Capex, infrastructure development, and prudent fiscal management are the key focus areas in the Budget, says Nilesh Shah.
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.
Banks are considering levying a charge of Rs 50 on high-value cheques, while making local payments through real time gross settlement free.
"We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion," says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
Major credit issuers, including the largest - HDFC Bank - have integrated their systems with the Bharat Bill Payment Systems (BBPS) for receiving credit card repayments via third-party applications.
New system will be implemented for the entire banking and financial sector of the country and the exercise of replacing the existing RTGS system will be executed in various phases.
Securities and Exchange Board of India chairman G N Bajpai on Saturday said the proposal for introduction of T+1 settlement in Indian bourses is on schedule.
In order to further enhance customer convenience, and to leverage the 24x7 availability of real-time gross settlement (RTGS), NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021, RBI's Shaktikanta Das said.
RBI has suggested that inward real time gross settlement, National Electronic Fund Transfer and electronic clearing service should be offered free. For outward transactions using RTGS in the range of Rs 100,000- 500,000, banks may levy charges not more then Rs 25 per transaction and Rs 50 for transactions above Rs 500,000.
Customers can electronically transfer money instantly to more than 1,000 branches of banks across India.
These facilities can only be used for transferring money within the country.
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
Market regulator asks bankers to use real time gross settlement system for IPOs.
The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
Real time gross settlement has turned out to be a bane for banks as they are losing interest in remittances business and their golden goose -- float money -- is being killed.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".
The Reserve Bank of India (RBI) on Wednesday allowed payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems in the first phase of its plan bring non-banks in the same platform. "Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI) while saying the service is a "digital public good with immense convenience". The ministry of finance said the concerns of service providers for cost recovery have to be met through other means. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
The seer has been in custody since September 1 in a Protection of Children from Sexual Offences case.
The Reserve Bank of India (RBI) on Friday said it will maintain comfortable liquidity conditions and conduct market operations in the form of outright and special open market operations. It will conduct on tap targeted long-term repo operations (TLTRO) with tenors of up to three years for a total amount of up to Rs 1 lakh crore at a floating rate linked to the policy repo rate.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
In August, the Fed announced that it would develop a "new interbank 24x7x365 RTGS with integrated clearing functionality to support faster payments in the United States". The Fed Board asked for comments on FedNow by November. In reply to this, Google mentioned its experience of launching Google Pay -- Google's payments app which uses the UPI -- in India.
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
The Reserve Bank of India (RBI) on Friday kept the key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid the gradual lifting of coronavirus related countrywide lockdown.
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.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
Concerned over elevated inflation, Reserve Bank of India on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
The Securities and Exchange Board of India is working on building a strong business platform for scalability and improving the quality of intermediaries, Chairman G N Bajpai said on Saturday.
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