In the wake of BJP leader Juhi Chowdhury's arrest in a child trafficking racket in West Bengal, the party's General Secretary Kailash Vijayvargiya on Wednesday cast  aspersions on police action and called for a central agency probe.

Chowdhury, who was on the run for the past few days after her name was linked to the case of trafficking of 17 children, was arrested on Tuesday night in Darjeeling district of West Bengal.

"Under the Mamata Banerjee government, the police function as a political party. Police stations have been rendered as party offices and officers function as cadre of the (ruling Trinamool Congress)," said Vijayvargiya.

Citing the earlier arrest of Bharatiya Janata Party's Bengal unit Vice President Jayprakash Majumdar for extorting money from job seekers, Vijayvargiya said the Trinamool was using the arrest as a weapon to demoralise the BJP in the state.

"I have no trust in the police investigation. In pursuance of a conspiracy, one after the other, leaders of our party are being falsely implicated and arrested. We do not trust this (Bengal) government nor the police," he said.

"They can go to any extent. We would like to see the matter being probed by a central agency," said Vijayvargiya, asserting that the party will take action if anyone of its members was involved in the racket.

In the wake of BJP leader Juhi Chowdhury's arrest in a child trafficking racket in West Bengal, the party's General Secretary Kailash Vijayvargiya on Wednesday cast  aspersions on police action and called for a central agency probe.

Chowdhury, who was on the run for the past few days after her name was linked to the case of trafficking of 17 children, was arrested on Tuesday night in Darjeeling district of West Bengal.

"Under the Mamata Banerjee government, the police function as a political party. Police stations have been rendered as party offices and officers function as cadre of the (ruling Trinamool Congress)," said Vijayvargiya.

Citing the earlier arrest of Bharatiya Janata Party's Bengal unit Vice President Jayprakash Majumdar for extorting money from job seekers, Vijayvargiya said the Trinamool was using the arrest as a weapon to demoralise the BJP in the state.

"I have no trust in the police investigation. In pursuance of a conspiracy, one after the other, leaders of our party are being falsely implicated and arrested. We do not trust this (Bengal) government nor the police," he said.

"They can go to any extent. We would like to see the matter being probed by a central agency," said Vijayvargiya, asserting that the party will take action if anyone of its members was involved in the racket.

The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs.10,000.

The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs.500/1,000 notes that have been demonetised.

The law, signed by President Pranab Mukherjee on February 27, also provides for a minimum fine Rs.50,000 for false declaration by persons who were abroad during the demonetisation period (November 9-December 30, 2016) and given time to deposit such scrapped notes with RBI till March 31.

With the law coming into force, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose will be a criminal offence, attracting fine of Rs.10,000 or five times the cash held, whichever is higher.

The Act also ends the liability of the Reserve Bank and the government on the demonetised currency notes.

The government took the demonetisation decision on the recommendations of the RBI's central board to eliminate unaccounted money and fake currency notes from the financial system.

The law prohibits the holding, transferring or receiving of scrapped notes from December 31, 2016, and seeks to confer power on the court of a first class magistrate to impose penalty.

The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs.10,000.

The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs.500/1,000 notes that have been demonetised.

The law, signed by President Pranab Mukherjee on February 27, also provides for a minimum fine Rs.50,000 for false declaration by persons who were abroad during the demonetisation period (November 9-December 30, 2016) and given time to deposit such scrapped notes with RBI till March 31.

With the law coming into force, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose will be a criminal offence, attracting fine of Rs.10,000 or five times the cash held, whichever is higher.

The Act also ends the liability of the Reserve Bank and the government on the demonetised currency notes.

The government took the demonetisation decision on the recommendations of the RBI's central board to eliminate unaccounted money and fake currency notes from the financial system.

The law prohibits the holding, transferring or receiving of scrapped notes from December 31, 2016, and seeks to confer power on the court of a first class magistrate to impose penalty.

The All India Football Federation (AIFF) on Wednesday appointed Luis Norton de Matos as the head coach of the Indian squad for the upcoming FIFA U-17 World Cup.

Matos, who met the AIFF advisory committee including representatives from Sports Authority of India (SAI), flew to Mumbai on Tuesday to meet AIFF President Praful Patel.

"It's nice to have Mr. Matos on board. His experience of handling youth Teams will come in handy for the U-17 boys as we wish to leave no stone unturned to field a competitive team in the U-17 World Cup," AIFF President Patel said in a statement.

"I expect him to guide our boys to put up a strong performance in the World Cup."

De Matos has worked as a manager with several clubs in his native Portugal and was also the head coach of the Guinea-Bissau national team from 2010 to 2012.

"My role will be to orchestrate everything wherein the players will be playing their part. I admire the AIFF's vision and the U-17 World Cup will act as a base for development of Football in India. The players need to believe in themselves to do something special for the country," the 63-year old said.

"I do have an Indian connection as my great grandfather was born in Goa. I will retain the positives of the last two years as we move forward."

The All India Football Federation (AIFF) on Wednesday appointed Luis Norton de Matos as the head coach of the Indian squad for the upcoming FIFA U-17 World Cup.

Matos, who met the AIFF advisory committee including representatives from Sports Authority of India (SAI), flew to Mumbai on Tuesday to meet AIFF President Praful Patel.

"It's nice to have Mr. Matos on board. His experience of handling youth Teams will come in handy for the U-17 boys as we wish to leave no stone unturned to field a competitive team in the U-17 World Cup," AIFF President Patel said in a statement.

"I expect him to guide our boys to put up a strong performance in the World Cup."

De Matos has worked as a manager with several clubs in his native Portugal and was also the head coach of the Guinea-Bissau national team from 2010 to 2012.

"My role will be to orchestrate everything wherein the players will be playing their part. I admire the AIFF's vision and the U-17 World Cup will act as a base for development of Football in India. The players need to believe in themselves to do something special for the country," the 63-year old said.

"I do have an Indian connection as my great grandfather was born in Goa. I will retain the positives of the last two years as we move forward."

Agitating Jats in Haryana will stage a protest at Jantar Mantar in Delhi on Thursday in support of their various demands, including reservations in government jobs and educational institutes for the community.

"Several Jats from Haryana, Delhi, Uttar Pradesh, Uttrakhand, Himachal Pradesh, Punjab, Rajasthan and Madhya Pradesh will stage a protest at Jantar Mantar in the national capital at 11 AM tomorrow," Yashpal Malik, the president of the All-India Jat Aarakshan Sangharsh Samiti (AIJASS), which is spearheading the protest, said on Wednesday.

However, protests by Jats at different places in Haryana continued peacefully for over a month now. The paramilitary forces are keeping a vigil at many places in the state, officials said.

Malik claimed that the protesters have started non- cooperation with the government and will not pay electricity and water bills and also the instalment of loans that they owe to the government.

Jats will submit a memorandum on the quota issue to the President, he said, adding they also plan to gherao Parliament, the date for which will be announced during the Delhi demonstration.

Besides seeking quota in education and government jobs under the Other Backward Classes (OBC) category, the demands of the Jats include release of those jailed during last year's agitation, withdrawal of cases slapped during the protest and government jobs for the kin of those killed and injured while taking part in the stir.

As many as 30 people were killed and property worth crores was damaged at many places in Haryana during last year's Jat stir which had turned violent.

Rohtak and some of its neighbouring districts, including Sonipat and Jhajjar, were the worst hit by the violence.

Agitating Jats in Haryana will stage a protest at Jantar Mantar in Delhi on Thursday in support of their various demands, including reservations in government jobs and educational institutes for the community.

"Several Jats from Haryana, Delhi, Uttar Pradesh, Uttrakhand, Himachal Pradesh, Punjab, Rajasthan and Madhya Pradesh will stage a protest at Jantar Mantar in the national capital at 11 AM tomorrow," Yashpal Malik, the president of the All-India Jat Aarakshan Sangharsh Samiti (AIJASS), which is spearheading the protest, said on Wednesday.

However, protests by Jats at different places in Haryana continued peacefully for over a month now. The paramilitary forces are keeping a vigil at many places in the state, officials said.

Malik claimed that the protesters have started non- cooperation with the government and will not pay electricity and water bills and also the instalment of loans that they owe to the government.

Jats will submit a memorandum on the quota issue to the President, he said, adding they also plan to gherao Parliament, the date for which will be announced during the Delhi demonstration.

Besides seeking quota in education and government jobs under the Other Backward Classes (OBC) category, the demands of the Jats include release of those jailed during last year's agitation, withdrawal of cases slapped during the protest and government jobs for the kin of those killed and injured while taking part in the stir.

As many as 30 people were killed and property worth crores was damaged at many places in Haryana during last year's Jat stir which had turned violent.

Rohtak and some of its neighbouring districts, including Sonipat and Jhajjar, were the worst hit by the violence.

Supported by better-than-expected third quarter (Q3) Gross Domestic Product (GDP) numbers and positive European markets, domestic bourses snapped two-session losing streak and closed Wednesday’s trading session on a higher note.

The Sensex at the Bombay Stock Exchange (BSE) ended 241 points higher at 28,984 and the Nifty at the National Stock Exchange (NSE) closed 66 points up at 8,946.

In the broader markets, BSE Midcap and Smallcap indices rose 0.1 per cent and 0.5 per cent respectively.

Among the BSE sectoral indices, Realty index jumped the most, up 3.5 per cent, while Oil & Gas index became the top loser, down 0.9 per cent.

Gross Domestic Product (GDP) growth for the quarter ended December 31, 2016 contracted to 7 per cent, Central Statistics Office (CSO) said on Tuesday.

The third quarter number GDP numbers are an important indicator of how the economy reacted after demonetisation. In the quarter ended December 31, 2015 the GDP growth was 7.2 per cent.

On Tuesday, the Sensex had closed 70 points down at 28,743 and the Nifty had closed 17 points lower at 8,880.

Top gainers in the Sensex-30 pack: Tata Steel (up 3.7 per cent), M&M (up 3.1 per cent), Dr Reddy’s Labs (up 2.6 per cent), ITC (up 2.5 per cent) and HDFC (up 2.3 per cent).

Top losers in the Sensex-30 pack: Gail (down 1.9 per cent), NTPC (down 1.9 per cent), Tata Motors (down 1.6 per cent), Bharti Airtel (down 0.7 per cent), and Reliance Industries (down 0.3 per cent).

However, the Rupee closed 13 paise down at 66.82 against the US Dollar.

Supported by better-than-expected third quarter (Q3) Gross Domestic Product (GDP) numbers and positive European markets, domestic bourses snapped two-session losing streak and closed Wednesday’s trading session on a higher note.

The Sensex at the Bombay Stock Exchange (BSE) ended 241 points higher at 28,984 and the Nifty at the National Stock Exchange (NSE) closed 66 points up at 8,946.

In the broader markets, BSE Midcap and Smallcap indices rose 0.1 per cent and 0.5 per cent respectively.

Among the BSE sectoral indices, Realty index jumped the most, up 3.5 per cent, while Oil & Gas index became the top loser, down 0.9 per cent.

Gross Domestic Product (GDP) growth for the quarter ended December 31, 2016 contracted to 7 per cent, Central Statistics Office (CSO) said on Tuesday.

The third quarter number GDP numbers are an important indicator of how the economy reacted after demonetisation. In the quarter ended December 31, 2015 the GDP growth was 7.2 per cent.

On Tuesday, the Sensex had closed 70 points down at 28,743 and the Nifty had closed 17 points lower at 8,880.

Top gainers in the Sensex-30 pack: Tata Steel (up 3.7 per cent), M&M (up 3.1 per cent), Dr Reddy’s Labs (up 2.6 per cent), ITC (up 2.5 per cent) and HDFC (up 2.3 per cent).

Top losers in the Sensex-30 pack: Gail (down 1.9 per cent), NTPC (down 1.9 per cent), Tata Motors (down 1.6 per cent), Bharti Airtel (down 0.7 per cent), and Reliance Industries (down 0.3 per cent).

However, the Rupee closed 13 paise down at 66.82 against the US Dollar.

Popular Gujarati humourist Taarak Mehta died here aged 88 on Wednesday morning after a prolonged illness, his family said.

A string of politicians, including Prime Minister Narendra Modi, condoled his demise and expressed gratitude towards him for bringing a smile to their face with his works.

"He died of old age," Atul Bhatt, a relative of the writer, said.

Mehta was born in December 26, 1929. The Padma Shri awardee's popular works include Duniya Ne Undha Chasma, which inspired the hit Hindi sitcom Taarak Mehta Ka Ooltah Chashmah.

For the people of Gujarat, his literary work always generated a good dose of laughter.

Modi recounted how Mehta "never left the side of satire and pen".

Reminiscing about one of his meetings with Mehta, Modi said: "I have had the privilege of meeting Mehta several times. I also got a chance to meet him when he was honoured with Padma Shri. His work reflects unity in diversity in India." 

Gujarat Chief Minister Vijay Rupani tweeted: "Saddened by the death of Tarak Mehta — humourist and columnist. He always brought smile to our faces. My condolences to family members."

Delhi Chief Minister Arvind Kejriwal wished for his soul to rest in peace.

Bharatiya Janata Party (BJP) President Amit Shah said that Mehta will always be remembered for his rich contribution to the society and the laughter he gave to millions.

Minister of State for Road, Transport, Highway and Shipping Mansukh Mandaviya tweeted: "He who made us laugh, is no more amongst us! Saddened to know the demise of Shri Tarak Mehta. Characters penned by him will live forever."

Surat's BJP MP Darshana Jardosh got nostalgic and wrote: "My 40+ years of 'association' with him ends. As a child, I started reading 'Oondha Chashma' in Chitralekha magazine."

Congress spokesperson Priyanka Chaturvedi thanked Taarak Mehta for all the laughs. 

Munmun Dutta, one of the actresses in Taarak Mehta Ka Ooltah Chashmah, tweeted: "Saddened by the news of Taarak Mehta sir passing away. Last time when I met him, I could see his health failing him. He was still spirited and full of life. People will always remember him as the man who gave everyone the reason to laugh through his writings. My respect to him."

Actor Paresh Rawal also was extremely saddened by the passing away of Mehta and called him "a great humorist in any language".

Actress Richa Chadha thanked Mehta for the humour.

Popular Gujarati humourist Taarak Mehta died here aged 88 on Wednesday morning after a prolonged illness, his family said.

A string of politicians, including Prime Minister Narendra Modi, condoled his demise and expressed gratitude towards him for bringing a smile to their face with his works.

"He died of old age," Atul Bhatt, a relative of the writer, said.

Mehta was born in December 26, 1929. The Padma Shri awardee's popular works include Duniya Ne Undha Chasma, which inspired the hit Hindi sitcom Taarak Mehta Ka Ooltah Chashmah.

For the people of Gujarat, his literary work always generated a good dose of laughter.

Modi recounted how Mehta "never left the side of satire and pen".

Reminiscing about one of his meetings with Mehta, Modi said: "I have had the privilege of meeting Mehta several times. I also got a chance to meet him when he was honoured with Padma Shri. His work reflects unity in diversity in India." 

Gujarat Chief Minister Vijay Rupani tweeted: "Saddened by the death of Tarak Mehta — humourist and columnist. He always brought smile to our faces. My condolences to family members."

Delhi Chief Minister Arvind Kejriwal wished for his soul to rest in peace.

Bharatiya Janata Party (BJP) President Amit Shah said that Mehta will always be remembered for his rich contribution to the society and the laughter he gave to millions.

Minister of State for Road, Transport, Highway and Shipping Mansukh Mandaviya tweeted: "He who made us laugh, is no more amongst us! Saddened to know the demise of Shri Tarak Mehta. Characters penned by him will live forever."

Surat's BJP MP Darshana Jardosh got nostalgic and wrote: "My 40+ years of 'association' with him ends. As a child, I started reading 'Oondha Chashma' in Chitralekha magazine."

Congress spokesperson Priyanka Chaturvedi thanked Taarak Mehta for all the laughs. 

Munmun Dutta, one of the actresses in Taarak Mehta Ka Ooltah Chashmah, tweeted: "Saddened by the news of Taarak Mehta sir passing away. Last time when I met him, I could see his health failing him. He was still spirited and full of life. People will always remember him as the man who gave everyone the reason to laugh through his writings. My respect to him."

Actor Paresh Rawal also was extremely saddened by the passing away of Mehta and called him "a great humorist in any language".

Actress Richa Chadha thanked Mehta for the humour.

Prime Minister Narendra Modi on Wednesday took a jibe at Congress leader Rahul Gandhi for his "coconut juice" and "potato factory" remarks.

"There is a Congress leader, and I want to pray for his long life…he recently went to Manipur to address an election rally. There he told farmers that he would extract juice from coconuts and send it to London. In fact, a coconut possesses water (and not juice) and it is grown in Kerala," he said addressing a rally here.

"It is like setting up a potato factory," Modi said referring to Rahul Gandhi's earlier remarks that he wants to set up potato factories in Uttar Pradesh.

"Such a talented and far-sighted leader he is," Modi said, and asked Rahul as to what he exactly he wanted to do for UP.

Addressing a poll rally in Manipur yesterday, the Congress leader had reportedly said, "I would also want when someone drinks coconut juice in London and sees Made in Manipur written on it."

Rahul Gandhi had earlier told farmers in Uttar Pradesh that "You all are demanding a potato factory in your area, but you should understand I am an opposition leader, I can put pressure on the government, but cannot take the decision. I cannot open a potato factory for farmers".

As four out of five women in India wish to become entrepreneurs, the country is missing out on a potential 15.5 million new businesses and 64 million additional jobs by not addressing the challenges facing such women, a new Facebook study said on Wednesday.

The study revealed that if just 52 percent of women were empowered to start a business today, it would not only boost economic growth, but also help to build 15.5 million new businesses, and create 64 million additional jobs — all by the end of 2021.

"If we were to harness the largely untapped potential of women's entrepreneurship and provide them greater support, it could lead to more jobs being created, economic growth and more diverse and representative small business communities," Ankhi Das, Director of Public Policy, Facebook India, South and Central Asia, told reporters here.

Women have had tremendous potential but often lacked platforms that can harness their potential, but Facebook is opening up great opportunities for them, added Aruna Sundarajan, Secretary, Ministry of Electronics and Information Technology (MeitY).

"We are very optimistic about partnering with platforms like Facebook to empower women. We are trying to forge deep partnerships with platforms like Google, Cisco and Intel for the betterment of woman's livelihood through technology," Sundarajan told the gathering.

Ahead of the International Women's Day that falls on March 8, Facebook also launched "SheLeadsTech", a programme that will give women-founded/co-founded start-ups access to a year-long programme that provides tools, mentorship and resources to help overcome some of the barriers they face.

"Facebook, with its two powerful initiatives #SheMeansBusiness and the new #SheLeadsTech programme, has opened up lot of opportunities for young woman entrepreneurs whether in small towns (with access to internet) or suburban areas — with or without access to financial resources," Sundarajan emphasised.

The year-long #SheLeadsTech programme will include access to "FBStart" which grants access to FBStart tools and resources and mentorship through a regular cadence of interactions with a pool of mentors.

According to the findings, the most commonly cited reason that prevents women from setting up their business in India is the constraint of family responsibilities or commitments (38 percent). 

Other key barriers are lack of access to finance (29 percent), worry over personal financial security (30 percent), and having an idea but not knowing where to get started (30 percent). 

Interestingly, small businesses on Facebook tell a different story. 

There are more than two million active small businesses Pages on Facebook in India — and an increasing number of women are using this community to start and grow successful businesses. 

In the last five years (between 2012 and 2016), the number of new women-owned SMB Pages on Facebook in India has increased seven-fold, growing 85 percent year on year from 2015 to 2016.

Nearly 87 percent of women surveyed also agree that having access to the right digital tools and support would help them get their business off the ground. 

"We see amazing examples of how digital can be the equalizer on Facebook every day. How it gives women access to new opportunities, new markets, new ideas, all from their own home," Das added. 

Facebook's SheMeansBusiness was launched on International Women's Day in 2016.

Through this initiative, Facebook has visited 18 cities across six states in India, providing skills training to more than 14,000 small business and self-help groups including 4,500 women entrepreneurs across the country.

This year, Facebook is targeting eight new states including Jammu and Kashmir. 

"With technology empowering Indians all over, women can benefit the most. It is because traditionally women do not have access to other forms of support. The easiest way to reach out is technology platforms which gives them ascess to best practices, mentors as well as help in crowdfunding," Sundarajan said.

Delhi Lt Governor Anil Baijal on Wednesday directed the Delhi Police to take "exemplary deterrent action" in cases of offences against women.

Baijal's directions came as he chaired a meeting of the task force on women safety, a day after Delhi Chief Minister Arvind Kejriwal met him demanding action against those who issued rape threats to Delhi University student Gurmehar Kaur.

He also directed police to ensure effective visibility on roads and sensitive areas, and to ensure proper lighting in public places.

Gurmehar Kaur had received death and rape threats after she launched a social media campaign against Akhil Bharatiya Vidyarthi Parishad (ABVP), who she held responsible for February 22 violence at Ramjas College. She later withdrew from the campaign.

The Comptroller and Auditor General (CAG) has slammed the Haryana government for failing to achieve 100 per cent re-enrollment of dropout of girls and diversion of funds under the ambitious 'Beti Bachao Beti Padhao' (BBBP) scheme.

The CAG in its latest report tabled in the Haryana Assembly, stated that two districts, including Mahendragarh and Panipat were selected on the basis of lowest and highest sex ratio while district Sonepat on the basis of the maximum expenditure incurred.

The CAG observed that the target of ensuring zero drop-out and 100 per cent retention of girls could not be achieved in three selected districts.

Further, as per the scheme guidelines, Rs.5 lakh were to be provided to each district through Health Department to strengthen the district Pre-conception and Pre-Natal Diagnosis Technique (PC & PNDT) Cell, monitoring, research studies, information, education and communication activities, however, the Audit observed that over Rs.3 lakh was spent on preparation of 'Theme Gate' for the entrance at Panipat on the occasion of the launching of the scheme on January 22, 2015, which was irregular and tantamount to diversion of funds.

It has been further observed that an expenditure of Rs.21.24 lakh was incurred by the Women and Child Development (WCD) Department, Panipat from funds of the scheme for the purchase of 1800 laptop bags and 2900 mugs but there was not provision in the scheme for purchase of these items.

The CAG also finds that reply filed by the Department for this, wherein it has stated that the purchase of laptop bags and mugs was made for wide publicity for the scheme. The CAG observed that the funds were to be spent on innovation and awareness activities.

Besides, the implementation of Pre-conception and Pre-Natal Diagnosis Techniques Act need to be strengthening, it added.

The CAG in its report also pulled up the WCD Department for deficiencies in implementation of the scheme 'Homes for Widows and Destitute Women' as evident from non-repair of buildings, poor occupancy of rooms, lack of training and education to widows and destitute women to make economically self-reliant.

The BBBP scheme was launched on January 22, 2015 from Panipat with an aim to prevent gender biased sex selective elimination, ensure survival, protection, education and participation of girl child.

Reserve Bank Deputy Governor R Gandhi on Wednesday raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks.

He said such digital currencies are not created by any authority but more and more people have started accepting them.

"We can see that in these types of virtual currencies there is no central bank or monetary authority. They pose potential financial, operational, legal, customer protection and security-related risks," Gandhi said at a Fin Tech conference organised by Ficci, Indian Banks' Association and Nasscom.

Gandhi said virtual currencies are stored in digital electronic form and are prone to losses arising out of hacking, loss of password, and malware attacks.

"No established framework for recourse to customer problem, disputes and grievances is feasible with this (virtual currencies) kind of framework." 

The Deputy Governor said a number of cases have been reported in which virtual currencies have been used for illicit and illegal activities.

"My arguments against virtual currencies stem from two elements — the concept of confidence and anonymity. The currency should be able to sustain these two elements forever.

It will impair it's exalted status once either of these two elements gets affected." 

He said the confidence in Bitcoin, or any other virtual currency based on blockchain, is also limited to its initial rounds and circles.

"The initial round is always filled with adventurists and risk seekers. The moment masses gets in, the risk avoiders get in they will need greater confidence for its acceptance and continuance," Gandhi said.

The confidence in virtual currencies can only come if an authority endorses them, he said. "It may remain a pipe dream that blockchain will eliminate currency by ushering in virtual currency. It is unlikely." 

Gandhi maintained banking is no longer what a bank does but is also what a non-bank entity does. "Banks are no longer those entities which do banking exclusively, non-banks also do banking." 

He said fintech companies are accelerating the pace of change and are shaping the financial services industry.

Financial service providers like banks are recognising the potentials of the fintech.

He, however, said the disruptive innovations of the fintech cannot wholly eliminate the traditional banking or finance.