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PhonePe, NITI Aayog team up to launch fintech open hackathon

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Leading digital payments platform PhonePe on Thursday announced that NITI Aayog, in association with the platform, will be hosting the first-ever open-to-all hackathon that aims to showcase path-breaking solutions for the fintech ecosystem.

The Hackathon will provide an opportunity for innovators, digital creators and developers from all over India to think, ideate and code.

Winning teams stand to win exciting cash prizes worth Rs 5 lakhs, the platform said in a statement.

Participants at the hackathon need to use any open-data APIs like PhonePe Pulse along with frameworks such as Account Aggregator as a foundation to power the use cases, such as alternate risk models for lending, insurance or investments with a focus on financial inclusion; innovative products that use the power data signals for various demographics and geos for broader adoption of financial services; improved visualisation and derived intelligence based on the digital payments data.

Participating teams can have one or up to five participants. They can use data sources like PhonePe Pulse, the Open Government Data Platform and RBI reports on payments to build on their submission.

In addition, they can access any other open data platforms that they are aware of along with the Setu AA Sandbox or the Setu Payments Sandbox to develop their hacks. By the end of the event, participants will be required to present a working prototype of their hack to the judges, post which each hack will be judged based on certain parameters.

While the judges consider the hacks, they might ask for additional information on the prototypes.

The winning team will be awarded Rs 1,50,000. Two teams, in second and third places, will win Rs 1 lakh and Rs 75,000, respectively.

However, PhonePe mentioned that judges may decide to award fewer or more prizes depending on the hacks submitted.

The last date to register for the event is February 23 and the deadline to submit the final entries is February 25 by noon.

There will be a live AMA on February 21 at 4:00 PM to answer any questions the participants may have about the Hackathon. The winners of the Hackathon will be announced on February 28.

The NITI Aayog fintech month commenced on February 7 and the week witnessed some thought-provoking keynotes, in-depth fireside chats, and panel discussions.

Business

Employees’ body to meet on April 13 as Central govt staff keen on 8th Pay Commission decisions

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New Delhi, April 7: Millions of Central government employees and pensioners await the outcome of the drafting committee of the National Council (Joint Consultative Machinery) on April 13 to get cues on the 8th Pay Commission salary revision, a report said on Tuesday.

The drafting committee meeting scheduled for 11:00 am at the JP Choubey Memorial Library (AIRF office premises) here will review a final common memorandum and discuss pay scale revisions, annual increments, allowances and other benefits, the report from NDTV Profit said.

“The April 13 meeting is in continuation of the March 12, 2026, meeting when all drafting committee members of the 8th Pay Commission met to discuss the common memorandum of all employee and pensioner bodies,” said NC-JCM secretary, Shiv Gopal Mishra, in a letter to members of the drafting committee.

The government has not yet announced the official date for the salary increase. Arrears will be calculated based on the date fixed for the implementation of the 8th Pay Commission

even as employee and pensioner groups press for arrears to be calculated from January 1, 2026, the report said.

The Federation of National Postal Organisations has asked the government to merge the 58 per cent dearness allowance with basic pay and give interim relief from the same date.

The salary increase will hinge on the fitment factor the government adopts which analysts expect to exceed 2.5. Some employee groups have sought a fitment factor of 3.15, even though the official decision may take over a year, the report said.

Pankaj Chaudhary, MoS Finance, told Parliament in March that the 8th Pay Commission will make its recommendations on pay, allowances, pensions, and other benefits for central government employees. The 8th Pay Commission is expected to complete this work within 18 months from November 2025.

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Thane-Borivali Twin Tunnel Work Launched; Here’s How TBM Nayak Will Transform Travel For Mumbaikars

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Mumbai: The first Tunnel Boring Machine (TBM), named Nayak, has been launched to begin excavation for the Thane–Borivali Twin Tunnel project today. The inauguration was officially done by Chief Minister Devendra Fadnavis along with Deputy Chief Ministers Eknath Shinde and Sunetra Pawar. Transport Minister Pratap Sarnaik was also present at the event, which took place at the TBM launch site in Manpada, Thane.

At present, the 23-kilometre journey between Thane and Borivali takes anywhere between 60 and 90 minutes, largely due to heavy congestion on Ghodbunder Road. Once completed, the new tunnel route will bring this travel time down to just 15 minutes, offering a faster and more reliable commute. The project, which began on May 19, 2023, is expected to be completed by May 2028.

Implemented by MMRDA, the project also includes connecting roads linking the Western Express Highway in Borivali and Ghodbunder Road in Thane.

A machine built for Mumbai’s toughest terrain, a 13.34-metre diameter single-shield TBM—among the largest deployed in urban tunnelling. Weighing nearly 2,500 tonnes and assembled from over a thousand components, the machine represents cutting-edge engineering tailored for challenging geological conditions.

Meanwhile, prior to this, Phase 1 of the long-awaited Metro Line 9 rail service between Dahisar East and Mira Bhayandar was inaugurated. CM Devendra Fadnavis, along with Deputy CM Eknath Shinde, Transport Minister Pratap Sarnaik, and Mumbai Mayor Ritu Tawde, were present at the inauguration ceremony of phase 1 connecting Dahisar East to Kashigaon.

The 4.97 km line connecting Dahisar and Kashigaon, with stations at Pandurang Wadi and Miragaon, is expected to provide relief to commuters in the Mira-Bhayander region, which currently depends heavily on road transport, leading to frequent traffic congestion.

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Govt doubles daily 5-kg LPG cylinder quota for migrant labourers across states

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New Delhi, April 7: The Centre has decided to double the daily allocation of 5-kg free trade LPG (FTL) cylinders available for distribution to migrant labourers across states, according to an official communication.

The Petroleum Ministry said in a notification the enhanced allocation will be based on the average daily supply of cylinders provided to migrant workers.

The revised allocation goes beyond the earlier cap of 20 per cent specified in March announcement.

The government also said that the additional 5-kg FTL cylinders will be placed at the disposal of state governments and their Food and Civil Supplies Departments for distribution exclusively to migrant labourers with the assistance of oil marketing companies (OMCs).

Earlier, the government had said it was making all efforts to ensure adequate availability of petrol, diesel and LPG amid the prevailing geopolitical situation, while advising citizens to avoid panic buying and rely only on official sources for information.

Consumers were also encouraged to use digital modes for LPG bookings and minimise visits to distributors unless necessary.

The government has prioritised domestic LPG and PNG supplies, along with critical sectors such as hospitals and educational institutions.

It has also implemented several demand and supply-side measures, including enhancing refinery output and increasing LPG booking intervals to 25 days in urban areas and up to 45 days in rural areas.

To ease pressure on LPG demand, alternate fuels such as kerosene and coal have been made available, while states have been advised to expand PNG connections.

The government also said there has been no disruption in LPG supply affecting migrant workers.

According to official data, around 51 lakh domestic LPG cylinders were delivered recently, with online bookings rising to 95 per cent and delivery authentication-based distribution increasing significantly to curb diversion.

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