The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
The government's main rate setting panel suggested that this be done in two tranches of Rs 2,500 each in the kharif and rabi seasons.
Chandigarh is ranked second in both e-infrastructure and e-participation. Puducherry ranks after Chandigarh on the e-infrastructure index.
India's e-commerce market is poised to grow by 84 per cent to $111 billion by 2024 on the back of accelerated adoption of digital technologies amid the COVID-19 pandemic, a report by fintech firm FIS said on Wednesday. The report noted that countries, including India, have seen a shift in consumer behaviour caused by COVID-19, and new payment trends are shown to be on the rise. FIS, in its 2021 Global Payments Report, examined current and future payment trends across 41 countries. India's e-commerce market is projected to grow by 84 per cent between now and 2024 to about $111 billion (from about $60 billion in 2020) driven by mobile shopping, which is projected to grow 21 per cent annually over the next four years, the report said.
With more than 10,000 stores under the various Reliance retail brands and over 2.5 million kirana stores already tying up with it, Jio's online marketplace would have the biggest hyperlocal logistics network in the country.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
PhonePe via Bharat Bill Payment System (BBPS) plans to get into a number of new verticals, including fee payments in schools and colleges, payments at hospitals and other services
As part of this strategy, the e-commerce major has launched a programme to manage the entire business-to-business inventory supply and management for kirana stores in three cities in Karnataka.
Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.
Schedule of Indian athletes in the 20th Commonwealth Games on Monday (July 29).
'Spends are likely to increase from the current levels because recovery is yet to fully be over.'
Tamil Nadu Chief Minister Jayalalithaa left no one in doubt about having an eye on New Delhi, at her election meeting in Tuticorin on Saturday, reports A Ganesh Nadar.
The cheque truncation system, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains: RBI
United States President Barack Obama has appointed Cliff Sloan, a high-powered lawyer with extensive experience in all three branches of the government, as his special envoy for the closure of the much-criticised terrorist detention centre at Guantanamo Bay Naval Base in Cuba.
Smokers and tobacco consumers will have to shell out more for their indulgence as Finance Minister Arun Jaitley continued with the crackdown on cigarettes and tobacco products by increasing taxes in the Budget for 2017-18.
According to data from Venture Intelligence, PEs invested in two mobile payment solutions firms each in 2009, 2010 and 2011. This grew to four deals in 2012 and five deals in 2013.
Rediff.com brings you players who have tested positive for use of banned substances over the years.
Chasing a tricky 160-run target, Chennai were in a spot of bother after a good start, but Dhoni lifted the side to its sixth victory in eight matches with an unbeaten 67.
The company is looking to ramp up its production.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
# Murali Vijay and Cheteshwar Pujara shared a stand of 108 -- India's second highest opening partnership against Australia at Feroz Shah Kotla -- after 121 between Nari Contractor and Pankaj Roy in December 1959.
Making a marginal recovery, India's exports entered the positive zone after a gap of eight months, recording a growth of 0.82 per cent to $25.58 in January.
Announced at the second-quarter review of monetary policy, the move would make transactions at automated teller machines and point of sale terminals (PoS or merchant terminals) more secure.
After acquiring Grama Vidiyal Microfinance last year, IDFC Bank is looking for opportunities to strengthen its retail capabilities, says Rajiv Lall, its chief,
iPhone, which accounts for just 3% of sales in India's 100 million-plus annual smartphone market, plans to partner an existing player
Despite having everything going for you, why is it that you haven't heard from your prospective employer yet?
The new rules will be applicable from the second week of November.
AC Milan vice-president Paolo Berlusconi has landed the Serie A giants in hot water after making a racist remark days after the unveiling of new signing Mario Balotelli.
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
Falling asleep behind the wheel? Fear not, an app is here to wake you up!
Yes Bank and Ola launched a mobile ATM service where customers of any bank can withdraw up to Rs 2,000 per card from PoS terminals
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.
RuPay has 42% of total debit cards, but contributes only 16% of PoS, e-commerce transactions. With banks scheduled to renew deals with Visa, Mastercard, here's how RuPay plans to increase its reach to premium customers.
The bank's response came to a clarification sought by stock exchange on recent reports on debit cards blocking in the wake of suspected data breach
Delhi coach Vijay Dahiya defended his star players Virender Sehwag and Gautam Gambhir's poor show stating that it is not a big concern.
The points table of the English Premier League 2016-17 season.
Strengthening its connectivity in the southern and western region, no-frills carrier IndiGo said it would launch new flights between Bangalore, Mumbai and Chennai from Tuesday.
We have lost the front and the back yards. So, the only place left for us is the balcony. People buy flats with French windows and spacious balconies that can be used creatively, says the My Sunny Balcony team.
