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.
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.
'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.'
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."
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.
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.'
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
New offerings by banks are changing the way you transact.
StanChart India CEO Zarin Daruwala is building a culture of 'celebrating liabilities,' the tough negotiator tells Niraj Bhatt and Anup Roy over lunch.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
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."
'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.
'If your data is hacked you cannot go to court. Only UIDAI can go to court.' 'UIDAI is lying that Aadhaar is completely secure.'
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Govt unveils reforms that cuts down time and bureaucracy.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
Experts share their views on the steps that will help businesses become GST-ready.
