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US Giant Qualcomm Inc invests in Reliance Jio,13th gaint deal with RIL in this corona epidemic.

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An unprecedented thirteenth consecutive deal for Reliance Industries Limited, US-based Qualcomm Inc will invest Rs 730 crore in Jio Platforms for a 0.15 percent stake, joining other big-name investors in the digital unit of Reliance.

Qualcomm is the third strategic investor after Facebook Inc and US semiconductor company Intel in Jio Platforms, which comprises telecom company Jio Infocomm and movie, news and music apps.

The deal with Qualcomm — the 13th such investment in 12 weeks—means Reliance has sold 25.24 percent in Jio. RIL has now raised Rs 118,318.45 crore in total from some of the world’s leading tech investors.

Facebook had bought a 9.99 percent stake for Rs 43,574 crore on April 22. Reliance has since sold stakes in Jio to global investors such as General Atlantic, KKR, Saudi sovereign wealth fund, Abu Dhabi state fund, Saudi Arabia’s PIF and Intel.

Qualcomm is a San Diego, California, headquartered wireless technology company that specializes in 3G, 4G and 5G wireless technologies. Qualcomm’s technologies and products are widely used in mobile devices and other wireless products.

Qualcomm’s Snapdragon systems on a chip (SoC) is used by many leading smartphones. The company’s technologies and products are also used in automotive, computing and IoT. Globally Qualcomm holds a large number of patents and the company also files the most number of patents in India.

Reliance Industries Limited (RIL) had on July 3 announced that Intel Capital will invest Rs 1894.50 crore for 0.39 per cent stake in Jio Platforms.

This is the largest continuous funds raised by a company anywhere in the world. For some comparison, India’s start-up ecosystem raised Rs 1.10 lakh crore last year, in what was its best year.

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RBI issues guidelines for SRO’s for payment system operators.

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The Reserve Bank on Thursday issued final guidelines, including the framework, to set up a self-regulatory organisation for payment system operators as part of its payment and settlement systems vision.

The Reserve Bank on Thursday issued final guidelines, including the framework, to set up a self-regulatory organisation for payment system operators as part of its payment and settlement systems vision. The framework will enable the central bank to recognize a self-regulatory organisation (SRO) for payment system operators (PSOs). The plan was announced in February 2020 monetary policy. “Interested groups/association of PSOs (banks as well as non-banks) seeking recognition to be an SRO may apply to the chief general manager, department of payment and settlement systems at the RBI,” the regulatory circular said.

An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of its members to help protect customers and promote ethical and professional standards.

An SRO can help frame rules for system security, pricing practices, customer protection measures, grievance redressal mechanisms, among others, and is expected to resolve the disputes among the members internally through mutually accepted processes to ensure that members operate in a disciplined environment and even accept its penal actions.

The central bank said the SRO shall be set up as a not-for-profit company under the Companies Act of 2013 and only regulated payment system entities such as banks and non-bank PSOs can be members of the SRO.

At least one-third of the members on the board of directors of the SRO shall be independent and not associated with member institutions.

The board shall frame a code of conduct for the members.

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