Spice Money: Industry Monitoring 22 February 2019
- Priyanka Kanodia
- Feb 25, 2019
- 3 min read
Spice Money
Industry News
Angel tax: Amid cheer for easier norms, an undertone of dissent
Publication- The Financial Express
Edition- Online
Date- 22 February, 2019
The incremental relaxations in the controversial ‘anti-abuse’ provision in the Income Tax Act, 2012 aka angel tax don’t seem to have gone down too well with the entire startup and venture capital ecosystem. While the majority have hailed the move and government’s intent in giving startups a nearly free hand to grow, an undertone of dissent still echoes the ecosystem. “A realistic view of the market size is imperative for gauging startup’s potential and for the turnover assessment. While extending definition from 7 to 10 years may be beneficial for a section of the startups, those with a high growth curve, or ones addressing a larger market size, may not be able to leverage it favourably,” Medikabazaar (online medical supplies and equipment startup) CEO Vivek Tiwari said.
There are also voices that suggested bringing in profitability as a criterion for tax exemption instead of turnover or time since incorporation. Anand Kumar Bajaj, Founder and CEO at PayNearby (that allows neighborhood retailers to use digital financial services through its app) for example suggested a 125% weighted tax exemption by the government to startups which are profitable with at least Rs 5 crore per annum.
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Is India Post Payments Bank most tech-enabled bank?
Publication- The Economic Times
Edition- Online
Date- 22 February, 2019
Suresh Sethi was appointed MD-CEO of India Post Payments Bank (IPPB) nine months after he was first interviewed for the job. IPPB’s parent organisation, the Department of Post, hand-picked Sethi from a large pile of aspiring candidates who had applied for the top job. Sethi, who had previously worked with Citibank, Vodafone and Yes Bank NSE 1.72 % , rolled out India Post’s payments bank services in a year’s time. “What we’re building today is a very high-end techenabled organisation on one side, and on the other, making user experience and touch-points as simple as possible.
We’re talking about ease of banking here,” Sethi told ET in an exclusive interaction. IPPB has received government funding worth Rs 1435 crore for setting up the business. “Down the line, we’ll have to build our own revenues and be self-sustaining. While we are a government-owned organisation, we want to bring in best private sector practices -- bring in the culture of innovation, meritocracy and performance here,” he said.
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Problem with digital payment service? Approach ombudsman
Publication- The Economic Times
Edition- Online
Date- 22 February, 2019
Thanks to the RBI, aggrieved customers can now file complaints against prepaid instruments (PPIs), e-wallets, and other payment service providers with ombudsman offices in 21 locations across 19 cities. If you have a grievance against a bank, however, you will still have to approach the banking ombudsman, even if it pertains to online transactions. Here's everything you need to know about filing a complaint with the digital payments ombudsman. Reasons for filing complaints against digital payments service providers include unauthorised electronic funds transfer, their inability to transfer the funds to your bank account, not loading funds into the wallet within a reasonable period of time, failure to effect online payment or fund transfer, failure to refund your money in case of a failed transaction, and not implementing stop payment instructions within the specified time-frame. Complaints related to Unified Payments Interface (UPI), Bharat Bill Payment System, Bharat QR Code and UPI QR Code also fall within the purview of the ombudsman. These entities cannot wash their hands off in case of transactions they enable on third-party platforms.
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Bank customer? Fraudsters use these methods to steal money from your account
Publication- Zee Business
Edition- Online
Date- 22 February, 2019
Online frauds are increasing along with the growing popularity of online banking. The fraudsters are inventing new ways to cheat unsuspecting people. Scores of reports in the recent past have shown that fraudsters are taking help of fake apps, helpline numbers, SIM swaps etc methods to dupe people of their hard-earned money. They have also been found to be using fake social media accounts of banks to lure victims to their trap. There have been cases where fraudsters have managed to steal important information of customers through fake social media sites of banks.
SBI has officially warned customers against the use of fake social media account of the bank. It has warned over 42 million subscribers in view of the growing issue of fraud. SBI has asked its customers to avoid fraud on social media by following only the verified account of SBI and the tag of the official handle.
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