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Ratan Tata hasn’t stated half of India’s population would be unemployed if he had become an IAS officer - FACTLY
Sai Krishna Muthyanolla
February 1, 2023
A post is being shared on social media claiming that industrialist and former Chairman of Tata Group, Ratan Tata, had said, “If I would have became an IAS officer, more than half of India’s population would have become unemployed.” Let’s verify the claim made in the post.
Claim: Ratan Tata said half of India’s population would have become unemployed if he had become an IAS officer.
Fact: Ratan Tata did not make any such statement predicting unemployment in the country. Ratan Tata never made such a statement on any of his official social media handles or during any public or media interaction. Ratan Tata himself debunked several such fake quotes attributed to him on social media. Hence, the claim made in the post is FALSE
When we searched to check whether Ratan Tata had made any such statement saying that half of India’s population would have become unemployed if he had become an IAS officer, we could not find any reliable sources on the internet attributing such a statement to Ratan Tata. If Ratan Tata had made any such statement, several news websites would have published articles reporting that information.
Further, Ratan Tata had never made any such statement on any of his official social media handles (Twitter and Instagram) or during any public or media interaction. Ratan Tata on multiple occasions spoke about the importance of job creation in the country. But Ratan Tata had never said that half of India’s population would have become unemployed if he had become an IAS officer. Ratan Tata indeed never wished to become an IAS officer.
Ratan Tata himself debunked several such fake quotes attributed to him on social media. Earlier, FACTLY published several fact-check articles debunking such fake quotes attributed to Ratan Tata. A few of them can be seen here, here and here.
I’m afraid this too, has not been said by me. I will endeavour to call out fake news whenever I can, but would encourage you to always verify news sources. My picture alongside a quote does not guarantee me having said it, a problem that many people face. pic.twitter.com/pk0S75FxPA
To sum it up, Ratan Tata hasn’t said half of India’s population would be unemployed if he had become an IAS officer.

created: February 1, 2023


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Ratan Tata's statement on dedicating the last years of his life to help Assam is being shared with a misleading claim - FACTLY
Sai Krishna Muthyanolla
October 17, 2022
A post is being shared on social media that claims that an emotional Ratan Tata at the inauguration of cancer (Assam Cancer Care foundation) hospital in Assam said, ‘ I am dedicating the last year of my life towards health.’ Text on the post in Hindi translates to ‘you live thousands of years, Sir.‘ Let’s verify this post through this article.
Claim: Ratan Tata said he is dedicating the last year of his life towards health during the inaugural ceremony of the Assam cancer care foundation.
Fact: PM Narendra Modi inaugurated cancer hospitals in Assam under the Assam Cancer Care foundation on 28 April 2022. Ratan Tata, who also attended the event, spoke during the ceremony and said, ‘I dedicate my last years to help make Assam a state that recognises and is recognised by all.’ The viral post twists his statement as ‘I dedicate the last year of my life to health.’ Hence the claim made in the post is MISLEADING.
We searched the internet for the entire speech of Ratan Tata, which he gave during the inauguration of the Cancer Hospital in Assam and found a few (here and here).
While ending his speech which lasted for almost six and a half minutes, Ratan Tata said, ‘I dedicate my last years to help make Assam a state that recognises and is recognised by all.‘ One can hear the same in the video which was uploaded on Doordarshan’s YouTube channel at 6:19. His speech was also widely reported in the news.
The media reports on  Ratan Tata’s speech in  April 2022 can be read here, here and here. The viral post twists Ratan Tata’s statement to imply he said that the last year of his life is dedicated to healthcare.
To sum up, Ratan Tata’s statement on dedicating the last years of his life to health is being shared with a misleading claim.

source: news-factly

created: October 17, 2022

license: Creative Commons - Attribution - https://creativecommons.org/licenses/by/4.0/

author: Sai Krishna Muthyanolla


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Ravish Kumar clarified that he did not quit NDTV following Adani group's move to acquire a stake in NDTV - FACTLY
Sai Krishna Muthyanolla
August 25, 2022
Update (01 December 2022): Ravish Kumar on 01 December 2022, uploaded a video on his YouTube channel announcing his resignation from NDTV. Media reports on his resignation from NDTV can be read here, here, here.
In the context of Adani Group acquiring a 29.18% stake in television channel NDTV Ltd, a post is being widely shared claiming that the senior executive editor of ‘NDTV India’ quit the news channel. Let’s fact-check the claim made in the post
Claim: Journalist Ravish Kumar quit ‘NDTV India’ after Adani group acquired 29.18% stake in NDTV Ltd.
Fact: In a tweet from his official twitter handle on 24 August 2022, Ravish Kumar clarified that the speculation about his resignation are just rumours. Hence, the claim made in the post is FALSE
We searched with the relevant keywords and found a tweet made on the official twitter handle of Ravish Kumar on 24 August 2022. In this tweet, he clarified that the speculation about his resignation are just rumours.
माननीय जनता,
मेरे इस्तीफ़े की बात ठीक उसी तरह अफ़वाह है, जैसे प्रधानमंत्री नरेंद्र मोदी मुझे इंटरव्यू देने के लिए तैयार हो गए हैं और अक्षय कुमार बंबइया आम लेकर गेट पर मेरा इंतज़ार कर रहे हैं।
आपका,
रवीश कुमार,
दुनिया का पहला और सबसे महँगा ज़ीरो टीआरपी ऐंकर
Newspapers reports regarding the same issue can be seen here and here
To sum it up, Ravish Kumar clarified that he dit not quit NDTV following Adani’s acquisition of 29.18% stake in NDTV Ltd.


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RBI Data: Number of Complaints to the Ombudsman increased by 65% in 2019-20
Sai Krishna Muthyanolla
February 20, 2021
The RBI has three Ombudsman schemes covering Banking, NBFCs, and Digital Transactions. Data from the RBI annual report indicates that the number of complaints to all these Ombudsmen increased by over 65% in 2019-20 compared to 2018-29. The number of complaints to the Banking Ombudsman increased by over 58%.
Recently, the Reserve Bank of India (RBI) in its Monetary Policy Statement released on 05 February 2021, announced that the existing Ombudsman Schemes would be merged and integrated into a single scheme that will be rolled out from June 2021. As of now, there are three separate ombudsman schemes– one for banks, one for non-banking financial companies (NBFCs), and one for digital transactions. The objective of integrating the three schemes into a centralized one is to improve the grievance redressal mechanism for bank customers by making it simpler and effective.
Annual report on ombudsman schemes for 2019-20 was released recently
In its Annual Report on the ombudsman schemes for the financial year 2019-20, the RBI covered the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), and the Ombudsman Scheme for Digital Transactions (OSDT). Furthermore, the developments in the area of consumer protection and the way forward have also been covered in the RBI report.
Ombudsman schemes for Banking, NBFCs, and Digital transactions are currently being implemented
The Banking Ombudsman Scheme (BOS) was notified by RBI in 1995 under Section 35A of the Banking Regulation Act, 1949. As of date, Scheduled Commercial Banks (SCBs), Scheduled Primary Urban Co-operative Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), and Payment Banks (PBs) are covered under the scheme. RBI administers the scheme through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territories. Likewise, the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC) covering NBFCs both which are authorized to take deposits and those without, was notified by RBI in February 2018 and the Ombudsman Scheme for Digital Transactions (OSDT) that extends to Non-bank System participants regulated by RBI was notified in January 2019. The RBI makes amendments to the schemes regularly in order to be on par with the evolving payment systems.
Number of Complaints to the Ombudsman increased by 65% in the past one year
Over 3.3 lakh complaints were received in 2019-20 under all three schemes as compared to a little over 2 lakh complaints in 2018-19. In other words, the number of complaints to the Ombudsman increased by a whopping 65% in just one year. Complaints received against banks rose by almost 58% during this period. The complaints registered against banks went up from 1.64 lakh cases in 2017-18 to 1.96 lakh cases in 2018-19, and to 3.09 lakh cases in 2019-20, an increase of 89% in two years.
Between 2018-19 & 2019-20, the complaints against NBFCs grew by nearly 5 times which can be attributed to the increased awareness about the scheme. The number of complaints received at OSDTs increased from 470 in the five months of operation during 2018-19 to 2,481 in 2019-20.
Complaint Management System has simplified the process
The increase in complaints may also be because of the Complaint Management System (CMS) platform which was launched in June 2019. The platform brought all stakeholders, namely, the RBI, the Regulated Entities (REs) and complainants under a web-based platform and digitalized the entire process of grievance redressal by the RBI. Moreover, the platform is available throughout the day, making it easy & convenient for customers to file complaints.
Most complaints against Nationalised banks and SBI
The RBI report provides data on the number of complaints received against individual banks and bank groups. The bank groups as per the RBI report include SBI, nationalized banks, private sector banks, payments and small finance banks, foreign banks, RRBs/Scheduled Primary Urban Co-op banks, and others. Until 2018-19, the number of complaints registered against nationalized banks and SBI dominated the list. The share of complaints registered against nationalized banks and SBI alone was about 62% of the total complaints received by banking ombudsman in both 2017-18 and 2018-19. In 2019-20, the share of complaints against nationalized banks and SBI has reduced to a little below 60%.
Though there has been a 50% increase in number of complaints against nationalized banks in 2019-20 as compared to 2018-19, the share of complaints has dropped from nearly 34% in 2017-18 to 30% in 2019-20. Meanwhile, the share of complaints against private sector banks has increased from 26% to 32% in the three years. The number of complaints against private sector banks increased by a staggering 80% between 2018-19 and 2019-20.
Share of complaints against payments and small finance banks has also increased from 0.3% in 2017-18 to nearly 2% in 2019-20 while the number of complaints has gone up 11 times. Share of complaints against payments and small finance banks, foreign banks, RRBs, and others together constituted about 12% in 2017-18, 10% in 2018-19, and 8.4% in 2019-20.
Together, 12 Banks account for 73% of the all the Complaints against Banks
In 2019-20, complaints against SBI alone comprised 27% of all the complaints received by the banking ombudsman. HDFC Bank Ltd, ICICI Bank Ltd, Axis Bank, Punjab National Bank, and Bank of Baroda together accounted for another 31% of the complaints. The 12 banks in the following chart, against which more than 6000 complaints each have been received by the Ombudsman account for three-quarters of all the complaints against banks.
Most complaints are related to ATM/Debit cards
For the last three years, complaints pertaining to ATM/Debit cards accounted for the largest share of complaints. The share of complaints related to ATM/Debit cards has increased from 15% in 2017-18 to 22% in 2019-20 while the number of complaints has increased by 175%.  The share of mobile/electronic banking-related complaints has gone up from 5% to 13% between 2017-18 and 2019-20. Complaints related to ATM/Debit cards, mobile/electronic banking, non-observance of fair practice codes, and credit cards, together accounted for about 56% of all the complaints. The share of these four types of complaints has increased from 50% in 2017-18 to 52% in 2018-19, and to 56% in 2019-20. The number of complaints pertaining to notes and coins, pension payments, and deposit accounts has come down over the past three years.
Rate of disposal is over 90%
The rate of disposal of complaints by the ‘Banking Ombudsman’ has decreased marginally over the years, as per the RBI report. In 2017-18, about 96.5% of the complaints were disposed, which came down to 94% in the following year, and to 92.4% in 2019-20. In 2019-20, no additional human resource was enrolled though the number of complaints went up considerably. Meanwhile, the disposal by ONBFCOs and OODTs was 95.34% and 99.4% respectively in 2019-20.
Need for greater awareness & improved efficiency
The increasing number of complaints calls for a more efficient grievance redressal mechanism. Though the report notes that number of non-maintainable complaints fell to 45.76% in 2019-20 as compared to 54.34% in 2018-19, it is still a very high number. More than 4 out of every 10 complaints being non-maintainable points to lack of awareness on the customer’s side about the scheme and the relevant grounds. There is an urgent need to step up the awareness on this front.
The RBI, as observed earlier, will be rolling out the integrated ombudsman scheme from June 2021, to ensure greater efficiency. The annual report states that the RBI has plans to improve the capabilities of the CMS portal as well as the Interactive Voice Response System (IVRS) content. Increased awareness through consumer education is the way forward.
Featured Image:  Ombudsman schemes for Banking

created: February 20, 2021


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RBI has not accepted any proposal to have images of Tagore, Abdul Kalam or Shivaji alongside Mahatma Gandhi on the new currency notes - FACTLY
Sai Krishna Muthyanolla
November 1, 2022
Update (01 November 2022)
Another post is being shared on Instagram claiming that the government has accepted a proposal to include the photo of Chhatrapati Shivaji on the Rs. 200 note. However, as noted below, no such proposal has been mooted or approved by the Reserve Bank of India (RBI). Hence, the claim is FALSE.
Original Fact-check (07 June 2022)
A photo through a post is being widely shared on social media claiming that RBI accepted the proposal to have the images of Tagore and Abdul Kalam alongside Mahatma Gandhi on the new currency notes. Let us fact-check the claim made in the post.
Claim: RBI accepted the proposal to have the images of Tagore and Abdul Kalam alongside Mahatma Gandhi on the new currency notes.
Fact: RBI issued a press release clarifying that there would be no change in existing currency and banknotes. There is no such proposal considering changes to the existing currency by replacing the face of Mahatma Gandhi by the Reserve Bank of India. There were reports that the RBI might consider using the images of Tagore and Abdul Kalam alongside Mahatma Gandhi on the new currency notes. But RBI clarified that there were no such proposals yet. Hence, the claim made in the post is FALSE.
Whenever the RBI releases new notes, it notifies the public regarding the same through circulars on its website. The RBI’s official website has no recent posts about the new currency in the press release section which can be seen here. The list of notes that are in circulation is provided in the ‘Know Your Bank Notes’ section of RBI’s website, and the rupee notes in the post does not match with any of the notes on the website.
RBI issued a press release clarifying that there would be no change in existing currency and banknotes. There is no such proposal considering changes to the existing currency by replacing the face of Mahatma Gandhi by the Reserve Bank of India. There were reports that the RBI might consider using the images of Tagore and Abdul Kalam alongside Mahatma Gandhi on the new currency notes. But RBI clarified that there were no such considerations.
If there were new 500-rupee notes with the picture of Subhash Chandra Bose, and new 2000-rupee notes with the picture of Sardar Patel, Reserve Bank of India would have notified it on its website. There were no such press releases in the RBI website. The latest 500-rupee note, and 2000-rupee note were printed way back in 2016. The Mahatma Gandhi (New) Series (MGNS) was introduced in the year 2016 when demonetisation was announced by the Prime Minister.
To sum it up, RBI did not accept any proposal to have the images of Tagore and Abdul Kalam alongside Mahatma Gandhi on the new currency notes recently.

created: November 1, 2022


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RBI did not discontinue the existing dollar/euro payment mechanisms for international trade - FACTLY
Sai Krishna Muthyanolla
July 13, 2022
A social media post which shared the news of RBI introducing mechanism for international trade settlements in rupees is being widely shared. However, the post claims that in view of the new mechanism, there won’t be any dollar transactions. Through this article let’s fact-check the claim made in the post.
Claim: No more dollar transactions in international settlements, as RBI introduced rupee settlement mechanism.
Fact: RBI through a notification has asked the authorised banks to setup an additional mechanism to settle international trade in rupees. However, the existing mechanism of settling trade in dollar/other currency is still in place and the new mechanism is just an additional setup to the existing payment mechanisms. There are no reports of RBI discontinuing with the existing dollar/euro payment mechanisms. Hence the claim made in the post is MISLEADING.
The Reserve bank of India on 11 July 2022 through a notification has put in place a mechanism for settling the international trades in Indian rupees. As per RBI,  the move is envisaged ‘to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR’.
However, the notification categorically mentions that it is an additional setup, which implies that the existing mechanism of dollar/other currency settlements are still in place and the latest move is an addition to the existing mechanisms. News article which reported RBI notification related to news mechanism can be read here and here.
Further, RBI neither in this notification nor on any other instance mentioned about discontinuing the existing mechanism of dollar settlements in international transactions.
Earlier in June 2022, in the wake of  the Russia-Ukraine conflict, the Indian government has proposed to settle the Russian trade in rupees.
To sum it up, RBI did not discontinue the existing dollar/euro payment mechanisms for international trade. The rupee mechanism is just an additional setup.


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RBI did not issue any new guidelines to banks to treat scribbled notes as invalid - FACTLY
Sai Krishna Muthyanolla
January 12, 2023
A post is being shared on social media claiming that the Reserve Bank of India (RBI) has issued new guidelines to banks to treat new bank notes with writings on them as invalid. This post claims that any writings on currency notes will make the note invalid and will no more be considered legal tender. Let’s verify the claim made in the post.
Claim: RBI issued new guidelines to banks to treat scribbled notes as invalid.
Fact: RBI did not issue any such new guidelines stating scribbled bank notes as invalid. RBI on their website clearly stated that all bank notes with writings or colour stains on them will continue to be legal tender, provided they are decipherable. Lately, the Press Information Bureau (PIB) through a tweet clarified the same saying that bank notes with scribblings on them will still continue to be legal tender. Hence, the claim made in the post is FALSE.
When searched to check whether RBI has issued any such news guidelines announcing scribbled notes as invalid, we could not find any such new guidelines on the RBI website. RBI in their ‘Frequently Asked Questions’ section mentioned about the scribbled notes and said, “All Bank notes including Mahatma Gandhi (New) series notes with writing or colour stains on them continue to be legal tender, provided they are decipherable. Such notes can be deposited or exchanged in any bank branch.”
However, RBI in another statement informed people that bank notes which carry any extrinsic words or visible representations intended to convey or capable of conveying any message of a political or religious character or furthering the interest of any person or entity will be rejected as per the Reserve Bank of India (Note Refund) Rules, 2009 [As amended by Reserve Bank of India (Note Refund) Amendment Rules, 2018.
The ‘Clean Note Policy’ of RBI states, “The members of public were urged not to write on the currency notes and banks were instructed to provide unrestricted facility for exchange of soiled and mutilated notes. As per the Reserve Bank instructions, currency chest branches of the banks must offer, even to non-customers, good quality notes and coins in exchange for soiled and mutilated notes.” Lately, RBI did not make any amendments to its Clean Note Policy.
On 08 January 2023, the Press Information Bureau (PIB) tweeted clarifying that RBI had not issued any new guidelines announcing scribbled notes as invalid. The RBI has on multiple occasions issued clarifications on these rumours of banks not accepting currency notes with anything written on them, and confirmed these rumours as fake.
Does writing anything on the bank note make it invalid❓#PIBFactCheck
✔ NO, Bank notes with scribbling are not invalid & continue to be legal tender
✔Under the Clean Note Policy, people are requested not to write on the currency notes as it defaces them & reduces their life pic.twitter.com/V8Lwk9TN8C
Earlier, when similar posts were being shared on social media claiming that RBI has incurred a loss of Rs. 2000 crores because of replacing scribbled notes with new notes, FACTLY published a fact-check article debunking that claim.
To sum it up, RBI did not issue any new guidelines to banks to treat scribbled notes as invalid.

created: January 12, 2023


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RBI didn’t declare 'Google Pay' an Unauthorised payment system - FACTLY
Sai Krishna Muthyanolla
November 5, 2022
A post is being shared on social media claiming that ‘Google Pay’ is not an authorised payment system of the National Payments Corporation of India (NPCI) . According to the post, RBI declared that the users cannot claim money if any issue arises during the payment. Let’s fact-check the post through this article.
Claim: RBI declared that Google Pay is not an authorised payment system.
Fact:  Google Pay is part of the list of third-party apps recognised by NPCI. In 2020, when the rumours that transferring money through Google Pay is not protected by the law went viral, NPCI clarified that Google pay is an authorised Third Party App Provider (TAPA) which operates under the UPI (Unified Payments Interface) framework of NPCI. Hence the claim made in the post is FALSE.
To know the veracity of the claim, we ran a  keyword search on the internet, which led us to a news article titled ‘Google Pay not a payment system operator: RBI to HC’. Reportedly, the Reserve Bank of India told the Delhi Hight Court in June 2020 that Google Pay is a Third Party App Provider and does not operate any payment systems and its operations do not violate the law. It points this as the reason for Google Pay not being in the NPCI’s list of authorised payment operators.
We searched on the NPCI’s list of authorised Third Party App Providers and found that  Google Pay is listed here.
In June 2020, NPCI released a clarification on this issue. In a media statement NPCI said “We have come across some quotes on social media which suggest that transferring money through Google Pay is not protected by the law, since the app is unauthorised. RBI has authorised NPCI as a Payment System Operator (PSO) of UPI and NPCI in its capacity as PSO authorises all UPI participants. We would like to clarify that Google Pay is classified as Third Party App Provider (TPAP) that also provides UPI payment services like many others, working through banking partners and operating under the UPI framework of NPCI.”
It further said ‘All transactions made using any of the authorized TPAPs are fully protected by the redressal processes laid out by applicable guidelines of NPCI/RBI and customers already have full access to the same.’ Few news reports on this can be read here and here.
To sum up, Google Pay is an NCPI authorised Third Party App Provider. RBI has never declared that the users cannot claim money if any issue arises during the payment using Google Pay.

created: November 5, 2022


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RBI didn’t release a circular granting 5-day working week for banks - FACTLY
Sai Krishna Muthyanolla
June 6, 2019
Many Posts, with a description: ‘Bank will be remained closed on every Saturday’, are being shared again on Facebook but this time with an image of RBI circular. So, let’s try to check the authenticity of the image in the post and whether banks will have Saturday off every week.
RBI issued a circular approving 5 days working for banks.
Fact: The image in the post shows an RBI circular on RTGS. It does not have anything regarding the 5-day work week for banks. Also, RBI had already issued a press release in April denying the claims on this issue. Hence the claim made in the post is FALSE.
When searched on Google with the title of the circular in the image, the circular can be found in the ‘Notifications’ section on the RBI website. So, the circular in the post is authentic but is not related to 5 days work week for banks. The circular is about extension of  timings for customer transactions related to RTGS (Real Time Gross Settlement). Similar fake news (without any circular/notice) was condemned by the RBI in a press release in April, 2019.  Also, FACTLY has already written a fact-check article on this issue when it went viral a month back.
To sum it up, RBI didn’t release a circular granting 5-day work week for banks. The circular in the post is related to extension of timings for RTGS transactions.
Did you watch our Facebook live on Fake News (Misinformation)


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RBI Governor has not announced helpline numbers for persons who lost their mobile phone - FACTLY
Sai Krishna Muthyanolla
September 30, 2022
A video is being shared on social media which has a speech by the RBI governor Shaktikanta Das. He shares helpline numbers to block digital payment apps like PhonePe, Paytm and Google pay, using which one can apparently block these apps when they lose their phone. Let’s verify this claim through this article.
Claim: RBI Governor announced helpline numbers to reach out when someone loses their mobile phone. They can call these helplines and block digital payment apps like PhonePe, Paytm and Google Pay on their lost mobile phones.
Fact: The audio in this clip is from the video of a YouTuber named Mausam Nagpal. The video clip of the RBI Governor is from 2021. The video in the post is made using this video and the audio from Mausam Nagpal’s video. PIB fact check has rated this video as deceptive and clarified that the voice heard in this video does not belong to the RBI governor Shaktikanta Das. Hence the claim made in the video is FALSE.
We searched the internet  for news reports about RBI Governor making such announcement, but did not find any credible information. Searching the internet with relevant keywords led us to a Facebook video made by Mausam Nagpal, a video creator. It is titled ‘How to Block a Digital Wallet 🔥 Helpline number for PHONE PE.’ His voice and the words he speaks exactly match the audio of the viral post.
Further search led us to a video posted on the Reserve Bank of India’s YouTube channel titled ‘Address by Shri Shaktikanta Das, RBI Governor.’ The footage of this video matches the viral video, which is edited using the Governor’s video and audio of Mausam Nagpal’s video.
PIB fact-checked this video and tweeted that it is deceptive and the voice heard in the video does not belong to the RBI Governor.
सोशल मीडिया पर @RBI गवर्नर शक्तिकांत दास के एक वीडियो को गलत संदर्भ में साझा किया जा रहा है।#PIBFactCheck:
▶ यह वीडियो भ्रामक है।
▶ इस वीडियो में सुनाई दे रही यह आवाज़ आरबीआई गवर्नर @DasShaktikanta की नहीं है। pic.twitter.com/Wtl1gxGj1e
To sum it up, RBI Governor has not announced any helpline numbers where people who lost their mobile phones can call and block digital payment apps.

created: September 30, 2022


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RBI has not launched Rs. 5000 currency note and, these Rs. 150, Rs. 100, Rs. 20 coins are not legal tender - FACTLY
Sai Krishna Muthyanolla
July 5, 2021
A post with photos of Rs. 5000, Rupee 1 currency notes, and Rs. 150, Rs. 100, Rs. 20 coins is being widely shared on social media claiming that they were released by the Reserve Bank of India (RBI) as new currency. Let us fact-check the claim made in the post.
Claim: RBI has launched new notes of denomination Rs. 5000, Rupee 1 and new coins of denomination Rs. 150, Rs. 100 and Rs. 20.
Fact: The Reserve Bank of India (RBI) has not launched Rs. 5000 currency note. The photo of One Rupee currency note is real. In 2015, it was re-introduced by the Government of India. Rs. 150, Rs. 100 and Rs. 20 coins in the photos are commemorative but not legal tender. However, 20-rupee coins are officially in circulation since 2020. Hence the claim made in the post is FALSE.
RBI has not launched Rs. 5000 currency notes
Whenever the RBI releases new notes, it notifies the public regarding the same through circulars on its website. The RBI’s official website has no recent posts about the new currency in the press release section which can be seen here. The list of notes that are in circulation is provided in the ‘Know Your Bank Notes’ section of RBI’s Website, and the Rs. 5000 note in the post does not match with any of the notes on the website.
The One Rupee currency note is a real one
The One Rupee currency note in the photo is a real one and can be seen in the article here. The notes bearing the rupee symbol are printed by the Government of India and not the Reserve Bank of India (RBI). Printing of one rupee notes was discontinued in 1994 but relaunched in 2015, according to this article and RBI. According to an RBI press release, on 30 May 2017, these one-rupee currency notes are legal tender as provided in the Coinage Act 2011. The design, dimensions and colour of the rupee note are according to the gazette notification by the Ministry of Finance. According to the then press release, the colour of One Rupee Currency Note shall be predominantly pink green on obverse and reverse in combination with others.
Rs. 150, Rs. 100 and Rs. 20 coins in the photos are not legal tender.
Commemorative coins are minted in the memory of a person or event etc. Some of these coins may not be legal tender, the Security Printing and Minting Corporation of India Limited (SPMCIL) mints these coins and auctions them to the public. According to RBI, coins in circulation comprise 50 paise, ₹1, ₹2, ₹5, ₹10, and ₹20. Therefore, Rs. 150 and Rs.100 coins are not legal tender. Reverse image search on the Rs. 20 coin shows that the image was already doing rounds on the internet since 2014 when it was not even in circulation as a currency. So, the coins in the photo are not legal tender.
An Rs. 150 commemorative coin was released in 2011 by Pranab Mukherjee as Finance Minister to commemorate 150 years of Income Tax Collections. An Rs. 100 coin was released in the year 2018 by Prime Minister Narendra Modi in memory of former Prime Minister Atal Bihari Vajpayee. An Rs. 20 commemorative coin is available on Security Printing & Minting Corporation of India Limited website which was released on Acharya Tulsi Birth Centenary. However, 20-rupee coins are in circulation since 2020, according to the RBI Annual Report 2020-21, there are 896 lakhs 20-rupee coin pieces in circulation till the end of March 2021. A new denomination coin of twenty rupees has been in general circulation since 17 September 2020.
To sum it up, RBI has not launched Rs. 5000 currency note and, these Rs. 150, Rs. 100, Rs. 20 coins are not legal tender.


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RBI has not released any official order on charges related to the UPI payments - FACTLY
Sai Krishna Muthyanolla
August 23, 2022
A post is being shared on social media, which implies that free payment on UPI has ended and cash is the best way for transactions. Let us fact-check this claim through this article.
Claim: Charge free payments on UPI ended, and now UPI transactions will be charged.
Fact: In its recent Discussion Paper on Charges in Payment Systems, RBI asked for feedback on whether UPI payments should be charged. The Ministry of Finance later clarified that there is no consideration in Govt to levy any charges for UPI services. Hence, the claim made in the post is MISLEADING.
The image in the post has a screenshot of a news headline from DNA India. Upon searching on the internet with relevant keywords, we found the article by DNA titled ‘Money may have to be paid for every UPI payment: RBI brought proposal.’ We also found few other news articles on this issue and they can be read here and here. But, no where in these articles it is mentioned that charges will now be levied on UPI transactions. These articles only state that RBI is seeking feedback on imposing charges on UPI transactions.
We then looked on the RBI’s official website for relevant evidence and found their recently released Discussion Paper on Charges in Payment Systems. According to the paper,’ This discussion paper outlines existing rules and manner of charges levied in payment systems and presents other options through which such charges could be levied. The intent is to present various issues involved in an unbiased manner and to seek feedback on a set of questions that emanate therefrom.’
Discussing the charges levied on UPI -Unified Payments Interface transactions, RBI said that ‘The Government has mandated a zero-charge framework for UPI transactions with effect from January 1, 2020’ and ‘UPI as a funds transfer system is like IMPS. Therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions. A tiered charge could be imposed based on the different amount bands.’ RBI raised the below three questions for feedback.
This document proposes bringing in charges in UPI transactions and asks for feedback on its proposal. This doesn’t mean that the RBI has passed an official order about charges on the UPI transactions.
Clarification by the Ministry of Finance
The Ministry of Finance, in its tweet, clarified that there is no consideration in the government to levy any charges for UPI services, and that the concerns of the service providers for cost recovery have to be met through other means.
The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly. (2/2)
To sum up, RBI has not released official order on charges related to the UPI payments. No additional charges are being levied on UPI transactions as of now that would be recovered from the consumers.


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RBI hasn’t released currency notes of Rs. 5000 and Rs. 350 denomination, or any new coins - FACTLY
Sai Krishna Muthyanolla
September 24, 2019
A Facebook post, with photos of Rs. 5000, Rs. 350, Rs. 5, Rs. 2 currency notes, is being shared with the claim that the Reserve Bank of India (RBI) has launched new notes. Let’s try to analyze the claim made in the post.
Photos of new notes of denomination Rs. 5000, Rs. 350, Rs. 5 and Rs. 2 launched by the Reserve Bank of India.
Fact: The Reserve Bank of India hasn’t launched currency notes of denomination Rs. 5000 and Rs. 350. It has also not released new notes of denomination Rupees 5 and 2. And, the images of Rs. 5 and Rs. 2 notes in the post are photoshopped ones. So, the claim is FALSE.
RBI hasn’t launched Rs. 5000, Rs. 350 notes:
Whenever the RBI releases new notes, it notifies the public regarding the same through circulars on its website. Such circulars can be found on the RBI website.  And also, the RBI publishes details & security features of all the notes currently in circulation in the ‘Paisa Bolta Hai’ website.  Rs. 5000, Rs. 350 currency notes are not part of this list. Hence, it can be concluded that RBI hasn’t released Rs 5000, Rs 350 currency notes till date.
The notes of Rs. 5 and Rs. 2 are photoshopped
RBI hasn’t released any new notes of Rs. 5 and Rs. 2 in recent times. In the post, a currency note supposed to be of the value ‘Rs. 5’ has the text ‘pachaas rupaiye’ written on it. Hence it is a photoshopped image.
Both the Rupee 5 and Rupee 2 notes posted have the same serial number on them.
In the post, coins of denomination Rupees 1000, 500, 200,100, 75, 60 can be seen. These are commemorative coins minted in the memory of a person or event etc. Some of these coins may not be legal tender money. The Security Printing and Minting Corporation of India Limited (SPMCIL), mints these coins and auctions them to the public for their purchase.
To conclude, RBI hasn’t released currency notes of Rs. 5000 and Rs. 350. It has also not released any new notes of value Rs. 5, Rs. 2 in recent times.
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created: September 24, 2019


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RBI invites school students to take the National Financial Literacy Assessment Test
Sai Krishna Muthyanolla
September 27, 2017
The RBI has invited schools & school students to take part in the National Financial Literacy Assessment Test. The test intends to measure the level of financial literacy in school students from class VI to XII and will be conducted in three categories.
Basic financial literacy has become a necessity & an important life skill at a time when multitude of banking & financial products are flooding the market.  To this end, the National Centre for Financial Education (NCFE), a joint initiative of all financial sector regulators i.e. RBI, SEBI, IRDAI and PFRDA is inviting all school students from class VI to XII to participate in the National Financial Literacy Assessment Test (NFLAT 2017-18).  The NFCE is setup to implement the national strategy for financial education.
About the NFLAT
The NFLAT is a first of its kind national level test intended to measure the level of financial literacy among school students. Through this test, NCFE aims to encourage the school students to obtain basic financial skills which are essential for their full participation in society and life time of well-being.  NCFE-NFLAT was launched in the year 2013-14 by the NCFE.
Students can register only through the school
NFLAT 2017-18 Online Test is being conducted throughout the year till 31st December, 2017 for those who wish to advance to the next round of competition. However, students can take the test in the remaining period also, but they will be issued a certificate and they will not advance to the next round of competition. NFLAT for 2017-18 will be conducted in 3 categories.
All the three tests will be conducted in the respective schools. The schools having adequate IT Infrastructure and internet connectivity will be allowed to conduct the test at their premises. The Online test will be available regularly in different slots and timings till 31st December 2017.  The school has to invigilate the online test for their own students and any assistance required for the online test shall be provided by NCFE.
The schools shall be paid a fixed incentive of Rs. 10 per student appearing the test to meet the cost toward infrastructure. Firstly, the school has to register itself online . Subsequent to the school registration, details of the students interested in the test need to be uploaded by the school. After that, the schools need to select the ‘Date and Slot’ on which they intend their students to take the test.
Test Pattern & Syllabus
NFLAT would cover the following topics
Detailed syllabus can be downloaded from here. While the syllabus for all the 3 categories is the same, the complexity of questions will vary.  Relevant study material is also uploaded on the NFLAT website for students to go through. The following would be pattern for the 3 categories of students.
2nd Round of Competition (Regional & National rounds)
After the first round of test, the top 10 Schools (Pair of 2 top students) from each zone (South, East, West, North and Central) will be ranked.  The selected school students will be called for the regional round Competition comprising of advance test and/or debate and/or quiz and/or presentation followed by final 3 school winners (Pair 1+1) to be declared from each zone.
All the top 3 school winners i.e. 15 School winners would be called for the national round comprising of advance test and/or debate and/or quiz and/or presentation and the top 3 National school winners would be declared.
All India top 10 Schools shall be awarded with a cash reward of Rs. 25,000 each in terms of highest participation and All India top 10 Schools shall be awarded with a cash reward of Rs. 25,000 each in terms of school performance (Success rate).
Apart from the above, the following awards are up for grabs.
Things to do
For more details, write to nflat@nism.ac.in or Call at 022- 66734601/02

created: September 27, 2017


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RBI issues Draft Circular on Customer Protection in Unauthorised Electronic Banking Transactions
Sai Krishna Muthyanolla
August 16, 2016
In an age of increasing electronic banking transactions and the risks attached with such transactions, the RBI has come out with a draft circular on customer protection in case of unauthorized electronic banking transactions.
As Factly reported earlier, Electronic Banking transactions have doubled in the last 3 years and this is only going to increase if the trends are any indication. Against this background, the Reserve Bank of India (RBI) has recently issued a draft circular on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’. Feedback on the draft circular may be sent before 31 August, 2016.
Background
The RBI issued a circular in April 2002 directing various Banks to reverse erroneous debits arising out of Fraudulent or Other Transactions. The RBI noted in 2002 that complaints of fraudulent encashment by unscrupulous persons opening deposit accounts in the names similar to already established concerns were being received. In that circular, the RBI advised that in cases where banks are at fault, the banks should compensate customers without demur, and in cases where neither the bank is at fault nor the customer at fault but the fault lies elsewhere in the system, then also the banks should compensate the customers ( up to a limit). Similar circulars were issued by RBI in 1978 and 1995.
Banks are directed to design robust systems to prevent fraud
The current draft circular by the RBI sets out of the criteria for determining customer liability in case of fraudulent electronic transactions. The draft circular categorizes the electronic banking transactions into two categories
The circular directs banks to design systems in such a way that customers feel safe about carrying out electronic banking transactions. The banks are directed to put in place adequate safety & security systems, robust & dynamic fraud detection mechanism, mechanism to assess risks resulting from fraudulent transactions and measures to mitigate risks against liabilities.
Customer’s liability in unauthorized transactions
The circular notes that banks must ask their customers to mandatorily register for alerts for electronic banking transactions. The alerts shall be sent to the customers through different channels (email or SMS) offered by the banks. The customers must be advised to notify the bank concerned of any unauthorised electronic banking transaction at the earliest after the occurrence of such transaction. The longer the time taken to notify the bank, the higher will be the risk of loss to the bank/customer. To facilitate this, banks must provide customers with 24×7 access through multiple channels (at a minimum, via website, phone banking, SMS, IVR, a dedicated toll-free helpline, reporting to home branch, etc.) for reporting fraudulent transactions that have taken place and/or loss or theft of payment instrument such as card, etc. The loss/fraud reporting system shall also ensure that immediate response (including auto response) is sent to the customers acknowledging the complaint along with the registered complaint number. The communication systems used by banks to send alerts and receive their responses must record the time and date of delivery of the message and receipt of customer’s response to them. This shall be important in determining the extent of the customer’s liability.
Zero Liability of a Customer
A customer’s entitlement to zero liability will arise where the security architecture and systems of the bank for electronic banking transactions are not able to protect the customer in the following events:
Limited Liability of a Customer
A customer shall be liable for the loss occurring due to fraudulent transactions in the following cases:
Reversal Timeline for Zero & Limited Liability
On being notified by the customer, the bank shall credit (shadow reversal) the amount involved in the unauthorised electronic transaction to the customer’s account within 10 working days from the date of such notification by the customer. Banks may also at their discretion decide to waive off any customer liability in case of unauthorised electronic banking transactions even in cases of customer negligence.
The banks will also ensure that:
Importantly, the burden of proving customer liability in case of unauthorised electronic banking transactions will lie on the bank.
Featured Image:  By Maxpayne473[CC BY-SA 4.0]


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The RBI refuses to share information related to preparatory meetings on Demonetization
Sai Krishna Muthyanolla
December 21, 2016
The RBI in response to an application under RTI refused to disclose the list of meetings, minutes of such meetings held before the demonetization decision was taken. RBI believes the information relates to sensitive matters.
As the Reserve Bank of India (RBI) keeps changing rules relating to the Demonetization every other day, Factly filed an application under RTI to know the details of the preparatory meetings held before the decision was announced on November 8, 2016.  In response to the RTI application, the RBI refused to share any information saying it relates to sensitive matters and is exempted from disclosure under Sec 8(1)(a) of the RTI act.
What was asked?
The following information relating to the withdrawal of the Rs 1000 and Rs 500 notes was sought from the RBI.
In its response, the RBI said, ‘The Information sought relates to sensitive matters pertaining to discontinuation/withdrawal of banknotes. The information is exempt from disclosure under Sec 8(1)(a) of the RTI act 2005’
What is Sec 8(1)(a) of the RTI act?
Section 8(1)(a) of the RTI act exempts the following information from disclosure, ‘Information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence’
But how would disclosing the list of meetings held and minutes of such meetings attract any of the provisions mentioned in Sec 8(1)(a) of the RTI act is a million-dollar question. This is especially important since the information is being sought after the decision has been taken. The information if disclosed would in fact help the citizens understand the preparedness of RBI in implementing the decision.  By refusing to part with information, the RBI is only giving scope for more questions about its lack of preparedness in implementing the demonetization.
Featured Image: RBI

created: December 21, 2016


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India’s ‘Financial Inclusion Index’ is 53.9 by the end of March 2021
Sai Krishna Muthyanolla
August 28, 2021
In April 2021, the Reserve Bank of India (RBI) announced that it has constructed a composite Financial Inclusion Index (FI-Index) based on multiple parameters to reflect the broadening and deepening of financial inclusion in the country. Here is a review of the index and various aspects related to financial inclusion.
‘Financial Inclusion’ has been viewed as a key enabler for achieving inclusive and sustainable development worldwide. ‘Financial Inclusion’, broadly defined, refers to universal access to a wide range of financial services at a reasonable cost. These include not only banking products but also other financial services such as insurance, credit, and equity products.
Financial inclusion plays an important role in the process of economic progress by developing a culture of savings among a large segment of the population and broadening the resource base of financial systems. Further, by bringing low-income groups within the perimeter of the formal banking sector, financial inclusion protects their financial wealth and other resources in exigent circumstances. Financial inclusion also mitigates the exploitation of vulnerable sections by the usurious money lenders by facilitating easy access to formal credit.
Financial Inclusion has been a thrust area for Government, the Reserve Bank, and other regulators, with several steps having been taken and significant progress made over the years. Some of the major efforts made in the last five decades include nationalization of banks, building up of robust branch network of scheduled commercial banks, co-operatives, and regional rural banks, permitting BCs/BFs (business correspondents and facilitators) to be appointed by banks to provide doorstep delivery of banking services, zero balance BSBD (basic savings bank deposit) accounts, Jan Dhan accounts, etc.
On 07 April 2021, the Reserve Bank of India (RBI) announced that it has constructed a composite Financial Inclusion Index (FI-Index) based on multiple parameters to reflect the broadening and deepening of financial inclusion in the country. The FI Index will be published annually in July for the financial year ending previous March. The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period ending March 2017.
According to the published brief, the FI-Index has been conceptualized as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the Government and respective sectoral regulators. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.
Only cursory information on FI-Index Methodology
An earlier report of the Committee on Financial Sector Reforms, chaired by Dr. Raghuram Rajan, depicted households’ access to financial services in the following figure.
The RBI brief highlights that the FI-Index has been constructed without any ‘base year’ and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion. In terms of methodology, the FI-Index comprises of three broad parameters (weights indicated in brackets):
Each of these parameters consists of various dimensions, which are computed based on several indicators. The Index is responsive to ease of access, availability and usage of services, and quality of services, comprising in all 97 indicators. A unique feature of the Index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection, and inequalities and deficiencies in services.
However, the brief does not elaborate on the nature of these indicators, how they have been measured or the steps being taken to improve these indicators.
Account ownership increased significantly; Gap between male-female ownership and rich-poor also shrinks significantly
Research shows that countries with deeper levels of financial inclusion— defined as access to affordable, appropriate financial services— have stronger GDP growth rates and lower income inequality. Notably, there are positive consequences of having access to formal saving instruments on increased savings, productive investment, consumption, and overall empowerment.
According to the World Bank’s Global Financial Inclusion Database or Global Findex Report 2017, 80% of Indian adults (age 15+) have a bank account, which is almost double the share of adults with a bank account in 2011 (35%) and significantly higher than Findex 2014 (53%).
The Findex 2017 report also estimates that 77% of Indian women (age 15+) have bank accounts, against 43% and 26% respectively in 2014 and 2011. In 2014, Indian men were 20 percentage points more likely than Indian women to have an account. That gap has shrunk to 6 percentage points in 2017.
Account ownership among adults in the poorest 40 percent of households rose to 77% in 2017, from 44% in 2014 and 27% in 2011. Account ownership among adults in the richest 40 percent of households rose to 82% in 2017 from 59% in 2014 and 41% in 2011. The gap in account ownership between richest and poorest 40% households has shrunk significantly to 5 percentage points, against 15 percentage points in 2014.
In other words, in 2014, adults in the richest 60 percent of India’s households were 15 percentage points more likely than those in the poorest 40 percent to have an account. Since then, account ownership has risen among wealthier and poorer adults alike—narrowing the gap to 5 percentage points.
India accounts for the world’s highest share of inactive bank accounts
Globally, 13% of adults (or 20% of account owners) reported having what can be considered an inactive account, with no deposit or withdrawal —in digital form or otherwise—in the past 12 months. The share of account owners with an inactive account varies across economies, but it is especially high in many South Asian economies.
In India, the share is 48%—the highest in the world and about twice the average of 25% for developing economies.
According to the Global Findex Report 2017, part of the explanation might be India’s Jan Dhan Yojana scheme, developed by the government to increase account ownership. Launched in August 2014, the program had brought an additional 310 million Indians into the formal banking system by March 2018, many of whom might not yet have had an opportunity to use their new account.
India has the world’s second-highest unbanked population; the majority of them are women
According to the same report, about 190 million adults in India do not have a bank account, making India the world’s second-largest nation in terms of unbanked population after China. China and India, despite having relatively high account ownership, claim large shares of the global unbanked population because of their sheer size.
It is important to note that since bank account ownership is nearly universal in high-income economies, virtually all these unbanked adults live in the developing world. Home to 225 million adults without an account, China has the world’s largest unbanked population, followed by India (190 million), Pakistan (100 million), and Indonesia (95 million). In fact, these four economies, together with three others—Nigeria, Mexico, and Bangladesh—are home to nearly half the world’s unbanked population.
The report points out that 56% of all unbanked adults are women. Women make up nearly 60 percent of unbanked adults in China and India—and an even higher share in Turkey. Women are overrepresented among the unbanked in economies where only a small share of adults are unbanked, such as China and India, as well as in those where half or more adults are unbanked (like Bangladesh and Colombia).
Digital financial inclusion is on rise; efforts towards improving financial literacy require a further boost
The concept of financial inclusion has evolved over a period and in recent times, the biggest boost to financial inclusion in the country has come from various initiatives under Digital India, banking facilities, simplification of procedures relating to financial instruments, etc.
As per a World Bank report from 2018 and RBI’s Bulletin from 2020, the total volume of digital transactions in India (including various payment channels and mechanisms, such as net banking, mobile banking, debit cards, credit cards, prepaid instruments, mobile wallets, among others) grew by compound annual growth rate (CAGR) of 30% from 1,142 million in April 2015 to 1,928 million in April 2017. On the other hand, mobile banking transactions grew more than five times, from 19.75 million in April 2015 to 106.18 million in April 2017. Similarly, mobile wallet transactions grew from 11.96 million transactions in April 2015 to 387.6 million transactions worth Rs 15,408 crore in January 2020 (World Bank 2018; RBI 2020).
As a result, anyone with a valid bank account and mobile phone can make quicker and easier payments. On the back of the increased access, India’s UPI (Unified Payment Interface), the country’s real-time payment system which instantly transfers funds between two bank accounts using mobile apps of banks and other third parties (e.g., Google Pay), has gone from processing 17.9 million digital transactions per month in 2016 to 1.3 billion per month in 2020.
Our previous articles have explored the evolution of digital payment systems and the increasing volume of digital transactions in the country in detail. The articles highlight both the adoption of digital payment systems and that the volume and value of digital transactions have significantly increased in the country and continues to grow.
While India has made great strides in the journey towards financial inclusion, recently with the advent of digital payment systems, there are notable digital divide and financial literacy concerns in the country. The most common barriers include lack of skills among the stakeholders to use digital services, infrastructural issues, teething problems between various systems, and low-income consumer’s inability to afford the technology required to access digital services.
In terms of advancing financial literacy, the government’s ongoing efforts under Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) (which aims to train one person per household i.e., 6 crore persons in rural areas on digital literacy) were suffering from a paucity of funds. Against this backdrop, the Parliamentary Standing Committee on IT submitted its report on the review of the National Digital Literacy Mission (NDLM) with a host of recommendations. A detailed review of the committee’s report can be read here, in one of our earlier articles.


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RBI resorts to jugglery of words to avoid sharing ‘Meeting Minutes’
Sai Krishna Muthyanolla
February 18, 2017
In a fresh case, the Reserve Bank of India (RBI) resorted to jugglery of words to deny information to an applicant under the RTI.  The RBI refused to share the minutes of meeting of the RBI central board of governors under the pretext that the applicant did not identify ‘information’
The Reserve Bank of India’s (RBI) reluctance to share information after demonetization is well known.  With each passing day, the RBI seems to be finding new ways to avoid sharing information. In response to an application under RTI seeking copies of the ‘meeting minutes’ of the RBI central board of governors for the last 4 years, the RBI asked the applicant to identify ‘information’ required.
What was sought from the RBI?
The RTI application to the RBI sought the meeting minutes since the Finance Minister Mr. Arun Jaitley told the Rajya Sabha that consultations at a very senior level of  the RBI on the issue of demonetization had started way back in the month of February 2016. He also mentioned that the RBI Board in the month of May 2016, as a part of these consultations, approved the design and took a decision to introduce high denominational currency which was required to be printed as a replacement currency.
The following specific information was sought from the RBI.
RBI’s jugglery of words to deny information
In response, the Central Public Information Officer (CPIO) of the RBI asked the applicant to identify ‘information’ since the minutes contained various information. The response went onto say that the applicant has not identified the information required and hence they cannot comply with the request. They advised the applicant to make a fresh application after identifying the information. To the second query, RBI in its response mentioned that 25 meetings of the central board of governors were held during the given period.
Why is the response a cause for concern?
Section 2(f) of the RTI act defines ‘information’ as any material in any form that includes records, documents, memos etc. It also includes material held in electronic form. The minutes of meeting of the RBI central board clearly qualify as ‘records’ and ‘documents’. The applicant just sought the copy of the minutes. Hence the contention that the applicant did not identify ‘information’ does not hold water. In fact, the applicant has made it easy for the CPIO to disclose information because there is no culling or collation of information.
The jugglery of words by the RBI looks like another attempt to deny information at any cost and this sets a dangerous precedent.

created: February 18, 2017


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RBI’s latest Shocker, says doesn’t have information on Cash supplied to Banks after Demonetization
Sai Krishna Muthyanolla
January 16, 2017
The RBI in response to an application under RTI refused to disclose details of the cash supplied to various bank branches since demonetization. RBI also says it does not have any information on the total amount of cash supplied to banks since November 10th, 2016.
The Income Tax department kept reporting various cases of seizure of the new currency notes amounting to crores of rupees. The needle of suspicion was on various banks with reports of fraud from multiple places. All this was happening when common citizens were told that there was not enough cash supplied to bank branches by the RBI. Factly filed an application under RTI with the Reserve Bank of India (RBI) to know the details about the amount of cash supplied to various bank branches since November 10 2016. The RBI refused to share information on the amount of cash supplied to individual bank branches and chest branches while it said it does not have any information on the total amount of cash supplied to various scheduled commercial banks.
What was asked?
The following information was sought from the RBI
In its response, the RBI refused to provide information for the first two queries citing Section 8(1)(g) of the RTI act.
Even more shocking was RBI’s response to the last query. RBI, it seems does not have any information on the total amount of cash supplied to the various scheduled commercial banks since November 10.  How on earth was RBI issuing new currency to various banks without keeping any account is a million-dollar question.
Would this information would endanger someone’s life?
Section 8(1)(a) of the RTI act exempts the following information from disclosure, ‘information, the disclosure of which would endanger the life or physical safety of any person or identify the source of information or assistance given in confidence for law enforcement or security purposes’.
RBI had used the same pretext before as well when it was asked about the stake holders consulted before the demonetization decision was taken.
But how would disclosing the amount of cash supplied to various bank branches and chest branches would endanger someone’s life is beyond any reason. If anything, disclosing day wise cash supply information to various bank branches and chest branches and putting such data in the public domain (in open formats) would immensely help the government. Many data enthusiasts could help the government with important leads on any anomalies in the cash supply. By stonewalling most RTI applications on demonetization, the RBI is further damaging its reputation.
Featured Image: RBI

created: January 16, 2017


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RBI’s response to RTI applications prove that it’s trying to evade any question on Demonetization
Sai Krishna Muthyanolla
January 30, 2017
In yet another shocking response to an application under RTI, RBI refused to provide information on supply & indent of new notes. However, the appellate authority of RBI had a different opinion.
The Reserve Bank of India (RBI) has been denying information in response to most RTI applications that sought information on various issues related to demonetization. Most applications have been rejected citing various clauses in Section 8 of the RTI act that spell out various exemptions.  The response to various applications also prove that it’s trying to evade any question on Demonetization.
Supply & Indent information of some notes is confidential while others is not
Factly filed an application under the RTI seeking the following information from the RBI.
In response to the first two queries, RBI mentioned that the information is available on its website, in the annual reports section. But the latest available annual report of the RBI is for the year 2015-16 which has details only up to March 2016. In the RTI application, it was very clearly mentioned that the information sought is from April 2016 onwards. Was this intentionally overlooked by the PIO?
RBI’s response to the 3 query was strange to say the least. The 3 query was very similar to the previous two queries except that it concerns the new notes. To this, the RBI cites the exemption clause that relates to safety, security & economic interests of the country.
In response to the last query, the RBI responded by saying that it is not information as defined in Section 2(f) of the RTI act. This is again an attempt to evade the question, since the RBI’s spokesperson was on record when she told the media that notes with printing defects might have got released and that there is no need to worry. How did the spokesperson make such a statement without having any information?
The Appellate Authority of RBI has a different opinion
Factly filed an appeal with RBI’s appellate authority opposing the contention of the PIO. The appellate authority seems to have understood the application and the information sought better than the PIO.
For the first two queries, the appellate authority accepted Factly’s contention and directed the PIO to provide the information available with him.
For the third query where the PIO cited an exemption clause to deny information, the appellate authority once again accepted Factly’s contention that the nature of information sought is similar and directed the PIO to revisit the exemption.
The appellate authority also directed the PIO to verify the records to check if any documented information is available on the defective notes.
What does this tell us?
RBI’s response to this particular RTI application and many others have proved beyond doubt that the institution is trying to evade any question on demonetization. Nothing justifies the casual and callous manner in which the exemption clauses are being used by the RBI to reject various information requests made by citizens.

created: January 30, 2017


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Reasons Indian MPs Mention in their Leave Applications - Infographic - Factly
Sai Krishna Muthyanolla
January 1, 2015
Ever wondered what reasons do MPs give in their leave applications for not attending the house? Here is the answer. This is based on the data for 15th Lok Sabha MPs

created: January 1, 2015


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Recently inaugurated Donyi Polo Airport is not the first airport built in Arunachal Pradesh after India’s Independence - FACTLY
Sai Krishna Muthyanolla
November 23, 2022
A photo is being shared on social media claiming it is a picture of the first airport that was built in Arunachal Pradesh after India’s Independence. Let’s verify the claim made in the post.
Claim: Picture showing the first airport built in Arunachal Pradesh post-Independence.
Fact: The photo shows a visual of the Donyi Polo Airport that was inaugurated recently by Prime Minister Narendra Modi on 19 November 2022. Donyi Polo Airport is the first green field airport built in Arunachal Pradesh’s capital city Itanagar. As per government’s official press release, Donyi Polo Airport will be the fourth commercial airport for Arunachal Pradesh after the Pasighat, Tezu, and Zero airports. It will be the third operational airport as Zero airport is currently non-operational. According to the ‘Indian Express’ news report, Arunachal Pradesh joined India’s Aviation map during the 1980s. Hence, the claim made in the post is Misleading.
On reverse image search of the photo shared in the post, the same photo was found published by the ‘NDTV’ news website on 18 November 2022. ‘NDTV’ reported it as the picture of the newly inaugurated Donyi Polo Airport in Arunachal Pradesh’s capital city Itanagar. Donyi Polo Airport, the first greenfield airport in Arunachal Pradesh, was inaugurated by PM Narendra Modi on 19 November 2022. As per government’s official press release, Donyi Polo Airport will be the fourth commercial airport for Arunachal Pradesh after the Pasighat, Tezu, and Zero airports. It will be the third operational airport as Zero airport is currently non-operational.
As per the press release issued by the Prime Minister’s office on 19 November 2022, Prime Minister Narendra Modi during the Donyi Polo Airport’s inauguration ceremony said Donyi Polo Airport will be the fourth operational airport for Arunachal Pradesh, taking the total airport count in the North-East region to 16. But as per the data provided by the Airports Authority of India (AAI) website, only Pasighat and Tezu airports are currently operational other than the Donyi Polo Airport in Arunachal Pradesh. The Zero or Ziro Airport in Arunachal Pradesh was stated as non-operational in the AAI website.
On 21 May 2018, Arunachal Pradesh CM Prem Khandu shared a collage of images and tweeted, “Flagged off the first commercial fixed wing flight @airindiain Air Alliance Guwahati to Pasighat from Gopinath Bordoloi International Airport, Guwahati.” Several news websites published articles reporting that the first commercial flight to Arunachal Pradesh that landed at Pasighat Airport on 21 May 2018. They can be seen here and here. As per these news reports, Arunachal becomes the last of the eight northeastern states to be on India’s commercial flight service map.
Flagged off the first commercial fixed wing flight @airindiain Air Alliance Guwahati to Pasighat from Gopinath Bordoloi International Airport, Guwahati. @narendramodi @PMOIndia @BJP4India @MoCA_GoI @jayantsinha @DCMChownaMein @TapirGao @KirenRijiju pic.twitter.com/9147O2vyjt
But in a fact-check published by the ‘Indian Express’ news website in 2018, it is reported that the first commercial flight landing in Arunachal Pradesh took place in the 1980s. Indian Express article reported that Vayudoot, a regional airline joint venture between Air India and Indian Airlines provided air connectivity to the Northeastern regions in the 1980s and 1990s. According to the news report, Vayudoot airlines flew to several destinations in Arunachal Pradesh, including Pasighat and Tezu airports in the 1980s. Also, in an article published by the ‘Times of India’ on 20 May 2018, it is reported that the commercial flight services are going to restart in Arunachal Pradesh after 28 years as Vayudoot stopped its 19-seater airline services to the state in 1990. From all these pieces of evidence, it can be concluded that the Donyi Polo Airport is not the first airport built in Arunachal Pradesh after India’s Independence.
To sum it up, the recently inaugurated Donyi Polo Airport is not the first airport built in Arunachal Pradesh after India’s Independence.

created: November 23, 2022


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Recital of Hindu, Islamic, and Sikh religious verses was organized in the ‘Kisan Nyay’ rally attended by Priyanka Gandhi - FACTLY
Sai Krishna Muthyanolla
October 20, 2021
A video is being shared on social media claiming it as the visuals of Congress leader Priyanka Gandhi reciting Azan prayer in a public meeting held in Banaras. This post claims that during a recent public rally held in Banaras, the Congress party played only Azan prayers for ten minutes to attract the Muslim community’s votes. Let’s verify the claim made in the post.
Claim: Video of Priyanka Gandhi reciting only Azan during the recent Congress public rally held in Banaras.
Fact: The video shows visuals from the ‘Kisan Nyay’ rally event that was held on 10 October 2021 in Varanasi. The ‘Kisan Nyay’ event organizers played recitals of Hindu, Islam and Sikh religious verses at the beginning of the event. Priyanka Gandhi and other leaders stood and paid respects while these prayers were being played. The video shared in the post was created by cropping only the Azan recital portion of the event. Hence the claim made in the post is MISLEADING.
When we searched to check the details of this video shared in the post, we found that the video is from the ‘Kisan Nyay’ rally that was held on 10 October 2021 in Varanasi. Videos of Priyanka Gandhi addressing the ‘Kisan Nyay’ rally can be seen here and here.
The ‘UP Tak’ news channel published the complete video of the ‘Kisan Nyay’ rally on 10 October 2021. At the beginning of the ‘Kisan Nyay’ event, one could see Priyanka Gandhi and other Congress leaders standing and reciting religious prayers. These visuals can be seen from 0:45 minutes of the video. These recitals started with Hindu mantras followed by Islam’s Azan and Sikh religious prayers. At 2:10 minutes of the video, we could see Priyanka Gandhi reciting ‘Hara Hara Mahadev’ chants along with the crowd present in the event. From 3:05 minutes of the video, we could hear Azan recitals in the event. This Azan prayer was recited for more than two and a half minutes (between 3:05 and 5:48 minutes) in the event. Following the Azan prayer, Sikh religious prayer was recited in the ‘Kisan Nyay’ rally.
Also, Priyanka Gandhi, while addressing the ‘Kisan Nyay’ rally, recited Durga Mantras and urged people to chant ‘Jai Matha Di’ slogans. Reporting this information, several news outlets published reports which can be seen here and here.
To sum it up, a clipped video of the ‘Kisan Nyay’ rally is being shared as the visuals of Priyanka Gandhi reciting only Azan prayers at a Banaras Congress rally.

created: October 20, 2021


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‘Red Mercury’ is a myth. It is not found in old televisions and radios - FACTLY
Sai Krishna Muthyanolla
August 26, 2020
A message is being shared widely on social media with a claim that ‘Red Mercury’, a chemical which is used to manufacture nuclear weapons, can be found in old televisions and radios. Let’s fact-check the claim made in the post.
‘Red Mercury’ can be found in old radios and televisions.
Fact: ‘Red Mercury’ is a myth. In 2002 itself, an American official has said that there is no such thing as ‘Red Mercury’. He also said that some terrorist groups have tried to acquire the mythical ‘Red Mercury’ and have fallen prey to scams. Hence the claim made in the post is FALSE.
When searched about ‘Red Mercury’ on the internet, a website link of ‘U.S. Department of State’ was found in the search results. On the website, the transcript of the speech given by John R. Bolton, then Under Secretary for Arms Control and International Security, at ‘International Approaches to Nuclear and Radiological Security Conference’ – London in 2002 was found. In his speech, Bolton said that there is no such thing as ‘Red Mercury’. He also said that some terrorist groups have tried to acquire the mythical ‘Red Mercury’ and have fallen prey to scams.
The ‘BBC’ and ‘The New York Times’ have also published articles saying that the ‘Red Mercury’ is a myth. Those articles can be read here and here. In the ‘BBC’ article, it can be read that there is no chemical such as ‘Red Mercury’ but there is a red-coloured mercury-containing the ore – ‘Mercury Sulphide’. It is harmful ‘not because it’s highly explosive, but rather because plain old mercury is hazardous to human health’
In old televisions and other electronics, there is some content of mercury and other harmful chemicals but there is no trace of ‘Red Mercury’ (at least nobody found it till today). Also, there are various instances in the past where police arrested scammers who tried to dupe people by selling them the non-existent ‘Red Mercury’. Further information regarding those incidents can be found here, here and here. In 2009, a similar hoax went viral in Saudi Arabia that ‘Red Mercury’ can be found in old sewing machines.
To sum it up, ‘Red Mercury’ in itself is a myth. It cannot be found in old televisions and radios.
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Reliance Industries Limited’s market capitalization (10 lakh crore) is being shared as Ambani’s wealth - FACTLY
Sai Krishna Muthyanolla
December 2, 2019
A post is being shared widely of Facebook with a claim that Mukesh Ambani’s wealth increased from 4 lakh crore (in 2017) to 10 lakh crore (in 2019). Also, it is being claimed that India’s GDP decreased from 7.2% (in 2017) to 4.5% (in 2019). Let’s try to analyze the claim made in the post.
Mukesh Ambani’s wealth is 10 lakh crore (2019).
Fact: According to the ‘Forbes’, the net worth of Mukesh Ambani is around 4.3 lakh crore (as of today). Mukesh Ambani’s Reliance Industries Limited reached 10 lakh crore market capitalization in November, not his wealth. Hence the claim made in the post is MISLEADING.
‘Forbes’ publishes about the net worth of various individuals across the world. So, when searched about the net worth of Mukesh Ambani, it was found on the ‘Forbes’ website that his net worth is around 4.3 lakh crore (as of today).
When searched about the ’10 lakh crore’ part on Google, it was found that the ‘Reliance Industries Limited’ (RIL) has reached a market capitalization of 10 lakh crore in November – 2019. So, the market cap of RIL is 10 lakh crore, not the wealth of Mukesh Ambani. According to an article published by the ‘Economic Times’ on 18 September 2019, Mukesh Ambani’s shareholding in RIL is around 49%.
Also, India’s GDP growth fell to 4.5% in the second quarter of 2019-20. The 4.5% growth is not for the entire financial year of 2019-20.
To sum it up, the net worth of Mukesh Ambani is around 4.3 lakh crore (Forbes). RIL’s market cap is being shared as Ambani’s wealth.
Update: As per the ‘India Rich List’ released by Forbes, Mukesh Ambani net worth stood at 38 billion dollars (2.72 lakh crore in INR) in 2017 and at 52.4 billion dollars (3.76 lakh crore in INR) in 2019, an increase of nearly 38 per cent in his net worth.
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created: December 2, 2019


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Reliance Jio is not offering any free recharge on the occasion of Mukesh Ambani's birthday and Anant Ambani's wedding - FACTLY
Sai Krishna Muthyanolla
March 8, 2024
Multiple posts (here & here) claiming that Reliance Jio is offering a one-month free recharge to all Jio users on the occasion of Mukesh Ambani’s birthday and Anant Ambani’s marriage are being widely shared across social media platforms. Through this article, let’s fact-check the claim made in the post.
Claim: Jio is offering a one-month free recharge to all Jio users on the occasion of Mukesh Ambani’s birthday and Anant Ambani’s marriage.
Fact: This viral message is fake. Reliance Jio is not offering any free recharge on the occasion of Mukesh Ambani’s birthday and Anant Ambani’s wedding. The link provided in the post directs to a dubious website. There are many news reports about cybercriminals committing cybercrimes through such fake messages and websites. Hence, the claim made in the post is FALSE.
To verify the authenticity of the viral claim, we checked Jio’s official website and did not find any information about such an offer in the list of promotions. Additionally, there are no special paid recharge options on Jio’s website in connection with Mukesh Ambani’s birthday and Anant Ambani’s marriage. Further investigation revealed that Mukesh Ambani’s birthday is not in March but in April; he was born on 19 April 1957. Anant Ambani is scheduled to get married on 12 July 2024. We also examined Jio’s social media handles, but no such offer was mentioned there either (here & here).
Later, we clicked on the link shared in one of the posts, which claimed to offer a one-month free recharge. This link directed us to a website called goodphoneoffer.com. We found this website suspicious because it is not associated with Jio or its subsidiaries. Furthermore, the website claims to offer free recharges for VI and Airtel users as well.
Providing our mobile numbers to such dubious websites may result in receiving spam calls, messages, and even phishing links. Therefore, one should be careful and avoid opening these kinds of links and websites. Factly has previously debunked several social media posts claiming to offer free recharges, which can be seen here and here.
To sum it up, Reliance Jio is not offering any free recharge on the occasion of Mukesh Ambani’s birthday and Anant Ambani’s wedding.


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Remittances to India grew by 61% in 5 years - FACTLY
Sai Krishna Muthyanolla
April 19, 2016
Most Indians abroad remit money to India for varied purposes, the primary one being family maintenance. As per data available with the RBI,  69.8 billion USD was the total amount of private transfer receipts to India in 2014-15 out of which 44.08 billion USD were inward remittances.
Most Indians living abroad remit money to India for varied purposes. The primary purpose of such remittance is family maintenance. According to the data available with the Reserve Bank of India (RBI), the inward remittance for the year 2014-15 stood at 44.08 billion dollars which is double the annual budget size of some of the larger states.
Inward remittances grew by 61% in 5 years
The inward Remittance from Indian Workers abroad for family maintenance etc grew from 27.41 billion USD in 2010-11 to 44.08 billion USD in 2014-15. This is an increase of about 61%. In the last five years, the inward remittances have seen a steady increase. In 2011-12, the remittances stood at 31.26 billion USD followed by 33.04 billion USD in 2012-13. In 2013-14, the inward remittances stood at 37.89 billion USD.
Total Private Transfer receipts at 69.8 billion USD in 2014-15
The RBI counts the following as part of the total private transfer receipts to India.
The sum amount of all the above four listed items stood at 69.8 billion USD for the year 2014-15.  63% of this amount was inward remittance while 33% was local withdrawals from non-resident deposits. The remaining 4% was through gold and silver brought through passenger baggage and personal gifts to religious institutions in India.
While the amount of inward remittances has steadily increased every year, local withdrawals from non-resident accounts saw continuous fluctuation.  From 26.15 billion USD in 2010-11, it went up to 32.47 billion USD in 2011-12 only to continuously come down the following years. In 2014-15, the amount of local withdrawals stood at 23.24 billion USD, much less than 2010-11 amount. The amount of gold and silver steadily increased till 2013-14 and came down in 2014-15.  The amount of personal gifts to religious institutions increased in the first 3 years starting 2010-11 and later stabilized.
Major source of remittance continue to be the Gulf Countries
The data on region wise (based on source) distribution of private transfers to India is available with the RBI only up to 2012-13. The Gulf Countries have remained the single largest source of private transfers to India. In 2012-13, the total amount from these countries stood at 24.93 billion USD, which is 37% of the total private transfers to India. A close second is North American countries (primarily the USA), with a total of 23.22 billion USD in private transfers or 34% of the total. About 20% of the total private transfers came from Europe and East Asia. The remaining 10% came from from Africa, South America and others.
Featured Image: Image


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Remittances to India: Where does the money come from and What does it mean?
Sai Krishna Muthyanolla
July 11, 2019
India once again topped the list of countries with the largest inward
remittances as per a new World Bank report. The remittance amount has increased
by 14% in one year.
India has yet again topped the list of countries with the largest remittances in the world. The total remittance across the globe amounted to a whopping $529 billion in 2018 as per the latest reports of Knomad’s Migration and Development brief of the World Bank group.
Remittances to India up
14% in the last one year
It is a known fact that India has the largest diaspora in the world. In line with this, remittances to India have increased to $78.6 billion in 2018 compared to $68.9 billion in the preceding year, a substantial increase of 14%. This also represents a 25% increase compared to the low of $62.7 billion in 2016. Remittances to India have increased continuously since 1990 except for decrease in a few years. Remittances to India also make up for 11.4% of the total global remittance inflow.
As per the latest data, theflow of remittances to low and middle income countries has also shot up from8.8% in 2017 to 9.6% in 2018. It has overtaken
both the Foreign Direct Investment and Official Development Assistance tothese countries.
Remittances- money whichis sent back home by migrant workers- contribute by and large to thedevelopment of an economy. For some countries, like Kyrgyz Republic, Tonga,Tajikistan and Haiti, remittances
constitute more than 30% of their GDP.
40% of International
Migration were of Asian Origin
World
Migration Report of 2018 shows that 40 % of the international migrations ofthe world were of Asian origin. India and China have the largest number ofmigrants living abroad. Of the top 20 migration corridors from Asia, thelargest corridor is from India to United Arab Emirates. About 3.5 millionIndians were residing here in 2015. Other important migratory movements fromIndia have been to Pakistan (can be attributed to partition in 1947 as per thereport), USA and Saudi Arabia.
Gulf
region (Middle-East) alone contributes more than 50% of the total remittances
to India.
According to the Reserve Bank of India’s fourth round of survey of authorised dealers on India’s inward remittances in 2016-17, 26.9% of the remittances to India have been from the UAE. Another 22.9% contribution has come from the USA. Following them are Saudi Arabia and Qatar which contribute 11.6% and 6.5% respectively. Kuwait is next on line with 5.5% followed by Oman and the UK with 3% each. In other words, the contribution from the Middle-East (Gulf) countries alone constitutes more than 53.5% of the total remittances to India. This is not surprising considering that majority of the NRI population lives in the Gulf region. Of the total NRI population of India which is more than 13.1 million as per MEA data, 23.6% are in UAE, 21.4% in Saudi Arabia and 9.8% in USA. The Middle-Eastern countries account for more than 60% of the NRI population.
19%
of the total inward remittance to India goes to Kerala
State wise analysis ofremittances reveals that 58.7% of the total remittances go to four states-Kerala, Maharashtra, Karnataka and Tamil Nadu. While Kerala has the largestshare of 19%, Assam, Chhattisgarh, Himachal Pradesh, Uttarakhand, Jammu andKashmir and Jharkhand together constitute only 1%. Puducherry and Chandigarh accountfor 0.2% inward remittance each which is more than that of some states. Theothers category (15.5%) is where banks could not identify the specificdestination of the remittance.
More than 50% of the
remittance amount used for Family Maintenance
The most preferredchannel of remittance for about 75.2% of the transactions was through RupeeDrawing Arrangement since the cost of transaction through this mode is lessercompared to the rest. Rupee Drawing Arrangement (RDA) is a channel to receivecross-border remittances from overseas. Under this arrangement, the AuthorisedCategory I banks enter into tie-ups with the non-resident Exchange Houses inforeign countries. Remittances are made through these exchange houses.
It was also found in thesurvey that, 59.2% of the remittance amount received in India were used forfamily maintenance- for consumption of the family. 20% was used as deposits inbanks while 8.3% was used to invest in equity shares, land, property etc.
About 74.2% of thetransactions took place through private sector banks in India. The percentageof transactions that took place through public sector banks and foreign banksare 17.3% and 8.5% respectively. RDA is less expensive in the case of privateand foreign banks as compared to public sector banks as per the survey. Interms of the transaction size, 70.3% of the transactions were greater than orequal to $500. Only 2.7% of the transactions were lesser than $200.
How far are we from the
SDG of 3% transaction cost on remittance?
One of the targets of SustainableDevelopment Goal (SDG) 10 (Goal 10: Reduce inequality within and amongcountries) is to reduce the transaction costs of migrant remittances to lessthan 3% and eliminate the remittance corridors with costs higher than 5% by2030.
The objective of thisgoal is to bring down disparities and inequalities in accessing basic humannecessities like healthcare and education that exist within a country as wellas among countries. Since migrants and their remittances play a pivotal role inthe economic development of both- source and destination countries, policies infavour of them will help in attaining this goal.
The global average transaction cost to send $200 in the first quarter of 2018 was 7.1%. In the case of India, it was 5.8%. The global cost is 2.36 times the SDG target of 3% which is to be achieved within the next eleven years. This cost is dependent on various factors including the destination, amount, exchange rates, mode of remittance, market competition and more
The positives of remittance include reduction in poverty, improved access to healthcare and education, healthier lifestyle, increased financial literacy and asset accumulation and so on. The overall well-being of households too, can witness a positive change. But, with remittances come a culture of dependency on host countries, which is a risk. Economic problems or the enforcement of strict rules against migrants in host countries such as US, Gulf regions and Europe which host huge population of migrants may result in economic problems in the destination countries like India.
About the RBI Survey: The survey conducted by RBI for this study included responses from 42 of 80 authorised dealers in India which deal in foreign exchange transactions. These 42 dealers account for 98.3% of total remittances reported in 2016-17.  Three major Money Transfer Operators were also surveyed using a different questionnaire for this survey.
Featured Image: Remittances to India


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‘Remove CAB. Make India a Muslim nation’ placard found at Priyanka Gandhi’s anti-CAA protest is photoshopped - FACTLY
Sai Krishna Muthyanolla
December 23, 2019
A photo is being shared widely on social media with a claim that ‘Muslim nation’ (‘कैब हटाओ, इस देश को मुस्लिम राष्ट्र बनाओ’) placard was seen at Priyanka Gandhi’s protest against CAA and NRC at the India Gate. Let’s try to analyze the claim made in the post.
‘Remove CAB.  Make India a Muslim nation’ poster at Priyanka Gandhi’s anti-CAA protest at the India Gate.
Fact: The placard has been photoshopped. The original placard reads – ‘लाठी-गोली नहीं, रोजगार-रोटी दो’ (English – ‘Not lathis and bullets, give us jobs and roti’). Hence the claim made in the post is FALSE.
In the posted photo, it can be seen that the woman wearing a full-handed jacket was holding the placard with the ‘Muslim nation’ slogan.
When the image was run through Google Reverse Image Search, the exact photo was not found. But, many similar photos from that event were found in the search results. In a photo, on the ‘UNI’ website, it can be seen that the woman was holding a placard which reads – ‘लाठी-गोली नहीं, रोजगार-रोटी दो’ (English – ‘Not lathis and bullets, give us jobs and roti’). Also, in a photo on ‘The Print’ website, it can be seen that the woman was holding the ‘jobs-roti’ placard, not ‘Muslim nation’ placard.
On the placards held by people around Priyanka Gandhi, none of them had the slogan regarding making India a ‘Muslim nation’.
To sum it up, a photoshopped image is shared as ‘Remove CAB. Make India a Muslim nation’ placard found at Priyanka Gandhi’s anti-CAA protest.
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created: December 23, 2019