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.
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The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
If borrowers don't have access to a bank's credit facility, it could make sense to use peer-to-peer systems.
Advisory in this regard was issued by the Gujarat government three days before Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 notes.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
Missing the deadline for filing Income Tax returns can lead to consequences.
'We want to achieve overall profitability, and then we would go for an IPO.'
'For the next three months or so, the market will go down.' 'Traders do not have Rs 100 notes.'
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Meta Platforms Inc, the parent company of WhatsApp, will partner with Reliance JioMart for a service where WhatsApp users can buy groceries on the messaging platform from the Indian retail firm. Mark Zuckerberg, chief executive officer (CEO) of Meta Platforms, said in a Facebook post, "[I am] Excited to launch our partnership with JioMart in India. "This is our first-ever end-to-end shopping experience on WhatsApp--people can now buy groceries from JioMart right in a chat." "Business messaging is an area with real momentum and chat-based experiences like this will be the go-to way people and businesses communicate in the years to come," he said in an announcement coinciding with the annual general Meeting (AGM) of Reliance Industries the parent company of JioMart.
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.
The temptation to get into businesses that are hot is perhaps too great for any politician, no matter what his public slogans are. Nehru plunged into hot sectors of his time -- engineering and iron and steel. Modi has plunged into digital payments -- the hot sector of his time, notes Debashis Basu.
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
Such a will, a cheaper and more convenient option, has to be signed by two witnesses.
Meet Nilima Kalra, 79, Manju Roy, 80, Sumita Maan, 79, and Gurpreet Kaur, 75.
Increased income tax collection is going to be a major consequence of going cashless and this should promise a future of lower taxes and higher purchase power soon, says Anil Rego
After a group of young hackers beat companies that claim to spend a bomb on cyber security, Karan Choudhury reports on just how easy it is to exploit digital wallets.
Over 120 lakh railway tickets purchased through IRCTC website from April last year to June remained unbooked despite making of payments due to network failure and entry of wrong password by passengers, the Rajya Sabha was informed on Friday.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Walmart, the world's largest retailer, is tripling its sourcing from India to about $10 billion a year by 2027, said Judith McKenna, president, and chief executive officer of Walmart International, the segment which includes the company's operations outside the US. "To achieve this, we are growing our sourcing team in India," said McKenna, during a fireside chat with YourStory founder Shradha Sharma at Converge@Walmart, the flagship event of Walmart Global Tech India. "Walmart has a 20-year history of sourcing from India and already exports more than $3 billion worth of Made-in-India goods each year to 14 markets worldwide." McKenna said the company has expertise in processes such as international standards and demand forecasting that businesses need to get ready to export.
The social and educational conditions of 208 OBC communities enlisted by the state government will be collected during the survey, which will be followed by a special drive to ensure that none were left out across the state, an official said.
Observing that the issue concerning the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) is 'not so simple' the high court asked the Centre to file a 'detailed and exhaustive' response in the matter.
Central bank raises red flag, warns of potential risk
A former deputy head teacher of a London primary school has pleaded guilty to paying and instructing teenagers in India to abuse younger children.
SBI Cards and Payment Services reported numbers that met Street expectations in the first quarter of the 2023-24 financial year (Q1FY24). The net profit came in at Rs 590 crore, while pre-provision operating profit grew 17 per cent year-on-year (YoY) (a little better than expectations). But provisions were hiked due to surprise stress from pre-Covid-19 period of 2018-19, and that dragged earnings.
As many as 2,000 tourists stranded in Kasol area of Kullu district owing to incessant rainfall have been evacuated safely, Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu said on Wednesday.
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.
Open Network Digital Commerce (ONDC) has expanded its pilot to 15 more cities. This comes at a time when it plans to begin operations next month. Snapdeal has also signed the onboarding agreement with the network and will debut on it next month. On Monday, ONDC expanded to Noida, Faridabad, Lucknow, Bijnor, Bhopal, Chhindwara, Kolkata, Pune, Chennai, Kannur, Thrissur, Udipi, Kanchipura, Pollachi, Mannar and Ramnathpuram.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
Despite a firm improvement in the operational metrics of new-age companies during the January-March quarter (Q4FY23), analysts remain cautiously optimistic about their outlook. This is because the shares of these firms are still not risk free, as per analysts, given the companies are yet to make profits. Kranthi Bathini, director-equity strategy at WealthMills Securities says that while the sentiment around these stocks, which includes Paytm and Zomato, has turned positive, it remains to be seen how soon these firms turn profitable and improve margins.
The Chhattisgarh government has decided to set up model fair-price shops (FPS) in each district and encourage owners to act as banking correspondents for providing financial services. The state has around 12,300 fair-price shops across 33 districts. The state government is, however, encouraging FPS owners to provide a host of services besides acting as a banking correspondent.
The government will soon come out with guidelines for social media influencers, making it mandatory for them to declare their association with the product they endorse, sources said.
India's total online shopper base at 30 per cent of its internet population is low when compared with 78 per cent in China and 70-plus per cent in the US.
China's e-commerce giant Alibaba, which completed the world's largest initial public offering ever this month, has won approval from authorities in Beijing to establish a private bank as it diversify into financial services.
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers (TSP). Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
Here's why VCCs are the best options for credit and debit card holders for avoiding phishing and frauds
The Competition Commission of India has ordered a probe into complaints against Google for allegedly abusing its dominant position in the online news market.
Things are expected to change dramatically in a few years for urban consumers.
