The Reserve Bank of India's (RBI's) Payment Systems Report highlighted that between 2019 and 2024, credit card transactions doubled in volume and almost tripled in value. During the same period, however, debit card transactions witnessed a decline, both in volume and value.
The previous largest weekly decline was recorded in the week ended November 15, 2024.
Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday.
The vertical will be based out of Bengaluru.
The Union Budget on Sunday proposed a tax holiday till 2047 for foreign companies that provide cloud services to customers globally using data centres located in India, signalling the government's push to make the country a major hub for AI and digital infrastructure.
The Union Budget on Sunday proposed a tax holiday till 2047 for foreign companies that provide cloud services to customers globally using data centres located in India, signalling the government's push to make the country a major hub for AI and digital infrastructure.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
'We have seen that stablecoins lack the basic attributes of money, their advantages are neither unique nor unambiguous and their risks are all too real.'
India has managed high government debt-to-GDP, a slowing domestic revenue engine, lower household savings and a more hostile geopolitical environment separately in the past. But together, they threaten to undo the growth narrative on which today's optimism rests, warns Debashis Basu.
After two years of strong gains, smallcap stocks fell sharply in 2025, but the correction may be setting up opportunities for long-term investors.
Last year, the software giant launched a cloud adoption programme for SMBs.
Users experienced difficulties with UPI payments due to technical issues in some banks' systems. NPCI stated that its systems are operational and it is working with banks to resolve the problems.
'This will bring in a lot of net new users to UPI.'
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
The Gujarat Anti Terrorist Squad (ATS) has arrested a retired Army man and a woman for allegedly sharing sensitive information about military establishments and personnel with Pakistani agents.
A RBI constituted panel on financial inclusion headed by Nachiket Mor had recommended the setting up of the payments banks in order to deepen access to finance.
Trai has ordered BFSI firms to move service and transaction calls to the 1600 series from 2026 to reduce spam, financial fraud, and rising digital arrest scams.
Under the defence partnership, India and the UAE are eyeing defence industrial collaboration and cooperation in advanced technologies, cyberspace training, special operations, interoperability of their militaries and counter terrorism.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
The Enforcement Directorate on Thursday said it has restituted funds worth more than Rs 300 crore towards long-pending dues of the former workers of now defunct Kingfisher Airlines that was promoted by fugitive liquor baron Vijay Mallya.
Maharashtra minister's announcement regarding the disbursement of financial aid under the Ladki Bahin Yojana before Makar Sankranti has triggered a controversy, with the Opposition alleging a violation of the Model Code of Conduct ahead of municipal elections. The State Election Commission has sought a report on the matter.
'Just like oral hygiene, cyber hygiene must become a daily habit,' says Beena Vaheed, executive director, Bank of Baroda. 'It is not enough to rely only on banks, companies, or the government. Each of us must play our part.'
ICICI Bank on Wednesday said tax authorities have slapped a demand notice of Rs 49.11 crore on it for alleged short payment of GST.
The Indian rupee, swaying through multiple headwinds, tiding over global trade disruptions and massive foreign fund outlfows, is unlikely to arrest its descent until tariff impact overhangs, notwithstanding robust domestic macroeconomic tailwinds. The Reserve Bank of India (RBI), which sees the rupee's depreciation as a silver bullet to offset the tariff shock, expects the currency to find its stable course once India reaches a trade deal with its largest trading partner, the US.
State debt is rising because revenues are disappointingly weak. Ten states have debt ratios exceeding 30 per cent. In 2023-2024, states were borrowing simply to meet day-to-day expenses, points out Debashis Basu.
The payments banks are intended to house transactional accounts for individuals, focusing on payments and remittances.
Paytm (One 97 Communications Ltd), India's full-stack merchant payments leader serving MSMEs and enterprises, has launched a fully redesigned version of its flagship app, integrating artificial intelligence-driven features to streamline and personalise everyday transactions for its users.
The RBI may grant licences for setting up small finance and payment banks by April 2015.
A 57-year-old woman in Bengaluru was allegedly defrauded of approximately Rs 32 crore in a 'digital arrest' scam. Posing as CBI officers, fraudsters coerced her into sharing financial details and making numerous bank transfers over six months.
Google Pay, PhonePe, and Paytm may deliberately delay transactions, issue fraud alerts, and require an extra layer of user confirmation before processing any transactions that are likely to be classified as fraudulent.
The CBI has filed a chargesheet against 17 people, including four Chinese nationals, and 58 companies for their alleged roles in a transnational cyber fraud network that siphoned off over Rs 1,000 crore.
The committee formed under the Life Insurance Council to review the commission structure in the life insurance sector has recommended capping distributor commissions or deferring them to ease acquisition costs. The recommendations will be sent to the insurance regulator -- Insurance Regulatory and Development Authority of India (Irdai).
Banks and NBFCs are launching festival offers, including lower loan rates, cashback, EMI schemes and GST-linked benefits to tap rising demand ahead of Diwali
The Bengaluru police have launched a probe into a cyber fraud case where hackers allegedly infiltrated the official email communication between city-based Group Pharmaceuticals and Dr Reddy's Laboratories, Hyderabad, successfully diverting a payment of Rs 2.16 crore to a fraudulent account.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
Officials from both India and the US in the recent past have indicated that a "fair deal" will be concluded soon, with Indian officials holding that more formal rounds of talks are not needed.
rediffGURU T S Khurana answers readers' personal income tax queries
Overall economic activity continued to hold up in November with demand conditions remaining robust, thanks to strengthening urban demand, but manufacturing and rural demand showed some signs of deceleration even as services remained strong, according to an article on the State of the Economy written by Reserve Bank of India (RBI) officials in the central bank's December bulletin.
'The first time India has seen two consecutive blockbuster IPO years.'
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