Payment system operators can’t issue new proprietary QR codes, says RBI

The Reserve Bank of India (RBI) on Thursday said payment system operators (PSOs) who use proprietary QR codes have to shift to one or more interoperable QR codes by March 31, 2022. It also said PSOs cannot issue any new proprietary QR codes for transactions, henceforth.

There are two interoperable QR codes at present — UPI QR and Bharat QR. said it will continue consultations over standardising and improving these interoperable QR codes, to enable beneficial features identified by the Phatak Committee. “The measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability and enhance system efficiency,” said.

Guidelines for SRO

also finalised the guidelines for a self-regulatory organisation (SRO) for PSOs to encourage better compliance and to protect customers.

The SRO will be set up as a not-for-profit company under the companies Act, and RBI has asked interested groups and associations of PSOs to apply for this. “While self-regulation would release regulatory resources that can be better focused on issues of systemic importance, it would, by virtue of being developed by the industry itself, be more appropriate and

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Vedanta board to meet on Saturday to consider first interim dividend

conglomerate Ltd on Thursday said its board will meet this week to consider and approve the first interim dividend for the current financial year.

The record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Saturday, October 31, 2020, Ltd said in a regulatory filing.

“The Board of Directors of the company on Saturday, October 24, 2020, will consider and approve the first interim dividend on equity shares, if any, for the financial year 2020-21,”the company added.

On October 10, Ltd announced that its voluntary delisting offer — to acquire the balance shareholding in Mumbai-listed Vedanta Ltd and then delisting it from the stock exchange — had failed at the reverse book building stage.

The total number of shares tendered by Vedanta Ltd’s public shareholders fell 7 per cent short of the mandatory minimum 90 per cent for successful delisting.

Earlier this week, Vedanta Group firm Hindustan Zinc Ltd (HZL)had declared its highest interim dividend in 12 years at Rs 21.3 per share.The record date for paying the

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Americans Hit By Pandemic Create Start-ups At Record Clip

Americans enduring a feeble economy and high unemployment because of the coronavirus pandemic are creating start-up companies at a record pace.

The drive is favored by very low interest rates, banks that are eager to lend and people with money saved up — both because no one goes out anymore and because of government stimulus aid.

“It is not as surprising as you might think,” said John Dearie of the Center for American Entrepreneurship. “People are starting new businesses because they lost their jobs. And because they have capital to start those businesses.”

Around 1.6 million companies were created from July to September, by far a record, according to the Census Bureau. Never before had more than a million start-ups emerged in one quarter in America.

“The pandemic has definitely spurred interest among young people and adults to launch new businesses. The reason, we believe, is very simple. People are losing jobs,” said J.D. LaRock, the head of the Network for Teaching Entrepreneurship, which is active in 12 countries.

US President Donald Trump delivers remarks on the economy in Oshkosh, Wisconsin in August 2020
 AFP / Brendan Smialowski

“And people are recognizing that the world is changing, and that there

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