While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Digital payments, especially UPI, saw increased adoption in 2020 due to the Covid-19 pandemic.
Sukanya Verma applauds the man, the movies and the many, many, MANY memories he's created on big screen through 80 Amitabh Bachchan moments.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
"Our relationships with each state are based on US national interests in relation to that state. The US-Pakistan relationship is a long-term, broad-based partnership based on factors such as strong trade and investment, security interests, and long-standing cultural and educational ties," the US Embassy said in a statement on Thursday.
Surge in UPI transactions is because of an increased consumer interest in making bill payments and recharging mobile phones online, and purchase of non-essential goods on e-commerce platforms.
Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), touched a record high both in terms of volume and value of transactions in June after a slump in April and May. The platform recorded 2.8 billion transactions worth Rs 5.47 trillion in June, up 10.6 per cent in volume terms and 11.56 per cent in value terms over May. This is in sync with the opening up of the economy as Covid cases gradually came down from its peak in mid-May and lockdowns were eased in various places.
Enthused by rising potato prices after a prolonged slump, Pradeep Sharma was planning to sow the crop on his 15-acre farm near Agra slightly earlier than usual. The delayed departure of the southwest monsoon also prompted his decision, since the good soil moisture would have saved at least one initial irrigation. But the acute shortage of diammonium phosphate (DAP), a crucial nutrient ahead of the sowing season for potatoes, nipped those hopes in the bud. DAP is the second-most used fertiliser in the country after urea.
'What's the point of technology if it can't be used'
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
Excerpt from Shahid Afridi's autobiography where he had said that Gautam Gambhir has an attitude problem. Gambhir reminded Afridi of ICC World Cup 2007 final (India versus Pakistan) where the Pakistani batsman had scored a golden duck whereas Gambhir had slammed a match-winning half-century.
From Asgard's naughtiest imp to Arsene Lupin's biggest worshipper in Paris, Sukanya Verma notes OTT is full of curious options this week.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
Fund transfer through Facebook is meant for tech-savvy customers.
Sukanya Verma celebrates The Legend's 25 distinctly different moods.
Delhi government had introduced the scheme in 2016 seeking to check dropout of the students and improve education quality with special focus on the weakest students.
The ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
Stars celebrate International Yoga Day.
Unified Payments Interface launched to simplify mobile banking.
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
RuPay National Common Mobility Card's offline wallet can be used to make ticket payments in transit, including in metros, cabs, etc, enabling automatic, quick, cashless payments.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
The IMPS platform has 28 banks under it and account holders of any of these banks can use the newly launched service, Sharma said, adding that there will be no charges for either sending or receiving the money.
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
In the past year, Harsh and Heena Mandavia risked their lives and provided 23,000 meals to the poor and needy during the lockdown. What made them do it?
No one deserves the title thespian more than Dilip Kumar, notes Shreekant Sambrani.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
According to the report, though the law provides criminal penalties for official corruption, the Indian government did not implement the law effectively.
From oblivious infant to puzzled tot to fashionable imp, Aaradhya's Cannes evolution is no less fascinating than her mum's sartorial accomplishments.
Here's what your favourite Bollyood celebrities are tweeting.
With NEFT, which drives the retail payments value, operationalised on a 24x7x365 basis, the country's payment systems landscape is headed for substantial growth.
Here's what your favourite Bollywood celebrities are tweeting.
Bollywood celebrated International Yoga Day by posting pictures from their yoga sessions.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
The protesters led by the state unit Bharatiya Janata Party chief C P Thakur burnt the effigy of the prime minister at the busy Dak Bungalow roundabout.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
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