The famous 'tareekh pe tareekh' dialogue from the Hindi movie Damini captures where we are now.
Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai this afternoon. He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.
Micro dramas -- typically 30 seconds to one to two minutes long per episode -- are designed for mobile-first audiences.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
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.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
As a volunteer you'll need to meet people and educate them about the benefits of going cashless by going digital.
The FM said there has been a manifold increase in digital payments in the recent past.
Amazon customers can now use their Rs 2,000 notes to top up their Amazon Pay balances during cash-on-delivery orders, as it offers a doorstep solution to ease the stress of exchanging such currency. Customers can deposit cash of up to Rs 50,000 per month, including notes of Rs 2,000 denomination, Amazon said. The cash load at doorstep service by Amazon Pay is helping consumers convert high-value notes for digital transactions.
The Enforcement Directorate (ED) has seized its biggest-ever cryptocurrency worth Rs 1,646 crore in a money laundering investigation into a fraud investment scheme called BitConnect. The scheme, which ran between 2016 and 2018, promised investors high returns through a proprietary trading bot but was found to be a sham. The ED tracked transactions through the dark web and seized the cryptocurrency from numerous wallets. This is the agency's largest-ever seizure of virtual digital assets and the investigation is ongoing.
These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
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.
'Many global investors have been overweight on dollar assets, so some diversification or hedging is naturally expected.'
President Droupadi Murmu addressed both Houses of Parliament, highlighting the government's achievements in various sectors, including economic growth, social welfare, and infrastructure development. She emphasized the government's efforts to lift the economy out of "policy paralysis" and create a more inclusive society. Murmu also acknowledged the challenges posed by digital fraud and cybercrime and stressed the need for a social infrastructure revolution. The President's speech is considered a policy statement, outlining the government's vision and roadmap for the future.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1
'With a very stable technology with limited functionalities, a large network has spanned out.'
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
'That way you're not hostage just to US sort of exports to India.'
Digital transaction players are hurriedly drawing up a memorandum to be taken to the central bank in hope of having a few of the guidelines -- such as full Know Your Customer (KYC) compliance in 12 months -- overturned, reports Karan Choudhury
'There's been interest from multiple states, and exploratory conversations are ongoing.'
Prime Minister Narendra Modi on Monday launched e-RUPI, a person and purpose specific digital payment solution that is aimed at improving transparency and targeted delivery of benefits. Over the years, several programmes have been launched to ensure that the benefits reach its intended beneficiaries in a targeted and leakproof manner, with limited touch points between the government and the beneficiary. The concept of electronic voucher takes forward this vision of good governance. To begin with e-RUPI facility is available for health services and will be expanded to other segments.
Finance Minister Nirmala Sitharaman on Tuesday said the securities transaction tax (STT) will be increased on futures and options (F&O) trade from October 1 to discourage retail investors from investing in the risky instrument.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.
The minister also exempted components from taxes to encourage domestic manufacturing of these devices.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
'Every delay directly increases the cost burden on developers. Land holding charges, financing costs, and compliance expenses escalate as approvals drag on.'
French auto major Renault on Monday said it will buy out its Japanese partner Nissan's stake in their Indian joint venture -- Renault Nissan Automotive India Private Ltd. Renault Group would own 100 per cent of Renault Nissan Automotive India Private Ltd (RNAIPL), by acquiring the 51 per cent shareholding currently held by Nissan, the company said in a statement.
'In the Indian government there are no illusions about the United States reliability or the possibility of having any kind of preferential treatment from Washington when it comes to trade.'
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
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.
'AI analyses body language, etiquette, and communication skills, providing an in-depth performance matrix and a ranking system to help employees identify areas of improvement.'
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