Insurance on EMI: A proposal stuck at concept stage

WhatsApp Chief has written to the Reserve Bank of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India. The messaging app, which has drawn fire from the government over spread of fake messages on its platform, continues to wait for a regulatory clearance to launch full-fledged payments operations in India – months after its ‘testing’ amassed nearly one million users, and almost two years since it first began discussions with the government on its payments services plans.

The development comes at a time when competitors such as Google have forged ahead with their payments offerings.

WhatsApp is currently piloting WhatsApp payments, and its Chief Chris Daniels has now written to the RBI urging that a formal approval be granted to take the payments product to all its users in the country.

“I write to request your formal approval to immediately expand WhatsApp’s BHIM UPI (Unified Payments Interface) compliant payments product to all users in India, giving us the opportunity to offer a useful and secure service that can improve the lives of Indian people through digital empowerment and financial inclusion,” Daniels said in the letter addressed to the RBI Governor.

The letter, dated November 5, mentions that WhatsApp’s partner banks have also submitted a request for formal approval.

When contacted, a WhatsApp spokesperson said the platform is working closely with the Indian government, National Payments Corporation of India (NPCI), and multiple banks, including payment service providers to expand the feature to more people and support the country’s digital economy.

“Today, almost 1 million people are testing WhatsApp payments in India. The feedback has been very positive, and people enjoy the convenience of sending money as simply and securely as sending messages,” the company’s spokesperson said, responding to a specific email query on the recent plea to the RBI.

In the letter, WhatsApp noted that the platform had rushed to ensure that the payments data is stored in India, immediately after the RBI came out with a directive outlining the new payments data storage requirements in April this year.

“Today, (the) RBI has unfettered supervisory access to payments data as prescribed by the RBI circular…,” said the letter. PTI has seen a copy of the letter.

The Facebook-owned company has also demanded a “level playing field” for all companies that offer payment services, including “a certain and transparent regulatory and operating environment”.

WhatsApp has also made a case for scaling up its operations by citing the productivity gains that have accrued to Indian small business as a result of the digital tool, and expressed its deep commitment to the market.

“Based on feedback from NPCI and our bank partners, we are confident that we are fully compliant with the UPI checklist, have made all necessary submissions and have passed the security audits required to launch WhatsApp Payments,” Daniels said.

It could not be immediately ascertained if the firm has received any response from the RBI to its letter.

WhatsApp’s ambitious payment services’ blueprint has been caught in a bind, over concerns around authentication and its data storage practices. In the past, its home grown rivals have alleged that WhatsApp’s payment platform has security risks for consumers and is not in compliance with the guidelines.

WhatsApp has been under tremendous pressure to put in place a mechanism to curb fake news on its messaging platform that incited mob fury in India. Over a dozen people have been killed across the country this year in mob lynchings, fuelled by rumours circulating on WhatsApp.

The rumours ranged from suspicion of stealing children to victims being believed to be killing cows. Riots have been instigated by people forwarding and misinterpreting videos on WhatsApp.

The government has, on several occasions, warned the company that it can’t evade responsibility if its messaging service is used to spread false information. The Centre has directed WhatsApp to develop tools to combat fake or false messages, and, more importantly, to identify message originators.

Apart from the traceability request, the government had asked WhatsApp to set up a local corporate presence and appoint a grievance officer to address complaints.


SBI Preliminary Examination 2018: Admit card expected on 6th June at

SBI Preliminary Examination 2018: Admit card expected on 6th June at

SBI Preliminary Examination 2018: The State Bank of India is holding preliminary examination for as many as 8301 vacant positions for Junior Associates. The Admit Card for this SBI Clerk Prelims 2018 is expected to be released on 6th June 2018, by the SBI on its official careers page – The candidates will be able to download their Prelims Admit Card 2018 from 6th June 2018 onwards, according to the schedule given in the official advertisement of the SBI Clerk 2018 Recruitment.

The SBI Preliminary Examination 2018 will be held on 23rd, 24th and 30th June 2018 across the country to fill 8301 vacancies for Junior Associates at the SBI branches across the country.

The aspirants/candidates who enrolled for the SBI Recruitment 2018 of Junior Associates (Customer Support & Sales) in Clerical Cadre as per the advertisement number CRPD/CR/2017-18/10, must keep a tab on to download their Admit Card on the given dates.

Recently, the SBI released Pre-Exam Training Call Letters for those candidates who were eligible to receive Pre-Exam Training.

However, the SBI Clerk Main Examination 2018 will be held on 5th August 2018, and the call letters for the Main Examination will be released on 23rd July 2018. The SBI is actively involved since 1973 in non-profit activity called Community Services Banking. All the bank branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on June 2, 1806.


South Suburban woman’s student loans snowball when lenders transfer loans without notice

Image result for South Suburban woman's student loans snowball when lenders transfer loans without notice

A south suburban woman is demanding answers from the Department of Education after her son’s student loans were transferred to different companies and snowballed out of control. She said she wasn’t getting the bills.

“I will be forever on the hamster wheel,” Sharon Mack said of paying off the loans.

Mack took out approximately $24,000 worth of loans for her son in 2009. Now the Palos Hills woman owes the Department of Education almost $38,000.

“Because all of the loans were being bought and sold by different lenders, I didn’t receive anything in the mail saying it was now bought and transferred,” she said.

Mack says she didn’t know the loans were transferred three times and that she didn’t receive bills. That’s when they snowballed with interest and late fees. When she defaulted, the loans transferred from the private servicer to a debt collector and then back to the Department of Education.

“They put me in default status, income tax check comes around and they seize the second check so then I call them and I say I am making my payments you are taking it out of my checking account every month,” Mack said.

Mack wants the Department of Education to put her in good standing and stop seizing her federal income tax checks. She provided the I-Team documentation showing monthly payments to the Department of Education, she says since April 2016.

“It’s taken a toll on us, we just want it to be fair and honest,” she said.

The Illinois Attorney General’s Office said it’s working with Mack to get answers from the federal agency. The office is also working with the last lender and the collection agency to help get Mack get back into good standing, since she now has a history of payments.

“I would not ruin my credit over a student loan. This has plummeted my credit,” Mack said.

The Department of Education said it’s looking into the I-Team’s questions about Mack’s case but had not responded to the I-Team as of Friday evening.

It’s legal for lenders to transfer student loans, but they must alert consumers if the servicer changes. Under a new state law written by the Illinois attorney general, they will have to alert consumers 15 days before the transfer instead of 45 days after.

“Not everyone has a college fund, you want your kids to go to college and have a good education and have a good life and you take out a loan and without your knowledge it keeps being bought and sold by different lenders,” Mack said.

Borrowers also have a responsibility to inquire if they’re strangely not seeing bills or debits from a lender.

That loan is not going to disappear – it’s most likely been transferred or sold.

Also, Illinois law says that student loan lenders must offer a lower payment option to borrowers in financial trouble.


It’s not too late to think about a new career at 40

Childhood friends Kamal Karanth (left) and Anil Kumar Ethanur quit high paying jobs as managing directors of international staffing firms in their 40s to start their own venture. Photo: Ramegowda Bopaiah/Mint

In 2014, over a beer, childhood friends Kamal Karanth and Anil Kumar Ethanur decided to quit their high-paying jobs as managing directors of competing international staffing firms and start a business together. “We never imagined we would start our own company,” says 45-year-old Ethanur, “but I saw entrepreneurship as the ultimate challenge and wanted to give it a shot.” Karanth felt his career was stagnating and wanted to tap into the fast-growing staffing industry, pegged to grow to a $20 billion (around ₹1.3 trillion) market in India. “We weren’t making any difference to our clients beyond filling their recruitment needs,” says 46-year-old Karanth.

For a year before he took the plunge, he researched on the how-tos of starting a business and began to change his lifestyle. “I found a new job for my driver, moved my assistant off my work, sold my car, before I started Xpheno,” he says. In hindsight, this helped him adapt quicker to the life of an entrepreneur.

 People change careers for many reasons. It could be stagnation or sheer boredom, the absence of challenge. “Around midlife, you want to do something purposeful and understand who you really are,” says Prof. Srinivasan Tatachari, T A Pai Management Institute in Manipal. Prof. Tatachari switched tracks when he turned 40, opting for academics after working in the corporate world. “I had a well-paying job at Wipro when I quit to do my PhD, was already married, and had a small kid to take care of,” he says.

Other than financial constraints, he had to learn how to chart the world of academics. “I needed a lot of discipline and hard work to make it work,” he says, adding that his age actually helped him as he had both discipline and perseverance for research in greater degrees than those younger to him. “In academia, if you’ve had previous careers, students and colleagues look at you with respect, which is advantageous,” he says. However, he feels it’s important to keep at it and take adequate time to prepare for a career change.

Despite the challenges, late-life career changes often result in a positive emotional outlook, according to a study published in January in The International Journal Of Ageing And Human Development. Three important factors contribute to this. “If you have the financial resources, your family is supportive, and you wanted to change your career rather than ‘had to’, you will be in a positive state during the transition phase,” says Eric Vogelsang, assistant professor, sociology, at California State University, and the study researcher. It’s important to start saving money during your younger working years to prepare for possible career changes in future, no matter whether you want the change or are forced into it by a change in the economy.

Vijay Arisetty, 41, was forced to give up his career as a helicopter pilot with the Indian Air Force after a shoulder injury. In his early 30s at the time, Arisetty joined the Indian School of Business, Hyderabad, to learn the ropes of management. He worked with Goldman Sachs for four years, quitting in 2012 to start a cab aggregating company, PyngCabs; Arisetty shut it down the very next year as he could not scale operations. In 2014, the then 37-year-old started Kitchensfood, a home-cooked food delivery platform; it failed too. It was with his third start-up, myGate, a security app for apartment complexes launched in 2016, that Arisetty tasted success.

“My experiences in different careers have helped me look at a problem with different perspectives and come up with alternative solutions,” he says, adding that work values like willingness to learn, punctuality and teamwork have remained constants. “You’re never to old to start. Keep an open mind, be humble, ask for mentorship, and roll up your sleeves to understand the nuts and bolts of the new career, and you’ll succeed no matter what your age,” he says.

Karanth is glad he planned financially for three years so he could focus on the business. It has been 20 months since he left his job and he feels the hardest part is accepting that you’re a “nobody”. “It is a humbling experience. You have to be motivated, keep yourself fit as you’re not young any more, be organized, learn new technologies and unlearn to work with millennials with a no-frills, non-hierarchical mindset,” he says.

 The biggest challenge is finding your feet in the new career, says Prof. Neharika Vohra of the Indian Institute of Management, Ahmedabad, who has seen career-pivoting post 40 becoming more popular in India. “You’ve moved away from your comfort zone, you need to learn so many new things constantly, and it might involve a change in status and money,” she says, adding that family support and the requisite training help. Ethanur agrees. “Nothing can prepare you for this journey,” he says.

Even though investors are more welcoming of mid-career stage founders, and both he and Karanth have extensive networks in their industry, it’s the constant learning and need to be hands-on in a new business that he finds an uphill task. “What counts is your ability to learn new skills and pick up new habits,” he says. He also believes a good mentor, someone who is outside your friend and family circle, and with whom you can honestly share your struggles, is essential.

After quitting his job, Vijay Arisetty had to wait till his third venture to taste success. Photo: Ramegowda Bopaiah/Mint

After quitting his job, Vijay Arisetty had to wait till his third venture to taste success. Photo: Ramegowda Bopaiah/Mint

Managing a midlife crisis 

Prepare yourself. Gather the skills needed for the new job. Take courses, if required, or get a mentor. Accept that it will change your life drastically, that you’re stepping out of your comfort zone. If you’re not determined, you’ll quit at the first sign of trouble.

Plan the money. Make sure you have at least a few years of savings or investments to continue your current lifestyle, so you or people dependent on you don’t suffer too much when that regular salary stops.

Prepare your family. Ensure their lifestyle doesn’t change overnight. Bring them on board. That will save you emotional stress later on.

Roll up your sleeves. You might have been a managing director in your last career, but you need to learn the ropes of the new one. Keep your ego on the back-burner and be ready to listen to and learn from people half your age.

Unlearn and relearn. When you switch careers, it’s your ability to learn new skills and pick up new habits which become most important. Be open, humble and ready to pick up new things. Be a mentee till you adjust to your new role.


UGC NET Admit Card 2018 available for download at

UGC NET Admit Card 2018: There will be two papers conducted on the same day.

The Central Board of Secondary Education has released the admit card for UGC NET examination, which will be held on July 8, 2018. The admit card can be downloaded from the official website,

Here’s how to download

* Log on to

* Click on the ‘Download Admit Card’ link.

* Key in required details.

* Download your admit card.

The CBSE conducts the National Eligibility Test on the behalf of the University Grants Commission (UGC) to determine the eligibility of candidates for the post of assistant professor in Indian universities and colleges as well as the Junior Research Fellowship.

Candidates applying for the exam should have secured at least 55% marks in a post-graduate or equivalent examination from universities/institutions recognised by the University Grants Commission. Candidates from Other Backward Classes (OBC) belonging to the non-creamy layer, Scheduled Caste (SC), Scheduled Tribe (ST) and people with disabilities (PwD) are eligible if they have secured at least 50% marks in postgraduate or equivalent examination.

For JRF, candidates should not be more than 30 years on July 1, 2018. There is relaxation of age for SC/ST/OBC (non-creamy), transgender, women, candidates having research experience, etc. For assistant professor exam, there is no upper age limit for applying.


There will be two papers conducted on the same day.

Paper 1 will have 50 objective type compulsory questions carrying two marks each. The questions will be of a general nature, intended to assess the teaching/research aptitude of the candidate. It will primarily be designed to test reasoning ability, comprehension, divergent thinking and general awareness of the candidate.

Paper 2 will have 100 objective type compulsory questions carrying two marks each which will be based on the subject selected by the candidate. All the questions of Paper – II will be compulsory, covering the entire syllabi of the earlier Paper II and Paper – III (including all electives, without options).