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How the 3PL sector could be the game-changer for Indian economy

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India is one of the fastest-growing economies across the globe. At present, the logistics industry of India is at an all-time high. The Welspun One Logistics Parks (WOLP) report suggests that the 3PL and warehousing industry is expected to grow at 35% from this year, becoming the fastest sectors to recover post the Covid-19 crisis.

With the growing technology and innovations in the 3PL sector, the coming years can witness a massive change in the dynamics and work of the 3PL and 4PL industries and supply chain management in India.

If statistics are to be believed, India will soon be at the helm of the supply chain at the global level, courtesy of AAJ Enterprises. Not only one of the oldest players in the logistics and warehousing sector, AAJ is also a critical 3PL provider offering expert, end to end solution from warehousing, transportation, documentation, and tracking.

While most companies in this industries stick to the common, tried and tested ways of standard supply chain and logistics approach, AAJ has taken it a step further by helping their clients expand their business and assets through expert consultancy and innovative ideas. AAJ’s goals also align to be a global supply chain provider and help the country bounce back from the financial crisis by making companies recover their losses by providing them with the most efficient 3PL and warehousing services.

The Operations Director of AAJ, Anamika Jain, believes that the focus should always be on building an ecosystem that can sustain itself based on the value it generates for its customers.

Explaining her vision regarding the same, Anamika Jainsaid, “While today’s time is all about fast-paced growth in the top line, our inspiration is the quality of services we offer to the customer. I am not motivated by hollow growth. Hence, our focus has always been on building an ecosystem which can sustain based on the value it generates for its customers.”

While many experts have speculated the direction which 3PL industries and AAJ Enterprises will be taking in the aftermath of the pandemic scenario, it cannot be stressed enough that these industries will be among the ones to keep an eye on.

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RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The last date to tokenise your cards is September 30.

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RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The Reserve Bank of India (RBI) has announced new rules for debit and credit card holders from October 1. Under these rules, the users are required to tokenise their debit and credit cards. The last date to tokenise your cards is September 30.

But what actually is tokenisation? Here’s all you need to know about it.

What is tokenisation of Debit and Credit cards?

As per the RBI, tokenisation refers to the replacement of actual card details with an alternate code called the token.

What is the benefit of tokenisation?

Since the merchant is not given access to the actual card information while completing the transaction, tokenized card transactions are perceived to be safer.

Will the merchant have access to your personal information after tokenisation?

The merchants can’t store information like CVV and the number while making a transaction. RBI considers tokenisation as the more secure and safest online payment system.

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How can the tokenisation be carried out?

By submitting a request through the token requestor’s app, the cardholder can have their card tokenized. The token requestor will send the request to the card network, and with the card issuer’s approval, the card network will issue a token corresponding to the combination of the card, the token requestor, and the device.

How to tokenise your card?

Step 1: Visit the merchant’s website or app and initiate a transaction.
Step 2: Select the credit or debit card and enter the CVV details.
Step 3: Then an option will pop up-either- Secure your card or Save card as per RBI guidelines. Tick-mark the check box.
Step 4: After that, you will receive the OTP on your registered mobile number.
Step 5: Now, the tokenisation process is done.

Can you de-tokenise the card?

Yes, you can convert the token back to actual card details. This is known as de-tokenisation.

What are the charges that the customer needs to pay for availing of this service?

The customer need not pay any charges for availing of this service.

How is tokenisation different from Credit and Debit cards?

The 16-digit card number will be replaced with a token that is created by the card network and sent back to the retailer. The retailer will keep a record of this token for the next transactions. To continue with the approval process, they must enter their CVV and OTP.

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Bank holidays October 2022: Banks to remain closed for 21 days due to Durga Puja, Diwali, and Chhath, check the full list of holidays here

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines.

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Bank holidays October 2022

October is a month full of festivities across India. This means banks working days will be affected. Last month, banks were shut for 21 days based on the festivals inlcuding Onam, Heroes’ Martrydom Day, Maharaja Agrasen Jayanti, S Bhagat Singh Jayanti, and others.

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines. The RBI divides holidays into three categories-Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday, Holiday under Negotiable Instruments Act, and Banks’ Closing of Accounts.

In October, both private and public sector banks will remain closed for 21 days due to multiple festivals including Durga Puja/Dussehra, Diwali, and Chhath Puja including the second and fourth Saturdays and Sundays.

Check the full list of bank holidays here

  • October 1: Half Yearly Closing of Bank Accounts
  • October 2: Sunday & Gandhi Jayanti Holiday
  • October 3: Durga Puja (Maha Ashtami)
  • October 4: Durga Puja/Dussehra (Maha Navami)/Ayudha pooja/Janmotsav of Srimanta Sankardeva
  • October 5: Durga Puja/Dussehra (Vijaya Dashmi)/Janmotsav of Srimanta Sankardeva
  • October 6: Durga Puja (Dashain)
  • October 7: Durga Puja (Dashain)
  • October 8: Second Saturday Holiday and Milad-i-Sherif/Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammed)
  • October 9: Sunday
  • October 13: Karva Chauth
  • October 14: Friday following Eid-i-Milad-ul-Nabi
  • October 16: Sunday
  • October 18: Kati Bihu
  • October 22: fourth Saturday
  • October 23: Sunday
  • October 24: Kali Puja/Deepavali/Diwali (Laxmi Pujan)/Naraka Chaturdashi)
  • October 25: Laxmi Puja/Deepawali/Govardhan Pooja
  • October 26: Govardhan Pooja/Vikram Samvant New Year Day/Bhai Bij/Bhai Duj/Diwali (Bali Pratipada)/Laxmi Puja/Accession Day
  • October 27: Bhaidooj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba
  • October 30: Sunday
  • October 31: Sardar Vallabhbhai Patels Birthday/Surya Pashti Dala Chhath (Morning ardhya)/Chhath Puja

Full list of weekly bank holidays across India

  • October 16: Sunday
  • October 22: Fourth Saturday
  • October 23: Sunday
  • October 30: Sunday

October is full of festivities and to avoid any inconvenience bank holders are advised to plan their bank visit accordingly.

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Cyrus Mistry, former Tata Group chairman, dies in road accident in Palghar

The official said four people were in the car when the accident happened, of which two succumbed to injuries.

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Cyrus Mistry, former Tata Group chairman, dies in road accident in Palghar

Industrialist and former Tata Sons chairman Cyrus Mistry died in a car accident on Sunday. The accident took place in Palghar at around 3:15 pm on a bridge over the Surya river when the 54-year-old was travelling to Mumbai from Ahmedabad. The industrialist succumbed to injuries.

According to the reports, Mistry was returning from Ahmedabad when his car hit the divider on the road. The reports of his demise have been confirmed by the Palghar Superintendent of Police.

The official said four people were in the car when the accident happened, of which two succumbed to injuries. The other two, including the driver, have been injured. All the injured have been admitted to a local hospital in Kasa. The industrialist was travelling in a Mercedes car.

Mistry is survived by his wife Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and granddaughter of jurist M.C. Chagla, and two sons Firoz Mistry and Zahan Mistry.

Cyrus Mistry’s daughter Aloo is the wife of Noel Tata, Ratan Tata’s step-brother.

All you need to know about Cyrus Mistry

Cyrus Pallonji Mistry was the sixth chairman of the Tata Group and only the second after Nowroji Saklatwala, to not bear the surname Tata.

After Ratan Tata announced his retirement in December 2012, Cyrus Mistry took over as chairman.

He assumed leadership of the Tata Group in December of that year after being chosen by a selection committee in mid-2012. But after 4 years he was removed in a boardroom coup led by Tata Trusts, which owned 66 per cent of Tata Sons and was controlled by Ratan Tata.  

Natarajan Chandrasekaran was appointed as the new chairman a few months after the former chairman, Ratan Tata, returned as an interim chairman.

In May, the Supreme Court rejected a petition by the Sapoorji Pallonji (SP) group asking for a review of the 2021 judgement upholding the Tata group’s decision to oust Cyrus Mistry as executive chairman of the Tata Sons.

After his Tata stint, Cyrus went on to set up a venture capital firm, Mistry Ventures LLP.

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