This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
The Supreme Court ensured a widow received compensation 23 years after her husband's death in a train accident, highlighting the court's commitment to justice for the poor.
'Instead of the government and telecom operators solving the mess of their own creation, they're telling us we need to give access to our phones perpetually.'
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
After a gap of more than three years, the central government has agreed to resume the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) works in West Bengal with immediate effect, but subject to mandatory adherence to stringent conditions. These include a prohibition on any work valued at more than 20 lakh, compulsory 100 per cent electronic know-your-customer (eKYC) verification of all workers, and mandatory pre-estimation field visits for all works before they are undertaken.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
Balance-level delinquencies in the credit card segment saw a 17 basis points (bps) year-on-year (Y-o-Y) rise in the quarter ending June 2024 (Q1FY25). In all other credit segments, including personal loans, delinquencies declined even as retail credit growth moderated, consequent to banks tightening the supply of credit to the unsecured segments, a report by TransUnion CIBIL said on Monday. Data shows that balance-level delinquencies, measured in terms of 90 days or more past due, in the credit card segment stood at 1.8 per cent in Q1FY25- highest among all other credit segments.
Total payments in the economy grew 24.08 per cent to Rs117.43 trillion in value terms in June, compared to Rs94.64 trillion in May.
The Enforcement Directorate (ED) has frozen Rs 110 crore and seized 1,200 mule credit cards following searches against the Indian operations of Parimatch, a Cyprus-based online betting platform, for alleged money laundering and cheating investors.
'There is a debit execution failure which is because there is not enough money in the user's bank account.'
'Lack of self-control over spending leads to a credit card debt trap.' 'People think they have money and spend using a credit card, but when it's time to pay, they realise they don't have the money.'
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
The Trump administration said it will conduct a "rigorous" re-examination of all Green Cards issued to immigrants from "every country of concern".
Banks and NBFCs are launching festival offers, including lower loan rates, cashback, EMI schemes and GST-linked benefits to tap rising demand ahead of Diwali
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
Tech giant Apple has stopped accepting payments via debit and credit cards in India. Apple has stopped accepting cards for subscriptions, and purchases using credit cards issued by banks in India. Apple will also not accept payments for ad campaigns on Apple Search using credit cards issued by Indian banks. All campaigns will be put on hold from June 1.
A 57-year-old woman in Bengaluru was allegedly defrauded of approximately Rs 32 crore in a 'digital arrest' scam. Posing as CBI officers, fraudsters coerced her into sharing financial details and making numerous bank transfers over six months.
Risk assessment platforms are increasingly using diverse data sources to help lenders identify groups attempting to access credit from regulated entities and to improve the process of evaluating new-to-credit (NTC) users.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
Cyber fraudsters have duped Delhi residents of nearly Rs 1,000 crore so far this year, with investment scams, digital arrests and boss scams emerging as the most common cybercrimes.
An American lawmaker will be introducing a bill to "completely eliminate" the H-1B visa programme and take away the pathway to citizenship that it offers, "forcing" individuals to "return home" when their visa expires.
India's archers endured a night of chaos when their return to the country from Dhaka after the Asian Championships was delayed by a day due to a cancelled flight.
To handle the sudden loss of cashless facility, patients should maintain an emergency fund or a short-term credit line to manage all or part of hospitalisation costs.
'The Indian consumer is moving so quickly and they have so many options.'
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers (TSP). Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
Recent RBI data indicates net addition of credit cards is running strong at 18 per cent year-on-year (Y-o-Y), but growth in credit card limits is ahead of loans outstanding. Growth in lower limit cards is decelerating fastest. The West and South have more usage and online transactions are more popular than offline, with metros leading growth.
With rising disposable incomes in cities beyond metros, the penetration of credit cards - and consequently, credit card spending - is growing at a much faster pace than in traditional metro cities, primarily driven by e-commerce spending.
Nearly 7 out of every 10 P2M UPI transactions take place in high frequency categories like groceries, restaurants, pharmacies, fuel service stations, bakeries and utility services such as electricity, gas, water and sanitation.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
A US Homeland Security official says America will continue using the H-1B visa programme, emphasizing integrity and vetting, while highlighting increased naturalization rates under the Trump administration.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
With digital adoption fast gaining currency, India is likely to see retail digital payments double to $7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in online purchases has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well.
The Trump administration has announced a massive increase in H-1B visa fees, imposing a $100,000 annual charge that will fundamentally alter how American companies hire skilled foreign workers, particularly impacting Indian IT professionals who comprise the largest group of beneficiaries.
Whether it was in the company of superstars Rajinikanth and Kamal Haasan -- or, on rare occasions with both together, among others -- Saravanan's demeanour would stand out, observes N Sathiya Moorthy.
'It is not looking at valuation, but investment, growth and ultimately better profit for stakeholders.'
The Reserve Bank of India on Friday permitted banks to increase charges on ATM cash withdrawals beyond the mandatory free monthly usage by Rs 2 to Rs 23 per transaction from May 1.
Credit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that State-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
The overall number of frauds, including those related to loan accounts and digital payments, jumped by three times in FY25, primarily due to reclassification of 122 cases as per a Supreme Court order, the Reserve Bank said on Thursday. The fraud value jumped to Rs 36,014 crore in FY25, up from Rs 12,230 crore in the previous fiscal year, while the number of fraud cases went down to 23,953 in FY25 from 36,060 in FY24.
The Supreme Court intervened to ensure a tragedy-struck widow received compensation from the Railways after a 20-year legal battle following her husband's death in a train accident.
