'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
'The introduction of a reasonable MDR for large merchant transactions will allow the industry to continue investing in innovation, cybersecurity, grievance redressal, and merchant support, ultimately ensuring that UPI continues to thrive.'
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Public-sector banks, which are the largest employers in the banking space, have seen a drop in clerical staff over the years.
Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore following the ban imposed by the RBI on transactions related to its payments bank. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing. "Our fourth quarter FY24 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of the PPBL embargo.
The Chhattisgarh government has decided to set up model fair-price shops (FPS) in each district and encourage owners to act as banking correspondents for providing financial services. The state has around 12,300 fair-price shops across 33 districts. The state government is, however, encouraging FPS owners to provide a host of services besides acting as a banking correspondent.
Fintech firm One97 Communications, which owns Paytm brand, on Friday said its loss has widened to Rs 840 crore in the quarter ended June 30, primarily due to continued impact of restrictions on Paytm Payments Bank Ltd. The company had posted a loss of Rs 358.4 crore in the same period a year ago, according to a regulatory filing by the company. The consolidated revenue of Paytm declined 33.48 per cent to Rs 1,639.1 crore during the reported quarter, from Rs 2,464.2 crore in the same period a year ago.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
UPI topped Rs 24 trillion in value of transactions and 19 billion in volume for the first time after becoming operational in April 2016.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
The government's stake in Vodafone Idea will more than double to 48.99 per cent as it is set to acquire shares worth Rs 36,950 crore in lieu of outstanding spectrum auction dues, the company said in a regulatory filing on Sunday.
The Reserve Bank of India's (RBI's) draft guidelines on gold loans, if implemented in their current form, are expected to impact non-banking financial companies (NBFCs) and mid-tier banks in the near term, more significantly than larger banks, according to analysts.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
One can expect significant changes at India's banks in ensuing months.
'40 percent of voters in Bihar will be excluded.'
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
He said while the previous UPA government hid the bad loans, his government has properly recognised them and brought tough laws to deal with defaults and recovery money.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
The biggest risk in under-construction projects is delay and non-completion.
The RBI working group's proposal to allow corporate houses to set up banks is a "bombshell" and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. They also said that the proposal is "best left on the shelf".
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.
'LAP is suited for borrowers with a steady income, sound repayment discipline, and a clear repayment plan.'
Payments banks are niche banks which will be allowed to function with several restrictions.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Overall automobile retail sales in India grew a modest 2.95 per cent in April this year to 22,87,952 units with completion of purchases by customers around Chaitra Navratri, Akshay Tritiya, Bengali New Year, Baisakhi and Vishu helping April end on a positive note, Federation of Automotive Dealers Associations said on Monday.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Shares of One97 Communications (OCL), which provides financial services under the brand 'Paytm', and has a banking arm Paytm Payments Bank (PPBL), hit the 5 per cent upper circuit at Rs 428.10 on the National Stock Exchange (NSE) in Monday's (February 26) intraday trade. The up move in the stock on Monday came after the Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI), in post stock market hours, to look into the possibility of migrating PPBL customers, using the UPI handle '@paytm', to four-to-five other banks.
In a recent operation, Bihar Police busted a fraudulent scheme operating under the guise of 'All India Pregnant Job Service', which deceived men with promises of substantial payments for impregnating childless women.
'The hacker replaced original emails and planted fraudulent emails with a request letter and invoices to be paid to fraudulent bank accounts.'
