third - account, with smart juggling.
What are the documents needed to open an account?
A savings account at any of the payments banks can be opened with just your Aadhaar number, mobile number and PAN card? If you don't have a PAN card, you will have to submit Form 60.
Which is the best payments bank - India Post, Airtel, Paytm, Idea or Reliance Jio?
The RBI prohibited Fino Payments Bank and Paytm Payments Bank from adding new customers since May and June, respectively, for non-compliance with full-KYC norms. There is still no clarity on when this restriction will be lifted.
Here are some frequently asked questions about payments banks and a look at how they stack up against each other.
What are payments banks?
They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population.
How are they different from traditional banks?
The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For instance, India Post Payments Bank has teamed up with financial services providers like Punjab National Bank and Bajaj Allianz Life Insurance for this purpose.
Payments banks can only accept deposits of up to Rs 1 lakh per customer in a savings/current account. Last but not the least, opening an account in a scheduled bank takes time because it requires a lot of documentation and verification. But PBs, being primarily driven by mobile technology, can simplify the process and make it quick and paperless.
Should you open an account with payments banks?
All of the above does not mean that payments banks are good only for low-income households, migrant workers and those living in the boondocks. Even if you already have multiple banking relationships with the likes of HDFC Bank, SBI and HSBC, you might consider opening a payments bank account, too, for the following reasons:
More convenience
A major USP of PBs is their wide distribution network since the model allows retail outlets, fuel stations, post offices, dairy milk collection centres and everything in between to double as a mini bank branch. So there is a good chance that your PB branch will be located a lot closer to you than your regular bank's nearest branch. Moreover, most of these banking points will operate well beyond normal banking hours.
Avail a zero balance account
Unfortunately the days of payments banks offering much higher interest rates than most scheduled commercial banks are over. Till last month, Airtel Payments bank was offering 5.5%, down from over 7% till February 2018. Currently, the interest rate offered by most of the operating payments banks is 4%. No information is available for Jio Payments Bank, but one can hope that parent Reliance Industries will pull its usual tricks - read offer higher interest rates - to stay ahead of the competition in this space, too. Nonetheless, this rate is still better than the 3.5% per cent typically offered by the state-owned and private banks for balances under Rs 50 lakh.
The icing on the cake: You never have to worry about paying a fine for not maintaining a minimum balance in the account. In contrast, most traditional banks limit the zero account balance option to the basic savings bank deposit accounts that they are mandated to offer to the underprivileged. Premium customers, who get access to benefits like preferentially-priced product and specialised investment solutions, have to maintain a minimum monthly balance of anywhere between Rs 3,000 to Rs 1 lakh, depending on the bank.
Best for cashless transactions
According to Nitin Bhatia, a leading real estate and personal finance blogger, a payments bank account provides best of both the worlds, mobile wallets and direct bank debit. After all, the focus of these banks is high-volume, seamless transactions in a secure technology-driven environment.
"Based on my personal experience, I can conclude that a payments bank account can come handy for monthly online payments. For example, if I earn Rs 1 lakh then I would spend approximately Rs 30,000 online towards grocery, electricity bill, other utility bills, shopping, mobile recharge, DTH recharge, etc. So I transfer this amount from my current account to my payments bank account for all my online spends," says Bhatia. "The best part is that I am earning higher interest on this amount till I actually spend it," he adds.
The merits of payments banks notwithstanding, it may not be advisable to forego your long-standing banking relationships and park your money in a payments bank. Apart from the obvious constraints like low deposit limits and the blanket ban on any type of direct lending, payments banks can't help you build credit worthiness. So it's best as a second - or third - account, with smart juggling.
What are the documents needed to open an account?
A savings account at any of the payments banks can be opened with just your Aadhaar number, mobile number and PAN card? If you don't have a PAN card, you will have to submit Form 60.
Which is the best payments bank - India Post, Airtel, Paytm, Idea or Reliance Jio?
The RBI prohibited Fino Payments Bank and Paytm Payments Bank from adding new customers since May and June, respectively, for non-compliance with full-KYC norms. There is still no clarity on when this restriction will be lifted.
No way the governments-Centre or States-can cut taxes on petrol and diesel!
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If at all public pressure forces the Centre and/or the states to cut taxes on petrol and diesel it be will more optics and theatrics than anything else. Because neither the Centre nor the states are in any position to make any substantial cuts in taxes. Between 2014-15, Centre collected Rs 10.04 lakh crore in taxes from petroleum products and deployed in social security schemes. States have done the same.
Total tax collections from petroleum sector to Centre and States have gone up from Rs 3.32 lakh crore in 2014-15 to Rs 5.53 lakh crore in 2017-18. Who would want to give up the Goose that lays such golden eggs?
Even if they wish to, they can't. Each Rupee cut in taxes results in Rs 13,000 crore deficit. Centre, for instance, is already running up a very substantial deficit in GST collections of approx Rs 10,000 crore per month so far this fiscal. Centre's GST collection target is Rs 1.04 lakh crore per month. While the collections since April have been:
April 1,03,458
May 94,016
June 95,610
July 96,483
August 93960
In all, the government has collected only Rs 4.8 lakh crore-a good Rs 36,473 crore short of the target of Rs 5.20 lakh crore between April-August this fiscal.
This leaves the government will absolutely no leeway to cut taxes. If it does, this deficit will widen further by Rs 13,000 crore for every Rupee cut in taxes.
Its hands are tied further as it is already committed to meet any shortfall in states's GST deficits for a period of 5 years since the July 2017 launch of GST. If it cuts excise on petrol or diesel, far from compensating the states, its own deficit will be beyond control.
Remember, between November, 2014 and July, 2017 when international crude prices were benign the Centre chose not to pass on any benefits of international crude prices to the consumer. Instead, it raised excise from Rs 3.46 per litre on diesel to Rs 15.33 and from Rs 9.20 per litre in petrol to Rs 21.48.
The resources raised from these were deployed in social schemes such as Ujjwala, new infrastructure development in roads and power. In all, the Centre would raise Rs 10.14 lakh crore between 2014-15 and 2017-18. Cutting taxes mean cutting down on such social schemes which can be quite a political hot potato in the run-up to general elections.
Chances of tax cuts in future look grim too. Unless other sources of taxes improve drastically, tax cuts on fuel are not likely next year either. Centre has committed to states a 14 pc growth rate year on year in GST revenues in these 5 years. With current GST collections already Rs 10,000 crore a month short of its target, how the deficit will be bridged is itself a big question mark.
It's really a catch-22 situation for the Centre. It can only hope the international prices show some respite. Else, tax cuts-if any-will be theatrics. Not anything substantial.
Total tax collections from petroleum sector to Centre and States have gone up from Rs 3.32 lakh crore in 2014-15 to Rs 5.53 lakh crore in 2017-18. Who would want to give up the Goose that lays such golden eggs?
Even if they wish to, they can't. Each Rupee cut in taxes results in Rs 13,000 crore deficit. Centre, for instance, is already running up a very substantial deficit in GST collections of approx Rs 10,000 crore per month so far this fiscal. Centre's GST collection target is Rs 1.04 lakh crore per month. While the collections since April have been:
April 1,03,458
May 94,016
June 95,610
July 96,483
August 93960
In all, the government has collected only Rs 4.8 lakh crore-a good Rs 36,473 crore short of the target of Rs 5.20 lakh crore between April-August this fiscal.
This leaves the government will absolutely no leeway to cut taxes. If it does, this deficit will widen further by Rs 13,000 crore for every Rupee cut in taxes.
Its hands are tied further as it is already committed to meet any shortfall in states's GST deficits for a period of 5 years since the July 2017 launch of GST. If it cuts excise on petrol or diesel, far from compensating the states, its own deficit will be beyond control.
Remember, between November, 2014 and July, 2017 when international crude prices were benign the Centre chose not to pass on any benefits of international crude prices to the consumer. Instead, it raised excise from Rs 3.46 per litre on diesel to Rs 15.33 and from Rs 9.20 per litre in petrol to Rs 21.48.
The resources raised from these were deployed in social schemes such as Ujjwala, new infrastructure development in roads and power. In all, the Centre would raise Rs 10.14 lakh crore between 2014-15 and 2017-18. Cutting taxes mean cutting down on such social schemes which can be quite a political hot potato in the run-up to general elections.
Chances of tax cuts in future look grim too. Unless other sources of taxes improve drastically, tax cuts on fuel are not likely next year either. Centre has committed to states a 14 pc growth rate year on year in GST revenues in these 5 years. With current GST collections already Rs 10,000 crore a month short of its target, how the deficit will be bridged is itself a big question mark.
It's really a catch-22 situation for the Centre. It can only hope the international prices show some respite. Else, tax cuts-if any-will be theatrics. Not anything substantial.
Six reasons why India-US 2+2 Dialogue could mention trade
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As External Affairs minister Sushma Swaraj and Defence minister Nirmala Sitharaman meet their United States counterparts Michael R. Pompeo (Secretary of State) and James Mattis (Secretary of Defence) for the inaugural US-India 2+2 Dialogue on September 6 in New Delhi, here is a snapshot of the sore points US has when it comes to its trade relationship with India.
Agriculture
The Trump administration believes that there are a lot of U.S. food and agricultural exports that are facing unfair trade barriers. It wants Indian market to be reopened to U.S. poultry and be opened for pork. It had in the past challenged India's ban on products such as poultry meat, eggs, and live pigs in the name of protection against avian influenza. A World Trade Organisation (WTO) complaint followed, where U.S. stated that India's ban was not based on international standards or a risk assessment and India discriminated against U.S. products in favour of Indian products.
WTO norms
US says India should no longer be considered as a "developing country" and be eligible for "special and differential" treatment. It argues that in practice, this means that more advanced countries like Brazil, China, India, and South Africa receive the same flexibilities as very low-income countries, despite the very significant role these more advanced countries have in the global economy.
Fisheries
US seeks prohibitions on subsidy to fishing sector saying that it contributes to overfishing and overcapacity and those that support illegal fishing activities. It considers India as a large subsidiser and wants India to be part of an ambitious agreement on fisheries subsidies that includes enhanced transparency and notifications of fisheries subsidies programs.
Bilateral market access barriers
US seeks better market access for goods like medical devices and high-technology products.
Digital trade
US is not happy with India's data localisation requirements, and wants India to enact a new data protection law to ensure that the law does not have negative impacts on the digital trade. India's decision to impose import tariffs on certain telecommunication products covered under the Information Technology Agreement (ITA) has also been opposed.
Export subsidies
Since India's per capita GNP is above the $1,000 threshold for three consecutive years now, US wants India to terminate all export subsidies in all sectors.
Agriculture
The Trump administration believes that there are a lot of U.S. food and agricultural exports that are facing unfair trade barriers. It wants Indian market to be reopened to U.S. poultry and be opened for pork. It had in the past challenged India's ban on products such as poultry meat, eggs, and live pigs in the name of protection against avian influenza. A World Trade Organisation (WTO) complaint followed, where U.S. stated that India's ban was not based on international standards or a risk assessment and India discriminated against U.S. products in favour of Indian products.
WTO norms
US says India should no longer be considered as a "developing country" and be eligible for "special and differential" treatment. It argues that in practice, this means that more advanced countries like Brazil, China, India, and South Africa receive the same flexibilities as very low-income countries, despite the very significant role these more advanced countries have in the global economy.
Fisheries
US seeks prohibitions on subsidy to fishing sector saying that it contributes to overfishing and overcapacity and those that support illegal fishing activities. It considers India as a large subsidiser and wants India to be part of an ambitious agreement on fisheries subsidies that includes enhanced transparency and notifications of fisheries subsidies programs.
Bilateral market access barriers
US seeks better market access for goods like medical devices and high-technology products.
Digital trade
US is not happy with India's data localisation requirements, and wants India to enact a new data protection law to ensure that the law does not have negative impacts on the digital trade. India's decision to impose import tariffs on certain telecommunication products covered under the Information Technology Agreement (ITA) has also been opposed.
Export subsidies
Since India's per capita GNP is above the $1,000 threshold for three consecutive years now, US wants India to terminate all export subsidies in all sectors.
The 'Wise Owl' of Mint Street! Urjit Patel completes two years as RBI Governor
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There is a new twist to the British economist John Keanes' famous quote that 'it is your problem if you owe a hundred bucks to a bank, but it is the bank's problem if you owe a million' -- the problem is of the central banker if unpaid loans run into billions.
And to clear this 'landmine', which has been blamed on the previous UPA regime by Prime Minister Narendra Modi, RBI Governor Urjit Patel decided to follow "wisdom of an owl" as he went on to conduct the "deep surgery" initiated by his predecessor Raghuram Rajan to clamp down on loan defaulters, while seeking to safeguard the Indian banking system from any collateral damage.
As Patel completes two years in office as the RBI Governor, the jury is still out whether he has been a 'hawk' -- as prescribed by many economists to contain inflationary pressures and to tame the monster of loan defaults -- or a 'dove' as others, including those in the government, wanted him to always cut rates to boost growth.
In the meantime, Patel has been steadfast in maintaining the central bank's independence and in handling the bad loan cases and has lately also earned the praise of the Opposition, with the RBI recently disclosing final figures for all junked currency deposited after the government's demoentisation decision, within weeks of him assuming charge in 2016, for which he had also got a good share of flak, bankers and industrialists said while recalling their meetings with him.
Despite often being called reticent, Dr Patel -- as he has been often referred to -- has also been speaking up his mind through his lectures and articles, at his regular post-policy press meets and also before parliamentary panels, while officials at the RBI say his main focus has always been on implementing things.
Within days of the demonetisation move also, when he was being criticised by one and all for not speaking up, Patel had told PTI in an interview in November 2016 that the central bank was taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
As per the RBI itself, it put in place an elaborate exercise for withdrawing junked notes and introducing new ones and the process involved people "working in two shifts under strenuous conditions, maintaining detailed records and planning effectively without compromising on other functions of currency management".
As the 'remonetisation' exercise continued, Patel was seen living up to his own words about what it is required to be at the RBI to remain vigilant and to be wise like an owl -- "An owl is traditionally a symbol of wisdom. So, we are neither doves nor hawks, but owls and we are vigilant when others are resting".
With one more year to go in his current three-year tenure that began on September 4, 2016, Patel is being seen by the RBI watchers as being firmly in the saddle on regulations of banks, the monetary policy framework and the all-important handling of the NPA situation, among various other tasks he has.
On so-called frictions between the RBI and the government, a senior banker said this relation has always been so and it was summed up perfectly by former RBI Governor D Subbarao when he narrated an incident involving his predecessor Y V Reddy who kept saying "No, no, no, no, no, yes, no, no, no" while talking to someone over phone.
Later, Reddy disclosed he was talking to the then finance minister and his only 'yes' was in reply to a question on whether he was able to hear him.
And in case of Patel, the RBI has also been working alongside the government on various fronts including the ambitious goals like doubling farmers' income, boost to digital payments and providing easier funding to MSMEs.
Within a month of Patel taking over the top job at the RBI, the Monetary Policy Committee (MPC) framework was introduced to decide on rates and has been functioning decisively since then on its primary objective of inflation targeting, experts say.
Another important direction from the RBI early in Patel's tenure has been to credit information companies to provide access to a free full credit report to individuals.
Patel's tenure has also seen the RBI working on new guidelines for tackling cyber security concerns, as also pre-emptive cautionary warnings and directions on evolving challenges posed by cryptocurrencies.
The RBI has also set up a new Enforcement Department as part of broader plan to develop a rule-based approach to deal with breaches of law, rules and directions and to make the enforcement process stringent and consistent.
As the financial health of banks had deteriorated over the last few years, the RBI has revised norms for prompt corrective action and promptly imposed them on some public sector lenders. The new framework encourages banks to eschew certain riskier activities and focus on conserving capital so that their balance sheets can become stronger.
While industry estimates peg overall NPAs at over Rs 10 lakh crore, the RBI has said the stressed assets (gross NPAs plus restructured standard advances) remained elevated at 12.1 per cent of gross advances at end-March 2018.
The RBI has also introduced measures to make banking easier for public, including for senior citizens and differently-abled persons.
It has launched an aggressive awareness campaign on banking regulations and against frauds and introduced a structured communication channel called 'Mint Street Memo'. It got global praise for its communication activities from the bank for International Settlements.
And to clear this 'landmine', which has been blamed on the previous UPA regime by Prime Minister Narendra Modi, RBI Governor Urjit Patel decided to follow "wisdom of an owl" as he went on to conduct the "deep surgery" initiated by his predecessor Raghuram Rajan to clamp down on loan defaulters, while seeking to safeguard the Indian banking system from any collateral damage.
As Patel completes two years in office as the RBI Governor, the jury is still out whether he has been a 'hawk' -- as prescribed by many economists to contain inflationary pressures and to tame the monster of loan defaults -- or a 'dove' as others, including those in the government, wanted him to always cut rates to boost growth.
In the meantime, Patel has been steadfast in maintaining the central bank's independence and in handling the bad loan cases and has lately also earned the praise of the Opposition, with the RBI recently disclosing final figures for all junked currency deposited after the government's demoentisation decision, within weeks of him assuming charge in 2016, for which he had also got a good share of flak, bankers and industrialists said while recalling their meetings with him.
Despite often being called reticent, Dr Patel -- as he has been often referred to -- has also been speaking up his mind through his lectures and articles, at his regular post-policy press meets and also before parliamentary panels, while officials at the RBI say his main focus has always been on implementing things.
Within days of the demonetisation move also, when he was being criticised by one and all for not speaking up, Patel had told PTI in an interview in November 2016 that the central bank was taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
As per the RBI itself, it put in place an elaborate exercise for withdrawing junked notes and introducing new ones and the process involved people "working in two shifts under strenuous conditions, maintaining detailed records and planning effectively without compromising on other functions of currency management".
As the 'remonetisation' exercise continued, Patel was seen living up to his own words about what it is required to be at the RBI to remain vigilant and to be wise like an owl -- "An owl is traditionally a symbol of wisdom. So, we are neither doves nor hawks, but owls and we are vigilant when others are resting".
With one more year to go in his current three-year tenure that began on September 4, 2016, Patel is being seen by the RBI watchers as being firmly in the saddle on regulations of banks, the monetary policy framework and the all-important handling of the NPA situation, among various other tasks he has.
On so-called frictions between the RBI and the government, a senior banker said this relation has always been so and it was summed up perfectly by former RBI Governor D Subbarao when he narrated an incident involving his predecessor Y V Reddy who kept saying "No, no, no, no, no, yes, no, no, no" while talking to someone over phone.
Later, Reddy disclosed he was talking to the then finance minister and his only 'yes' was in reply to a question on whether he was able to hear him.
And in case of Patel, the RBI has also been working alongside the government on various fronts including the ambitious goals like doubling farmers' income, boost to digital payments and providing easier funding to MSMEs.
Within a month of Patel taking over the top job at the RBI, the Monetary Policy Committee (MPC) framework was introduced to decide on rates and has been functioning decisively since then on its primary objective of inflation targeting, experts say.
Another important direction from the RBI early in Patel's tenure has been to credit information companies to provide access to a free full credit report to individuals.
Patel's tenure has also seen the RBI working on new guidelines for tackling cyber security concerns, as also pre-emptive cautionary warnings and directions on evolving challenges posed by cryptocurrencies.
The RBI has also set up a new Enforcement Department as part of broader plan to develop a rule-based approach to deal with breaches of law, rules and directions and to make the enforcement process stringent and consistent.
As the financial health of banks had deteriorated over the last few years, the RBI has revised norms for prompt corrective action and promptly imposed them on some public sector lenders. The new framework encourages banks to eschew certain riskier activities and focus on conserving capital so that their balance sheets can become stronger.
While industry estimates peg overall NPAs at over Rs 10 lakh crore, the RBI has said the stressed assets (gross NPAs plus restructured standard advances) remained elevated at 12.1 per cent of gross advances at end-March 2018.
The RBI has also introduced measures to make banking easier for public, including for senior citizens and differently-abled persons.
It has launched an aggressive awareness campaign on banking regulations and against frauds and introduced a structured communication channel called 'Mint Street Memo'. It got global praise for its communication activities from the bank for International Settlements.
These 3 Indian startups are making the most of artificial intelligence!
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Technical hubs like Bengaluru, Delhi-NCR, Mumbai, and Hyderabad are flooded with start-ups working on advanced technologies like artificial intelligence and machine learning. These technologies not only reduce the chances of error -- thereby improving efficiency -- but also go beyond human intelligence to offer solutions in areas such as e-commerce, fintech, healthcare, education, etc. Here's a list of three start-ups that are using advanced AI, data mining, and machine learning to disrupt their respective industries.
Rubique (Fintech)
Click here to Enlarge
Manavjeet Singh, fournder and CEO, Rubique.
Funding: Total $10 million in series B funding from Kalaari Capital and Emer Capital.
Team Leader: Founded by Manavjeet Singh, who has over two decades of experience in banking, in 2014, Rubique is one of the top emerging fintech companies in India with a customer base of over 100,000 and operations in 32 cities.
What is Rubique? Imagine yourself applying for a loan, and not being hassled for every single detail. Rubique matches perfect lender with a suitable borrower and simplifies loan process using AI. "Rubique has leveraged machine learning and AI with big data analytics to build a system that matches borrower with the right lender," says Manavjeet Singh, CEO and co-founder, Rubique. All credit policies of banks are linked to the Rubique system, and its self-learning algorithm sends borrowers loan offers automatically. If it suits their requirement, processing happens in real time. Rubique's tech-enabled distribution arm spread across 32 cities helps users with documents to complete the loan process in minimum time.
How Rubique uses AI? The company uses data and technology to solve the financial access problem. "Our matchmaking engine matches the borrower with the right lender based on his requirements and eligibility. This removes the uncertainty and saves time," says the CEO.
USP: Rubique uses the credit policies of the banks and converts it into a proprietary evaluation matrix to check a customer's eligibility. This leads to fast processing, thus saving time. Its AI-based feedback loop learns from disbursement and monitoring data to improve the accuracy of loan.
Niki.ai (e-commerce)
Funding: Niki.ai has raised a total of $2.4 million in funding over five rounds, with the latest being from a Series A round on June 28, 2017.
Team leaders: The start-up was co-founded by Keshav Prawasi, Sachin Jaiswal, Nitin Babel, and Shishir Modi in 2015. The start-up works on channel partnership model in which it gets a commission for every order it generates for vendors, which are the likes of Redbus, Cleartrip, OYO rooms, Bookmyshow, etc.
What is Niki.ai? Niki is an AI-based chat bot, where you can avail services like mobile recharge, online flight booking, movie ticket, laundry and a host of other online facilities --all through a simple chat. The queries put in by users via chat are answered by the AI-powered chat bot, whose response improves with every conversation.
How Niki uses AI? Natural Language Processing (NLP) and Machine Learning (ML) are the AI-based technologies that help Niki.ai not only understand the user's query, but also retain context in the conversation. "Niki also 'learns' users' preferences over time and comes up with the best-suited recommendations. The algorithms behind the whole 'understanding-and-responding-accordingly' part are pretty complicated and makes use of the most sophisticated of research in AI, NLP and ML," says Nitin Babel, company co-founder.
So is Niki 'WeChat with AI power' for India? After all, both put conversations at the centre of the transactional experience. "While WeChat lets users have one-to-one conversations with each other, Niki is entirely a conversational commerce bot," says Nitin, adding that popularity and penetration (28% of the total population) of WhatsApp in India vs that of Facebook and other social media platforms (11%) proves a conversational platform is the most relevant medium for Indian masses.
The young co-founder believes Niki.ai will be an app for everything in the next five years. "We wish for Niki to be your phone."
USP: The start-up is backed by former Tata Sons Chairman Ratan Tata. "Backing from someone as visionary as Mr Tata definitely adds to the trust factor," says Nitin.
Embibe (Education)
Team leader: The start-up was founded by Aditi Avasthi in 2012 to help students develop educational standards through tech-enabled personalised feedback.
What is Embibe? Embibe provides personalised learning outcomes for those using its advanced AI platform, which enables students to maximise learning outcomes. The programme works on student behaviour traits that impact their score like lack of intent, boredom, attention gaps, stamina, carelessness, overconfidence, fear, pressure, time management, etc.
How Embibe uses AI? Embibe works on a method called 'relative quartile jump', in which each student gets a goal to improve his behaviour. The platform uses a smart test generation system, data processing, and intelligent content ingestion to produce test papers that can remarkably improve students' scoring ability. The company has built an in-house machine learning-based stack that generates tests automatically using approaches like genetic algorithm and simulated annealing.
USP: Embibe's idea of 'personalised delivery of education' is backed by India's largest biggest business group, Reliance, and other investors like Lightbox and Kalaari Capital.
Rubique (Fintech)
Click here to Enlarge
Manavjeet Singh, fournder and CEO, Rubique.
Funding: Total $10 million in series B funding from Kalaari Capital and Emer Capital.
Team Leader: Founded by Manavjeet Singh, who has over two decades of experience in banking, in 2014, Rubique is one of the top emerging fintech companies in India with a customer base of over 100,000 and operations in 32 cities.
What is Rubique? Imagine yourself applying for a loan, and not being hassled for every single detail. Rubique matches perfect lender with a suitable borrower and simplifies loan process using AI. "Rubique has leveraged machine learning and AI with big data analytics to build a system that matches borrower with the right lender," says Manavjeet Singh, CEO and co-founder, Rubique. All credit policies of banks are linked to the Rubique system, and its self-learning algorithm sends borrowers loan offers automatically. If it suits their requirement, processing happens in real time. Rubique's tech-enabled distribution arm spread across 32 cities helps users with documents to complete the loan process in minimum time.
How Rubique uses AI? The company uses data and technology to solve the financial access problem. "Our matchmaking engine matches the borrower with the right lender based on his requirements and eligibility. This removes the uncertainty and saves time," says the CEO.
USP: Rubique uses the credit policies of the banks and converts it into a proprietary evaluation matrix to check a customer's eligibility. This leads to fast processing, thus saving time. Its AI-based feedback loop learns from disbursement and monitoring data to improve the accuracy of loan.
Niki.ai (e-commerce)
Funding: Niki.ai has raised a total of $2.4 million in funding over five rounds, with the latest being from a Series A round on June 28, 2017.
Team leaders: The start-up was co-founded by Keshav Prawasi, Sachin Jaiswal, Nitin Babel, and Shishir Modi in 2015. The start-up works on channel partnership model in which it gets a commission for every order it generates for vendors, which are the likes of Redbus, Cleartrip, OYO rooms, Bookmyshow, etc.
What is Niki.ai? Niki is an AI-based chat bot, where you can avail services like mobile recharge, online flight booking, movie ticket, laundry and a host of other online facilities --all through a simple chat. The queries put in by users via chat are answered by the AI-powered chat bot, whose response improves with every conversation.
How Niki uses AI? Natural Language Processing (NLP) and Machine Learning (ML) are the AI-based technologies that help Niki.ai not only understand the user's query, but also retain context in the conversation. "Niki also 'learns' users' preferences over time and comes up with the best-suited recommendations. The algorithms behind the whole 'understanding-and-responding-accordingly' part are pretty complicated and makes use of the most sophisticated of research in AI, NLP and ML," says Nitin Babel, company co-founder.
So is Niki 'WeChat with AI power' for India? After all, both put conversations at the centre of the transactional experience. "While WeChat lets users have one-to-one conversations with each other, Niki is entirely a conversational commerce bot," says Nitin, adding that popularity and penetration (28% of the total population) of WhatsApp in India vs that of Facebook and other social media platforms (11%) proves a conversational platform is the most relevant medium for Indian masses.
The young co-founder believes Niki.ai will be an app for everything in the next five years. "We wish for Niki to be your phone."
USP: The start-up is backed by former Tata Sons Chairman Ratan Tata. "Backing from someone as visionary as Mr Tata definitely adds to the trust factor," says Nitin.
Embibe (Education)
Team leader: The start-up was founded by Aditi Avasthi in 2012 to help students develop educational standards through tech-enabled personalised feedback.
What is Embibe? Embibe provides personalised learning outcomes for those using its advanced AI platform, which enables students to maximise learning outcomes. The programme works on student behaviour traits that impact their score like lack of intent, boredom, attention gaps, stamina, carelessness, overconfidence, fear, pressure, time management, etc.
How Embibe uses AI? Embibe works on a method called 'relative quartile jump', in which each student gets a goal to improve his behaviour. The platform uses a smart test generation system, data processing, and intelligent content ingestion to produce test papers that can remarkably improve students' scoring ability. The company has built an in-house machine learning-based stack that generates tests automatically using approaches like genetic algorithm and simulated annealing.
USP: Embibe's idea of 'personalised delivery of education' is backed by India's largest biggest business group, Reliance, and other investors like Lightbox and Kalaari Capital.
General Awareness
Indus Water Treaty
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What to study?
For Prelims: Indus Water Treaty- key facts.
For Mains: Issues associated with the implementation of the treaty and their resolution.
Context: India and Pakistan have agreed to undertake the Indus Waters Treaty mandated tours by their Commissioners in the Indus basin on both sides to resolve issues on the various hydroelectric projects, including the Pakal Dul and Lower Kalnai in Jammu and Kashmir.
The recently concluded deliberations were held to further strengthen the role of the Permanent Indus Commission (PIC) for matters under the 1960 Treaty.
About the treaty:
Signed in 1960 by then Prime Minister Jawaharlal Nehru and then Pakistan President Ayub Khan, the treaty allocates 80% of water from the six-river Indus water system to Pakistan.
Beas, Ravi, Sutlej, Indus, Chenab and Jhelum from the Indus water system that flows from India to Pakistan. The Indus river basin spans parts of 4 countries (Afghanistan, Pakistan, India and China) in an area that is more than 30% arid.
Under the treaty, control over six north Indian rivers were divided between the two countries. India got control over the rivers Beas, Ravi and Sutlej whereas Pakistan got control over Indus, Chenab and Jhelum.
This is a unique treaty involving a third party. It was brokered by the World Bank.
A Permanent Indus Commission was set up as a bilateral commission to implement and manage the Treaty. The Commission solves disputes arising over water sharing.
The Treaty also provides arbitration mechanism to solve disputes amicably.
Mechanism for cooperation:
The treaty sets out a mechanism for cooperation and information exchange between the two countries regarding their use of the rivers. However, there have been disagreements and differences between India and Pakistan over the treaty.
The water commissioners of Pakistan and India were required to meet twice a year and arrange technical visits to projects’ sites and critical river head works, but Pakistan had been facing a lot of problems in timely meetings and visits.
What to study?
For Prelims: Indus Water Treaty- key facts.
For Mains: Issues associated with the implementation of the treaty and their resolution.
Context: India and Pakistan have agreed to undertake the Indus Waters Treaty mandated tours by their Commissioners in the Indus basin on both sides to resolve issues on the various hydroelectric projects, including the Pakal Dul and Lower Kalnai in Jammu and Kashmir.
The recently concluded deliberations were held to further strengthen the role of the Permanent Indus Commission (PIC) for matters under the 1960 Treaty.
About the treaty:
Signed in 1960 by then Prime Minister Jawaharlal Nehru and then Pakistan President Ayub Khan, the treaty allocates 80% of water from the six-river Indus water system to Pakistan.
Beas, Ravi, Sutlej, Indus, Chenab and Jhelum from the Indus water system that flows from India to Pakistan. The Indus river basin spans parts of 4 countries (Afghanistan, Pakistan, India and China) in an area that is more than 30% arid.
Under the treaty, control over six north Indian rivers were divided between the two countries. India got control over the rivers Beas, Ravi and Sutlej whereas Pakistan got control over Indus, Chenab and Jhelum.
This is a unique treaty involving a third party. It was brokered by the World Bank.
A Permanent Indus Commission was set up as a bilateral commission to implement and manage the Treaty. The Commission solves disputes arising over water sharing.
The Treaty also provides arbitration mechanism to solve disputes amicably.
Mechanism for cooperation:
The treaty sets out a mechanism for cooperation and information exchange between the two countries regarding their use of the rivers. However, there have been disagreements and differences between India and Pakistan over the treaty.
The water commissioners of Pakistan and India were required to meet twice a year and arrange technical visits to projects’ sites and critical river head works, but Pakistan had been facing a lot of problems in timely meetings and visits.
For Prelims: Indus Water Treaty- key facts.
For Mains: Issues associated with the implementation of the treaty and their resolution.
Context: India and Pakistan have agreed to undertake the Indus Waters Treaty mandated tours by their Commissioners in the Indus basin on both sides to resolve issues on the various hydroelectric projects, including the Pakal Dul and Lower Kalnai in Jammu and Kashmir.
The recently concluded deliberations were held to further strengthen the role of the Permanent Indus Commission (PIC) for matters under the 1960 Treaty.
About the treaty:
Signed in 1960 by then Prime Minister Jawaharlal Nehru and then Pakistan President Ayub Khan, the treaty allocates 80% of water from the six-river Indus water system to Pakistan.
Beas, Ravi, Sutlej, Indus, Chenab and Jhelum from the Indus water system that flows from India to Pakistan. The Indus river basin spans parts of 4 countries (Afghanistan, Pakistan, India and China) in an area that is more than 30% arid.
Under the treaty, control over six north Indian rivers were divided between the two countries. India got control over the rivers Beas, Ravi and Sutlej whereas Pakistan got control over Indus, Chenab and Jhelum.
This is a unique treaty involving a third party. It was brokered by the World Bank.
A Permanent Indus Commission was set up as a bilateral commission to implement and manage the Treaty. The Commission solves disputes arising over water sharing.
The Treaty also provides arbitration mechanism to solve disputes amicably.
Mechanism for cooperation:
The treaty sets out a mechanism for cooperation and information exchange between the two countries regarding their use of the rivers. However, there have been disagreements and differences between India and Pakistan over the treaty.
The water commissioners of Pakistan and India were required to meet twice a year and arrange technical visits to projects’ sites and critical river head works, but Pakistan had been facing a lot of problems in timely meetings and visits.
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