The recent Reserve Bank of India (RBI) norms on tokenisation services, which will be offered by card networks, are likely to result in merchants and payment aggregators incurring a cost as they have to pay a fee to the networks. The merchants and the payment aggregators, in turn, may pass on the cost to the customers. The norms, which were issued by the banking regulator released on September 7, allow card networks like Visa and Mastercard to offer the tokenisation service.
'Devika is a people's person, who simply loves what she does. This reflects in her work; the insights she brings to the table and the way she interacts with people and clients. She has the demeanour of a good captain. Her success is well-deserved.'
Middle-order batter Shreyas Iyer has successfully completed his rehabilitation at the National Cricket Academy following a back injury and will join India's squad ahead of the second Test of the Border-Gavaskar series against Australia, beginning New Delhi on Friday.
... And what explains the directions of change? asks Ajit Balakrishnan.
US nominee for World Bank president, Ajay Banga, has tested positive for COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
Private sector lender Axis Bank on Wednesday launched the country's first contactless wearable payment devices to allow customers make on-the-go transactions more conveniently. Announcing the 'Wear N Pay' wearable devices brand, Axis Bank said it is the first bank in India to offer such a service. The bank has partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform, it said in a release.
Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
Indian team's jersey sponsor Byju's wants to terminate its agreement with the BCCI which has asked the company to continue at least until March 2023.
Ajay Banga will be a 'transformative leader', who will bring expertise, experience, and innovation to the position of World Bank President, United States President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The Canadian government is advising its citizens to refrain from visiting Russia and to leave the country as soon as possible amid the impacts of the Russian military operations in Ukraine.
The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.
It was only in April that Byju's and BCCI had agreed on the extension of their partnership until the end of the 2023 ODI World Cup in India at a 10 percent increment.
Verma, 54, who served as a former US ambassador to India from January 16, 2015, to January 20, 2017 is currently the chief legal officer and head of global public policy at Mastercard.
Come October 1, merchants, payment aggregators and acquiring banks can no longer store the card details of customers.
'I think my first obsessive, possessive and only half-requited -- as we would joke -- 'love' was Ivan. I saw him first slouching down the corridor of St Stephen's College nearly 50 years ago and was instantly smitten (as was everyone else around him).'
Mohammed Shami was ruled out of the rubber, starting Tuesday, late on Saturday night after he tested positive for COVID-19.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
'At the heart of the strategic relationship between our countries are economic ties.'
The temptation to get into businesses that are hot is perhaps too great for any politician, no matter what his public slogans are. Nehru plunged into hot sectors of his time -- engineering and iron and steel. Modi has plunged into digital payments -- the hot sector of his time, notes Debashis Basu.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
'The Ruble is now down 50 per cent and worth less than one American penny since Putin announced his war'
A long and bitter funding winter in the start-up world is beginning to take its toll on start-up advertising across properties. Earlier this week, Mastercard replaced Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI). But this is just one part of the story. The other side is that organisers of high-impact shows and events on Hindi general entertainment channels, too, are feeling the winter chill.
Companies are looking for an engaging hook, and sound is universally seen as a big emotional connector, finds Nikhat Hetavkar.
While Visa and Mastercard slug it out for leadership, analysts say RuPay has the potential to cause disruption and eat into their market share.
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
Eight months after barring the country's largest private sector lender HDFC Bank from selling new credit cards, the Reserve Bank of India (RBI) has lifted the ban, banking sources said on Tuesday. However, the ban on launching new technology initiatives remains, the sources said. In December last year, the RBI had come out with an unprecedented
'If a stranger refuses to pet my Russian dog, what treatment can I expect for myself?'
Telecom operator Bharti Airtel's CEO has warned customers about rising cases of cyber-frauds, citing a recent instance of a fraudster who posed as company executive and under the guise of updating KYC form, tricked a user into revealing bank details to transfer large amount from the bank account. In an email outreach to subscribers, Gopal Vittal, CEO of Airtel urged users to be vigilant against such cases of cyber fraud that are becoming "alarmingly frequent". Vittal spoke of a recent case where a cyber-fraudster posing as company executive called up an Airtel customer on the pretext of updating his Know Your Customer (KYC) form, tricked him into revealing his bank details and transferred a large sum of money from his bank account.
Facebook's Mark Zuckerberg is at the second place.
Despite the persistent weakness of constrained demand in the global economy, international travel is growing strongly.
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
Within two days, the business school had 108 recruiters making 370 domestic and international offers, including 23 new final recruiters with an average salary of Rs 25.08 lakh.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Brazilian police said on Tuesday they had recommended no rape charges against soccer star Neymar, after a woman he met online said he flew her to Paris and assaulted her in a hotel there.
IIM Lucknow has concluded its 2020-21 final placements.
MasterCard's 'Worldwide Index of Global Destination Cities' has come up with a list of the top 20 global destinations that will see a huge stream of visitors in 2012.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
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