'The government will carefully regulate and monitor the Digital Rupee, and because the currency is supposed to be tied to INR or supported by reserves, we should expect little fluctuation in pricing.'
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
Australia's Big Bash League boosts player payments amid T20 talent war
The BCB said it has often given additional incentives to its cricketers, topping up what has been due to them from the ICC prize money.
The digital transformation should not be confined to a small part of the "human race" and its greater benefits will be realised only when digital access becomes "truly inclusive", Prime Minister Narendra Modi said at the G-20 summit on Wednesday. Modi also strongly pitched for a pledge by the G-20 leaders to work for bringing digital transformation into the life of every human being in the next 10 years so that no person is deprived of the benefits of the new technologies. In a session on digital transformation, the prime minister also said that principle of "data for development" will be an integral part of the overall theme of India's upcoming G-20 Presidency.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Funds raised by banks through certificates of deposit in December clocked the highest in the financial year 2023-24 as liquidity remained tight in the system with the Reserve Bank of India (RBI) infusing Rs 2.01 trillion on Monday, the highest in the current financial year. The liquidity deficit in the banking system widened to more than Rs 2 trillion on Monday on the back of advance tax outflows, market participants said. Around Rs 4 trillion worth of outflows are expected because of advanced tax and goods and services tax (GST) payments in December.
While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year. Digital payments, especially UPI, saw increased adoption in 2020 due to the Covid-19 pandemic.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
The Indian captain says that the central contract system is a step in the right direction for players always under pressure to perform.
Banks submitted bids amounting to Rs 4.75 trillion, around 2.5 times of the notified amount of Rs 1.75 trillion, at the Variable Rate Reverse Repo (VRR) auction conducted by the Reserve Bank of India (RBI) on December 22, a day after the liquidity deficit in the banking system widened to Rs 2.5 trillion. In the most recent VRR auction held by the RBI on December 15, bids totaling 2.7 times the notified amount were received. Banks secured Rs 1 trillion at a weighted average rate of 6.63 per cent.
Electronic disbursement of government payments to the bank accounts of beneficiaries which was rolled out on Wednesday, is expected to cover all blocks in Odisha by January 2013.
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
CCI decided to pursue investigation on two issues - these relate to "exclusivity regarding the mode of payment for the purchase of apps and in-app purchases" and "pre-installation and prominence of Google Pay on Android smartphones".
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.
Power Grid Corporation of India (PGCIL) was one of the top Sensex gainers in trade on Monday, ending with gains of nearly 9 per cent. The stock has gained about 42 per cent year-to-date. For the March quarter, the company reported a revenue of Rs 12,000 crore, which was down 3 per cent year-on-year (Y-o-Y) but up 4 per cent quarter-on-quarter (Q-o-Q). The drop was on account of one-time arrears related to the Nagapattinam tariff bid competitive bidding (TBCB) project in Q4 FY23.
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.
'United Health Interface is in line with UPI. UPI is a language of money transfer, similarly, UHI is a set of protocols, which is going to create a language of health service delivery'
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
The NCMC facilitates convenient travel while integrating last-mile connectivity, a must in India's extensive landscape. It enables travellers to pay for a cross-section of needs, including toll tax, retail shopping, and withdrawing money.
'The West has always opposed a strong nationalist leader in India and Narendra Modi is no exception.' 'The West prefers weak leaders who are amenable to Western pressure and Mr Modi's independent stance is not to the liking of the West,' asserts Colonel Anil A Athale (retd).
The software is being developed in association with the Central Record-keeping Agency. It is expected to debut by the end of this year. PFRDA is also looking to have an ombudsman for redressal of investor grievances. To increase liquidity of the scheme, there could also be Tier-II accounts by the end of this year, which would allow investors to withdraw money at any given point of time.
'EV-charging is the next big opportunity after fuelling'
While most banks in India store all this data on Indian servers in their core banking systems, the current directive addresses new-age payment and fintech companies operating in the space
Despite the uncertainty surrounding the future of the Unique Identity (UID) project, or Aadhaar, the Reserve Bank of India (RBI) is testing a mobile-based payments system linked to this platform.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
The Reserve Bank of India (RBI) plans to bring global payment systems such as MasterCard International and Visa International under its regulatory framework.
The Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
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.
In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
RuPay National Common Mobility Card's offline wallet can be used to make ticket payments in transit, including in metros, cabs, etc, enabling automatic, quick, cashless payments.
The proposals cleared by the DAC include new-generation anti-tank mines, air defence tactical control radar, heavy-weight torpedoes, medium-range maritime reconnaissance and multi-mission maritime aircraft, flight refueller aircraft and software-defined radios.
Both firms have made several applications for patents pertaining to digital payments in the country
