In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
Reliance Industries Ltd on Monday announced an agreement to invest alongside Brookfield Infrastructure and Digital Realty in special purpose vehicles developing data centres in India. Reliance will hold a 33.33 per cent stake in each of the five Indian special purpose vehicles and become an equal partner, the company said in a statement. Digital Realty Trust, Inc is the largest provider of cloud and carrier-neutral data centre, colocation and interconnection solutions globally with 300+ data centres across 27 countries.
Digital-pay companies see 10x growth spurt after demonetisation, report Ayan Pramanik & Shine Jacob/Business Standard from Bengaluru.
The prime minister said gradually people are "shedding their hard currency mindset" and moving towards digital currency and the youth are leading the way using their mobile phones as the new tool to make and receive payments.
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
Retailers in the food, grocery and fashion retail segments to be unaffected
The Reserve Bank of India (RBI) recently said no entity in the card transaction or payment chain, apart from the card issuers and card networks, will be allowed to store sensitive user data from January 1, 2022. Instead, in transactions card data will be converted to tokens.
Apart from SBI, UPI 2.0 partner banks are HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
Buying one's dream home requires planning, funds, and these days, putting on an AI-enabled virtual reality (VR) headset. Realtors are increasingly providing customers an immersive experience, courtesy generative artificial intelligence (GenAI), mixed reality, and metaverse. For realty consultancy Anarock group, AI and machine learning (ML) are enabling predictive market analysis, facilitating virtual property tours, and improving property management through predictive maintenance.
WhatsApp to foray into digital payments & expand to other markets
Crypto exchanges have been asked to furnish details this month itself.
Branch additions for most major banks in the current financial year do not correspond to the number of the past two years.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
The federal agency issued a summons to Vaibhav Gehlot (43) last week, asking him to appear before the investigating officer of the case at its headquarters on A P J Abdul Kalam Road here under the provisions of the Foreign Exchange Management Act.
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
On the other hand, the Yogi Adityanath government has 'completed nine lakh houses under the scheme and 14 lakh are under construction', Modi said, reeling out comparative figures.
On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
Cash withdrawal limits likely to continue
Nearly Rs 3,400 crore (Rs 34 billion) in cash and other items were seized in the elections in 2022-2023, an increase of 835 per cent over 2017-2018.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
For financial institutions, it will be an opportunity to provide better lending options. For instance, customers who pay their overdrafts on time will get access to more credit and probably at a cheaper rate.
Deloitte Touche Tohmatsu India LLP (DTTILLP) has announced its list of 50 fastest growing technology companies in the country with fintech emerging as the fastest growing segment. Conducted by DTTILLP, the programme ranks the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years. The aggregate revenue of the top 10 companies has gone up from about Rs 21 crore to just under Rs 400 crore, representing a growth of close to 20x in the 2018 to 2020 period, a Deloitte statement said. Fintech emerged as a key sector in this year's rankings represented by four of the top six winners, it added.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
IT firm MphasiS on Monday said it will acquire US-based Digital Risk for $175 million (about Rs 960 crore), a move that will help it attain leadership position in the US mortgage services market.
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.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
'Because it is the only public sector company in this sector, currently.'
The government has amended rules under the anti-money law, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEP).
'EV-charging is the next big opportunity after fuelling'
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
At other bank ATMs, the customers of these banks will be charged beyond three transactions.
Sanjay Jalona, CEO & MD of LTI says the push would be to increase digital business and look at outcomes in projects for customers.
Global investment firm KKR will invest Rs 2,069.50 crore in Reliance Retail Ventures Ltd for a 0.25 per cent additional stake of the retailer at a valuation of about Rs 8.36 lakh crore, Reliance Industries Ltd said on Monday. After this investment, KKR's shareholding in Reliance Retail Ventures Ltd (RRVL), the holding company of the retail business of billionaire Mukesh Ambani-led RIL, will increase to 1.42 per cent from 1.17 per cent. The investment is at "a pre-money equity value of Rs 8.361 lakh crore (around $100.87 billion)", said a joint statement.
The communication was clear, transparent and worded in a manner that did not induce any fear in the minds of the people, point out A K Bhattacharya.
Telecom and IT Minister Ravi Shankar Prasad said one of the primary focus areas of Digital India is Pillar 5: eKranti - electronic delivery of services.
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