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Morning Buzz: Debit cards losing out to UPI; RBI directs banks to have two wholetime directors, and more

Credit cards continue to show an upward spending trajectory, but debit card transactions have more than halved; banks who do not meet the requirement will be given four months to comply

Samar Srivastava
Published: Oct 26, 2023 09:35:02 AM IST
Updated: Oct 26, 2023 10:59:44 AM IST

Morning Buzz: Debit cards losing out to UPI; RBI directs banks to have two wholetime directors, and moreThe Maharashtra labour department has asked TCS to appear before it on November 2 to discuss why it had delayed onboarding lateral recruits.

TCS gets notice for delay in onboarding recruits

The Maharashtra labour department has asked TCS to appear before it on November 2 to discuss why it had delayed onboarding lateral recruits. These are employees with 1.8 to 15 years of experience. The company has said it will go slow on hiring so that it utilises the existing talent pool. TCS recently declared its Q2 results and said that its headcount dipped by 6,333 employees.(Economic Times, Business Standard)

Debit cards losing out to UPI

Data from the Reserve Bank of India (RBI) shows that debit card transactions have more than halved to 51 million. The amount settled through debit cards has also fallen to Rs16,000 crore in September compared to Rs21,000 crore in April. While debit cards were replaced by UPI, credit cards have continued to show an upward spending trajectory. Transactions by credit cards jumped 22 percent to 131 million.
(Economic Times)

Jio Financial Services promoters buy 6.1 crore company shares

Post listing, the promoters of Jio Financial Services have raised their stake in the company from 45.8 percent to 46.7 percent. While the promoters have bought 6.1 crore shares, mutual funds have decreased their holding from 6.2 percent to 4.7 percent. FIIs have also reduced their stake from 26.4 percent to 21.5 percent. LIC’s stake stands at 6.6 percent.
(Economic Times, Moneycontrol)

RBI directs banks to have two wholetime directors

The RBI has directed banks to have at least two wholetime directors. Banks who do not meet the requirement will be given four months to comply. The names will have to be first submitted to the RBI for approval. This will allow personnel who are already in the bank and have knowledge of the inside workings to be board members. While payment banks have been kept outside the new rule, small finance banks will also have to comply.
(Business Standard)

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