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Delhi High Court Files PIL Against Paytm

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Paytm Payment Bank, Paytm’s first profitable feature, landed in trouble yet again. The latest issue faced by Paytm was a Public Interest Litigation (PIL) filed against the Vijay Shekhar Sharma owned company. The reason cited in the PIL was the lack of legal authorisation when it comes to the Company’s online postpaid wallet feature.

On the 27th of May, a Delhi High Court bench headed by Chief Justice Rajendra Menon questioned the Reserve Bank of India (RBI) and Paytm to about the PIL filed against the Company for overstepping its licence.

Filed through advocate Payal Bahl, the petition said, Paytm Payments Bank Limited was initially granted an online payments licence under Section 22 of the Banking Regulation Act, 1949 by the RBI in January 2017. Shortly after, Paytm started abusing the licence and even though it wasn’t allowed to distribute loans or allow credits, it kept doing so either way.

“Paytm Payments Bank by the means of its unauthorised Paytm Postpaid has provided un-monitored and unauthorized access to the personal information such as Aadhaar, PAN, transactions etc. of the its customers to unauthorized third party, thereby clearly violating Article 21 of the Indian Constitution and other relevant banking acts,” the PIL claimed.

With this, the PIL said, Paytm’s postpaid wallet was illegal and was contradictory to the guidelines set under Section 22. The RBI was involved in the sanction because Paytm had not involved or informed the Bank about the operations of the postpaid wallet.

The Delhi High Court asked the Central Government and the RBI to file affidavits with their responses regarding the issue before the next hearing of the case on the 3rd of September.

Stay tuned for more updates.

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Sundar Pichai To Lead Alphabet Inc As New CEO

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Sundar Pichai Promoted as Alphabet CEO,Google CEO Sundar Pichai,Startup Stories,Latest Technology News 2019,Alphabet New CEO,CEO of Alphabet Inc,Google and Alphabet Journey,Alphabet CEO Sundar Pichai,Alphabet Company CEO,Alphabet New CEO Pichai,Sundar Pichai Latest News 2019

Sundar Pichai is all set to lead Alphabet Inc., the multinational conglomerate parent company of Google. Pichai was the Chief Executive Officer (CEO) of Google since 2015 and now, he will also lead Alphabet Inc.

On the 3rd of December, Larry Page, the co founder of Alphabet Inc., stepped down as the CEO handing over the position to Sundar Pichai. Alphabet, which emerged in 2015 as a result of restructuring of Google, currently owns more than 12 companies, including Waymo, Malta, Makani, X Development, Calico, the healthcare software company Verily and others.

Larry Page and Sergey Brin, the co founders of Google, wrote a blog post speaking about their decision of moving out of the company, instating Sundar Pichai the CEO of Alphabet.

Larry Page showed his confidence in Sundar Pichai, who has been leading Google as the CEO since 2015. Page said, “We’ve never been ones to hold on to management roles when we think there’s a better way to run the company. And Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar will be the CEO of both Google and Alphabet (sic.)”

Though Larry Page and Sergey Brin resigned from their respective posts of CEO and President, they would still remain on the Board of Directors of the Company.

Born and brought up in a middle class family in Madurai, Tamil Nadu, Sundar Pichai completed his education from IIT Kharagpur and Stanford University. Later, in 2004, Pichai joined Google marking the starting point of his successful career. Sundar Pichai gained success after creating and executing the Google Chrome project, which is now the world’s most used web browser.

In the letter, Larry Page and Sergey Brin addressed Sundar Pichai praising his efforts, abilities and contribution to Google. “Sundar brings humility and a deep passion for technology to our users, partners and our employees every day,” they added.

The cofounders also mentioned Pichai worked for the growth and development of Google and Alphabet for 15 years, through the formation of Alphabet, as CEO of Google, and a member of the Alphabet Board of Directors.. They are confident Pichai would lead Google and Alphabet with great passion.

Speaking about the blog and the role, Sundar Pichai tweeted

Twitter users congratulated Sundar Pichai for becoming the CEO of Alphabet Inc. Hours after the big announcement, the shares of Alphabet Inc., rose by 0.64 % to 1,303 dollars.

From a small company in 1998 working out of a dorm room and a garage to a multinational conglomerate, the journey of Google and Alphabet has been incredible. Watch the biography of Larry Page on our YouTube Channel

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Apple’s New Launch – iPhone 11

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Apple Inc., launched its iPhone 11 lineup on September 10th 2019.  The launch happened in San Jose, where the headquarters of the Company are located.  The iPhone 11 lineup includes the iPhone 11, the iPhone 11 Pro and the iPhone 11 Pro Max.  The price of the new iPhones ranges from $ 699 to $ 1099, with the iPhone 11 being the cheapest.  During the launch, Apple also introduced other devices like the next gen Apple watch, the 7th gen iPad and the Apple Arcade.

The new iPhone 11 is an upgraded version of the iPhone XR, while the iPhone 11 Pro and Pro Max are upgrades of the iPhone XS and XS Max respectively.  The iPhone 11 is directed at the price sensitive Indian market.

During the launch, Apple’s Senior Vice President of Worldwide Marketing Phil Schiller said, “iPhone 11 Pro and iPhone 11 Pro Max are the most powerful and advanced smartphones we have ever made. They are packed with sophisticated technology that pros can count on to get their work done, and for anyone who wants the very best device made, even if they are not a pro.”

Specifications

iPhone 11

The new iPhone 11 will be available in three storage variants of 64GB, 128GB and 256GB.  The iPhone 11 will be powered by A13 Bionic, which is a new processor designed by Apple. The smartphone will have a 6.1 inch LCD screen with a resolution of 1792 X 828 pixels.  The rear camera of the iPhone 11 consists of two lenses and both have a 12 megapixel image sensor. The iPhone 11 is dust and water resistant and will be available in black, green, yellow, purple, red and white variants. 

iPhone Pro and iPhone Pro Max

The Pro and Pro Max versions are quite expensive compared to the iPhone 11.  They are priced at $ 999 and $ 1099 respectively. The smartphones will be available in three storage variants of 64GB, 256GB and 512GB.  The rear camera of both the smartphones consists of three lenses. The OLED display of iPhone Pro and Pro Max are 5.8 and 6.5 inches respectively.  Just like the iPhone 11, these models are also dust and water resistant. 

 

The iPhone 11 lineup will be released on September 20th 2019 in the United States of America and on September 27th 2019 in India.

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Jack Ma Retires From Alibaba At 55

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Jack Ma retired from Alibaba, the Company he built 20 years ago, on September 10th 2019 as its Chairman.  Ma announced last year he would retire from Alibaba in September 2019.

Jack Ma co founded Alibaba in 1999 as a B2B marketplace site, at his apartment in Hangzhou, China.  Alibaba Group Holding Limited is now one of the biggest and most valuable companies in the world. The Company owns and operates businesses in numerous sectors around the world.  With a market value of $ 420 million, Alibaba made Jack Ma one of the richest people in China, with a net worth of $ 35.6 billion. He is also considered one of the wealthiest and most powerful people in the world.

Jack Ma decided to retire from Alibaba in order to pursue educational and philanthropic work.  Daniel Zhang, who is the CEO of the Company since 2015, will step into Jack Ma’s shoes as the executive chairman of Alibaba. 

To bid farewell to Jack Ma, the Company held a four hour celebration at an Olympic sized stadium in Hangzhou with a capacity to accommodate 80,000 people.  Jack Ma, who is known for his colorful personality and performed at a Chinese music festival, did not disappoint anyone this time either.  Ma, dressed as a rockstar with a fake wig and holding an electronic guitar, gave a powerful performance in front of his employees. 

Speaking about his retirement at the event, Jack Ma said, “After tonight, I will start a new life. I do believe the world is good, there are so many opportunities and I love excitement so much, which is why I will retire early.

Even though Jack Ma retired from Alibaba as its Chairman, he will stay on the Company’s board till 2020 and will remain a lifetime partner of Alibaba Partnership. 

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