There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
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.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
Passwords, addresses, photos, medical data all at risk
As part of its 'go-green' initiative, HDFC Bank has started sending PIN, unique code number, for debit card holders through SMS instead of the practice of sending it by post.
The Popular Front of India (PFI), banned recently by the government for alleged terrorist links and spreading communal hatred, has a "well-structured and organised" presence in the Gulf countries for raising and mobilising funds, the Enforcement Directorate said on Monday after a local court took cognisance of its latest charge sheet filed against three PFI office-bearers.
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season.
.jpg)
During his last visit to India, Khosla had said the focus of Khosla Labs would be to fund innovations around Aadhaar.
Outlets of telecom companies such as Airtel and Vodafone may soon double as bank kiosks for financial services like funds transfer or bill payment, especially in parts of the country where there are very few banks or none at all.
In significant push towards a less-cash economy, Prime Minister Narendra Modi on Friday announced starting a biometric payment system using Aadhar platform within two weeks even as he exhorted citizens to adopt digital currency from the new year.
E-commerce companies have understood the importance of having their own in-house wallet, explaining their acquisition spree, says Manoranjan Mohapatra.
A top official of the Reserve Bank of India (RBI) said banks are in a better position as compared with other entities to lead the financial inclusion goal in India, though mobile companies have been allowed to partner them.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
In the next few days, use credit/debit cards wherever possible or download your bank's mobile banking app or a mobile wallet.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
Being driven to abandon Indian middle-class values, asks Ajit Balakrishnan.
In a country that is often focused on the ways in which it falls short, the start of a year is a good time to remind oneself of such positives, observes T N Ninan.
If only you had thought ahead, you would have stocked snacks and biscuits, bread and cake, and vegetables suited for Amma or pondatti to make your favourite bajji and pakoda, observes N Sathiya Moorthy.
The country's gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India's GDP growth projection of 21.4 per cent for the April-June quarter. "Based on our 'Nowcasting' model, the forecasted GDP growth for Q1 FY22 would be around 18.5 per cent (with upward bias)," the report said. Higher growth in Q1 FY22 is mainly on account of a low base.
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
Shobha Warrier/Rediff.com travels to Pullampara to discover how it became India's first digital literate village.
A four-member team of the Delhi Police on Thursday reached AltNews co-founder Mohammed Zubair's residence in Bengaluru as part of the investigation related to his 2018 tweet that led to his arrest, police said.
In a world without politics, time zones would change by an hour for a shift of 15 degrees of longitude. But, of course, political considerations apply, explains Devangshu Datta.
A picture released by the federal agency showed bundles of seized Rs 500 currency notes along with a few in the denomination of Rs 2,000 and Rs 200 stacked together on a bed.
As per the Israeli Air Force, the fighter jets attacked a number of terrorist targets of the terrorist organization Hamas throughout the Gaza Strip. Among other things, the planes attacked a military compound and a weapons warehouse.
Cheque payments will be safer; the limit for contactless card transactions hiked.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
.jpg)
This means individuals like Vikram Pandit, former Citibank chief, can be a promoter only if he comes back to the country permanently.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
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.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
The poor and unbanked can take their rightful place as consumers of financial services only if the Modi government encourages different entities to advance the financial inclusion agenda, say Vikram Gandhi & Chandni Ohri.
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000. An offline digital payment means a transaction that does not require internet or telecom connectivity. Under the offline mode, payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, and mobile devices.
Citibank has regained its top position after slipping to the second slot behind Bank of America in the previous rankings released in December 2007, compiled by global mobile and internet performance solutions provider Keynote Systems. Bank of America has slipped to the second position in the latest rankings released late last night and is followed by Wells Fargo and Chase at third and fourth ranks, respectively.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
The NIA had registered three cases last year following information suggesting that terrorist outfits and their sympathisers abroad were operating as members of organised criminal gangs active in the northern states of India for targeted killings and violent criminal acts.
.jpg)
SBI will hold 30 per cent in RIL joint venture
