India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
A merchant using the bank's merchant App, QR code, PoS or Payment gateways, across all segments, including electronics, apparel, grocery, stand to win assured cashback and prizes on volume build-up, EMI or digital transactions.
Earlier this month, RBI told the Delhi high court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.
The Unified Payment Interface could propel banking into a new era
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Stunning photos have revealed incredible secrets of the underwater world, with the winners of the 2018 Underwater Photographer of the Year award announced. German photographer Tobias Friedrich has been named Underwater Photographer of the Year 2018. More than 5,000 images were submitted this year by photographers from around the world. UPY was once again kind enough to share some of this year's honourees with us below, with captions written by the photographers.
The Underwater Photographer of the Year competition has announced the winners of this year's contest, with France's Gabriel Barathieu being named Underwater Photographer of the Year for an image of a hunting octopus. UPY was kind enough to share some of this year's honorees with us below.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
Data processing compliance is the main reason behind the delay. The government, on several occasions, has made it clear that Indian financial data needs to be stored exclusively onshore and if it is processed outside, it needs to be brought back in 24 hours.
The Reserve Bank of India (RBI) on Wednesday announced to increase the policy repo rate by 50 basis points to 4.9 per cent, the second hike in five weeks aimed at quelling the inflation. The MPC vote was unanimous and has decided to keep stance withdrawal from accommodative, RBI Governor Shaktikanta Das said in a press conference on Wednesday. The decision was taken during a three-day meeting of the RBI's Monetary Policy Committee (MPC) to review the interest rates in the country. The MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent," Das said.
Education technology, grocery, fashion, food delivery and UPI payments surpassed volumes or revenues of February, in the September-October period.
Sebi has asked intermediaries to stagger the offerings as much as possible, said people in the know and ensure adequate capacity building.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
They straddle many different (non-financial) lines of business with sometimes opaque overarching governance structures.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
CCI decided to pursue investigation on two issues - these relate to "exclusivity regarding the mode of payment for the purchase of apps and in-app purchases" and "pre-installation and prominence of Google Pay on Android smartphones".
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.
Nandan Nilekani talks about moving towards a cashless economy and freedom of Internet, among others
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
When it comes to losing a job permanently, the youngest and the oldest segments in the workforce have reported an increase in setbacks in the second wave of the pandemic, a survey of by a Fortune500 company has said. The survey, conducted in April this year, covered 2,000 persons in India. Six per cent of those over 55 years of age reported having permanently lost their job, as against 4 per cent last year. In those aged under 24, the proportion reporting a permanent job loss has increased to 11 per cent from 10 per cent in the year-ago period, the survey done by financial technology company FIS said.
'Demand is wonderful. We have crossed 10 million on many days.' 'The Swedish trade commissioner recently said, "You guys are vaccinating the entire Sweden in one day".'
The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
India's Internet economy has two choices: An immediate $30 billion Sale-and-Leaseback or a $3 trillion value harvesting over decades, observes Vibhu Arya.
These are some of Rediff.com's favourites from all 80 award-winning photos.
Agriculture, social services, education, defence and so on will be brought into the digital fold and every gram panchayat will be connected to the internet.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
Addressing the 76th United Nations General Assembly session here, Prime Minister Modi said that today, every sixth person in the world is an Indian.
'When resources are few; when frugality demands repairing a broken thing rather than replacing it with a brand new and expensive option, enterprising commoners in rural and urban India improvise on a daily basis and solve their problems with whatever they have,' observes Shivanand Kanavi.
Unified Payments Interface launched to simplify mobile banking.
Adhiraj Parthasarathy, a professional from Telangana, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Google on Friday said it is deferring the deadline for developers in India to integrate with its Play billing system from March 2022 to October next year. In October last year, the company had announced March 31, 2022 as the deadline for developers in India to integrate with Play's billing system. A Google spokesperson on Friday said the extension has been done in view of the changes to India's recurring digital payments guidelines.
She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
A majority of respondents in a survey said they will not use WhatsApp payment features and may discontinue business chat if the app shares information with Facebook and third parties, according to a survey. The survey -- conducted around WhatsApp new proposed policy across the country covering over 17,000 respondents -- found that five per cent users have deleted the app, while 22 per cent claimed to have reduced using the mobile messaging platform.
CEO Shashi Arora discusses his roadmap for Airtel Payments Bank with Karan Choudhury.
'Google and Facebook need to be tamed, their garb of 'Investing in India's future' need to be pulled off,' observes Vibhu Arya.
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