Facebook considered selling data?
In a testimony to the Congress, Facebook Founder & CEO Mark Zuckerberg had strongly asserted that the company does not sell data. But British lawmakers have seized documents that allude to the contrary, suggesting that the social media behemoth actually did consider selling data internally during 2012–2014, when it was struggling to earn revenues post its IPO.For instance, a document revealed an employee who suggested that they shut down data access till companies were ready to spend US$ 250,000 a year. Another document provides details on an employee having a “strategic” talk with Amazon to avoid a “disappointing conversation” about it getting less data in the future. Another mail discusses complaints by the Royal Bank of Canada regarding restricted data access and an employee asking about the company’s plans to invest in advertising. When these emails were sent, third party developers could see data of users that were interacting with their app as well as information on their friends. This loophole was plugged by Facebook in 2015 amid much controversy. For instance ‘This is Your Digital Life’ app got access to account data of 87 million users, while only a few thousands had agreed to share their information. While there is no proof that the company profited from user data, these emails do raise the suspicion that this was an active point of discussion.
Rajasthan Congress releases manifesto
The Congress party released its manifesto for polls in the state on Thursday. Major poll planks that have been covered by the party in its manifesto include farmers, youth, education, women’s security and protection to small-time businessmen. In an apparent counter to the BJP’s Hindutva agenda, the Congress has also included promises for a gochar bhumi (grazing land) development board and a Vedic Culture and Education Board. For protecting the rights of citizens and the media, the party has promised a social accountability act, a journalist protection act and the right to health. Additional promises include pension to elderly farmers, loan waivers to farmers within 10 days of coming to power and earnest effort to remove GST on farm equipment. Unemployed youth will get a monthly allowance of Rs 3,500 and girls and women will get free education up to any higher level degree and diploma course till they want to study, according to the manifesto. The party has also assured regularisation of contractual RHM/NUHM/Lok Jumbish/Aanganwadi employees, para-teachers, Shiksha Karmi, Vidyarthi Mitra and Panchayat Sahayak employees, a major issue under the present BJP government in the state.
Free services no more at banks?
The era of free services like issue of cheque books, additional credit cards, ATM usage and refund of fuel surcharge for customers maintaining minimum balance in their accounts may be over. Ask your bank executive about it and they will shrug their shoulders and point towards the tax department. Banks have been receiving notices from the tax department that seek to levy GST on these services, and top banks including SBI, ICICI and HDFC are already considering passing on this additional cost component to customers.Sources reveal that the banks have agreed to pass on 18% tax to customers. The tax department says that these services have a ‘deemed value’ and are therefore taxable. This ‘deemed value’ will be ascertained by looking at the charges paid for these services by customers who do not maintain a minimum balance in their account. Similar notices have gone to multinational banks like Citibank and DBS Bank. Experts caution that a similar logic could be applied to telecom, real estate and advertising companies as well.
RBI provides succour for NBFCs
The Government of India had made a demand to RBI to have a special window to support non-banking financial companies (NBFCs).In response to this demand, RBI has decided to relax the Minimum Holding Period (MHP) requirement for originating NBFCs, thereby allowing them to securitise loans with maturity of over five years after holding them for six months on their books, as opposed to one year earlier.
This relaxation will be permitted when the NBFC retains 20% of the book value of these loans, and the ruling is applicable to “securitisation/assignment transactions carried out during a period of six months from the date of issuance of this circular,” according to the RBI notification on Thursday.
The IL&FS fiasco has cast a shadow on the liquidity of NBFCs and the cost of funds has risen significantly for these firms.
Gagan Banga, VC & MD, IndiaBulls Housing Finance |dkoding |dkodingnewsline
Gagan Banga, VC & MD, IndiaBulls Housing Finance states that this notification will allow NBFCs to raise an additional Rs 25,000 crore till May 2019.
#dkodingquote of the day:
“People don’t care about what you say ,they care about what you build ” | Mark Zuckerberg | facebook | dkoding | dkodingshot | dkodingquote