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Zomato, an online meal delivery service, has informed subscribers that its platform charge would increase by 25%. Customers will now be charged Rs 5 for each order, effective immediately. This is a huge increase from the previous cost structure. Zomato first introduced the platform fee in August 2023, with a beginning price of just Rs 2 per order. But in an attempt to boost margins and turn a profit a few months later in October, the business quickly raised the charge to Rs 3. In January of this year, it went up to Rs 4.

The increase to Rs 5 that occurred recently is the third one in a short period of time. Important markets like Delhi NCR, Bengaluru, Mumbai, Hyderabad, and Lucknow are subject to this platform cost. However, Blinkit, Zomato's quick-commerce platform, has added a processing fee of Rs 2 to every order.

Zomato is not the only company imposing these fees. Similar to its rival Swiggy, it charges a Rs 5 platform fee for food delivery orders. However, there have been allegations circulating indicating that some Swiggy users would be charged a Rs 10 platform fee.

The platform fee is a one-time, fixed-cost per order that is charged for all Zomato transactions. Zomato charges a delivery fee in addition to this price, albeit members of its Zomato Gold loyalty program are exempt from this cost. Customers who sign up for Zomato Gold, a premium membership club, pay in advance to receive exclusive offers like free delivery and discounts. It is noteworthy that the platform cost applies to Zomato Gold users as well.

Zomato hopes to increase company profits by making this decision. Even a little increase in per-order fees might have a significant positive impact on the company's financial stability given the millions of orders it processes every day.

• Bengaluru
• Delhi-NCR
• Hyderabad
• Mumbai
• Zomato
• food delivery
• food delivery platform
• Lucknow
• Zomato Gold

The Employees' Provident Fund Organization (EPFO) has announced a rise in the interest rate for Employees' Provident Fund (EPF) deposits for the fiscal year 2023-24, reaching 8.25 per cent, marking the highest rate in the past three years. This increase, from the previous 8.15 per cent, was implemented in February after discussions with the Finance Ministry.

Many employees have eagerly anticipated the crediting of this enhanced interest rate to their EPF accounts. Responding to inquiries, the EPFO has assured members that the process has commenced, and the interest will be credited as swiftly as possible. It's noteworthy that despite the ongoing credit process, members will receive the full interest amount, ensuring no loss.

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In the preceding financial year, 2022-23, the EPFO credited interest to a substantial 28.17 crore member accounts. Members can conveniently track their interest accrual through their passbook.

How to check the balance?

The mechanism for checking EPF balance is straightforward. Members can visit the EPFO's official website and navigate to the 'Services' section, selecting the 'For Employees' option. From there, accessing the 'Member Passbook' and logging in with their Universal Account Number (UAN) and password will provide access to their passbook.

Alternatively, the EPF balance can be checked via SMS by typing "EPFOHO UAN ENG" and sending it to 7738299899. For information in Kannada, simply replace "ENG" with "KAN." Additionally, members can opt for the missed call service by dialling 9966044425 from their registered mobile number. After two rings, they'll receive their balance details via SMS.

EPFO hikes interest rate on deposits to 8.25% from 8.15%

It's crucial to note that while the EPF interest rate is recalibrated annually following consultations with the Finance Ministry, interest is credited to accounts only once a year, specifically on March 31st. However, interest is calculated monthly based on the closing balance of each month and the year overall.

As the EPFO diligently works to credit the enhanced interest rate for 2023-24, members can utilize these convenient methods to keep track of their EPF balance and ensure financial transparency and security.

• EPFO
• Account balance
• Interest rates
• 2023-24
• FY 23-24
• Account credit

Following the discovery that unauthorised persons had gained access to the credit card details of at least 17,000 new clients, ICICI Bank acted quickly. The bank is providing replacement cards to the impacted consumers and has announced the immediate banning of the compromised cards in reaction to this attack.

The alarming revelation came to light after concerned ICICI Bank customers took to social media to express their apprehensions regarding the security of the bank’s iMobile Pay app. Users complained that the software had mysteriously revealed sensitive credit card information, such as whole credit card numbers and card verification values (CVV). This breach raised significant concerns about the security protocols implemented by ICICI Bank to safeguard customer data.

Additionally, the bank pledged to provide appropriate compensation for any financial losses incurred by affected customers.

If you own a credit card from ICICI Bank, you should act right once to protect your financial information:

1. Keep a careful eye on your credit card transactions and bills for any unusual behavior or charges that aren't permitted.
2. Get in touch with ICICI Bank's customer support team and ask for a new credit card with a different number and security code.
3. Report any unauthorized transactions to the bank as once and provide any supporting documentation you may have.
4. To get real-time alerts for any activity, make sure you have enabled transaction alerts on your credit card.

Customers of ICICI Bank have received assurances from the bank that they will be fairly compensated for any monetary damages brought on by this incident. To stop possible fraud, you must take proactive steps to safeguard your financial information. The RBI is now adopting a tougher stance on banks that have data security failures, which coincides with this data leak. Similar worries led the Reserve Bank of India (RBI) to severely restrict Kotak Mahindra Bank's ability to conduct business only one day prior.

• ICICI Bank
• ICICI Bank credit card
• RBI
• Reserve Bank of India
• credit card
• credit card breach
• data leak
• iMobile Pay app
• Kotak Mahindra Bank

In a recent development, Hindustan Unilever Limited (HUL), the parent company of renowned beverage brands 'Horlicks' and 'Boost', has opted to remove the term "health" from its product labels. Instead, the brands will now be positioned as "Functional and Nutritional Drinks," reflecting a strategic shift in marketing approach.

This decision comes in the wake of directives issued by the Ministry of Commerce and Industry to e-commerce platforms, mandating the removal of all drinks and beverages from the 'health' category on their websites. The move follows concerns raised by the government regarding the elevated sugar content in such beverages, surpassing acceptable limits.

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According to a regulatory filing by HUL, the company reported a marginal 1.53% decline in consolidated net profit, amounting to Rs 2,561 crore for the fourth quarter of the fiscal year 2023-24. Despite this, the company highlighted robust performance in its functional nutritional drinks segment, driven primarily by the Plus range of products, contributing to high single-digit growth.

The Ministry's intervention stemmed from an inquiry conducted by the National Commission for Protection of Child Rights (NCPCR), which concluded that no specific category of 'health drink' is defined under the Food Safety and Standards Act, 2006. The move aligns with regulations laid down by the Food Safety and Standards Authority of India (FSSAI) and Mondelez India Food Pvt Ltd, urging against the projection of beverages as 'health drinks' under India's food laws.

Last year, the controversy surrounding beverages escalated when NCPCR demanded that Bournvita withdraw all "misleading" advertisements, packaging, and labels. This action was prompted by widespread criticism following a viral video by influencer Revant Himatsingka, alias FoodPharmer, which highlighted the high sugar content in the drink.

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Bournvita, a brand owned by Cadbury, found itself in the midst of scrutiny, prompting the child rights body to urge FSSAI to take action against companies labeling supplements as 'health drinks' without adhering to guidelines.

• Boost
• Horlicks
• NCPCR
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• bournvita
• complan
• diabetes horlicks
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• FSSAI