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.
Non-payment of players is still a significant problem in football and not enough is being done about it, the international union FIFPro said on Thursday.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
This is the second time since February 2 that the cash -strapped carrier has been suspended from ICH for not paying its dues.
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
The finance ministry on Friday asked state governments to accord priority to employees of banks and insurance companies for Covid-19 vaccination, saying they are exposed to high risks during these difficult times.
The requirement of one million units would entail a huge market for firms such as HCL Infosystems, Geodesic, VeriFone, Visiontek and others manufacturing micro-ATMs.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
2017 saw the highest-ever mobilisation by way of IPOs of close to Rs 700 billion. The momentum is expected to continue this year as well.
Sourav Ganguly hinted on Monday that a contract system will soon be in place for the thousands of first-class cricketers in the country.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
This is the first bill passed by the Lower House of Parliament in the Winter session, which began on Monday.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
E-commerce firm eBay and its online payment unit PayPal has dragged search engine Google to court over the latter's mobile payment system alleging the internet giant used trade secrets to build a rival service.
In a press note issued earlier in the day, the Raj Niwas officials said Saxena had approved an increase in the adhoc monthly relief to Kashmiri migrants in the national capital from Rs 10,000 to Rs 27,000 per month.
The payment mechanism is aimed at checking corruption and pilferage in the social sector schemes that seek to promote financial inclusion.
Banks are considering setting up a domestic card payment settlement company, called India Pay, that would rival global payment systems Visa and MasterCard.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
Russian Foreign Minister Sergey Lavrov will be on a two-day official visit to India from Thursday, his first trip to the country since Moscow launched its invasion of Ukraine last month.
HDFC Bank on Tuesday said the Reserve Bank of India (RBI) has appointed an external IT firm for carrying out a special audit of its IT infrastructure in the aftermath of repeated service outages at the country's largest private sector lender over the past two years. "RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under Section 30 (1-B) of the Banking Regulation Act, 1949..., at the cost of the Bank under Section 30 (1-C) of the Act.
Roads are becoming smarter even if the people driving on it are not. A set of smart technologies is making construction, maintenance, and traffic management much more efficient.
An initiative of Nandan Nilekani's EkStep Foundation, people+ai on Tuesday unveiled its vision for the future of Artificial Intelligence (AI) in India, dubbed 'Adbhut India' (Amazing India). It aims to harness AI as a powerful tool to enhance the lives of all Indians. The event marked the rollout of several initiatives by people+ai that are focused on discovering, demonstrating, and disseminating population-scale AI use cases for India.
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.
An analysis for the first eight months of CY18 shows that the value of RuPay and UPI transactions constitute 65.2 per cent of all transactions done through debit and credit cards, in value terms, across retail outlets by the end of August.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
In an indication of easing financial stress among borrowers, the number of unsuccessful auto-debit requests through the National Automated Clearing House (NACH) platform declined in July, reversing a three-month trend that started with the second wave of the Covid-19 pandemic. According to the NACH data, of the 86.4-million transactions initiated in July, 33.23 per cent, or 28.7 million transactions, failed, while 57.7 million were successful. Compared to June, this is a significant improvement in bounce rates.
Barely six months before the Ashes, the England and Wales Cricket Board finds itself in a pay dispute with star players, including skipper Andrew Strauss, who are unhappy with the new central contracts tabled last October.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
The air carriers' liability and insurance draft bill has proposed a five-fold increase in compensation in case of death or injury, the report said.
Reserve Bank Governor Shaktikanta Das on Friday stressed that the monetary policy must remain actively disinflationary to ensure that the decline in inflation from its peak of 7.44 per cent in July continues smoothly. Addressing the Kautilya Economic Conclave 2023, he also said price stability and financial stability complement each other and it has been an endeavour at RBI to manage both efficiently. Retail inflation declined to a three-month low of 5.02 per cent annually in September on account of moderation in vegetables and fuel prices, and was back within the Reserve Bank's comfort level.
In significant push towards a less-cash economy, Prime Minister Narendra Modi on Friday announced starting a biometric payment system using Aadhar platform within two weeks even as he exhorted citizens to adopt digital currency from the new year.
The addition of a mobile payments service to Apple Inc's next iPhone could help to boost sales of the larger-screen phones and claw back market share lost to mobiles running on Google Inc's Android platform.
The main differences between NEFT and RTGS are the time taken for transfer of funds and in the way it operates.
The Indian cyber security agency has issued a warning against 'Royal ransomware' virus that attacks critical sectors like communications, healthcare, education and even individuals and seeks pay-off in Bitcoins for not leaking personal data in the public domain.
Ajit Balakrishnan offers a thinking man's guide to the state of ecom in a nation of shopkeepers.
Semi-high-speed 'Namo Bharat' train services on the 17-km priority section of India's first Regional Rapid Transit System (RRTS) rail corridor will be opened for people from Saturday morning.
