Money & Banking
RBI sets up advisory group for national bill payment system

The advisory group would suggest nature of organisation-- either existing or formation of new entity-- to carry the GIRO based bill payments as well as forming guidelines for setting up and operating the system of bill payments

Reserve Bank of India (RBI) on Thursday constituted an advisory group to implement a national bill payment system that will enable households to pay utility bills, school fees, remittances and other bills using their bank accounts.

 

The central bank, in a notification said, "The RBI has announced the constitution of a GIRO Advisory Group (GAG) to implement a national GIRO-based Indian Bill Payment System such that households will be able to use bank accounts to pay school fees, utilities, medical bills and make remittances electronically".

 

The nine members GAG will be headed by Umesh Bellur, a Professor at the Indian Institute of Technology, Bombay.

 

A GIRO is a payment instruction from one bank account to another bank account initiated by a payer. It facilitates payment through cash, cheque, credit/debit cards and prepaid payment instruments in transfer of funds to the bank account of a beneficiary.

 

The terms of reference of GAG include suggesting nature of organisation-- either existing or formation of new entity-- to carry the GIRO based bill payments as well as forming guidelines for setting up and operating the system.

 

Among others it will also recommend criteria for the organisation to seek authorisation for setting up bill payments in the country in terms of financial, governance, ownership, technical, operational aspects.

 

RBI said if GAG is of the opinion that a new organisation be created on the lines of entity like National Payments Corp of India (NPCI) then it should also make recommendations on nature of organisation, identification of CEO, location and base of headquarters, membership composition and capital structure, and contributions by stakeholders.

 

The GIRO Advisory Group would submit its report by end of December 2013, RBI added.

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‘LCD/LED TVs are likely to replace CRT TVs in the next 3-4 years’

Technological advances taking place in the Flat Panel TV segment include introduction of OLED TVs and ultra High Definition TVs, says CEAMA in a release on its international conference on emerging trends at New Delhi

LCD/LED TV segment has been growing rapidly for last the five years. It will take over completely by replacing CRT TVs in the next three to four years. Technological advances taking place in the Flat Panel TV Segment such as introduction of OLED TVs and ultra High Definition TVs. This would prepare the Indian consumer electronics industry to plan the development and manufacturing of next generation of Flat Panel TVs. This is according to a release form CEAMA (Consumer Electronics and Appliances Manufacturers Association) on its international conference on emerging trends at New Delhi.

 

The conference was a step towards practical solutions that will result in the creation of a long-term, sustainable investment model, according to CEAMA.  J Satyanarayan, IAS, Secretary, Department of Electronics & IT was the chief guest for the conference and he said that there was ample opportunity in the consumer electronics sector and the industries need to come forward with new projects and investments. He further applauded the efforts of CEAMA in taking forward the industry concerns to various ministries and government departments.

 

Anirudh Dhoot, president, CEAMA and director, Videocon Industries said that substantial growth had taken place in the last five years in the segment of Flat panel TVs. He further said that a focused positive outlook is needed for improving the economy, pushing up sales to emerging markets, lowering prices of larger size displays, and finally, for potential uptick in demand for the Flat panel TVs.

 

Rishi Tandan, marketing head, LG Electronics focused on the Global Flat Panel market and device trends and he further, highlighted the region-wise demand for emerging trends in TV technology and the factors influencing the Flat Panel Industry.

 

Sunil Khandkar, director, Samsung Asia, discussed aspects related to the development of 4k 3D & OLED. He added that the OLED technology has a huge potential to change the entire display industry in the coming years.

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FIPB clears Tata-Singapore Airlines proposal for FDI

Following permission from FIPB, the Tata-SIA Airlines will now have to approach the Ministry of Civil Aviation for an NOC and approval from DGCA

The Foreign Investment Promotion Board (FIPB) has approved Tata group's proposal to set up a full service airline with Singapore Airlines. Tata Group will hold a controlling 51% stake while Singapore Airlines will hold the rest in the joint venture Tata-SIA Airlines.

 

The new airline will be launched with an initial investment of $100 million, including a foreign direct investment (FDI) of $49 million.

 

This is the second approval given by FIPB to the Tata Group this year to forge an alliance with a foreign carrier. Earlier in April, the FIPB cleared Tata group's proposal to set up a low-cost carrier in partnership with Malaysia's AirAsia.

 

The joint venture will now have to approach the Ministry of Civil Aviation for a no objection certificate. Following this, they will have to go to the Directorate-General of Civil Aviation (DGCA) before the airline is allowed to take off.

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