News That Matters

Finance

SBI enters into compromise deal with Anrak

SBI enters into compromise deal with Anrak

Finance
HYDERABAD: In yet another twist in the insolvency resolution chapter at Anrak Aluminium, the country's biggest lender State Bank of India has entered into a compromise deal with the company involving debt revamp and a haircut totalling more than two-thirds of the dues. As part of the debt recast, lenders agreed to settle for around Rs 1,300 crore, compared to the original claim of more than Rs 4,000 crore. After the settlement was reached, Anrak Aluminium promoters made the initial payment of around Rs 150 crore, three people aware of the development said. SBI is learnt to have sealed this compromise deal at a joint lenders' meeting held recently but didn't update the banking regulator RBI while moving the National Company Law Tribunal (NCLT) at its directive. Last week, followin...
How to nail your next job interview, via text

How to nail your next job interview, via text

Finance
Five steps to ace that job interviewThe next time a recruiter contacts you, don't be surprised if it's by text. Companies are increasingly using personal texts or text-based platforms to open a dialogue and speed up their interview process, in place of early-stage "phoners" or screening calls. By pushing the chat-based systems that function like Slack or Google Apps (eco-systems where so many employees happily co-exist in-house) to the outside of employment, recruiters can get through 10 times as many applicants a day, according to Canvas, a text-based interviewing system. "It is a level of engagement and an efficiency that you can't do with email and phone," says Ann Hightower, director of internal operations at Tx:Team, a physical, occupational and speech therapy company based in India...
UIDAI introduces new two-layer security system to improve Aadhaar privacy

UIDAI introduces new two-layer security system to improve Aadhaar privacy

Finance
To strengthen safety and security of Aadhaar holders, the Unique Identification Authority of India (UIDAI) today introduced new layers of security of Virtual and limited Know Your Customer (KYC) to improve privacy. According to a ET Now report, the authority has introduced virtual ID for Aadhaar holders to use instead of Aadhaar number. Virtual ID will be used to avoid any need to share Aadhaar number at the time of authentication. Virtual ID will be 16 digit randomly-generated virtual number, which will be used for authentication instead of Aadhaar number. It will not be possible to locate your Aadhaar based on your virtual id. All agencies will migrate to the new system by June 1. Besides Virtual ID, the agency has also introduced limited KYC facility. Limited KYC will provid...
Legendary investor Bill Miller: Market could be headed for a 'melt-up' of 30%

Legendary investor Bill Miller: Market could be headed for a 'melt-up' of 30%

Finance
Worried about higher interest rates putting a dent on the stock market's rip-roaring rally? Fear not, a rise in rates will actually help stocks, according to legendary investor Bill Miller."Those 10-year yields go through 2.6 percent and head towards 3 percent, I think we could have the kind of melt-up we had in 2013, where we had the market go up 30 percent," Miller, the founder of Miller Value Partners, told CNBC's "Closing Bell" on Tuesday. "If we can get the 10-year towards that 3 percent level, you'll see the same thing.""In 2013, people finally began to lose money in bonds. They took money out of bond funds and put it into equity funds," Miller said.Miller is considered one of the best investors ever, after beating the market for 15 years in a row while working at Legg Mason. Stocks...
Aadhaar sitting duck for cyber criminals, says RBI-backed research

Aadhaar sitting duck for cyber criminals, says RBI-backed research

Finance
After a newspaper report claimed breach in Aadhaar database and that access to crucial info was available for an amount as little as Rs 500, concerns over the security of personal data have heightened. While the report could not be independently verified, even if the database cannot be breached, the worry is not unfounded. A study by a think tank affiliated with the Reserve Bank of India (RBI) too suggests that. A staff paper published by the Institute for Development and Research in Banking Technology has flagged serious safety issues. The paper, which attempts to trace the adoption of biometrics in India by the banks and the Unique Identification Authority of India (UIDAI), also studies costs and benefits of Aadhaar. "Aadhaar faces a number of challenges over the short and l...