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Centre asks social media platforms to check rumours inciting unrest

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Social Media

New Delhi, Oct 25 : The Union Home Ministry has directed social media platforms to take concrete steps to prevent spread of rumours and messages inciting unrest, cyber crimes and other activities that could be detrimental to national security.

The social media sites — Google, Twitter, WhatsApp, Facebook, Instagram, and others –have also been asked to nominate India-based grievance redressal officers, develop a monitoring mechanism for time-bound preventive and other actions to remove objectionable contents from public view, said a Home Ministry official on Thursday.

Chairing a review meeting with the representatives of these social media platforms on Wednesday, Union Home Secretary Rajiv Gauba told them to promptly share the information sought by law enforcement agencies for investigation purposes.

In the meeting, the representatives of the social media platforms explained the actions taken by them to ensure blocking of websites, removal of objectionable, malicious contents from public view, said the official.

“All social media platforms assured full cooperation in this regard.”

Gauba had earlier held a review with the representatives of social media platforms on June 28 and since then a series of meetings have taken place with law enforcement agencies and social media firms to ensure an effective mechanism to prevent misuse of these platforms by anti-national elements.

The government’s step comes in the wake of recent incidents where social media platforms were used by some miscreants to spread rumours, causing unrest, inciting cyber crimes especially against women and children and other activities against the national interest.

Over 35 deaths due to lynching have been reported from nine states in 2017 after circulation of rumours on social media.

Business

RBI to come up with guidelines for dividend distribution by NBFCs

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

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Reserve Bank of India RBI

Mumbai: The Reserve Bank of India (RBI) has decided to come out with guidelines for dividend distribution by NBFCs.

Unlike banks, currently there are no guidelines in place with regard to distribution of dividend by NBFCs.

RBI Governor Shaktikanta Das on Friday announced that keeping in view the increasing significance of NBFCs in the financial system and their interlinkages with different segments, it has been decided to formulate guidelines on dividend distribution by NBFCs.

Different categories of NBFCs would be allowed to declare dividend as per a matrix of parameters, subject to a set of generic conditions.

A draft circular in this regard will be issued shortly for public comments.

He further said that the contribution of NBFCs as a supplemental channel of credit intermediation alongside banks is well recognised.

Regulatory regime governing the NBFC sector is built on the principle of proportionality such that adequate operational flexibility is available to the sector through calibrated regulatory measures.

However, there are rapid developments in the last few years, which have led to significant increase in size and interconnectedness of the NBFC sector.

“There is, therefore, a need to review the regulatory framework in line with the changing risk profile of NBFCs. It is felt that a scale-based regulatory approach linked to the systemic risk contribution of NBFCs could be the way forward,” said the RBI’s statement on developmental and regulatory policies.

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

A discussion paper in this regard will be issued before January 15, 2021 for public comments.

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India

Modi chairing all-party meeting to discuss corona situation, vaccine

Earlier also, Modi had convened all-party meetings on coronavirus and the India-China border tensions in eastern Ladakh.

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Narendra Modi

New Delhi: Prime Minister Narendra Modi was chairing an all-party meeting with ministerial colleagues and select opposition leaders on Friday to discuss the ongoing battle against coronavirus pandemic and potential availability of coronavirus vaccine in the near future and its distribution in India.

The virtual meeting began at 10.45 am, in which Defence Minister Rajnath Singh, Union Home Minister Amit Shah and Health Minister Dr Harsh Vardhan, apart from Health Ministry Secretary, were also present.

The leaders of opposition parties will be taken into confidence on the measures taken by the central government so far to prevent more coronavirus cases in the country etc.

Only leaders of those parties which have four to five MPs have been invited to the meeting.

Once the meeting is over, an official statement will be issued on behalf of the Prime Minister’s Office to inform the public about its outcomes.

Earlier also, Modi had convened all-party meetings on coronavirus and the India-China border tensions in eastern Ladakh.

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Business

RBI allows settlement files of payment systems on all days of year

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Shaktikanta Das

Mumbai: The RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.

The measure will reduce build-up of settlement and default risks and enable better management of funds by member banks.

It will also enhance overall efficiency of the payments ecosystem.

Presently, the facility of posting settlement files of payment systems, operated by authorised payment system operators, to the Reserve Bank is available only on RTGS working days.

With round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), it is proposed to allow settlement files of payment systems on all days of the year, the RBI said in a statement.

Instructions in this regard will be issued by the pax bank shortly.

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