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RBI improves Bharat Bill Payment System to enhance customer protection

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RBI streamlines Bharat Bill Payment System, customers get more protection

The Reserve Bank of India (RBI) has introduced the Bharat Bill Payment Systems Directions, 2024, applicable to NPCI Bharat Bill Pay Limited and all Bharat Bill Payment Operating Units. These directions aim to streamline bill payments, enhance customer protection, and improve participation. Effective from April 1, 2024, these directions outline the roles and responsibilities of various entities within the system.

According to the directions, NBBL is authorised as the Payment System Provider for BBPS. Any entity operating payment systems outside BBPS scope requires RBI authorisation. The directions specify the roles of the system operator, system participants, BBPCU, BOU, and COU. BBPCU will guarantee settlement, ensure transaction tracking, prevent fund flow through Unauthorized Payment Systems, and provide conflict resolution mechanisms.

BOU must adhere to due diligence requirements for merchant onboarding. COU is responsible for providing customer interfaces, accessing all billers on BBPS, maintaining dispute systems, and overseeing agent institutions activities as per agreement. Regarding escrow operations, non-bank BBPOUs must have a dedicated escrow account with a Scheduled Commercial Bank for BBPS transactions. They operate as Payment Aggregators and must comply with the guidelines.

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A Complaint Management and Grievance Redressal system is also mandated by the directions. NBBL must establish a centralised complaint resolution system in line with RBI’s guidelines. All participating COUs and BOUs must integrate with the centralised system to manage disputes using BBPS reference numbers. Failed transactions must be resolved within RBI’s prescribed timelines, following the Harmonisation of Turn Around Time (TAT) circular on customer compensation for failed transactions using authorised Payment Systems.

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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NSE IPO awaiting approval from SEBI, CEO confirms

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NSE IPO awaits SEBI’s green signal, says CEO

New Delhi, April 16 (IANS) – The National Stock Exchange (NSE) is eagerly awaiting approval from SEBI for its upcoming IPO, according to MD and CEO Ashish Kumar Chauhan. Chauhan, who made headlines with BSE’s IPO in 2016, took over as NSE’s CEO in July 2022, setting the stage for another major milestone.

Chauhan revealed, “Once it gets a green signal from SEBI, we will get our draft red herring prospectus (DRHP) done and submit it.” The successful listing of BSE’s IPO in 2016 has set high expectations for NSE’s upcoming public offering.

Investors reaped the benefits of 13 out of 78 IPOs listed in the fiscal year 2023-24, with the S&P BSE IPO index jumping 69 percent in FY24. Chauhan hinted at more IPOs in the coming year if the market continues its upward trend, emphasizing the importance of seamlessly running India’s largest stock exchange.

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With 55.51 percent of NSE’s shareholding held by the public as of December 31, 2023, the exchange remains a key player in the Indian financial market. Chauhan’s leadership and strategic vision position NSE for further success in the fast-paced and ever-evolving world of stock trading.

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Andrew D. Baglino Net Worth 2024: How Much is the Tesla Executive Worth?

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Andrew D. Baglino Net Worth 2024: How Much is the Tesla Executive Worth?

Who is Andrew D. Baglino?

Andrew D. Baglino is a prominent figure in the manufacturing industry, particularly renowned for his role as the Senior Vice President of Powertrain and Energy Engineering at Tesla Inc. Baglino’s journey to success began in 2006 when he joined Tesla as an electrical engineer. Over the years, he has made significant contributions to the company’s technological advancements, particularly in powertrain and energy engineering.

Andrew D. Baglino’s Career

Baglino’s career at Tesla has been marked by notable achievements and advancements. Starting as an electrical engineer, he worked on crucial projects such as motor control firmware and digital test equipment for the Tesla Roadster. His expertise led him to become the Director of Engineering for Tesla Energy, where he played a pivotal role in designing powertrain systems for Tesla vehicles. By 2019, Baglino assumed the position of Senior Vice President, overseeing powertrain and energy engineering operations at Tesla.

Andrew D. Baglino’s Net Worth

As of April 1st, 2024, Andrew D. Baglino’s estimated net worth stands at least $5.04 million. This estimation is based on his ownership of 31,230 shares of Tesla stock, valued at over $5 million. Additionally, Baglino earns a salary of $303,000.00 per year as the SVP of Tesla Inc. His net worth does not account for any other investments he may possess.

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Andrew D. Baglino’s Age

Andrew D. Baglino is currently 43 years old, making him a seasoned executive within Tesla’s leadership. His extensive experience and expertise contribute significantly to the company’s innovation and success in the manufacturing industry.

Andrew D. Baglino’s Family: Husband and Children

While specific details about Andrew D. Baglino’s family life are not widely available, it is known that he has been married for several years. His wife is described as being highly supportive, and together, they have built a life filled with happiness and fulfillment. However, details regarding his children are not publicly disclosed.

Andrew D. Baglino’s Height and Weight

Andrew D. Baglino stands at a height of 5 feet 6 inches and weighs approximately 84 kilograms. While physical attributes do not define his professional capabilities, this information provides insight into his profile.

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Also Read: Frédéric Arnault Net Worth 2024: How Much is the Former CEO of TAG Heuer Worth?

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Microsoft Makes $1.5 Billion Investment in AI Company G42, Headquartered in the UAE

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Microsoft invests $1.5 billion in UAE-based AI company G42

Microsoft announced a $1.5 billion investment in UAE-based AI technology company G42 to establish a $1 billion fund for developers. The collaboration aims to bring Microsoft AI technologies and skilling initiatives to the UAE and other countries globally. Brad Smith, Vice Chair and President of Microsoft, will join the G42 Board of Directors.

H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of G42, expressed, “This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally.” G42 and Microsoft will bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa.

Smith shared, “We will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations.” The focus will be on combining world-class technology with world-leading standards for safe, trusted, and responsible AI, in coordination with the UAE and US governments.

The investment and partnership between Microsoft and G42 will drive innovation in AI technology and support developers globally. This collaboration highlights the commitment to advancing AI technologies for societal progress and enhancing digital infrastructure in underserved regions.

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