Category: BUSINESS

Aadhaar will include face recognition alongside iris or fingerprint scan as a means of verifying users, helping those who face issues in biometric authentication or have worn-out fingerprints, the authority in charge of the national identity card system said today. The face authentication will be enabled by July to help people facing difficulty in biometric authentication due to old age, hardwork or worn-out fingerprints, the Unique Identification Authority of India (UIDAI) said in a statement. The UIDAI said that face authentication would be allowed “only in fusion mode” meaning along…

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Long before it brought in an extra firewall for privacy with the proposed virtual IDs, the Aadhaar-issuing authority UIDAI had set in place a ‘biometric lock’ as an additional layer of protection against outside intrusions or breach. A lesser-known feature, the biometric lock in existing Aadhaar system is aimed at allowing users to safeguard or lock down their biometrics as and when they want. Aadhaar, which captures an individual’s personal details along with biometrics like fingerprint and iris, has been mandated to be used for authentication of identity with banks…

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The government will soon invite fresh applications for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017. Although interviews were conducted on July 29 last year, the government has decided to start the process all over again, sources said without giving reasons. Advertisements seeking application from eligible bankers would be issued soon, they added. The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet Secretary will select a suitable candidate to…

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Forest and environmental clearance issues continue to dog strategic projects and the central government will expedite the process of giving nod to them, Home Minister Rajnath Singh said today. Inaugurating the 43rd annual day function of the Military Engineer Services (MES) builders association of India here, Singh also said there is no shortage of funds for development of infrastructure along the border areas. The government will expedite forest and environmental clearance issues which still continue to dog such strategic projects, Singh was quoted as saying in an official release. Singh…

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In one of the biggest hauls, the DRI today seized about 15 kgs gold, worth Rs 4.55 crore, smuggled from Myanmar from the possession of two Manipuri men, according to an official statement. The accused had brought 90 gold bars illegally from Myanmar through Indo-Myanmar border in Manipur and was being carried in a Bolero vehicle, it said. The duo — identified as Chongtham Nehru Singh and Aaron Wangkheirakpam, both resident of Imphal — were arrested from Bamunimaidam area, the Directorate of Revenue Intelligence (DRI) said in the statement. In…

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The overnight recovery proved to be short-lived as the rupee once again turned shaky against the US dollar and settled lower by 6 paise to 63.66 on fresh bouts of demand for the American currency. Besides, the dollar’s recovery against some currencies overseas alongside sustained withdrawal of funds by foreign portfolio investors (FPIs) largely weighed on trade. Foreign institutional investors (FIIs) sold shares worth Rs 572.26 crore yesterday, as per the provisional data. Forex traders moved cautiously ahead of the IIP data for November and Consumer Price Inflation (CPI) for…

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A slew of FDI reforms failed to enthuse the markets today as participants held back fresh bets ahead of the corporate results season. In big bang reforms ahead of the Budget, the government today permitted foreign airlines to invest up to 49 per cent in debt-ridden Air India, and eased norms for investment in single brand retail, construction and power exchanges. However, the benchmarks Sensex and Nifty slipped from record highs as caution crept in ahead of the earnings season, which will kick off tomorrow with TCS announcing its Q3…

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Country’s largest lender State Bank of India (SBI) expects financial bidding process for resolution of 12 big stressed accounts to be over by the end of this month, said the bank’s top official. SBI is the lead banker in 6 out of 12 large NPAs with total outstanding loan of Rs 1.75 lakh crore. “Financial bids of Electrosteel and Monnet Ispat have already come. We hope to receive bids for remaining cases during this month itself,” SBI Chairman Rajnish Kumar told PTI. Other cases which are pending before the National…

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Food ordering and delivery platform Swiggy today said it has expanded its services to Chandigarh and has tied up with over 250 restaurants in the city. The startup, which has gained a substantial market share and was last valued at USD 400 million when Naspers led a USD 80-million investment in May, said it will soon expand to neighbouring cities Mohali, Panchkula and Zirakpur. The restaurants partnered include legendary eateries, trendy cafes, ice cream parlours and national and international Quick Service Restaurants (QSRs) in the city. “The restaurant scene here…

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Regulator Sebi today banned Rose Valley Real Estate & Construction and its five directors from the securities market for four years for raising money from the investors without complying with the public issue norms. A probe by Sebi following a reference from the Corporate Affairs ministry had revealed that Rose Valley Real Estates had come out with seven issues of secured non-convertible debentures (NCDs) from 2001-02 to 2007-08, out of which, in six, the number of allottees was more than 49. Since the securities were issued to more than 49…

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