Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai this afternoon. He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.
Six compelling reasons to use your credit card. WARNING: reckless use of plastic can land you in a debt rap
The idea was that despite some defaults the high rates would assure good profits.
'Most of the bot attacks have originated from outside India.' 'Our firewalls are resilient and withstood the attacks.'
Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.
If you are the owner of multiple credit cards, here are some dos and don'ts you need to know about credit card management.
Card-based EMI transactions dropped about 60 per cent in the first week after demonetisation and then recovered steadily. However, these are not yet back to the levels before November 8.
If you ever face a situation where your card transaction is declined, it is advisable to call your bank and check with them for the cause. In most cases, unless it's a fraudulent issue, the problems will be resolved on the phone.
The devotion to the deity is such that even commerce is not untouched by the spiritual feel in the holy city. Images of the grand temple is finding places even on visiting cards, posters, calendars and even signages.
With biometrics, payments may get easier and more secure.
Sujata Ahlawat, Senior Vice President and Head of Direct-to-Consumer Interactive, TransUnion CIBIL, offers a quick glimpse into what a CIBIL Score is, the factors that impact it, and tips for maintaining a healthy score.
The airport has formulated standard operating procedures for post-lockdown safety of the passengers, which include social distancing, stringent thermal screening, positioning temporary quarantine centres and also continues to sanitise and disinfect the airport to ensure safety and well-being of the passengers when operations resume.
Instead of relying on technology that is not in their control, businesses should stop using SMS based OTPs and start using other software-based or hardware-based token authentication, which are in their control, says Venkata Satish Guttula.
In July 2013, RBI warned banks against sending unsolicited cards.
Private sector banks reported the maximum number of frauds in 2022-2023.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
In a bid to check discrepancies in the process of attendance and wage payment to NREGA beneficiaries using manual job cards, bio-metric cards are being introduced in Bihar under e-shakti project.
Banks give incentives to splurge through cards during this season. Here's how you can use them to get the best results.
Visa International, the world's leading payment brand, has achieved record card sales volume of $26 billion in India during the year ending September, 2005, while targeting small towns to develop the cashless payment industry.
PayMate is here with a mobile payment solution, which offers convenience and flexibility of making payments by simply sending an SMS.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
The Alibaba-backed company had introduced the fee on March 8 after it found multiple users using its platform to get free credit by using credit cards to top up their mobile wallets and then transferring the money back to their bank accounts at zero transaction cost.
The government on Thursday decided to act tough on the casinos, credit cards and money changers by bringing them under the ambit of money laundering law.
ICICI Bank has a network of 1,416 branches and over 4,600 automated teller machines across the country, which it manages by itself, while several other banks have outsourced their ATM management and POS (credit and debit card payment accepting) terminals.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Whether it is the virtual world or the physical one using your credit card with a few precautions go a long way in keeping it safe. Be cautious and do not become a statistic in the growing credit card fraud!
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
The prime minister initiated the discussion on the move, which was announced last month, with the ministers after the meeting of the Union Cabinet ended in New Delhi.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
The Reserve Bank of India (RBI) on Monday issued new norms to regulate the fast-growing pre-paid cards industry and asked all the entities to comply with the guidelines within three months.
Exporters can make payment of fees through debit/credit cards.
Contactless denit and credit cards increases the ease and convenience of transactions.
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
Remember, the obligation lies with YOU. Not the credit card company.
Mayank Goyal, founder and CEO, moneyHOP, will answer queries related to how to best manage your money while travelling internationally.
Standard Chartered Bank, which has completed 10 years in credit card business in India, has introduced an equated monthly instalment card.
