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RBI removes Paytm Payments Bank from list of scheduled banks

RBI
Reserve Bank of India

Mumbai, Oct 7 (NVI) The Reserve Bank of India (RBI) has officially removed Paytm Payments Bank (PPBL) from the list of recognised scheduled banks following the cancellation of its banking licence.

This comes after the central bank cancelled PBBL’s banking licence in April this year for non-compliance. It stated that the affairs of the bank were conducted in a manner detrimental to the interest of its depositors, the report added.

Later, the Delhi High Court (HC) also ordered that PPBL be wound up.

“Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934…,” the central bank said in a statement on Wednesday.

A notification in this regard was published on 31 July and published in the Gazette of India in September.

The Second Schedule of the RBI Act is the official list of recognised banks that meet the central bank’s financial standards and get special operational privileges. ‘Scheduled bank’ means a bank included in the Second Schedule.

PPBL, an associate firm of Vijay Shekhar Sharma-promoted fintech firm Paytm, came under the regulatory scanner on multiple occasions earlier, including in March 2022, when the central bank barred it from onboarding new customers.

While cancelling the licence, the RBI said the bank’s affairs were conducted in a manner detrimental to its own interests as well as those of its depositors.

Earlier, PPBL was directed to stop onboarding new customers with effect from 11 March 2022 amid “material supervisory concerns” observed in the bank.

The bank was also directed to appoint an information technology (IT) audit firm to conduct a comprehensive system audit of its IT system.

Thereafter, on 31 January 2024 and 16 February 2024, certain business restrictions were also imposed on the bank, including the prohibition of any further deposits / credits / top-ups to existing customer accounts, prepaid instruments, and wallets.

For customers, the RBI confirmed in April that your money is safe. It specified in its statement that ‘the bank has enough liquidity to repay its entire deposit liability upon winding up.’

Also, you can continue using the Paytm App for UPI, recharges, and payments, etc., as before.

Following the RBI action, One97 Communications, in its company filing, stated that it has no exposure to PPBL as it had already impaired its investment in the beleaguered entity as of March 31, 2024.

It added that key services, including the Paytm app, Paytm UPI, Paytm QR, Soundbox, card machines, and Payment Gateway, will continue to operate uninterrupted despite regulatory action by the Reserve Bank of India against its associate entity, Paytm Payments Bank Limited.

The company further clarified in its filing that its broader ecosystem, including Paytm Gold and Paytm Money, remains unaffected and will continue to operate normally. (NVI)

DIG Jammu reviews UAPA, narco-terror, terror financing cases

Shivam Bakshi

Jammu, Oct 7 (NVI) Jammu Deputy Inspector General of Police Shridhar Patil on Wednesday reviewed the progress of investigation in UAPA, old terror-related, narco-terror and terror financing cases in the district, officials said.

Patil, who chaired a crime review meeting at the Zonal Police Headquarters here, took stock of the investigation into cases registered under the Unlawful Activities (Prevention) Act and reopened old terror-related cases, besides those linked to narco-terror and terror financing, they said.

The DIG directed officers to ensure professional, thorough and time-bound investigation of the cases and stressed the need for better coordination among investigating agencies, officials said.

He also directed the officers to take effective measures to identify and dismantle networks supporting terrorism, they said.—(NVI)

Two Pistols, Grenades Among Arms Recovered From Five Terror Associates in J&K’s Kulgam

Kulgam, Oct 7 (NVI) Five alleged terror associates were arrested and arms and ammunition recovered from their possession during a joint operation by police and security forces in Kulgam district of Jammu and Kashmir, police said on Wednesday.

The arrests were made at Khrewan Chadder following credible information about the activities of the accused, police said.

Two pistols, three magazines, 40 rounds of 9-mm ammunition and three grenades were recovered from their possession, they said.

The arrested persons were identified as Tajamul Hussain Mir of Gufbal, Rehmat Ali Naikoo, Tehrim Ahmed Bhat and Manzoor Ahmed Bhat, all residents of Khrewan, and Kifiyat Ahmed Dar of Maltalhama in Kulgam.

The operation was carried out jointly by Kulgam Police, 9 Rashtriya Rifles and 18 Battalion of the CRPF, officials said.

A case has been registered at Police Station Kulgam under relevant sections of law and further investigation is underway.—(NVI)

J&K records 55.24% progress in rooftop solar installations

Srinagar, Oct 7 (NVI) : Jammu and Kashmir has achieved 55.24 per cent of its target under the PM Surya Ghar: Muft Bijli Yojana, with 46,133 residential rooftops solarised against the Union Territory’s target of 83,500 installations by March 2027, officials said on Wednesday.

Chief Secretary Atal Dulloo reviewed the progress of rooftop solar installations for residential consumers and solarisation of government buildings under CAPEX and RESCO modes at a meeting here.

The achievement in J&K is higher than the national progress of 50.80 per cent, the meeting was informed.

Of the 46,133 residential rooftop solar installations, 17,809 have been completed in Jammu Power Distribution Corporation Limited (JPDCL) areas with a capacity of 62.69 MW, while 28,324 installations have been completed in Kashmir Power Distribution Corporation Limited (KPDCL) areas with a capacity of 102.55 MW, taking the total installed rooftop solar capacity in J&K to 165.24 MW.

The meeting was informed that Rs 344.14 crore in Central subsidy and Rs 13 crore in Union Territory subsidy have so far been credited to beneficiaries.

Against the target of 83,500 installations, 89,680 applications have been received, of which 82,591 applicants have selected vendors and 69,460 consumer agreements have been uploaded. A total of 42,686 rooftop systems have been commissioned, it said.

Dulloo directed the Power Development Department (PDD) and implementing agencies to address bottlenecks affecting the pace of installations, particularly bank financing, vendor availability, metering and execution of power purchase agreements (PPAs).

Taking note of the high rejection rate of bank loans, he directed the discoms to take up all rejected cases with the concerned banks, ascertain the reasons and resolve the issues so that eligible consumers are not denied the benefits of the rooftop solar programme.

Around 75 per cent of rooftop solar installations in KPDCL areas are dependent on bank financing. Of the 61,566 loan applications submitted, 17,416 have been rejected, including 14,232 in KPDCL areas, while 38,773 cases have been sanctioned and disbursed and 5,367 are under process.

The Chief Secretary also directed the discoms to proportionately distribute vendors across districts to ensure adequate availability of service providers and accelerate installations.

Reviewing solarisation of government buildings, the meeting was informed that against a CAPEX target of 12,994 buildings, 8,850 have already been solarised with a combined capacity of 95.64 MW.

Of these, 4,793 buildings with a capacity of 41.50 MW have been covered under PM Surya Ghar and hybrid projects, while 4,057 buildings with a capacity of 54.14 MW have been solarised under the ongoing programme.

Materials have been supplied to another 1,300 buildings, work is underway at 943 sites and surveys are being conducted for 1,901 buildings, officials said.

Under the RESCO mode, JAKEDA has proposed solarisation of 8,000 government buildings with a cumulative capacity of 152 MW, with work orders already placed for 5,185 buildings.

The National Hydroelectric Power Corporation (NHPC) has also proposed solarisation of 1,500 government buildings with a capacity of 23 MW under the arrangement.

Dulloo directed JAKEDA to coordinate with the discoms for installation of meters simultaneously with rooftop solar systems so that metering does not become a bottleneck after installation.

He also directed the PDD to ensure installation of smart meters at the earliest to facilitate commissioning of solar rooftop systems already installed on government buildings.

The Chief Secretary called for expeditious execution of PPAs and closer inter-agency coordination, stressing that administrative and procedural formalities should move in tandem with physical implementation.

He also asked JAKEDA to accord greater focus to the RESCO mode, observing that progress under the component was slow and needed to be accelerated through closer monitoring and timely resolution of implementation issues.

The meeting was attended by senior officers of the Power Development Department, Science and Technology Department, JPDCL, KPDCL and JAKEDA, while Deputy Commissioners participated through video conferencing.—(NVI)

BSF woman constable dies after accidental firing from service rifle in Jammu

REpresentational Image

Shivam Bakshi

Jammu, Oct 7 (NVI) : A woman constable of the Border Security Force (BSF) died after sustaining a critical bullet injury in an accidental firing incident in the R S Pura area of Jammu, officials said on Wednesday.

The incident occurred in the afternoon when the constable sustained the injury following an accidental discharge from her service rifle, they said.

She was initially shifted to Sub-District Hospital, R S Pura, in a critical condition and was later referred to Government Medical College and Hospital (GMCH), Jammu, for specialised treatment.

The woman constable, however, succumbed to her injuries at the hospital, officials said.

Cognisance of the incident has been taken and further proceedings are underway, they said.—(NVI)

Arms, ammunition recovered from old hideout in North Kashmir

Srinagar, Oct 7 (NVI) Security forces on Wednesday recovered a cache of arms and ammunition from an old hideout in the Nagda Nar forest area of Handwara in Jammu and Kashmir’s Kupwara district, officials said.

Acting on specific information, a joint team of Handwara Police, Rashtriya Rifles and CRPF conducted a search operation in the forest area, they said.

During the operation, the security forces detected and destroyed an old hideout and recovered an AK-47 rifle, three grenades, 857 AK rounds, 192 PIKA rounds, eight AK magazines, a silencer and 83 pistol rounds, besides other incriminating material, officials said.

A case has been registered under relevant sections of law and further investigation has been initiated, they said.—(NVI)

POJK: 4 months on, Resilience by Kashmiris against Pakistan Continues

Sea of people at a protest in Pakistan-occupied Jammu Kashmir

By Ajay Kaul

New Delhi, Oct 7: It is now four months since a mass uprising began in Pakistan-occupied Jammu and Kashmir (POJK) against the illegal Pakistani rule and there are no signs of it ending anytime, at least in the near future.

The Pakistani regime continues to make all desperate attempts to crush the mass movement by unleashing brutal force and other oppressive means but people of POJK have refused to yield even after more than 100 men, women and children have been killed and hundreds of others injured.

Mass rallies, demonstrations and processions continued unabated throughout POJK, with the Kashmiris, including women, braving the bullets of the Pakistani forces.

Although it has not been named so, the agitation is essentially is a full-fledged revolt against the illegal Pakistani occupation, with the bedrock being the demands for basic rights.

It was originally-planned as a ‘Long March’ to Muzaffarabad from all parts of POJK, a part of Jammu and Kashmir which was militarily occupied by Pakistan in October 1947 before accession of the princely state to India.

Lakhs of people, including women and elderly, zealously participate in non-stop rallies, demonstrations and processions where the Pakistani regime and its demonic military are slammed and cursed for the oppression continuing since the last 78 years.

The resolve of Kashmiris is unwavering even as Pakistani forces have been killing and maiming peaceful protesters through direct firing, arresting thousands, including top leaders of the agitation and resorting to other criminal acts.

The Pakistani regime has resorted to the inhuman act of ‘economic blockade’ on the landlocked POJK by preventing supplies of even essential items like food grains and medicines.

The Pakistani forces also sealed shops and business establishments in several parts of POJK to punish their owners for participating in the peaceful agitation. Bank accounts of many locals have been frozen.

Internet has also been shut down by the Pakistani regime in an attempt to prevent the visuals of its atrocities from going into circulation.

But the undeterred Kashmiris have pledged not to relent before the Pakistani forces, being described as “Zionist”.

Long March

The call for ‘Long March Towards Muzaffarabad’ had been given by J&K Joint Awami Action Committee (JKJAAC), a conglomerate of several non-political organisations of the occupied region.

The ‘Long March’ was slated to begin on 9 June 2026 but began two days earlier because of the criminal attempts by the Pakistani regime to scuttle it.

Ahead of the D-day, Pakistan sent tens of thousands of its military personnel to POJK, adding to the lakhs of those already present and they started a brutal crackdown on leaders and activists of JKJAAC and imposed curfew.

Rawalakot in particular witnessed bloodshed caused by the Pakistani forces on June 7 itself.

Despite that, lakhs of protesters reached Rawalakot on 10 June, intending to continue towards Muzaffarabad. Peaceful sit-ins were subsequently established in and around Rawalakot, which became the epicenter of the agitation.

Since then, 100 days have passed but the sit-ins continue day and night and the public participation has continued to swell.

Demands

The agitation was launched for the due rights of the locals for cheaper electricity, subsidised wheat/flour and an end to Pakistani interference in political affairs.

The demand related to end of political interference is about reservation of 12 seats in 53-member POJK Assembly for so-called ‘refugees of Jammu and Kashmir living in Pakistan’.

The voters and candidates of these 12 controversial seats are dubious and linked to Pakistani establishment, i.e, the Pakistani military.

Thus, these 12 seats form the key for the Pakistani establishment to make or break the local governments in POJK, amounting to gross interference in the political affairs of the occupied region.

Kashmiris also say that electricity produced from the rivers of POJK is looted by Pakistan and the locals get no benefit. They want it to be corrected.

It is increasingly becoming clear that people of Pakistan-occupied Jammu and Kashmir are not willing to suffer subjugation anymore and are ready to do take on the occupying regime head on.

The façade of “Azad Kashmir” has fallen and the agitation has grown into an uprising against the illegal rule of Pakistan which militarily occupied these parts of Jammu and Kashmir in October 1947 through an invasion.

The people of the POJK, who have remained subdued and submissive for the last 78 years of Pakistani occupation, have finally resolved to chart their political future by breaking the chains of subjugation. And they declare it openly. (NVI)

RBI raises Repo Rate by 25 Points; Forecasts 4.4% for Core Inflation

RBI Governor Sanjay Malhotra

Mumbai, Oct 7 (NVI) The Reserve Bank of India (RBI) today announced increase in Repo Rate by 25 basis points (or 0.25%), marking the first hike since February 2023 in the rate at which the central bank lends money to other banks.

The decision to increase repo rate from 5.25 per cent to 5.5 per cent was taken by the Monetary Policy Committee (MPC) headed by RBI Governor Sanjay Malhotra. This comes amid rising inflation, higher oil prices, and a weaker rupee.

The RBI has also raised its core inflation forecast for the current financial year to 4.4 per cent from 4.3 per cent earlier.

In his MPC address, Malhotra said, “Global inflation is expected to rise. Trade uncertainty continues to linger. Global sentiment remains fragile. The impact of the Iran war could also disrupt trade and supply chains.”

However, he added that the Indian economy remains strong and is expected to stay resilient. “Rate cuts are off the table in the near term,” said the RBI governor.

In a first since 2018, the central bank changed its monetary policy stance from “neutral” to “calibrated tightening”. A neutral stance means the RBI is keeping its options open. It can raise or cut interest rates depending on how inflation and growth evolve.

On the other hand, “calibrated tightening” sends a different signal. It means the RBI is now leaning towards tighter monetary policy and is prepared to act if inflationary pressures persist. In simple terms, the shift suggests that rate cuts are off the table in the near term, while another hike cannot be ruled out if inflation risks worsen.

The rate hike has come despite a stronger growth outlook.

The RBI has raised its real GDP growth forecast for the year to 7.1 per cent from 6.7 per cent earlier.

The central bank said economic activity has maintained momentum in the second quarter, covering July to September.

Manufacturing activity has held up despite cost pressures. The services sector remains steady and broad-based. Fixed investment is also continuing to remain strong. Private consumption and investment are expected to remain key drivers of growth. Net exports have also stayed positive.

There are, however, some weak spots. The RBI flagged weakness in non-durable goods and domestic air traffic. Supply chain disruptions could also weigh on growth.

A weak monsoon and the possibility of an El Nino event could affect the Rabi season.

At the same time, rural and urban demand is expected to remain sustained. (NVI)

J&K Govt Reshuffles Top Bureaucracy, 49 Officers Get New Postings

Srinagar, Oct 7 (NVI) The Jammu and Kashmir administration on Wednesday ordered a major reshuffle involving 49 IAS and JKAS officers, including several deputy commissioners and senior secretaries.

The reshuffle was ordered through Government Order No. 1612-JK(GAD) of 2026 issued by the General Administration Department.

As per the order, Financial Commissioner Jal Shakti Shaleen Kabra, a 1992-batch IAS officer, will also hold the additional charge of Administrative Secretary, Revenue Department.

Dr Ashish Chandra Verma (1994) has been posted as Financial Commissioner, Agriculture Production Department, while M Raju (2005) has been divested of Health and Medical Education and assigned additional charge of Hospitality and Protocol and Disaster Management, Relief, Rehabilitation and Reconstruction.

R Alice Vaz (2005) has been appointed Commissioner Secretary, Transport, with additional charge of Civil Aviation, while Saugat Biswas (2006) has been posted as Commissioner Secretary, Health and Medical Education.

Sarmad Hafeez (2009) has been appointed Commissioner Secretary, Youth Services and Sports.

Ramesh Kumar (2011) has been posted as Secretary, Rural Development and Panchayati Raj, with additional charge of Culture and Resident Commissioner, New Delhi.

Avny Lavasa (2013) has been posted as Secretary, Tourism, while continuing to hold charge of Tribal Affairs. Anjali Sehrawat (2013) has been appointed Secretary, Public Grievances.

Vikas Kundal (2013) has been posted as Divisional Commissioner, Jammu, and Majid Khalil Drabu (2013) as Inspector General of Registration.

Rahul Yadav (2014) has been appointed Administrative Secretary, Information Technology, with additional charge of Managing Director, Jammu and Kashmir Power Development Corporation.

Owais Ahmed (2014) has been posted as Administrative Secretary, Planning, Development and Monitoring, with additional charge of Director, Skill Development, while Sagar Doifode Dattatray (2014) has been appointed Administrative Secretary, Social Welfare.

Among the deputy commissioner-level postings, Devansh Yadav (2016) has been posted as Deputy Commissioner, Rajouri; Abhishek Sharma (2018) as Deputy Commissioner, Kupwara; Rupesh Kumar (2019) as Deputy Commissioner, Samba; Jatin Kishore (2020) as Deputy Commissioner, Budgam; Shreya Singhal (2020) as Deputy Commissioner, Ganderbal; and Ananth Dwivedi (2021) as Deputy Commissioner, Udhampur.

Minga Sherpa (2017) has been posted as Deputy Commissioner, Jammu.

Other key appointments include Rakesh Minhas (2016) as CEO, State Health Agency; Shrikant Balasaheb Suse (2016) as Chairman, J&K Services Selection Board; Akriti Sagar (2016) as Managing Director, J&K Tourism Development Corporation; Athar Aamir Khan (2016) as Managing Director, National Health Mission; and Basharat Qayoom (2016) as Commissioner, Srinagar Municipal Corporation, with additional charge of CEO, Smart City Srinagar.

Ayushi Sudan (2017) has been posted as Commissioner, Jammu Municipal Corporation, while Faz Lul Haseeb (2018) has been appointed Additional Secretary, Agriculture Production Department.

Mamta Yadav (2021) has been posted as Director, Information.

Among the JKAS officers, Kuldeep Krishan Sidha has been appointed Deputy Commissioner, Pulwama, while Charandeep Singh has been posted as Deputy Commissioner, Shopian.

The order, issued by the General Administration Department, was issued with the approval of the Lieutenant Governor.—(NVI)

Suspected Pigeon Found in Khour Area of Jammu

Shivam Bakshi

Jammu, Oct 7 (NVI) A pigeon bearing a stamped mark, suspected to have come from across the international border, was found on the terrace of a house in Khour area of Jammu district on Wednesday, officials said.

The pigeon was noticed by a resident, who informed Police Post Pallanwala, following which a police team reached the spot and took the bird into custody, they said.

The pigeon was brought to the police post for examination, the officials said.

A stamped mark was found on the bird, indicating that it may have come from across the border, they said.

However, nothing suspicious was found attached to the pigeon, the officials added.—(NVI)

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