Multiple levels of integrations with the bank servers are required for enabling transactions.
'A lot of them are converted to other tokens, and since crypto is dealt with internationally, it can go to any exchange in any country.'
Using credit or debit cards abroad can prove costly.
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
The commerce department has reaffirmed its plans to launch the 'Trade Connect' e-platform to help exporters connect with stakeholders of international trade, as a part of the new government's 100-day action plan, a senior government official said.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future. "There is no material impact on the revenue/operations of the company and this disclosure is being made voluntarily," the Gurgaon-based company said in a regulatory filing on Tuesday.
Compared to a 64 per cent penetration in Brazil (130 million users total) and 53 per cent in China (total 733 million users), India has barely 28 per cent penetration. Of the digital reach, almost 80 per cent are from affluent segments in urban areas. How can this change?
The stock of Apollo Hospitals Enterprise (AHEL), India's largest listed health care services company, fell 4.6 per cent on Monday (April 29) and slipped another 0.34 per cent to close at Rs 5,946.20 on Tuesday (April 30). The share declined due to a lower valuation for subsidiary Apollo HealthCo (AHL) and an aggressive valuation for Keimed, a promoter-owned drug wholesaler that is merging with AHL.
One reason why volumes have not increased in the retail segment is that users are not aware of merchants who accept digital currency.
Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
A key indicator of corporate efficiency may now be better than at any time since the turn of the millennium. The net working capital cycle - a crucial measure that tracks the time a company takes to convert current assets like inventory into sales and then collect the money from customers - has seen remarkable improvement. According to data from the Centre for Monitoring Indian Economy (CMIE), the average company needed nearly 90 days to complete this cycle in 1999-2000.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
The filing of Swiggy's DRHP has led to direct comparisons with Zomato, which is a direct competitor in food delivery and the fast-growing quick-commerce segment where Blinkit (owned by Zomato) faces off against Instamart (and Zepto). In Q-commerce, Flipkart, Amazon, Reliance and Big Basket are all entering the space. All of them have deep pockets, hence competitive intensity will rise going forward.
Ebix said the acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India's largest and most profitable travel services firm.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
Ahead of unveiling the Foreign Trade Policy, Commerce Minister Anand Sharma on Wednesday said the government was looking at cooperating with states to bring down transaction costs to make exports more competitive. India's exports have been on a downslide since October 2008.
Various online platforms let you invest in direct mutual funds.
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
The size of the scam is about Rs 15,000 crore, as per the first information report (FIR) registered by the police in the case.
The Enforcement Directorate, which has been investigating the Mahadev app-linked money laundering case for more than a year, alleged in the past that its probe has shown involvement of various high-ranking politicians and bureaucrats from Chhattisgarh, where the two main promoters of the app hail from.
Claims that bank's procedures to implement KYC and anti-money laundering regulations have been found to be satisfactory.
Since payment alternatives such as UPI, e-wallets and USSD - based mobile banking through different platforms are directly or indirectly linked to the user's bank account one needs to be extra careful to keep hackers at bay, explains Adhil Shetty, CEO, BankBazaar.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
India Post on Wednesday announced the launch of online portal 'e-post office' to provide postal transaction and tracking service online.
This is SBI's second forex technology initiative.
'MIIs or market intermediaries shall enter into an appropriate agreement with entities with whom they intend to share real-time price data.'
'The major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
Droom has seen aircraft such as the Falcon, Hawk and Cessna being rented.
Do you save more money if you use bank portals for online shopping?
Indian online shoppers spent an average of $224 in 2017, which was less than a tenth of what the average user spent online in the US at $2,237 in the same year
To capture the information regarding movement of migrants and facilitate the smooth movement of stranded persons across the states, National Disaster Management Authority has developed an online dashboard namely, National Migrant Information System, on the existing NDMA-GIS portal
Incidentally, the online buyers' base is growing at a much higher rate than that of internet users.
Online theft is a new threat you should be aware of...
Usually, online and offline discounts are similar. If discounts are too high, check builder's credentials.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
