The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
rediffGURU T S Khurana answers readers' personal income tax queries.
Any defect identified by the expert would have to be rectified within one month, failing which compensation of 5,000 per day would be payable.
The RBI on Friday gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants. As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29.
An hour-long disruption could affect around 40 million UPI transactions.
To provide more choices to customers, the Reserve Bank of India has suggested mandating bank and non-bank card issuers to issue debt, credit and prepaid cards on more than one network. Customers can choose any one either at the time of issue of the card or anytime later, according to draft norms released by the Reserve Bank of India on Wednesday. The RBI said card issuers would also be barred from signing agreements that limit their ability to tie-up with other card-networks, according to the draft.
Customers would be able to make money transfers, pay utility bills and recharge their mobile and DTH connections with just one click and a single PIN entry
A lowdown on the strings attached to such credit card schemes and when you should and should not opt for them.
The Credit Information Bureau (India) Limited (CIBIL)can now generate a copy of your credit history and payment default reports at the click of a mouse. Borrowers will now have to tidy up their payment history.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
Paikara had been demanding that Upadhyay return Rs 30 lakh borrowed from him.
Experts say Indian Railways must grow its share in the freight market to remain financially sustainable.
SBI Cards & Payment Services reported mixed results for the January-March quarter (Q4) of FY24. While it managed to deliver strong earnings growth, it saw a perceptible decline in net interest margin (NIM) and suffered deteriorating asset quality. Taken together, the market was disappointed with the share dropping 3.5 per cent.
Come October 1, merchants, payment aggregators and acquiring banks can no longer store the card details of customers.
In 2024, the National Payments Corporation of India (NPCI) approved 20 third-party Unified Payments Interface (UPI) applications, a record since UPI's launch in 2016. This surge reflects growing interest from financial technology (fintech) companies, driven by the integration of credit products like UPI-linked credit cards and pre-approved credit lines.
The central bank says interest on card balance should not be levied till next bill.
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
Harshala Chandorkar of CIBIL will answer your queries on how to read a credit report between 3 pm and 4 pm on Monday, August 19.
What if after making some hefty purchases at a store you pull out your credit card only to be told that your transaction has been declined?
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
Balance transfer is a facility in which you can transfer outstanding balance from one credit card to another. It works well if you have multiple cards.
Cracking down on repeated non-compliance of IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
'The Election Commission is conducting the National Register of Citizens in Bihar through the backdoor.'
Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
Did you know that credit cards can in fact help you to improve and build your credit score if used responsibly and wisely!
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments.
A district-level investigation has named several individuals, including relatives of India cricketer Mohammed Shami.
'This helps the consumers secure more favourable terms from CIs.'
According to Khemka's family members, his son was also shot dead by criminals six years ago in Hajipur.
The Enforcement Directorate on Thursday continued its searches at places linked to Karnataka Home Minister G Parameshwara as part of the probe into alleged gold smuggling-linked money laundering case against Kannada actress Ranya Rao and others, official sources said.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
Not paying your credit card bill, or not paying it on time, can reduce your credit rating when you apply for a loan.
Here are some simple tips that can save you a great deal of money and reduce financial stress.
'The next decade will be even more transformative,' says Prime Minister Modi. 'We are moving from digital governance to global digital leadership.'
