'With a very stable technology with limited functionalities, a large network has spanned out.'
SBI Cards on Tuesday launched a credit card especially meant for transactions on e-commerce websites.
The RBI on Wednesday barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023.
Do we have enough trained oncologists and medical professionals in India to man these over 4,500 beds in the public sector?
Majority of respondents say reading about media reports of such frauds bothers them more than their personal experience.
Want to spend more this festive season on your credit card? This is what it takes...
Just being able to make your credit card payment doesn't cut it. Find out what does.
Avoid getting into a debt trap by using your credit judiciously. Anil Rego explains how
Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
Let the festivities and celebrations begin; get yourself a credit card this Onam. Shop with it, earn reward points, make your family happy but remember to never go overboard or miss your payments, says Rajiv Raj
HDFC Bank on Monday said it aims to regain the two per cent market share in the credit card market it ceded to rivals during a recent ban, within a year by aggressively tapping into its existing depositor base. The bank will also focus on forging new partnerships to sell more cards and will not deviate from its conservative approach on taking credit risks as it goes aggressive in the market, its group head for payments and consumer finance, digital banking and IT, Parag Rao, told reporters. On August 17, RBI lifted the ban on HDFC Bank which had prevented it from issuing new credit cards from December 2020.
The official said Sukhvinder's brother Satpal possibly transferred Rs 2.50 lakh from Canada to his cousin Jitu Singh alias Jita in Gwalior to facilitate the November 7 killing.
President Droupadi Murmu addressed both Houses of Parliament, highlighting the government's achievements in various sectors, including economic growth, social welfare, and infrastructure development. She emphasized the government's efforts to lift the economy out of "policy paralysis" and create a more inclusive society. Murmu also acknowledged the challenges posed by digital fraud and cybercrime and stressed the need for a social infrastructure revolution. The President's speech is considered a policy statement, outlining the government's vision and roadmap for the future.
Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. However, some of the players failed to meet the deadline and approached the RBI seeking extension of the deadline.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
Prepaid one offered by HDFC Bank and Apollo Hospitals gives discounts but one needs to spend it at designated hospitals and pharmacies to avail benefits
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday. This marks the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms with a combined market valuation surpassing Rs 17 lakh crore.
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, according to the company hit by RBI restrictions. Paytm Payments Bank users will not be able to add any funds to their wallet and bank accounts but will be able to use the balance until it is exhausted, according to the RBI order. "The RBI has issued a directive restricting Paytm Payments Bank account/wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
Unbanked customers can expect easier access to banking.
According to data from Venture Intelligence, PEs invested in two mobile payment solutions firms each in 2009, 2010 and 2011. This grew to four deals in 2012 and five deals in 2013.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The development makes Citibank India the first country franchise within Citigroup to launch an industry innovative mobile payment solution, which has been developed with its technology partner Ezetap.
CEO Shashi Arora discusses his roadmap for Airtel Payments Bank with Karan Choudhury.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
Private sector lender HDFC Bank on Thursday said the Reserve Bank of India (RBI) has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations last month.
MasterCard's India-born President and CEO Ajay Banga on Sunday said India is a "more exciting" market than China for the cards and payment giant and the company is focused on shifting as many consumers in India as possible from cash to the electronic payment system.
'Try to obtain a secured personal loan or credit card by offering some collateral, such as a fixed deposit or gold.' 'Not only will this improve your eligibility, but the lender may even offer a lower interest rate.'
