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Bima Sugam The Game Changer in 2023

The The Insurance Regulatory and Development Authority of India (IRDAI) has committed to enabling ‘Insurance for All’ by 2047, where every citizen has appropriate life, health, and property insurance coverage and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive. To attain this objective, the reform agenda taken up by IRDAI derives inspiration from the Government of India’s vision of financial inclusion and strong emphasis on accelerating reforms. The focus of IRDAI is to strengthen the three pillars of the entire insurance ecosystem viz. insurance customers (policyholders), insurance providers (insurers) and insurance distributers (intermediaries)by •!• Making available right products to right customers; •!• Creating robust grievance redressal mechanism; •!• Facilitating easeof doing business in theinsurancesector; •!• Ensuring the regulatory architecture is aligned with the market dynamics; •!• Boosting innovation, competition and distribution efficiencies while mainstreaming technology and moving towards principle based regulatory regime. Important Speeches from Webinar

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HC strikes down law banning online gaming

Govt. restrained from interfering with online gaming business and allied activities of petitioners In a relief to online gaming operators and players, the High Court of Karnataka on Monday declared as unconstitutional certain provisions of the Karnataka Police (Amendment) Act, 2021, which prohibited and criminalised the activities of offering and playing online games, by risking money or otherwise. “The provisions of Sections 2, 3, 6, 8 & 9 of the Karnataka Police (Amendment) Act 2021 are declared to be ultra vires of the Constitution of India in their entirety and accordingly are struck down,” the court said A Division Bench, comprising Chief Justice Ritu Raj Awasthi and Justice Krishna S. Dixit, delivered the verdict while allowing the petitions filed by associations of gaming operators, such as Online Gaming Federation, Federation of Indian Fantasy Sports, and a few individuals who are online gaming enthusiasts. Source : The Hindu

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Government blocks 54 more Chinese apps over data, security issues

NEW DELHI: The government’s action against Chinese apps over data breach of Indian citizens and threat to national security continues with a fresh set of 54 apps being ordered blocked as they were suspected to be engaged in illegal espionage and surveillance activities on Indian citizens.The action follows similar steps taken since June 2020 that has seen as many as 267 apps being blocked through various orders that included removing some of the top ones such as TikTok, PUBG, UC Browser, WeChat, CamScanner, Baidu Search and Weibo.With the latest action, the number of Chinese apps blocked in India now stands at 321. The news ones blocked included apps related to beauty, music, dating and gaming.Some of the apps that will be blocked are either the cloned versions of those banned previously, or have similar functionality, privacy issues and security threats, as per the government which took the action on the recommendations of the home ministry.“These 54 apps allegedly obtain various critical permissions and collect sensitive user data. These collected real-time data are being misused and transmitted to servers located in hostile country,” the IT ministry said. “This will enable them to compile huge personal data to mine, collate, analyse and profile by the elements who are hostile to the sovereignty and integrity of India and for activities detrimental to national security,” it added.TOI had reported on August 30, 2021, that several Chinese apps were back in the Indian online eco-system – despite the ban – by hiding their origins, changing their names, or with scarce information about their ownership. The fresh action also comes when ties between India and China continue to be cold over the border disputes. Source : TOI

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House owners lose lakhs in QR code frauds, ‘reverse’ payment

HYDERABAD: New cybercrime methods are leaving the police perplexed with fraudsters specifically targetting software and banking professionals who want to give their houses on rent.Top police officers said several employees of multi-national companies are failing to see through the dirty tricks of fraudsters, who are siphoning off lakhs of rupees by either asking house owners to scan QR codes or receive rental advance through what is described as ‘reverse payment’ method that doesn’t exist. Swaminathan, an IT architect of a Pharma MNC from Kondapur is one such victim who lost Rs 11.99 lakh. On February 5, he uploaded details of a vacant portion of his house on a real estate website seeking Rs 20,000 monthly rent and one month’s advance. The following day, Swaminathan received a call from a person who identified himself as Randip Singh, a CISF officer transferred from Pune to Hyderabad. Showing interest, Singh wanted to pay the advance amount and explained to Swaminathan about a “reverse payment method used in CISF accounts department.” “The person posing as CISF officer convinced Swaminathan that he would have to transfer one month’s rent to the ‘officer’s’ bank account and double the amount would be transferred back from the CISF accounts section into the house owner’s account. To test the method, Swaminathan sent Rs 1 and received Rs 2 from the fraudster’s bank account. Subsequently, the fraudster convinced Swaminathan to transfer Rs 11.99 lakh from his bank account and debit card through 12 transactions, while staying on the call for about two hours,” Cybercrime inspector M Ravinder Reddy said. “All along, the fraudster convinced him that he would get double the amount he sends and Swaminathan ignored warning calls from his bank also,” the inspector said. A manager of a private bank, Shiva Shankar of Chandanagar, lodged a similar complaint on February 2 saying that one B Pratap Yadav, posing as an Army personnel recently transferred from Ahmedabad to Hyderabad, made him transfer Rs 2.2 lakh from his mobile banking app to Yadav’s bank account through nine transactions in the guise of paying advance plus one month’s rent through the same `reverse payment method’. On February 7, Srinath Kumar of Kukatpally, an associate team leader in a software MNC, approached police saying that he had placed an advertisement in house rental portals to rent out a vacant flat for Rs 20,000 a month and two months advance payment. Kumar received a call from two persons, who identified themselves as armymen Randheer Singh and Bamu Gorai, transferred from Noida to Hyderabad. “They wanted to make payment through QR code. Kumar lost Rs 2.74 lakh when he scanned the QR codes sent by the fraudsters and the amount got debited from his bank account, instead of getting credited,” the investigation officer said. Source : TOI

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Builder’s failure to get occupation certificate deficiency in service: SC

Failure of a builder to obtain occupation certificate is a deficiency in service under Consumer Protection Act 1986, the Supreme Court has said. A bench of Justices D Y Chandrachud and A S Bopanna held that the builder would be liable to refund money if the homebuyers were forced to pay higher taxes and water charges due to lack of an occupancy certificate. The apex court was hearing an appeal against an order of the National Consumer Disputes Redressal Commission which dismissed a complaint by a cooperative housing society seeking refund of the excess taxes and charges paid to the municipal authorities due to alleged deficiency of the builder. The NCDRC had dismissed the complaint on the ground that it was barred by limitation and that it was not maintainable since it was in the nature of a recovery proceeding and not a consumer dispute. According to the petitioner society, the builder failed to take steps to obtain the occupation certificate from the municipal authorities. In the absence of the occupation certificate, individual flat owners were not eligible for electricity and water connections, it said. Due to the efforts of the society, temporary water and electricity connections were granted by the authorities, however, the members of the appellant had to pay property tax at a rate 25 per cent higher than the normal rate and water charges at a rate which was per cent higher than the normal charge. The top court set aside the NCDRC’s order which had turned down society’s plea against the builder and held they should approach against the authorities which are charging higher taxes. In the present case, the respondent was responsible for transferring the title to the flats to the society along with the occupancy certificate. The failure of the respondent to obtain the occupation certificate is a deficiency in service for which the respondent is liable. Thus, the members of the appellant society are well within their rights as ‘consumers’ to pray for compensation as a recompense for the consequent liability (such as payment of higher taxes and water charges by the owners) arising from the lack of an occupancy certificate, the bench said in a recent order. Source : BUSINESS STANDARD

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Artificial intelligence in banking will be revolutionary

Artificial Intelligence is one of the biggest disruptor in technology where it is touching almost every industry. The introduction of AI in banking sector will make the services customer centric and it will make them more secure. AI based systems can be cost effective and improve efficiency of banking systems. Algorithms can easily spot anomalies and fraudulent information and make banking system more reliable. Algorithms can also make decisions by scrutinizing huge data and a human mind can never take such a leap. What Are Applications Of Artificial Intelligence In Banking? Few banks around the world have started testing use of Artificial Intelligence on pilot scale and evaluate its value on products and services. Let’s discuss few applications of AI: People have shifted towards internet banking and everyday millions of transactions are done online. Bank users pay their bills, transfer money, deposit cheques and more. There is a huge need for a reliable system that can prevent all kinds of fraud and give users a great sense of security. AI in Cyber security can detect frauds and prevent them from happening. Chatbots Chatbots are one of the biggest success in Artificial Intelligence universe. The practical applications of chatbots are beyond explanations. A user can solve its problems any time and do not have to wait for tele-callers. It can be frustrating for people to wait for tele-callers and people also need to wait to call at specific hours as every toll free number is not active 24 hours. Loan Decisions To make safer choices banks should incorporate AI in analyzing data and make profitable decisions. Banks use credit scores, credit history and reference to decide whether an individual is worthy of giving credit or not. It can be deceiving sometimes and banks end up piling up NPAs in their portfolios. Tracking Market Trends Artificial Intelligence has ability to process and analyze huge data and it can make informed decisions. Humans can never analyze huge volumes of data efficiently. AI can use machine learning to evaluate market sentiments and also suggest investment options. Customer Experience Customers have the thirst for better experience and they are looking for faster problem resolving methods. Example, your payment has stuck at 2 am in the night and you want to resolve the matter quickly but customer support will only be available from 9 am. If AI is employed chatbots can resolve your issue immediately. Artificial Intelligence is highly controversial because people think that it is eating jobs and leaving people unemployed. Leaving that point aside, we can see how AI can advance us in future and change the picture of customer experience. source : VIRALBAKE

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Deceptive Ad Trends To Be Wary of in 2022

Consumers have much to watch out for in terms of deceptive advertising trends in 2022. Here are five that TINA.org will be keeping an eye on this year.  Amazon’s Liability  After a cashmere industry organisation in 2019 notified Amazon of alleged fake cashmere scarves being sold on its site, Amazon vowed to “prevent the sale of these scarves until the fiber content is properly labeled.” But rather than fix the problem, Amazon made it worse, according to a lawsuit filed by the organisation, the Cashmere and Camel Hair Manufacturers Institute (CCMI), in November 2021. “Amazon expanded and increased its marketing and sale of the Purported Cashmere Garments, to the point where they now have a very substantial presence on Amazon’s websites throughout the US and abroad,” the lawsuit said. In December, CCMI announced a resolution to the lawsuit that permanently prohibits a US supplier of many of the garments at issue and a defendant in the case, CS Accessories, from falsely marketing products as cashmere. While the claims against Amazon were voluntarily dismissed for undisclosed reasons, the fact that the lawsuit named Amazon as a defendant and cited several Amazon-specific marketing materials, such as star ratings and the product category Amazon Fashion, is noteworthy. Amazon’s liability as a marketer and seller of third-party products has been a hot topic in the courts for a couple years now. (We wrote about it here.) But in 2022, we may expect to see more lawsuits like this one seeking to hold Amazon accountable for the marketing and sale of third-party products on its site, given the large role Amazon plays in not only the marketing and sale but also the distribution of these products to consumers. (See also: Amazon’s blending of paid ads with organic search results.)  Misleading Life-saving Claims  If you claim that your product helps save lives, that’s probably going to convince a lot of people to try your product. The problem is such life-saving claims are hard to substantiate and the criteria that one advertiser uses may be different from how another advertiser defines a life-saving event. In 2020, we wrote about how Life Alert, the button-activated medical alert system known for its tagline “I’ve fallen and I can’t get up,” appeared to be casting a wide net in terms of its criteria for a life-saving event in order to claim it saves more lives than it actually does. At issue was how Life Alert defined “an actual emergency.” Then late last year, we noted that even if ADT’s claim that it has “helped save more lives than any other home security brand” is true, it’s still misleading. ADT has been around longer than any other home security brand – the company was founded in 1874, more than 130 years before Ring debuted its video doorbell – so it’s well within the realm of possibility that it has saved more lives than any of its competitors. But that doesn’t necessarily make its products any better. Upstarts like Ring, which is now owned by Amazon, can’t generally make quantitative life-saving claims because they are new companies. In fact, such claims may say more about the threat these upstarts pose to the older company making the claims than anything else. Be on the lookout for life-saving claims in 2022.  Deceptive Income Claims  Throughout October 2021, the FTC used its penalty offense authority to put a number of industries on notice, informing them of certain truth-in-advertising laws and of the agency’s ability to seek big financial penalties against those who then knowingly violate those laws. Among those industries targeted was the multilevel marketing industry. Since our founding in 2012, TINA.org has catalogued thousands of examples of MLMs using deceptive income claims to promote the “business opportunity,” despite the fact that the FTC has said most people who join legitimate MLMs make little or no money (which is why MLMs should generally avoid making any income claims). Before the FTC sent notices reminding the MLM industry to stay away from exaggerated or false earnings claims in its recruitment efforts, TINA.org sent a letter to the FTC in June urging it to implement a penalty offense program directed at that very industry. We attached a list of 668 MLMs; the FTC ended up sending notices of penalty offenses to 638 of them. At as much as $43,792 per violation, if the message is not received, some MLMs could be facing some hefty financial penalties in 2022.  Dark Patterns  Also in October 2021, the FTC announced that it was ramping up its enforcement against illegal dark patterns that trick consumers into signing up for subscriptions or trap them into recurring payments when what they really want is to cancel the subscription. The announcement came after TINA.org filed a complaint with the FTC in June regarding, among other things, Agora’s use of dark patterns, which the FTC had not explored in its original investigation of the publishing giant in 2019. Among the dark patterns we found Agora using to manipulate seniors and retirees into making decisions that they otherwise wouldn’t make (namely, purchasing Agora’s financial subscriptions and nutritional supplements): disguising and embedding ads in organic content; creating a false sense of urgency such as claiming that a product is in limited supply when it’s not in order to hasten a purchasing decision; and guilting consumers into making purchases with the use of a dark pattern called confirmshaming. Research suggests that dark patterns have proliferated in recent years as companies seek to maximize profits. This has come at the expense of consumers, who may end up ignoring independent financial advice or forgoing doctor-prescribed medications for less reliable or proven solutions. We’ll be monitoring the FTC’s enforcement efforts in 2022 to see if they can help give consumers a fighting chance.  The Metaverse  The metaverse can be a confusing place. But what we do know about it is that brands seem eager to enter these virtual worlds and the companies that run the platforms seem happy to let them in, opening the door to potential issues with advertising disclosure, among other things. On Roblox, where around half of users are under the age of 13, there are virtual

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Consumer Protection Act – Onus To Prove Deficiency In Service Is On The Complainant: Supreme Court

The Supreme Court observed that, in a consumer case, the onus of proof that there was deficiency in service is on the comThe Supreme Court observed that, in a consumer case, the onus of proof that there was deficiency in service is on the complainant. Without any proof of deficiency, the opposite party cannot be held responsible for deficiency in service, Justices Hemant Gupta and V. Ramasubramanian observed.The complainant Dolphin International Ltd., engaged the respondent SGS India Ltd. for… Source : Live Lawhttps://www.livelaw.in/top-stories/supreme-court-onus-proof-deficiency-in-service-consumer-cases-complainant-sgs-india-vs-dolphin-international-ltd-ll-2021-sc-544-183263

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Consumer Protection Act 2019 : Can NCDRC Direct Deposit Of 50% Of Amount Determined By State Commission For Appeal Under Section 51? Supreme Court To Examine

The Supreme Court has decided to examine if the National Consumer Commission can direct deposit of entire amount or any amount higher than 50% of the Source: Live Law

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