Authorised push payment frauds have emerged as a growing challenge globally as scammers increasingly rely on social engineering techniques to persuade users to transfer money voluntarily, making recovery more difficult even when transactions are authenticated.
A 57-year-old man from Thane district was defrauded of Rs 9.08 lakh by cyber criminals who used a malicious link disguised as a Mahanagar Gas bill payment update, gaining remote access to his device and siphoning funds.
Unified Payments Interface (UPI) has reached a record Rs 314 lakh crore in transaction value in FY26, representing more than a 4,000-fold increase since inception.
The CBSE revaluation portal experienced a cyber attack, affecting the payment system and leading to unauthorised access for approximately 50 students. The incident caused fee display abnormalities, prompting investigations and system enhancements.
The Reserve Bank of India (RBI) is developing digital public infrastructure and payments intelligence platforms using artificial intelligence and application programming interfaces to improve customer experience and strengthen the payments ecosystem.
From April 1, 2026, the Reserve Bank of India's new authentication directions modernise how every digital payment you make must be verified -- and place the burden of security squarely on your bank, not on you.
The scheme, called 'Suhana Safar', targeted customers who aspire to own a car but were hesitant because of concerns around arranging the down payment or managing future EMI obligations.
A school teacher in Ajmer was defrauded of Rs 3.66 lakh by cyber criminals who lured her with a fake online offer to buy a rare Rs 5 note for Rs 48 lakh.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
The Central Board of Secondary Education (CBSE) announced that nearly 40,000 students have successfully applied for verification and re-evaluation of Class 12 board exam answer books, despite the portal facing cyberattacks, including a denial-of-service attempt.
Airpay Payment Services has partnered with Maharashtra State Co-operative Bank (MSCB) to enable UPI-based digital payments across the lender's network in Maharashtra, aiming to accelerate financial inclusion in rural areas.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
The West Bengal cabinet has decided to discontinue assistance-oriented schemes based on religious categorisation for Imams, muezzins and purohits from June. The cabinet also approved the 'Annapurna' scheme of Rs 3,000 monthly support to women from June 1, and granted in-principle consent for their free travel in state-run buses.
UPI transactions in India reached record highs in May, driven by summer travel and the IPL, with transaction value hitting Rs 29.90 lakh crore and volume reaching 23.2 billion.
The primary objective of introduction of polymer notes was to increase its life and not to combat counterfeiting.
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
A US-sanctioned tanker carrying Iranian crude oil has rerouted mid-voyage from its previously indicated destination of India to China, raising questions about payment issues and the future of India's Iranian oil imports.
Swift and global banks are launching a new system to make international payments faster and cheaper for small businesses and consumers, starting with major global markets.
A 60-year-old retired man and 21 others in Thane district were allegedly defrauded of over Rs 31 lakh through a malicious link disguised as a piped gas bill update. The victims received an APK file via WhatsApp, leading to unauthorised debits from their bank accounts.
Credit card transactions in India have surged over 2.6 times between 2021 and 2025, driven by private sector banks, while debit card usage declines due to growing adoption of UPI and digital wallets, according to an RBI report.
Reserve Bank Governor Sanjay Malhotra announced that India's foreign exchange reserves stand at a healthy $682.3 billion as of May 29, 2026, providing approximately 11 months of import cover and strong protection against external shocks.
Madhya Pradesh Congress MLA Rajendra Bharti has been disqualified from the state legislative assembly after being convicted in a bank fraud case involving the tampering of bank records to secure illegal interest payments.
Madhya Pradesh Congress MLA Rajendra Bharti has challenged his conviction and three-year jail sentence in a cheating case involving forged bank records. The Delhi High Court has issued a notice to the prosecution and scheduled a hearing for April 15.
A new report indicates that UPI has become the dominant payment method for lenders, accounting for over 90% of transactions. The report also highlights trends in investment amounts, diversification strategies, and geographic participation in peer-to-peer lending.
State Bank of India Chairman C S Setty has expressed support for a 'pause' in policy rates by the Reserve Bank of India's monetary policy committee, believing it will help stabilise conditions and support economic growth. He also urged investors to look beyond short-term equity market movements and focus on India's structural transformation, driven by reforms and digital infrastructure.
Gurugram Police have arrested four individuals allegedly involved in an online betting fraud operation. The accused lured users with online gaming advertisements, processed payments through QR codes, and earned commissions on deposits.
Madhya Pradesh Congress MLA Rajendra Bharti has been disqualified from the state legislative assembly after being convicted in a bank fraud case involving the tampering of bank records. The disqualification has sparked a political row, with the Congress party alleging a violation of democratic process.
Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), and the board of the bank has been reconstituted. The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank. PPBL has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, Paytm said in a regulatory filing on Monday.
The NTA has also confirmed that the upcoming re-examination, scheduled for June 21, 2026, will be conducted entirely free of cost for all previously registered candidates, funded fully through the agency's internal reserves.
Delhi Police dismantled an interstate cyber fraud network involved in routing illicit funds through bank account kits, SIM cards, and ATM credentials, leading to the arrest of three key individuals from Haryana and Himachal Pradesh.
The National Payments Corporation of India (NPCI) is set to consider linking the ATM interchange fee to the Wholesale Price Index (WPI), alongside a potential hike from the current 19 to 21-22, which could impact customer charges for transactions beyond the free limit.
Gurugram Police have arrested six individuals allegedly involved in a cybercrime racket that defrauded people through online gaming and betting platforms. The arrests followed a raid in Delhi's Janakpuri area, where authorities seized mobile phones, laptops, ATM cards, and other incriminating materials.
A Delhi court sentenced Madhya Pradesh Congress MLA Rajendra Bharti and a former bank employee to three years' imprisonment each in a cheating case involving the forging of bank records to obtain illegal interest payments between 1998 and 2011.
What is the reason behind this drying up of talent for the top post in private banks?
The Reserve Bank of India (RBI) is set to introduce polymer banknotes to address the rising demand for currency, improve durability, and reduce production costs, with a pilot project expected soon.
A man in Gurugram was arrested for allegedly defrauding a hotel by using a fake payment application to create screenshots of payments totaling Rs 6 lakhs, allowing him to stay for five months without paying.
Investments under the framework would remain voluntary for employees.
NPCI BHIM Services Ltd is expanding the BHIM app to feature phones to increase financial inclusion and diversify revenue through financial product distribution. The app aims to double its market share and is focusing on partnerships with banks and new features like UPI Circle.
The Enforcement Directorate has summoned several farmers in Jaipur as part of an investigation into alleged money laundering and fraudulent land aggregation involving real estate developers.
The Uttar Pradesh government announced it has paid a record Rs 3,21,963 crore to sugarcane growers since 2017, emphasising on-time payments and direct transfers to farmers' accounts. The government highlighted initiatives like farm loan waivers and the 'Smart Ganna Kisan' system for online sugarcane management.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances