'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".'
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Unified Payments Interface launched to simplify mobile banking.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Sharad Sharma, co-founder and governing council member at iSPIRT, on Tuesday admitted using anonymous accounts to troll on social media those who raised questions on Aadhaar and its applications by the government.
The 16-digit randomly generated number by the Aadhaar system was supposed to be introduced by the UIDAI on March 1 and mandatorily deployed by companies using Aadhaar by June 1.
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
While the acceptance of cards, mobile wallets and banking apps is increasing, only 10 per cent of transactions take place through them.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
For financial institutions, it will be an opportunity to provide better lending options. For instance, customers who pay their overdrafts on time will get access to more credit and probably at a cheaper rate.
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.
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
Companies are innovating with tech tools to ensure that you spend less time at the cash counter.
'The financial sector's performance in the first two quarters was a revelation.' 'It clearly showed the clean-up had been done in the past one-and-a-half years and that capital brought in was significantly stronger.'
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The cap of Rs 10,000 on daily withdrawal has also been removed.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
Here's what could be ahead for India: A $10-trillion economy by 2030-32, a Sensex at 1,00,000 by 2025, monthly GST revenues at Rs 2 trillion by 2024-25, 100 new unicorns by 2025, and poverty below 5 per cent by 2030, predicts R Jagannathan.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
Raghuram Rajan said the head of the central bank should have a fixed tenure of more than three years as the current term was too short.
'In the next 14 years, 100% of US energy will be clean and solar.'
"I invite each one of you to become a partner in India's growth story. And once again assure you of our wholehearted support."
Venture capitalists Adam Wolfensohn and Ameya Bijoor tell Anjuli Bhargava about the kind of investments and companies they are looking to invest in.
At a time when the Modi government is attempting to push cashlessness with coercive means, Devangshu Datta explains why cash usage is popular even in nations with good cashless infrastructure.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
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.
'Malicious files can silently sit in your phone and relay data to hackers without your knowledge.'
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."
New offerings by banks are changing the way you transact.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
StanChart India CEO Zarin Daruwala is building a culture of 'celebrating liabilities,' the tough negotiator tells Niraj Bhatt and Anup Roy over lunch.
'With technology advancing rapidly, the need for branches is declining.'
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
DEA officials to push for this at a meeting with FM Jaitley.
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