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.
With biometrics, payments may get easier and more secure.
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.
In July 2013, RBI warned banks against sending unsolicited cards.
Modi was honoured with the 'Order of Zayed', the UAE's highest civilian award, in 2019 as a mark of appreciation for his efforts to boost bilateral ties between the two nations.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
Mayank Goyal, founder and CEO, moneyHOP, will answer queries related to how to best manage your money while travelling internationally.
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.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
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.
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.
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.
PayMate is here with a mobile payment solution, which offers convenience and flexibility of making payments by simply sending an SMS.
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.
Don't recharge your phone at public outlets -- carry a power bank instead. Avoid clicking on links sent by 'friends'. If you get into an online sexual encounter with a stranger and get blackmailed, refuse to pay up.
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 need a candidate who will do our work and fight with the authorities; someone we can hold accountable.' 'Piyush Goyal is not that candidate.'
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.
'If you wish to make a big-ticket purchase on EMI without having to pay additional charges, no-cost EMI would be the right choice for you.'
Contactless denit and credit cards increases the ease and convenience of transactions.
Exporters can make payment of fees through debit/credit cards.
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.
Remember, the obligation lies with YOU. Not the credit card company.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Standard Chartered Bank, which has completed 10 years in credit card business in India, has introduced an equated monthly instalment card.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
Global payment card brand Visa International would double its debit card business in India from five million to 10 million during the current fiscal, South Asia deputy country manager Uttam Nayak said.
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
Crime was carried out by a syndicate and involved breaking into the computer systems of global financial institutions
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
Wondering what's the connection? Here goes...
The government is considering to bring all international payment gateways like Visa and MasterCard under the ambit of law, whereby they would have to report suspicious transactions to the security agencies.
