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Why the world has much to learn from India's big digital leap

Why the world has much to learn from India's big digital leap

Finance
By Adhil Shetty At #ChampionsOfChange, a recent Niti Aayog Initiative for 200 corporate CEOs to interact with the Government of India, Prime Minister Narendra Modi spoke eloquently about using technology to solve India's challenges and driving the change we want to see in India. He cited the example of the Government e-Market (GeM), an online marketplace for government tenders that aims to curb corruption by bringing transparency to public procurement. He described the role of Aadhaar in reducing leakage in government subsidy schemes. As a financial services entrepreneur aiming to enable access to financial products for every Indian, I feel strongly that secure mobile Aadhaar-based technology combined with the upcoming privacy law will radically transform the financial service...
Online matchmaking businesses in India have many ways to woo

Online matchmaking businesses in India have many ways to woo

Finance
“IT WAS 2012…I was number 37,” says Ashwini, referring to the badge that was pinned on her shirt pocket. Her task was to go onto the stage and introduce herself to around 70 eligible bachelors and their parents. Families then conferred and, provided caste and religious background proved no obstacle, would approach the event’s moderator asking to meet number 37. At midday girls would wait for prospects to swing by, again with parents on either side. A brief exchange might establish the potential bride’s cooking skills or her intention to work after marriage. If the two sides hit it off, they would exchange copies of their horoscopes. Nearly 50 men lined up to meet Ashwini that day, speed-dating style. No one made the cut. She later married a colleague.Such gatherings form an important part
Your postman may soon become the point of contact for all your financial work. Read how

Your postman may soon become the point of contact for all your financial work. Read how

Finance
NEW DELHI: Come 2018 and the humble postman will be armed with a high-tech device that will enable him to carry out various financial transaction at the door step of people. The India Post Payment Bank, which plans to launch nationwide operations by March 2018, is coming up with a large contract to source such devices for more than 1.5 lakh postmen. The equipment, a micro-ATM of sorts, will have a biometric reader, a printer and a debit card and credit card reader attached to it. A tender for 2 lakh such devices is almost ready and will be released in a month’s time, India Post Payment Bank chief executive AP Singh told ET. Hewlett Packard Enterprise has already been chosen to build the backend for India Post Payment Bank as a system integrator. “The idea is to streamline and focus on
The secret to being a great saver

The secret to being a great saver

Finance
Money guide for Millennials"What's the difference between 'paying yourself first' and saving money?" -- Ayesha Paying yourself first is a way to save money. In fact, it's the best way to save money. The trick is that rather than setting extra money aside, you're saving for yourself and your future goals right away, before spending the rest on non-essentials. Treat the savings goal like an important bill -- just like your rent or mortgage -- that must be paid every month. The only difference is it's a bill you pay to yourself. "Anybody can save the remnants of a paycheck after they've spent most of it," says George Galat, a California-based financial adviser. "[Paying yourself first] is purposeful, proactive and implies a level of progression toward a collection of goals," says Galat. ...
America holds the World Trade Organisation hostage

America holds the World Trade Organisation hostage

Finance
EIGHT months into Donald Trump’s presidency, the rules-based system of global trade remains intact. Threats to impose broad tariffs have come to nothing. Some ominous investigations into whether imports into America are a national-security threat are on hold. Mr Trump looks less a hard man than a boy crying wolf. All the same, supporters of the World Trade Organisation (WTO), the guardian of that rules-based system, are worried. Other dangers are lurking. There is more than one way to undermine an institution.The WTO is meant to be a forum for reaching deals and resolving disputes. But all 164 members must agree to new rules, and agreement has largely been elusive. So if members do not like today’s rules, as interpreted by judges, they have little prospect of negotiating better ones. That