Supreme Court to hear plea related to UPI data on November 23

Supreme Court to hear plea related to UPI data on November 23

New Delhi. The Supreme Court said on Friday that it would hear a petition filed by Rajya Sabha member Binay Vishwam on 23 November. The petition has requested to direct the Reserve Bank to formulate regulations to ensure that data collected on the 'UPI platform' is not used for any purpose other than payment processing. The matter came up for hearing before the bench of Chief Justice SA Bobde and Justice AS Bopanna and Justice V Ramasubramanian. The bench has listed it for hearing next week.

On October 15, the court sought replies from the Center, Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and others including Google Inc, Facebook Inc, WhatsApp and Amazon Inc. CPI leader Vishwam has requested directions to the Reserve Bank and NPCI to ensure that the data collected on the 'Unified Payments Interface' (UPI) platform is not shared with their parent company or any other third party under any circumstances. to be done. 

The petition claimed that the UPI payment system in India is being regulated by the Reserve Bank and NPCI but both foreign entities can operate their payment services in India in exchange for fulfilling their statutory obligations and protecting sensitive data of users. Allowing and compromising the interests of Indian users. It claims that the Reserve Bank and NPCI have allowed 'three members of the four big technology companies' Amazon , Google and Facebook and WhatsApp (beta phase) to go into the UPI system without much scrutiny. The petition said that it was in violation of UPI guidelines and RBI regulations.


Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Mumbai. The IPO of the restaurant chain Burger King will hit the capital market on December 2 and the price range for bidding shares under the company's initial public offering (IPO) is Rs 59-60 per share. The company said in a virtual conference to raise investment that the US subsidiary of US-based Burger King will raise Rs 810 crore under the proposed IPO. It will issue new shares worth Rs 450 crore.

The company said that its promoter unit QSR Asia will sell up to 60 million shares, valued at around Rs 360 crore. The company raised Rs 58.08 crore through rights issue and Rs 91.92 crore through preferential allocation as part of pre-IPO planning.

Burger King India CEO and board member Rajeev Verma told PTI that the issue of new shares had come down from Rs 600 crore to Rs 450 crore. The company said that the funds raised through the IPO would be used primarily to expand company-owned stores across the country and to repay debt.