In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
Consumer loans or personal continue to record the highest fraud incidence.
Foreigners and NRIs will soon be allowed to book train tickets online for domestic travel in India from abroad using their credit or debit cards.
Your next ride via the Ola app in an auto rickshaw could be cashless.
The government has also developed a PAN activity monitoring.
The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. The supervisory action will not impact existing customers of Mastercard, the Reserve Bank of India (RBI) said. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data".
If you are have an account with State Bank of India, HDFC Bank or Axis Bank you will have to pay higher charges for using ATM more than five times a month.
An app by the bank lets customers carry out a slew of banking functions via the social media site.
Shine Jacob & Karan Choudhury highlight the red flags raised by the Controller General of Accounts.
'Make every trip feel like an escape' says the Uber website. Ironically, it remains to be seen how the company can get away from this controversy.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Don't reveal any information to strangers.
It suggested reforms in the real estate sector.
While several banks and ATMs are providing cash far below the allowed limit every now and then due to cash shortage, the damage caused by the cyclone has dealt a further blow with movement of cash vehicles coming to a grinding halt, resulting in empty ATMs.
A merchant using the bank's merchant App, QR code, PoS or Payment gateways, across all segments, including electronics, apparel, grocery, stand to win assured cashback and prizes on volume build-up, EMI or digital transactions.
PM extended some old schemes and finally said yes to one that was legally mandated for past 2 years.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
Unbanked customers can expect easier access to banking.
Telecom regulator TRAI on Tuesday suspended the newly-implemented norms for commercial text messages for one week, following major disruptions in SMS and OTP deliveries for banking, payment, and other transactions.
The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costs
Readers tell us how they are managing without cash since November 8.
ICICI bank waives ATM charges.
The number of cyber crimes in India could touch 3,00,000 in 2015
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
Multi-currency pre-paid cards are a good option while travelling abroad.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
The NCB further said both Rhea Chakraborty and her brother had "abetted and financed" drug transactions.
The minimum amount of recharge is Rs 10 and the maximum is Rs 250.
The telecom regulator on Friday released a list of 40 "defaulter" principal entities, including large banks like HDFC Bank, SBI and ICICI Bank, that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders. Hardening its stance on the issue, the Telecom Regulatory Authority of India (TRAI) warned that defaulting entities should comply with the stipulated requirements by March 31, 2021 "to avoid any disruption in the communication with customers" from April 1, 2021. "As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected" by the system, TRAI said in a statement.
The cap of Rs 10,000 on daily withdrawal has also been removed.
SBI offers reward points for various types of banking transactions.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
'To expect that he has a magic wand to resolve all differences and announce breakthroughs in all issues during his first visit to the US is to be unrealistic,' says Ambassador T P Sreenivasan.
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
'This wipes out the entire black money in the nation in one stroke. Ninety per cent plus of the black money is kept in Rs 500, Rs 1,000 notes. What they have done is a brilliant move.'
