'With a very stable technology with limited functionalities, a large network has spanned out.'
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
Online purchases with a debit card are much safer because transactions take place on the bank's website rather than the merchant's.
With over 80 million Unified Payments Interface (UPI) users, Amazon Pay, the payments business of e-commerce giant Amazon, has been growing at 40-50 per cent year-on-year (Y-o-Y), said Mahendra Nerurkar, chief executive officer (CEO) and vice-president (V-P), Amazon Pay India. "Leveraging just the micro peer-to-peer (P2P) transactions on UPI is not a business model. "While we have enabled those features, we do not chase monthly active users based on this.
You require a credit score to get fresh debt and you must have existing debt to get a credit score... Confused? Well, here's how they are related.
Besides the convenience that plastic money accords, it also helps the user to keep an easy track of their expenses.
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
In a major decision, the RBI on Friday announced that UPI payment limit to hospitals and educational institutions will be raised to Rs 5 lakh from Rs 1 lakh at present and hiked the cap for e-mandates for recurring payments to Rs 1 lakh. Unveiling the December bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said the limit for various categories of Unified Payments Interface (UPI) transactions has been reviewed from time to time. "It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction," he said.
Whether it's about colonising Mars or donning Net-connected apparel, 2022 is a year everyone seems to be planning for, says Nivedita Mookerji.
The mystery over missing actor Gurucharan Singh, who played Roshan Singh Sodhi's character in TV serial Taarak Mehta Ka Ooltah Chashmah, has deepened as the Delhi police has found that the actor was using 27 separate email accounts in the fear of being "surveillanced" by someone.
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.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
'A mule operates someone else's account to transfer illegal money.'
"In 21st century India, there is no place for corruption. Corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class," he wrote in an article posted on Linkedin.com.
The government is also considering mandating payments beyond a prescribed threshold only in card/digital mode.
The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to 'neutral' that may lead to a cut in the forthcoming policies. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month.
As the POS machines are not easily accessible to customers, cashiers are asking customers to tell them the PIN so that they can enter it.
The advice your mother gave you about choosing your friends wisely got a whole new meaning with lenders looking at your social media posts
The move would help tax authorities get leads on evasion.
A woman lawyer in Bengaluru fell prey to cyber criminals and during 'video arrest' for two days she not only lost money to the tune of Rs 14.57 lakh but also posed nude on camera for them, police sources said on Tuesday.
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
Open loop pre-paid cards come with a two-factor authentication. One for ATMs and PoS transactions, and the other for online transactions
Governor also says two-stage verification for card transactions might go; RBI in process of setting up IT arm
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
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.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
Credit card usage over phone will need an additional security layer from Tuesday, as the RBI has made it mandatory for customers to get a single-use password from their banks for every such transaction.
Google on Thursday said it will offer users of Google Pay enhanced privacy features, allowing them to take control of their own transaction data. Google Pay is rolling out an update to the app from next week that will provide users with more controls to decide how their Google Pay activity is used to personalise features within the app. All users will be asked to choose whether they would like to turn the control on or off as soon as they upgrade to the next version of the Google Pay app.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
All leading banks advise clients not to disclose their credit card number or automated teller machine password to anyone.
Ways on how consumers can maximise benefits.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
