In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
In one of its recent announcements, the Reserve Bank of India announced that come August all online credit and debit transactions will need to go through one more step before they can be completed successfully.
Exporters can make payment of fees through debit/credit cards.
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.
An analysis for the first eight months of CY18 shows that the value of RuPay and UPI transactions constitute 65.2 per cent of all transactions done through debit and credit cards, in value terms, across retail outlets by the end of August.
Delhi Police arrested over 600 individuals and detained over 8,300 suspects during Operation CyHawk 4.0, a major crackdown on cybercrime. The operation targeted financial networks and call centres involved in online scams, recovering significant digital evidence and tracing defrauded money.
With biometrics, payments may get easier and more secure.
Net1's chief executive and chairman Serge Belamant said the Indian government was interested in the biometric verification technology that the company has been using in South Africa.
'This helps the consumers secure more favourable terms from CIs.'
Delhi Police arrested over 600 people and rounded up over 8,300 suspects during Operation CyHawk 4.0, a large-scale crackdown on cybercrime.
Using credit or debit cards abroad can prove costly.
In its June 2025 review, the International Monetary Fund spotlighted India's Unified Payments Interface as the world's most dominant retail instant-payment network, moving more transactions than any other system on the globe.
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.
Delhi Police have arrested 11 individuals involved in a cyber fraud racket operating from Delhi and Mumbai, which allegedly defrauded a senior citizen of over Rs 22 lakh with promises of high investment returns. The network is linked to international operators in Cambodia.
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
Kanpur police have uncovered a GST fraud racket where suspects used unsuspecting individuals' documents to create fake firms and route transactions worth nearly Rs 250 crore.
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.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
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.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
You can even check your CIBIL status or credit history by yourself. This can be done online by just logging on to www.cibil.com and submitting certain details.
Two chartered accountants have been arrested by the Enforcement Directorate in connection with a money laundering case linked to a cyber fraud involving Rs 641 crore.
Debit card transactions showed an increase of 88.6 per cent, against a rise of 34.5 per cent for credit cards for the March. In value terms, daily transactions through debit cards increased by 73.4 per cent vis-a-vis an increase of 24.8 per cent in credit card transactions. Sector experts attribute this to the ongoing economic slowdown and the cautious attitude towards spending money. Add to this the diminished focus of banks in issuing credit cards.
'The introduction of a reasonable MDR for large merchant transactions will allow the industry to continue investing in innovation, cybersecurity, grievance redressal, and merchant support, ultimately ensuring that UPI continues to thrive.'
India Pay, the new payment system, will handle all domestic transactions and work with payment networks like Visa and MasterCard for international transactions undertaken by Indian cardholders or foreigners visiting to the country. Once the processing work shifts to India, transaction costs will come down. At present, the fees charged by Visa and MasterCard are relatively high.
India is one of the fastest-growing countries in the plastic money segment, with close to 350 million debit cards and 19 million credit cards in circulation.
As many as 140 million customers of HDFC Bank and Axis Bank are expected to face interruption in banking services in the weekend due to the former's system upgrade and the transition of Citi India business to the latter. Both the banks have notified their customers about the interruption in services. HDFC Bank - the country's largest private sector lender with 93.2 million customers - had announced that it will undertake a system upgrade on July 13, wherein it will migrate its core banking system (CBS) to a new engineered platform to enhance customer experience.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
Before signing up for a BNPL plan, read the fine print carefully and watch for red flags like unclear repayment terms, vague information on interest or late fees, and marketing that downplays the cost of default.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
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.
Travel is about making memories, experiencing the unknown, and engaging in new experiences -- not worrying about fluctuating exchange rates or hidden expenditures. With a little planning and a proactive approach to handling your foreign exchange, you can reduce financial stress and enjoy your trip, suggests Pavan Kavad.
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
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
The money that was allegedly siphoned by fraudsters from Trinamool Congress MP Kalyan Banerjee's dormant account with a nationalised bank earlier this week has been credited back to him by the bank authorities, the politician said.
In a major counter-terror operation spanning three states, the Delhi Police has dismantled a Lashkar-e-Taiba (LeT) module comprising eight operatives, including seven Bangladeshi nationals who had illegally entered India and procured forged identity documents, an official said on Sunday.
'There is a debit execution failure which is because there is not enough money in the user's bank account.'
