Money & Banking
Paytm acquires majority stake in ticketing platform Insider.in
E-wallet platform Paytm on Thursday announced it has acquired a majority stake in Insider.in, a ticketing platform of events company OML Entertainment, for an undisclosed sum.
 
Paytm has been expanding into the events ticketing industry that is currently pegged at Rs 4,000 crore, with online ticketing accounting for 10 per cent of the overall volume.
 
"Digital discovery and events marketing expertise will increase supply of quality events in India. This is a natural extension for us as we continue to build India's go-to destination for online movies and events," said Madhur Deora, Chief Financial Officer, Paytm, in a statement.
 
Insider.in provides tools, data and analytics to organisers that enables them to conceptualise, market and execute their events. 
 
"Our partnership with Paytm will enable us to reach more organisers and event goers, and exponentially grow this ecosystem in India," added Shreyas Srinivasan, CEO Insider.in.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Data from India helps Bangladesh prepare for floods, but Assam reels
As the monsoon begins, some parts of Bangladesh are already flooded, and the Brahmaputra and Ganga rivers are expected to burst their banks sooner rather than later. But the people are now more aware of potential disasters thanks to improved flood forecasting and monitoring systems.
 
"We made a forecast for the ongoing flood in the Surma-Kushiyara basin prior to June 30, and now we are forecasting that the water level at many points of the Brahmaputra and Ganga might cross the danger level in the next three days," said Sazzad Hossain, Executive Engineer at the Bangladesh Flood Forecasting and Warning Centre (FFWC).
 
The projections made by the centre are based on data about water flow upstream in the Brahmaputra, Ganga, Teesta, Feni and Barak -- all transboundary rivers flowing in from India. It is provided to the Bangladesh Meteorological Department by their Indian and Chinese counterparts and gives the authorities more time to prepare and even evacuate the vulnerable residents if necessary.
 
Under bilateral agreements between the countries, India and China provide information twice a day during the monsoon to help Bangladesh update its flood forecasting systems.
 
India provides data from two points on the Ganga, five on the Brahmaputra, and one each on the Teesta, Feni and Barak rivers, while China provides river flow information from three points on the Brahmaputra river in Tibet.
 
People living in the Ganga-Brahmaputra-Meghna basin are used to floods during the monsoon season. Just last year, Bangladesh experienced a severe flood due to heavy monsoon rains in the Brahmaputra basin and in 2015, 200,000 hectares of Aman paddy and 50,000 hectares of vegetable fields were inundated with floodwater, according to the Department of Agricultural Extension (DAE).
 
In early June this year, heavy rainfall in Bangladesh and in Assam and Meghalaya caused floods in some parts of the country. Northeastern Bangladesh was badly hit, with the Surma river in Sylhet district flowing 72 cm and 78 cm above the danger level at two points.
 
According to the Bangladesh Water Development Board, the ongoing flood has affected several hundred people in the districts of Sylhet, Sunamganj, Habiganj and Moulovibazar, where 280 schools have been closed and around 300,000 people have been cut off.
 
But now that the country can learn about potential hazards a few days in advance, preparations can be made earlier. The DAE has made preparations to provide fresh Aman paddy seeds to farmers, in case crops are damaged by the floods.
 
"We have enough preparation to supply farmers Aman paddy seeds after the flood so that they can continue their cultivation," Chaitanya Kumar Das, Deputy Director of the DAE, told thethirdpole.net.
 
"Considering the FFWC's forecast, we have made preparations, including relief and rehabilitation mechanisms, to tackle the natural disaster," Abu Saleh Mohammad Ferdous Khan, Deputy Commissioner of Kurigram district administration, told thethirdpole.net. "We get enough time to evacuate people living in low-lying areas near the rivers."
 
Meanwhile, in Assam, over 1.25 million people have been affected by the floods, and at least 33 already reported killed. Major highways have been disrupted, and the famed Kaziranga National Park, home of the one-horned rhinoceros, is mostly under water, with animals seeking higher ground.
 
It is unclear why, if Bangladesh is better prepared for floods at least partially due to information shared by India, Indian states do not seem to be. In the past, the states of West Bengal and Assam have blamed lack of information from upstream riparians such as Bhutan and China.
 
The floods are a regular catastrophe, occurring year on year with comparable amounts of people affected. And while it is argued that India and Bangladesh must work together to deal with transboundary floods, the challenges for India seem to be as much within than outside its borders.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Deepak Narain

2 weeks ago

We believe in helping others and ignoring ourselves and our people. Otherwise, why would our government give away 17160.63 acres of our land to Bangladesh for a paltry 7110.02 acres of Bangla land while our own 'chicken-neck' (our only link to our North-East) continues to be as precarious as ever.

Deposited demonetised notes still being counted: RBI Governor
Eight months after demonetisation, RBI Governor Urjit Patel still refused to give the amount of junked notes deposited with banks, saying they are still being counted.
 
He also parried a question on Wednesday at a meeting of the Parliamentary Standing Committee on Finance on the names of 12 industrialists whose outstanding loans amounted to 25 per cent of the Non-Performing Assets in the banking system.
 
Patel was deposing before the committee, which is expected give a report on demonetisation during the Monsoon Session of Parliament beginning next week. 
 
He was specifically asked to give details of the value of the Rs 500 and Rs 1,000 notes which were allowed to be exchanged till December 30. 
 
He is learnt to have told the panel that the process of counting the junked notes was still on and the central bank has to verify fake notes for which specialised machines are being procured. While some machines have been procured, tenders have been floated to procure more, Patel was quoted by sources as having told the committee. 
 
Another reason given for the delay was the window given to the central bank to accept the junked notes collected by District Central Cooperative Banks (DCCBs) as well as pending issues with Nepal where Indian currency is used widely, sources said. 
 
Patel is learnt to have told the panel that the process was being expedited with help of machines and staff putting in extra hours. 
 
Patel said the total money in circulation in the country now was Rs 15.4 lakh crore against Rs 17.7 lakh crore at the time of demonetisation in November last year, according to sources.
 
The government last month allowed the District Central Cooperative Banks (DCCBs) to deposit the demonetised notes, collected during the five-day period after demonetisation was announced on November 8, 2016, with the Reserve Bank of India in 30 days.
 
Sources said a member told the RBI Governor that since the junked notes have so far not been been counted, how will the central bank know how much of these were fake or genuine. 
 
Samajwadi Party member Naresh Agrawal staged a brief walk out from the meeting after not being satisfied with the response to his questions. 
 
He is understood to have demanded the names of 12 industrialists whose outstanding loans amounted to 25 per cent of the Non-Performing Assets in the banking system. 
 
The meeting of the panel, chaired by Congress leader M. Veerappa Moily, lasted for about three hours. Former Prime Minister Manmohan Singh was among those present. 
 
Members also asked questions about the vigil being maintained over the use of bitcoins. 
 
Issues relating to GDP growth and progress towards digital economy also figured in the meeting. 
 
Members are learnt to have asked about transaction cost being levied on digital payments and inadequate presence of banks in rural areas. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Mihir

7 days ago

Mr. Patel, if you don't count by end of this month, you will have to enroll in counting class for junior kg kids.

Deepak Narain

2 weeks ago

They invent excuses for non-performance.

sohan modak

2 weeks ago

Oh, i think that smart customers have managed to exchange fake currancy for good new one thereby becoming real gainers in the deal. Besides, most probably, there was prior knowledge to interested parties which ensured a profitable exchange. won't be surprised if the so called old currancy is greater in amounts by several factors over the expected. Poor Mr. urjit Patel, if he can't cound these notes, who else can? What a show by the RBI. or, is it what he is supposeed to keep mum about?

GLN Prasad

2 weeks ago

Strange. When RBI receives such notes, they have such data, at the most there may be cross checks or matching in case of discrepancies, one can not understand such lame excuse of still counting during the era of digitalization. If it is oursourced, any agency should have collected total amounts lying of such notes bank wise through mail and should have completed the task in less than a day.

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