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.
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
The country's largest private lender HDFC Bank is planning to facilitate a shift in its payments module from the existing core banking platform. This would ensure minimal payments downtime, even if core banking is not available. "This 15-month project will be followed by hollowing the customer-master modules from its existing core systems. "It will ensure a single system of record for customers across various products," said Sashidhar Jagdishan, managing director (MD) & chief executive officer (CEO), in the annual report for 2021-22.
Anita Aikara forgot her card in the ATM after a transaction. Read on to find out what happened next...
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
From road transport to health insurance, tax rules have changed from October 1.
Online and mobile based personal finance applications have gained importance over the past few years.
The use of electronic channels, including credit cards, to make payments for various transactions, including shopping is growing at a fast clip in India. The value of total electronic payments (e-payments) showed an almost four-fold growth to cross the Rs 10,00,000 crore (Rs 10,0000 billion)-mark at the end of March 2008.
Foreign travels could come under closer watch of the income-tax department from the next fiscal year.
Bank of India is looking to acquire a small bank in Indonesia and expects to open branches in Antwerp (Belgium) and Shenzen (China) soon to expand its business.
Move beyond making notes and Excel. With a little bit of discipline, a personal finance software can help you be your own money manager.
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.
We had asked you, dear readers to share your good and bad ATM experiences.
CEO Shashi Arora discusses his roadmap for Airtel Payments Bank with Karan Choudhury.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
Deals from online travel portals, in partnership with credit cards, are good.
The customer will be liable in a limited manner if the negligence is on the part of the customer, such as where she has shared payment credentials
It's not easy to ignore the newspaper ads with Diwali offers.
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
At a time when the Modi government is attempting to push cashlessness with coercive means, Devangshu Datta explains why cash usage is popular even in nations with good cashless infrastructure.
The SET's findings have now been taken on record by the Central Bureau of Investigation which recently raided the 2008-batch Indian Revenue Service officer after it filed an FIR against him for corruption and alleged violation of rules in the raids that took place at the Cordelia cruise berthed at the Mumbai coast on October 2, 2021.
Here's how Ganesh Pillai got his card back from the ATM machine.
Rediff reader Shan Anbu, 42, tells us how his card got stuck in the ATM due to lack of backup power facility.
Here's a quick checklist so that you make a wise decision
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
While cancelling the legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours. This deadline was extended repeatedly and the last extension was granted till December 15.
Former CBI Director A P Singh, who ran into rough weather over his purported links with controversial meat exporter Moin Qureshi, has resigned as UPSC member after a special court in Mumbai termed charges levelled against BJP President Amit Shah in fake encounter cases as being "politically" motivated.
For a little over two weeks, a group called 'Guardians of Peace' released a new bit of leaked information about Sony almost every day.
Though chief executive officers from Google, Yahoo and Facebook have declined to attend the summit, the Apple CEO Tim Cook will address the meeting during which he will announce his intent to fold the government's cyber security recommendations into its own cyber strategy.
Use cheques, cards to check black money, says Jaitley.
'We want to achieve overall profitability, and then we would go for an IPO.'
P N Pillay, 49, shares his experience at an ATM. You can share yours too!
Changes in lifestyle due to aspects like lockdowns and work from home has created additional demand for items such as television sets, laptops, Wi-Fi routers and even vacuum cleaners, which the bank is funding at present.
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
The 'severely' spreading virus of the Trojan family has been detected conducting its clandestine operations at the point of sale counters placed at retail terminals after the RBI made it mandatory in December last year for debit cards holders to punch in their PIN every time they make a purchase.
