As fintech major Pine Labs gears up for its initial public offering (IPO), its Draft Red Herring Prospectus has highlighted its top executives' pay and stock options, including those of Chief Executive Officer (CEO) Amrish Rau. Rau's net worth is estimated at Rs 850 crore-1,000 crore following the IPO.
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
BCCI president Sourav Ganguly said: 'Along with the international home series, the BCCI's domestic tournaments are crucial as they are a stepping stone towards making India a strong international side.'
Mahendra Singh Dhoni recalls a rare moment when he lost his cool and stormed into the field to confront the umpires during an IPL match in 2019.
Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own.
The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. The supervisory action will not impact existing customers of Mastercard, the Reserve Bank of India (RBI) said. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data".
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of India-US relationship, would retire from Mastercard at the end of the year, the global credit card company has said.
Mastercard is keen on being known not as a payments player but a technology company.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
RuPay has 42% of total debit cards, but contributes only 16% of PoS, e-commerce transactions. With banks scheduled to renew deals with Visa, Mastercard, here's how RuPay plans to increase its reach to premium customers.
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
The proposed investment will be made over a period of five years in our India operations, which includes an R&D facility at Pune and another centre at Vadodara.
MasterCard Incorporated on Monday announced that Ajay Banga, currently MasterCard's president and chief operating officer, has been named by the board of directors to serve as the company's president and chief executive officer, effective July 1, 2010.
Ajay Banga, the 55-year-old CEO of MasterCard, is on a roll.
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
The Justice Department investigation, involves card company policies that prevent merchants from encouraging customers to use cards that have lower processing fees.
The Reserve Bank of India (RBI) plans to bring global payment systems such as MasterCard International and Visa International under its regulatory framework.
MasterCard's India-born President and CEO Ajay Banga on Sunday said India is a "more exciting" market than China for the cards and payment giant and the company is focused on shifting as many consumers in India as possible from cash to the electronic payment system.
Banga's exit is being seen as a blow to Citigroup CEO Vikram Pandit, who said in a speech this week that the bank would look abroad for growth as the US economy slows. At MasterCard, he will be responsible for key business operations, including customer relationships globally, products, services, marketing, technology and operations.
Ajay Banga is one of the nine members of the Commission on Enhancing National Cyber Security.
MasterCard International is likely to offer a stake to State Bank of India, which generates a quantum business for the global credit card major in the country.
The government is considering to bring all international payment gateways like Visa and MasterCard under the ambit of law, whereby they would have to report suspicious transactions to the security agencies.
Banks are considering setting up a domestic card payment settlement company, called India Pay, that would rival global payment systems Visa and MasterCard.
The National Payments Corporation of India, the owner of IndiaPay, will fire the first salvo by charging only half what MasterCard and Visa levy on merchant establishments.
World Bank president Ajay Banga is among the Indians who have made it to the prestigious Times's list of 100 most influential people in the world released on Wednesday. Time's profile of the former Mastercard CEO, written by US Treasury Secretary Janet Yellen, said, "It's not easy to find a leader with the skill and drive to take on the monumental task of transforming an essential institution, but since becoming World Bank president last June, Ajay Banga has done just that." She said Banga comes to the World Bank after leading a global organisation through which he brought millions of unbanked people into the digital economy.
Reserve Bank has directed banks to provide their eligible customers with an option to choose from multiple card networks at the time of issuing credit or debit cards, a move which will benefit card users. The central bank also asked issuers of credit cards not to enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks.
India-born Mastercard CEO Ajay Banga has said that his turban and beard make him stand out in a crowd and has undergone random searches at US airports even though he runs a global company, underscoring the need for diversity in the multi-racial country.
More than five million Visa and MasterCard accounts throughout the United States were accessed after the computer system at a third party processor was hacked into, according to representatives for the card associations.\n\n\n\n
First lot of online tickets for Indo-Pak World Cup match sold out during pre-sale window
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Leading the Asian challenge after the first day was Korea's Byeong Hun An, who celebrated his return to the Tournament with a battling two-under 70 to share the ninth place.
The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
India captain Rohit Sharma on Friday opened up about leading the side and the leadership role he plays for the national team, stating that as a skipper he tries to build confidence and trust in players.
Undakat will add more firepower to Saurashtra, which will take on Bengal in the Ranji Trophy final on February 16.
The Reserve Bank of India has on Wednesday lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms. "In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect," RBI said. Similar bans were imposed on Diners Club International and Mastercard previously.
To provide more choices to customers, the Reserve Bank of India has suggested mandating bank and non-bank card issuers to issue debt, credit and prepaid cards on more than one network. Customers can choose any one either at the time of issue of the card or anytime later, according to draft norms released by the Reserve Bank of India on Wednesday. The RBI said card issuers would also be barred from signing agreements that limit their ability to tie-up with other card-networks, according to the draft.
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