Transactions see 4-fold jump in a year; ICICI Bank tops Rs 1,000 crore (Rs 10 billion) in one month.
Cracking down on repeated non-compliance of IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
Arfath's father Mohammed Saleem had said that Arfath last spoke to him on March 7, and since then he has not been in touch with his family.
The move by the government to make local language support a must in mobile phones is aimed at making users communicate in local languages and access government services
The move would help tax authorities get leads on evasion.
Mobile Wallet allows a customer access their entire financial portfolio via their mobile phones securely, while the bank takes their gamut of offerings one step further and enhances their repertoire of Mobile Banking Solutions with effortless ease, without compromising quality or security.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
Uber Chief Executive Officer (CEO) Dara Khosrowshahi sees India as one of the toughest markets and a standard to succeed in any other part of the world. One of the biggest challenges for the ride-hailing firm, according to Khosrowshahi, is the expectation of Indian consumers for more services at lower spending. "India is one of the toughest markets out there.
In classifieds, over 41 per cent job searches were from mobile phones.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
Experts believe that the sector should not jump to conclusions on WhatsApp Pay, which is still in its 'Beta testing' phase.
Just ahead of its mega FPO opening to public investors, Vodafone Idea (VIL) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the telco. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC). One 97 Communications and LIC had raised Rs 8,235 crore and Rs 5,627 crore in the anchor round, respectively.
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list person to whom payments will be made out of the funds
Nasper-backed fintech firm PayU has started talks to acquire domestic payment gateway major BillDesk, and the deal size could be in the range of $3-4 billion, sources in the know said. "BillDesk has been open to being acquired for some time now, but in the past the valuations that the company was seeking proved to be a hurdle," said a source. "Three years ago too, PayU had approached BillDesk for an acquisition, but things didn't go ahead due to high valuations. "BillDesk had asked for $2-billion value then," said the source.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
Reliance Communications Ltd's subsidiary Reliance Mobile World on Wednesday announced introduction of LPG gas booking service on mobile phones.
While Indians are increasingly using mobile platforms and technology for various financial transactions and purchases like bill payments, ticket bookings, entertainment, travel and banking transactions, cross border mobile remittance is yet to see the light of the day.
Apple Pay also faces competition from Merchant Customer Exchange (MCX) - a consortium of retailers including Wal-Mart and Best Buy - which is developing its own mobile payment platform.
Top three mobile operators spend $13.6 bln in auction
Taxi booking, shopping and transfer of money will be easy.
Four cellular operators -- BPL Mobile, Escotel, RPG Cellular and Spice Telecom -- have formed an alliance, MobileFrist, with a target to rope in a minimum of six million subscribers, paving way for more tariff war.
The government plans to expand mobile banking services to benefit the common man.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Companies are innovating with tech tools to ensure that you spend less time at the cash counter.
Barclays, a global financial services provider, announced the launch of 'Hello Money', a mobile banking service for its customers. The service will enable Barclays' customers access banking services anytime/anywhere on-the-move through mobile phones.Barclays customers can now perform account enquiries and financial transactions by simply dialling *598*1#. They can carry out secure banking transactions like fund transfers, bill payments, requests and other banking services.
Bharti Tele-Ventures, ICICI Bank and Visa have joined hands to launch mChq - a credit card on the mobile phone.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Hutchinson Max Telecom Pvt Ltd on Thursday launched Mobile Hutch Shops in India, a customer service and information unit on wheels, which the company expects would supplement its existing retail and customer care centres in the country.
The bank has over 1.15 crore registered mobile banking customers.
The relatives have lodged a complaint with the police alleging that the instant loan app's depraved tactics to recover a loan borrowed by the family is likely to have led to them taking the extreme step.
Paymate, a leading mobile commerce company, is in talks with Indian Railways to implement a system for booking tickets through SMS
Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report
Last August, RBI gave in-principle approval to 11 applicants.
