The Reserve Bank of India (RBI) has introduced its 'Payments Vision 2028' document, outlining initiatives to enhance digital payment security, introduce electronic cheques, and expand regulatory oversight to include e-commerce entities.
Delhi Police arrested a 22-year-old woman for allegedly providing mule bank accounts to an interstate cybercrime network, recovering numerous ATM cards, cheque books, and electronic devices.
Haryana State Vigilance and Anti-Corruption Bureau arrests 11 individuals, including bank employees and a government official, in connection with a fraud case involving IDFC First Bank and the illegal diversion of government funds.
Five individuals, including an electronic repair shop owner and a DJ operator, have been arrested for allegedly defrauding a 78-year-old Delhi resident of over Rs 2.19 crore through a sophisticated cyber fraud involving impersonation of law enforcement officials and a 'digital arrest'.
A lawyer in Shravasti, Uttar Pradesh, is accused of masterminding the murder of a couple after fraudulently acquiring their shops and manipulating their sons into committing the crime.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Pankaj Kapur, who visibly enjoys playing the ringmaster to this family circus, is the glue that holds Thode Door Thode Paas together, observes Deepa Gahlot.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
Andhra Pradesh police identified one of the terror suspects arrested by Tamil Nadu police as a 'big fish' with advanced bomb-making skills. The suspect, Abubacker Siddique, is believed to be a lone wolf influenced by radical preacher Zakir Naik and an expert in making IEDs.
Even in this electronic age cheques are still the preferred mode of payment and banking transactions. Naturally, cheque frauds are rising too. But you can easily prevent them.
Come March next year, consumers should be able to get their local cheques cleared in a day.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
RBI has suggested that inward real time gross settlement, National Electronic Fund Transfer and electronic clearing service should be offered free. For outward transactions using RTGS in the range of Rs 100,000- 500,000, banks may levy charges not more then Rs 25 per transaction and Rs 50 for transactions above Rs 500,000.
Banks are considering levying a charge of Rs 50 on high-value cheques, while making local payments through real time gross settlement free.
The Reserve Bank of India has stated that banks cannot levy charges on paper-based transactions.
This will help significantly reduce the clearing time required for high-value transactions, besides minimising related risks, Gopinath said at a CII-organised seminar in Mumbai. On an average, India's central bank handles around 60,000 real time gross settlement and about 50-lakh (5-million) cheque clearing transactions per day, Gopinath said.
The state government cancelled the exam on March 2, following reports that the paper was leaked.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Bombay High Court view opposed to this was wrong.
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.
Employers will also have the option to pay wages in cash.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
SBI Funds Management (SBI MF) will distribute the fifth tranche of Rs 3,303 crore to unitholders of Franklin Templeton Mutual Fund's six shuttered schemes during the week beginning Monday. With this, the total disbursement will reach Rs 21,080 crore, amounting to 84 per cent of assets under management (AUM) as on April 23, 2020, a Franklin Templeton MF spokesperson said on Sunday. Under the first disbursement in February, investors received Rs 9,122 crore, while Rs 2,962 crore were paid to investors during the week of April 12, Rs 2,489 crore during the week of May 3 and in the latest disbursement during the week of June 7, investors were paid Rs 3,205 crore.
As long as the money has been 'paid or deposited in the previous year', an assessee should be eligible for tax relief, says Harsh Roongta.
The concept of gold as an asset capable of getting anytime money is evaporating.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
Move aimed at speeding up process, checking corruption in funds' transfer.
EPFO is also contemplating providing permanent or universal account number to it all active members by October this year.
Fulfilling his key promise, Uttar Pradesh chief minister Akhilesh Yadav on Sunday launched the much awaited unemployment allowance scheme in the state.
'Overall, compared to the previous episode, we are in a better shape because the vaccine is already out there and vaccination drives are proceeding'
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
2017 saw the highest-ever mobilisation by way of IPOs of close to Rs 700 billion. The momentum is expected to continue this year as well.
Primary markets may see banks using electronic clearance systems (ECS) to clear cheques in order to reduce the gap between the time an issue closes and its listing on the bourses.The primary market advisory committee of the Securities and Exchange Board of India (Sebi) met on Friday to iron out some of the logistical difficulties involved in making the IPO process faster.
The government started promoting cashless transactions but forgot that it needs infrastructure.
The Assam government has taken the initiative to pay workers their wages electronically and has asked banks to open branches adjacent to tea gardens and install ATMs in estates.
The government on Tuesday night announced that Rs 500 and Rs 1,000 will be no longer legal tender after November 8, midnight. Here are the details you need know
Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
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