GK & Current Affairs!

CURRENT AFFAIRS - BASIC ECONOMY CCI imposes penalty of Rs591 crore on Coal India | 29-Mar-2017 15:05
                The Competition Commission of India (CCI) has imposed a reduced penalty of Rs 591 crore on Coal India Ltd for fuel supply pacts. 
                CCI asked Coal India to modify the Fuel Supply Agreements (FSAs) and also ensure that uniformity between old and new power producers as well as between private and state power producers.

Samsung Launches Samsung Pay in India For Card, Mobile Wallet And UPI Payments | 24-Mar-2017 14:55

Samsung Electronics announced the launch of its flagship mobile payments service, Samsung Pay, in India. Samsung Pay can be used to make purchases using debit or credit card to make payments.

Apart from allowing users in India to simply tap and pay on the go using their registered cards, Samsung Pay has integrated Paytm as well as the government’s Unified Payments Interface into the app. Samsung has also created a digital payment ecosystem by partnering with a number of issuers and card networks. The Card Network and Issuer partners include Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. Citibank India is a forthcoming issuer and its credit cards will be live on Samsung Pay shortly.

Samsung Pay works with three levels of security—fingerprint authentication, card tokenization and Samsung’s defense-grade mobile security platform Samsung KNOX to ensure security.

To launch Samsung Pay, a user needs to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and bring the phone near the Point of Sale terminal.

Hazira's first private sector township in Surat to go cashless | 20-Mar-2017 13:05

The Essar group’s township at Hazira in Surat district of Gujarat has become India’s first private sector township to go cashless.

The residents of Nand Niketan township have been provided with The Mobile Wallet (TMW) that has seen more than 12,000 app downloads since the launch recently. Over 8,000 TMW-RBL Bank prepaid cards have been issued to the residents.

All Essar employees now get a nominal part of their salary as a credit into their mobile wallets. Our cashless efforts have been appreciated by the district collector as well. This will go a long way in making our township cashless forever."