Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
The Supreme Court on Wednesday issued pan-India guidelines on demolition of properties and said affected people need to be given some time to challenge demolition orders before an appropriate forum.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
The year 2021 could turn out to be India's year of IPO with the domestic unicorns through their public issues setting "domestic stock markets on fire and global investors in a frenzy", an RBI article said on Tuesday. The successful Initial Public Offerings (IPOs) by new age companies in the recent months are a reflection of bullishness about Indian technology, it said. "...growth impulse is igniting financial markets. 2021 could well turn out to be India's year of the IPO.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Everyday consumerables, such as grocery and order-in food items are the key buyout sector, analysts say, and a major reason for kirana stores' digitisation push.
Paytm's pre-IPO investors, which include likes of Warren Buffet's Berkshire Hathway, SoftBank and Alibaba, do not seem to be in a hurry to exit India's leading digital payments brand as they continue to believe in its long-term prospect, analysts said. On Tuesday, 86 per cent of Paytm's shares became free to trade after the end of the lock-in period, allowing investors to sell shares that haven't yet been allowed onto the market. Market participants have been speculating on Paytm, post-expiry of lock-in for pre-IPO investors.
While most banks in India store all this data on Indian servers in their core banking systems, the current directive addresses new-age payment and fintech companies operating in the space
Unbanked customers can expect easier access to banking.
An initiative of Nandan Nilekani's EkStep Foundation, people+ai on Tuesday unveiled its vision for the future of Artificial Intelligence (AI) in India, dubbed 'Adbhut India' (Amazing India). It aims to harness AI as a powerful tool to enhance the lives of all Indians. The event marked the rollout of several initiatives by people+ai that are focused on discovering, demonstrating, and disseminating population-scale AI use cases for India.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Infosys Ltd on Thursday reported a 4.7 per cent rise in the September quarter net profit and raised revenue guidance after broadbased growth. Net profit of Rs 6,506 crore in July-September was up 4.7 per cent when compared to Rs 6,212 crore earnings in the same period last year. It was 2.2 per cent higher quarter-on-year, according to a company statement.
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.
Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
From Singapore to Almora, Abhishant Pant has survived without cash, and he wants to continue in that state all his life.
Things are expected to change dramatically in a few years for urban consumers.
Prime Minister Modi also made a veiled reference to China, saying the global order is based on the respect for the principles of the UN Charter, peaceful resolution of disputes, and respect for sovereignty and territorial integrity.
Modi said Ramakrishna Paramhansa was one saint who had a clear vision of her and his disciple Swami Vivekananda had also felt the spiritual vision about the goddess, which infused into him extraordinary energy and strength.
WhatsApp to foray into digital payments & expand to other markets
'A mule operates someone else's account to transfer illegal money.'
Balance-level delinquencies in the credit card segment saw a 17 basis points (bps) year-on-year (Y-o-Y) rise in the quarter ending June 2024 (Q1FY25). In all other credit segments, including personal loans, delinquencies declined even as retail credit growth moderated, consequent to banks tightening the supply of credit to the unsecured segments, a report by TransUnion CIBIL said on Monday. Data shows that balance-level delinquencies, measured in terms of 90 days or more past due, in the credit card segment stood at 1.8 per cent in Q1FY25- highest among all other credit segments.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
The 100MB app casts the cricketer in a digital avatar that can be used in a variety of ways. Celebrities, Urvi Malvania reports, are increasingly leveraging their fan following in the real world to build virtual empires.
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
To bring in more transparency, the Maharashtra government will launch e-payment gateways for stamp duty and registration charges.
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers (TSP). Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
Amazon CEO Jeff Bezos is in India this week and is expected to meet top government functionaries, business leaders and SMBs.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Facebook-owned messaging service WhatsApp has secured regulatory approval for launching its digital payment platform -- WhatApp Pay -- in a phased manner, close to two years after the US-based company's pilot run.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
Start-ups such as Max Wholesale, Jumbotail and ShopKirana are helping them place orders, maintain inventory, optimise delivery routes and make payments, all digitally.
