The Enforcement Directorate (ED) on Tuesday arrested former Mumbai police commissioner Sanjay Pandey in connection with a money laundering case linked to the alleged illegal phone tapping of NSE employees, officials said.
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.
Transcript of the IIT chat held on Friday.
Content is King, and if it is of high quality, Indians are ready to pay for it. Internet users polled in India are ready to pay for online content, particularly books, magazines and music, and professionally produced videos and television shows, said The Nielsen Company.According to the survey, 70 per cent Indians are willing to pay for online content if they get the right to copy it and share it with others. About 63 per cent will pay if the payment system is easy to use.
Former RBI governor R Gandhi said that the RBI needs to re-introduce a one-time restructuring package and mere moratoriums will not suffice in unprecedented times like the COVID-19 pandemic.
Although such alerts are not compulsory for the banks, this may become the norm now if payments are missed even for a day.
Sweden's former striker Zlatan Ibrahimovic said that they should simply enjoy themselves at the World Cup because without him in the team there is no expectation.
Assuring its users that their credit card information on Zomato is fully secure, the company said 'payment related information on Zomato is stored separately.
Friday will be a landmark day for domestic markets, with all the listed stocks entering the professed T+1 (trading plus one day) settlement cycle. About 200 stocks, which account for more than 80 per cent of India's market capitalisation, will be settled on a next-day basis, with effect from January 27. This will evidently complete the transition to the T+1 cycle that started in February 2022 with the bottom 500 stocks in terms of market value.
11th-hour debt restructuring programme offered no concessions to creditors
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
Prime Minister Narendra Modi on Sunday called for the setting up of a high-power police technology mission under the leadership of the Union home minister to adopt future technologies for grassroot policing requirements.
The government will develop a mechanism to ensure that e-commerce companies and entities that have adopted Open Network for Digital Commerce (ONDC) architecture are compliant with the rules. Non-compliance may result in a penalty. "We will have our own evaluation system, and if we find any player is not sticking to it, then we will take action. "Participants will have to be compliant with the rule of the land," Sanjiv, joint secretary at the Department for Promotion of Industry and Internal Trade (DPIIT), told reporters on Thursday.
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.
A special bench of Justices Devan Ramachandran and Kauser Edappagath directed the State Police Chief to come out with a new set of protocols for ensuring security of the doctors and other healthcare professionals in all government hospitals in the state.
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
Moody's Investors Service on Friday affirmed India's rating at the lowest investment grade of 'Baa3', with a stable outlook, saying high growth will support a gradual increase in income levels, but flagged risks of populist policies due to rise in political tensions. Moody's said although India's potential growth has come down in the past 7-10 years, the growth would outpace all other G20 economies through at least the next two years, driven by domestic demand. Moody's said the restoration of robust growth prospects post-pandemic, the effective commitment to inflation targeting and the rehabilitation of the financial system aided by reform supports its view of strengthening monetary and macro policy effectiveness.
The ruling Aam Admi Party in Delhi rejected the allegation of any wrongdoing and accused the BJP of "using all its power to finish AAP".
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the finance ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
According to sources, the postal bank will tie up with other banks and financial companies to offer products like loans, mutual funds, and insurance policies to its customers.
Whether it's about colonising Mars or donning Net-connected apparel, 2022 is a year everyone seems to be planning for, says Nivedita Mookerji.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
Vodafone's Kisan Mitra will provide a spectrum of services for India's small farmers, simple mobile service interventions that can increase a farmer's income by Rs 8,000 per year.
Prime Minister Modi also made a veiled reference to China, saying the global order is based on the respect for the principles of the UN Charter, peaceful resolution of disputes, and respect for sovereignty and territorial integrity.
Mukesh Ambani-led Reliance Jio has introduced a 20-per cent cashback offer on select prepaid plans, intensifying competition in the Indian telecommunications (telecom) market. Jio is the largest telecom service provider in India, with 443 million subscribers as of July. Jio's cashback offer will drive cross-selling across Reliance's various retail businesses, but the move is also being seen by some analysts as a signal that tariff hikes may not be around the corner just yet.
The 16-digit randomly generated number by the Aadhaar system was supposed to be introduced by the UIDAI on March 1 and mandatorily deployed by companies using Aadhaar by June 1.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
The agenda for the year 2020 is well laid out -- launch of UDAY 2.0, installation of smart pre-paid metres, prompt payment by discoms, making coal available for short term and reviving gas based plants. But, it has to ensure effective implementation of various policy tweaks done so far.
The idea was that despite some defaults the high rates would assure good profits.
Two hundred Malaysians are now among the first in the world to pay for goods and services using their cellular phones which can act as extensions of their Visa credit cards.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
The finance ministry has put out a revised draft in public domain.
Personal information such as name, gender, email address and phone numbers of some Akasa Air passengers has been leaked to "unauthorised individuals", the airline stated on Sunday. India's newest carrier said it self-reported this incident to Indian Computer Emergency Response Team CERT-In, which is the government-authorised nodal agency tasked to deal with matters of this nature. However, Akasa Air asserted that there was no "intentional hacking attempt, but that the situation was reported by a research expert through a journalist for which we are grateful".
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
PCB chairman Shaharyar Khan said formalities are being worked out.
The judges reserved the verdict on Monday after the rival lawyers concluded their arguments on the suspension of the three-year sentence handed down to the 70-year-old PTI chairman by Additional District and Session Judge, Islamabad, Humayun Dilawar on August 5.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
