Author: News Desk
UAE businesses could soon accept AE Coin, the first regulated cryptocurrency in the Emirates, following its recent approval by the Central Bank of the UAE. Pegged to the dirham, AE Coin is classified as a stablecoin, offering greater stability compared to other cryptocurrencies. Built on Blockchain Technology Designed to ensure stability, efficiency, and security, AE Coin operates on blockchain technology. Ramez Rafeek, AE Coin’s General Manager, shared the news of its approval through a LinkedIn post, and in an interview with The National, he confirmed that the coin would be available soon. Stable and Secure Transactions AE Coin is fully…
Indian automaker Tata Motors has confirmed a price increase across its entire passenger vehicle range, including electric vehicles, effective from January 2025. The price hike, ranging up to three percent, is attributed to rising input costs and inflation, which Tata Motors aims to address through this adjustment. The company, known for a diverse lineup from the Tiago hatchback to the Harrier and Safari SUVs, explained that this change is necessary to help mitigate escalating production expenses. In addition to Tata Motors, Kia India also announced a price increase of two percent for its full model range, including popular vehicles like…
The Indian Space Research Organisation (Isro) is progressing steadily toward the highly anticipated Gaganyaan mission. Preparations for the first uncrewed flight have commenced, with all propulsion systems of the human-rated LVM3 launch vehicle delivered to Sriharikota. The crew escape system, vital for astronaut safety, has also arrived at the launch complex, and integration of orbital module systems is nearing completion. Targeted Launch Timeline According to Dr. Jitendra Singh, Minister of State for Space, the first uncrewed mission is planned for late 2024. Subsequent uncrewed missions are scheduled for the third quarter of 2025 and the first quarter of 2026. The…
Out of the 1.52 lakh startups recognized under the Startup India programme by the Department for Promotion of Industry and Internal Trade (DPIIT), 5,063 — approximately 3.3% — have shut down as of December 5, 2024. This data was shared by Jitin Prasada, Minister of State in the Commerce Ministry, in a written reply to the Lok Sabha. State-wise, Maharashtra recorded the highest number of closures, with 929 startups shutting down, followed by Karnataka with 644, Delhi with 593, Uttar Pradesh with 487, and Telangana with 301. Job Creation Despite ClosuresDespite the closures, startups under the programme have made a…
Amazon is set to enter India’s $6-billion quick commerce market, competing with established players like Zomato’s Blinkit, Swiggy Instamart, Zepto, Flipkart Minutes, and BigBasket. This marks a significant move under the leadership of Samir Kumar, Amazon India’s Country Manager, who announced the initiative on December 10 at the company’s flagship event, Smbhav in Delhi. Pilot Launch in Bengaluru The pilot program will begin in Bengaluru later this month, offering customers delivery of everyday essentials within 15 minutes. While earlier reports suggested the service might be named Tez, the company has yet to finalize a name for its quick commerce platform.…
Indian Railways’ Vande Bharat Express, India’s first semi-high-speed train, has been making waves for its speed and comfort, especially on the New Delhi-Varanasi route. However, questions have been raised about whether this new service is financially viable, particularly given concerns regarding its operational costs and its potential to cause losses to the government. Vande Bharat Express: A Premium Service The New Delhi-Varanasi Vande Bharat Express was launched in 2019 as a groundbreaking service, reducing travel time between the two cities. A second Vande Bharat Express was introduced on the same route in December 2023 to meet rising demand for faster…
Walmart-owned Myntra is revolutionizing online shopping with its M-Now service, offering 30-minute deliveries for clothes and accessories in Bengaluru without charging customers additional fees. Chief Executive Officer Nandita Sinha shared insights in an interview, highlighting Myntra’s strategy to stay competitive in the growing quick commerce sector. Myntra’s 30-Minute Delivery Service M-Now, Myntra’s rapid delivery initiative, launched in Bengaluru, aims to offer swift deliveries at no extra cost to customers. This move sets Myntra apart from other quick commerce players like Zomato’s Blinkit, Swiggy Instamart, and Zepto, who typically charge for faster deliveries. Focus on Customer Convenience While many companies add…
The Banking Laws (Amendment) Bill, 2024, passed by the Lok Sabha, brings significant updates to improve banking operations and customer convenience. These reforms, introduced by Finance Minister Nirmala Sitharaman, aim to modernise the banking sector and ensure stability. Key Changes in Nomination Rules The amendment allows account holders to allocate funds to multiple nominees in specified proportions, replacing the earlier provision of a single nominee. For bank lockers, a sequential nomination system ensures smooth access rights during unforeseen events. These updates simplify inheritance processes, enhance depositor rights, and build public trust in banking institutions. Enhanced Governance and Transparency Public sector…
Sanjay Malhotra has been appointed as the 26th Governor of the Reserve Bank of India (RBI). He takes over from Shaktikanta Das on December 11, 2024, as India faces challenges like inflation control and economic slowdown. A Stellar Career Journey Sanjay, a 1990 batch IAS officer from the Rajasthan cadre, brings over three decades of governance experience. His roles have spanned sectors such as power, finance, IT, and taxation, including serving as Revenue Secretary in the Ministry of Finance and Secretary in the Department of Financial Services. Academic Achievements With a degree in Computer Science from IIT Kanpur and a…
Jay Chaudhry was born in Panoh, a remote village in Himachal Pradesh, India. His early life was marked by poverty, with his family relying on small-scale farming for sustenance. Growing up without electricity or running water, Chaudhry’s determination to succeed was evident from a young age. Despite these challenges, he excelled academically and earned a degree in electronics engineering from IIT BHU. Journey to the United States In 1980, Chaudhry moved to the United States to pursue a master’s degree in engineering and marketing at the University of Cincinnati. This move was pivotal, providing him with the foundation to build…