The Reserve Bank of India has on Wednesday lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms. "In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect," RBI said. Similar bans were imposed on Diners Club International and Mastercard previously.
The Reserve Bank of India (RBI) recently said no entity in the card transaction or payment chain, apart from the card issuers and card networks, will be allowed to store sensitive user data from January 1, 2022. Instead, in transactions card data will be converted to tokens.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Surge in UPI transactions is because of an increased consumer interest in making bill payments and recharging mobile phones online, and purchase of non-essential goods on e-commerce platforms.
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.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
Reports suggest this lot could fetch the cybercriminal as much as $130 million upon sale.
Cardholders must ensure their debit cards are used in their presence.
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.
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.
India is pushing for greater disclosures by credit card companies, fintech firms, and payment aggregators (PAs) at the Financial Action Task Force (FATF), so that the sender and recipient in a cross-border financial transaction can be easily identified and the information shared with law enforcement agencies. Separately, the inter-governmental group, which sets standards to curb money laundering, will release the fourth round of its mutual evaluation report on India on September 19. FATF in June had adopted the mutual evaluation report on India and placed the country in the "regular follow-up" category - the highest rating given by the global watchdog and a distinction shared by only four other G20 countries.
Second authentication for small value payments through credit cards can be reduced subject to conditions.
Flipkart-backed fintech firm super.money is aiming to be among the top five players on the Unified Payments Interface (UPI) leaderboard by the end of this year, a senior company executive has said. The company, which rolled out its beta version in June this year, has processed about 10 million transactions till date. "We have a target of 100 million transactions for the end of the year.
Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
Such service providers were given time until the end of October to follow the law of the land.
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
Festive sales are expected to surge 27 per cent to cross Rs 120,000 crore in 2025, driving Amazon and Flipkart to expand warehousing capacity by millions of cubic feet and extend delivery networks to thousands of new pin codes -- an infrastructure buildout that could reshape India's retail landscape for years.
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.
The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
50-year-old Singh is believed to have been visiting his parents in Delhi and was expected to return to Mumbai. However, the actor has not been heard from since April 22.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
Protect yourself and minimise such frauds by following these simple rules
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
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.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
SBI Cards, the second largest issuer of credit cards, has topped the list of complaints from credit cardholders, with the banking ombudsman receiving 2,654 complaints against it. ICICI Bank, the largest credit card issuer, with 1,451 complaints follows SBI Cards in the list.
This card is a variation of the popular Kisan Credit card.G-Card was distributed to nearly 3,500 small and marginal farmers growing ginger in the remote militant infested district of Karbi Anglong. The card has brought a lot of benefits to the farmers of the area, who often had to shell out 'revolutionary taxes' on cash transactions.
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.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
We sifted through the complaints that landed on our desks and dug out the issues that were most striking and uncommon when it came to debit cards.
The recent Reserve Bank of India (RBI) norms on tokenisation services, which will be offered by card networks, are likely to result in merchants and payment aggregators incurring a cost as they have to pay a fee to the networks. The merchants and the payment aggregators, in turn, may pass on the cost to the customers. The norms, which were issued by the banking regulator released on September 7, allow card networks like Visa and Mastercard to offer the tokenisation service.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
You get a 45-day repayment window and reward points. But inability to pay back on time can be a problem.
The facility will be available at 2,500 petrol pumps
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
