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Finmo | UPI Enabled Mobile Banking App

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Have you ever faced the problem of putting the account number, 11 digit IFSC, branch details and what not just to do a transaction through your bank account to your friends or relatives, or putting the Debit/ Credit Card details to make an online transaction while shopping on Amazon or booking a ticket on BookMyShow, then you, my friend, are at the right place, and reading the right blog.

This April 2016, Dr. Raghuram Rajan, the then Governor, Reserve Bank of India (RBI) announced the launch of UPI (Unified Payments Interface) earlier this year in April, along with Mr. Nandan Nilekani, Advisor to NPCI (National Payments Corporation of India), Mr. Balachandran M., Chairman, Mr. A P Hota, MD & CEO and Mr. Dilip Asbe, COO, NPCI in Mumbai. With this announcement, India moved a step closer towards becoming a cashless economy with the advent of digital payments. Finmo is one of the earliest private companies planning to enter the space with its own functionality rich UPI enabled mobile banking App.

Source: NewsAurChai Media

Source: NewsAurChai Media

Finmo is a free mobile banking App powered by UPI (Advanced version of IMPS) allowing people to use their money freely and securely. With Finmo, people can send or request money instantly, from just about anyone, be it a friend or the local vegetable shop in your locality, just by using a unique virtual ID – VPA (Virtual Payment Address)

Virtual Payment Address is just like your Email ID, something of the form [email protected], like [email protected] or [email protected] No more hassle of entering the account number, IFSC, and other beneficiary/payee details. On entering just this VPA and authenticating the transaction with your MPIN, you’ll be able to complete a successful transaction in under 10 seconds.

Finmo is much more than just a money transfer app. You can split bills and pool money with your friends, and comes in with an integrated strong expense management and budgeting tool, helping you track and keep a check of your expenses and set & achieve your goals. You can also use Finmo to pay your electricity bills or recharge your mobile, DTH etc. The secret sauce here is the Social Feed, where you’ll basically get to peek at who’s spending together and on what, and also not just transact, but also have a chance to converse with your dear friends since we believe that Transactions become Experiences and Experiences become Conversations.

We wish to create an entire ecosystem where all your finances are managed within a single app, like Facebook is for your social life, Linkedin is for your professional life, we want Finmo to handle your financial life. Big task, isn’t it?

The digital payments space is getting exciting everyday with lots of innovation and we want to be a part of this disruption. Finmo plans to enter into following areas:

  • Merchant Payments
  • Payments for Insurance Premium
  • Payments for Mutual funds

Exciting enough? Join our waitlist at www.finmo.in to be part of the biggest digital revolution of India.

NewsAurChai Media is a media house which has young contributors ensuring a fresh and renewed perspective to news and recent happenings. We hope to offer sensible articles, which goes with our tag line of 'sense above sensation'.

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Hindi

जम्मू-कश्मीर में गैर-कश्मीरी नागरिकों पर आतंकियों का बढता अत्याचार!

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Kashmir | News Aur Chai
जम्मू-कश्मीर में बीते कुछ दिनों से गैर-कश्मीरी नागरीकों पर आतंकी हमलों के मामले सामने आ रहे हैं।

जम्मू-कश्मीर में बीते कुछ दिनों से गैर-कश्मीरी नागरीकों पर आतंकी हमलों के मामले सामने आ रहे हैं। खासतौर से गैर-कश्मीरी मजदूरों को निशाना बनाया जा रहा है। जम्मू-कश्मीर में आतंकियों द्वारा अब तक नौ नागरीकों की हत्या कर दी गई है। 5 अक्टूबर को श्रीनगर में आतंकियो ने वीरेंद्र पासवान की गोली मारकर हत्या कर दी थी। वीरेंद्र पासवान बिहार का रहनेवाला था और पिछले दो वर्षों से श्रीनगर में गोलगप्पे बेचता था। आतंकियों ने 6 अक्टूबर को फार्मेसी मालिक एम.एल बिंदू, स्ट्रीट वेंडर और एक टैक्सी ड्राइवर की हत्या कर दी थी। श्रीनगर के ईदगाह इलाके में आतंकियों ने स्कूल की मुख्य अध्यापिका सुपिंदर कौर और अध्यापक दीपक शर्मा की गोली मारकर हत्या कर दी।

16 अक्टूबर को अरविंद कुमार साह पर आतंकियों द्वारा गोली चलाई गई, उन्हें गंभीर स्थिति में श्रीनगर के SMHS अस्पताल ले जाया गया जहाँ डॉक्टरों ने उन्हें मृत घोषित कर दिया। अरविंद कुमार बिहार के बांका जिले में रहनेवाले थे और श्रीनगर में गोलगप्पे बेचते थे। 16 अक्टूबर की ही शाम को आतंकियों ने पुलवामा में सगीर अहमद नाम के व्यक्ति की गोली मारकर हत्या कर दी। सगीर अहमद उत्तरप्रदेश का रहनेवाला था एवं पेशे से वह एक कार्पेंटर था। 17 अक्टूबर, रविवार को आतंकियों ने दक्षिण कश्मीर के कुलगाम में के तीन मजदूरों को गोली मार दी, जिससे दो मजदूरों की मृत्यु हो गई और एक मजदूर बुरी तरह से घायल हो गया।

कश्मीर के अलग अलग हिस्सों में अनेकों प्रवासी बसे हुए हैं। अधिकतर लोग रोजगार की तलाश में बिहार से कश्मीर आए हुए हैं। लोगों का कहना है कि वे अगले महीने तक अपने घर बिहार जाना चाहते थे मगर दहशतगर्दों के कारण उन्हें काम छोड़कर बीच में ही जाना पढ़ रहा है। लोग डरे हुए हैं कि यदि स्थिति जल्द से जल्द सामान्य नहीं हुई तो उनका रोजगार और बच्चों की पढ़ाई छुट जाएगी।

27 वर्षों से कश्मीर में रह रहे 45 वर्षीय पंकज पासवान का कहना है कि उन्होंने इतने वर्षों में कश्मीर की इससे भी बदतर हालत देखी है। उनका कहना है कि एक के बाद एक हो रही हत्याओं से कश्मीर में दहशत का माहौल बना हुआ है और वे भी इस समय बिहार लौट जाना चाहते हैं। आतंकियों द्वारा निशाना बनाए गए नागरिकों का कहना है कि अनुच्छेद-370 के हटने से और कश्मीर के विकास से आतंकी बौखलाए हुए हैं। इसी वजह से वो लोगों पर हमला कर रहे हैं। नागरिकों का कहना है कि रविवार को हुए आतंकी हमले से पहले उन्हें उम्मीद थी कि हालात सुधर जाएंगे मगर लगातार हो रही हत्याओं से उन्हें भी जान का खतरा बना हुआ है।

पीडीपी अध्यक्षा महबूबा मुफ्ती का कहना है कि, यह घटना निंदनीय है। भोले भाले लोगों को बेवजह मरना और उनका रोज़गार छीनना बेहद दुःख की बात है।

बीजेपी के प्रवक्ता अल्ताफ ठाकुर ने कहा कि यह शत प्रतिशत नरसंहार है, गैर-कश्मीरियों की यह भीषण हत्या बिल्कुल अमानवीय है और यह आतंकियों की बौखलाहट को दर्शाता है।

सीपीआई के नेता मोहम्मद युसूफ तारिगामी का कहना है कि भोले भाले मजदूरों की हत्या एक जघन्य अपराध है, सिर्फ निंदा करना काफी नहीं है, ऐसे समय में सभी को एकजुट होकर इस तरह के अपराध के खिलाफ आवाज उठानी चाहिए और आतंकियों को कड़ी सजा देनी चाहिए।

जम्मू कश्मीर की लेफ्टनेंट गवर्न मनोज सिन्हा ने कहा है की निर्दोषों के खून का बदला इन आतंकियों से लिया जायेगा, कश्मीर की शांति को भंग करने कि कोशिश की जा रही है, लोगों को आगे बढ़ने से रोका जा रहा है, कश्मीर के विकास को रोकने की साजिश हो रही है मगर हम ऐसा नहीं होने देंगे। मनोज सिन्हा ने अपने रेडियो कार्यक्रम ‘आवाम की आवाज’ में कहा “आतंकी हमले में मारे गए के लिए मैं शोक व्यक्त करता हूं, हम सभी लोग आपके साथ हैं और आतंकियों से हार एक हत्या का पूरा बदला लिया जायेगा यह मेरा वादा है”।

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India

Ram Mandir Opening For “Darshan” In 2023

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Ram Mandir Opening 2023 | News Aur Chai

The Ram Mandir in Ayodhya is expected to allow visitors by December 2023, with the completion of construction only in 2025.

Sources in the Shri Ram Janmabhoomi Teerth Kshetra have revealed that the colossal project of building the Ram Mandir in Ayodhya, Uttar Pradesh, will be opening for devotees towards the end of 2023. In contrast, the project’s entire construction completion is expected towards the end of 2025. The sanctum sanctorum (Garbha Griha), along with the mandir’s first floor, will be ready by December 2023. Devotees will be allowed to visit the long-awaited mandir soon after the construction is completed.

An ANI report said, “The grand Ram Mandir being constructed in Ayodhya will be opened for devotees from December 2023. Sources told ANI that Garbhagriha, all five mandaps and the first floor will be ready by December 2023 and the mandir will be opened for devotees”.

The sanctum sanctorum will be as high as 161 feet and built using Rajasthani marble and stones. Engineers and architects are taking all measures to ensure the longevity of this enormous project. The second stage of construction is expected to begin in December this year. Currently, the structure is at a standstill as a result of monsoons. Another reason for the delay is the coronavirus pandemic that depleted the force with which the mandir’s construction was expected to go on.

The announcement of the mandir being opened to visitors in 2023 has brought up questions about the political agenda. It is believed that the Bharatiya Janata Party (BJP) aims to use the mandir to catapult themselves into a position of advantage during the 2024 Lok Sabha elections. Opening the mandir to devotees in December 2023 will give the BJP an easy 6-month gap to the general elections in 2024.

The opening of the long-awaited Ram Mandir in Ayodhya could be the factor that diverts the public, at least the Hindu’s in favour of BJP. Thus, securing them a vote bank based on religious sentiments upheld by the party in their previous tenure as the ruling party.

The Ram Janmabhoomi Mandir will be 360 feet long, 235 feet wide, and 20 feet high mandir will be completely ready by the end of 2025. The project will include amenities and structures like museums, archives, research centre, Sant Niwas, gau and Yagya shala, Etc. The main attraction is the Ram Mandir.

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Business

How SEBI’s New Margin Rule Is Affecting Retail Traders?

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SEBI Margin Rule | News Aur Chai

Securities and Exchange Board of India has introduced new margin rules for traders. Traders and Brokers are not happy with the new regulations because they will have to invest a large amount of cash in fulfilling margin requirements for trade.

SEBI had introduced the new margin rule in the year 2020 for intraday traders. It is being implemented in a phased manner. Traders were supposed to maintain 25 per cent of the peak margin in the first phase; the margin was raised by 50 per cent in the second phase. In the third phase, as per the new margin rule, intraday traders will have to pay a 100 per cent upfront margin. According to new norms, the margin requirements will be calculated four times during every trading session because the money margin must be greater than the need.

As per the new rule, brokers must collect margin from investors for any purchase or sale, and if they fail to do so, they will have to pay the penalty. Thus, brokers will not receive power of attorney. Brokers cannot use power of attorney for pledging anymore.

Those investors who want to make use of margin will have to create margin pledges separately. As per the new rule, investors will have to pay at least a 30 per cent margin upfront to avail a margin loan. Shares brought today cannot be sold tomorrow. Funds from shares sold today cannot be used for new trades on the same day.

The market experts said that there must be proper adjustments for implementing new rules, or it may create chaos, trouble and disturbance to the market participants. The CEO and founder of Zerodha broking firm, Nithin Kamath tweeted that, “the day when the new rules came into effect was the dreaded day for brokers, exchanges, intraday traders”.

Traders Are Not Happy:

Changes in rules have evoked strong reactions from traders because they will have to invest a large amount of cash in fulfilling margin requirements for trades as per new margin rules. Even the trading in futures and options will become more expensive. Traders are disappointed because they will have to pay up more money to bet in stock markets. As per new margin rules, Traders are also liable for the penalty if the rules are not followed during the trading session. If a trader wants to buy Nifty worth Rs 10 lakh, he will have to pay a 20 per cent margin of around 2 lakh. If the margin of the trader does not meet the need, he will be penalized. Traders will have to pay the minimum amount for opening the Multilateral Trading facility account, and they have to maintain a minor balance at all times.

Why Gas SEBI Introduced A New Margin Rule?

SEBI has introduced new rules to protect retail investors from purchasing difficulty. The intended goal of SEBI behind new margin rules is to bring down the difficult market situation and avoid huge fluctuation in stock markets during extreme stress. The new margin rules are likely to bring transparency to the market; it is expected to strengthen the market’s safety.

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