The month of October has not only brought in traditional Indian festivals, but also important updates in policies that will impact your finances. From Aadhaar card usage to PPF account regulations, the government has introduced several changes in the financial sector to improve security and streamline processes. HDFC Bank has also introduced new rewards for credit card users, while consumers brace for higher LPG cylinder prices. Stay updated with all the details of these key changes to keep track of your budget and personal finances.
Aadhaar UIDAI 2024: Key Changes Announced
Background:
The Unique Identification Authority of India (UIDAI) has announced several important changes and updates related to the Aadhaar system, effective 2024. These changes aim to enhance security, streamline processes, and improve the overall functionality of the Aadhaar ecosystem.
Key Changes:
Top 5 FAQs:
1. Why is Aadhaar re-verification necessary? To prevent fraudulent activities, ensure data accuracy, and maintain the integrity of the Aadhaar system.
2. How will Aadhaar re-verification be done? Through biometric authentication (fingerprints and iris scans) or by providing supporting documents.
3. What are the enhanced security features of Aadhaar 2024? Two-factor authentication (2FA), biometric liveness detection, and encryption of data during transmission and storage.
4. What control do Aadhaar holders have over their data? They can lock and unlock their demographic information and biometric authentication, and manage consent for sharing their data.
5. When will the physical Aadhaar card be digitized? The timeline for digitizing physical Aadhaar cards is yet to be announced.
Conclusion:
The Aadhaar UIDAI 2024 changes represent a significant step towards strengthening the security and improving the user experience of the Aadhaar system. These updates will ensure the continued reliability and effectiveness of Aadhaar in supporting various government services and financial transactions.
Indian tech giant Infosys Ltd announced a 4.7% increase in net profit for the quarter ended September 2024, along with a revised revenue guidance for FY25 on the back of successful mega deals. The company also declared an interim dividend and saw a rise in stock prices following the results announcement. CEO Salil Parekh credited their growth to industry expertise and market-leading capabilities, while CFO Jayesh Sanghrajka highlighted their focus on accelerating revenue growth and margin performance.
Bengaluru-based IT services giant Infosys released its Q2 results on Thursday, reporting a steady sequential margin and a modest revenue growth in constant currency terms. However, the company's shares fell by over 4% in Friday's trade. Morgan Stanley maintains an overweight rating on the stock, with a target of Rs 2,150, while Citi maintains a neutral position with a target of Rs 1,965. Citi highlights important forward-looking indicators for Infosys, including a decline in large deal total contract value, a decrease in headcount, and no projected growth in the upcoming quarters.
The Indian government's decision to decrease domestic gas allocation has led to a 21% reduction in supply for IGL and 20% for MGL, causing a potential increase in the cost of natural gas for consumers. This move has been made to bridge the gap between the lower APM gas price and higher LNG prices, affecting the profitability of the gas distribution companies. However, to minimize the impact, the CGD firms aim to pass on the increased cost to their consumers. This decision has already caused a decline in the share prices of IGL and MGL.
The European Central Bank has made its third interest rate cut since June, lowering its benchmark rate to 3.25% in an effort to combat falling inflation and a weakening economy. The ECB predicts a temporary increase in inflation before it returns to its target rate of 2% next year. However, analysts believe the slowdown in the eurozone may prompt further rate cuts in the future. Other central banks, such as those in the U.S. and U.K., have also seen a decline in inflation as they raised borrowing costs during the coronavirus pandemic.
Bluesky, the social media platform formerly known as Twitter, has seen a huge influx of new users in recent months. This comes as X, which was acquired by Elon Musk in 2022, prepares to roll out a controversial update that will allow users to view posts from accounts they have blocked. Despite backlash, Musk has defended the update, citing its importance for the platform's growth and evolution. Keep up with this developing story by signing up for NewsX updates.
In a continued pattern, four days in a row now, domestic airlines have been facing bomb threats to their flights. Recently, two Vistara and two IndiGo flights received such threats. Following the protocol, the authorities were immediately informed, and all passengers were safely disembarked as the aircraft underwent extensive security checks. IndiGo did not disclose any further details and is cooperating with relevant authorities.
Infosys, one of India's largest IT companies, reported a 4.7 per cent rise in net profit in the September quarter. Despite a tough global economic environment, the company added about 2,500 employees in the quarter, reversing a six-quarter hiring downturn. This is an important development for Infosys, which has been struggling to retain employees in recent years. The company's strong financial performance and increase in employee strength signals growth and stability for the IT giant, making it a market leader in the tech industry.
On October 17, 2024, Wipro announced a 21% increase in net profit for the September quarter and a bonus share issue in proportion of 1:1, marking the company's first bonus share issuance since 2019. This is the 14th time Wipro has issued bonus shares, solidifying its position as the most frequent issuer of bonus shares among Nifty and Non-Nifty constituents. Shareholders can expect to receive their bonus shares on December 15, 2024.
In a surprise announcement, Samsung Electronics revealed that its Q3 2024 earnings are expected to be 10% lower than previously estimated due to a delay in the AI chip business from a major customer. Analysts predict that this trend will continue in the current quarter and Samsung's late response to new technological advancements could jeopardize its market share. However, Vice Chairman Young Hyun Jun remains optimistic and promises to use this challenge as an opportunity to enhance the company's long-term technological competitiveness.