To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past. In December, the RBI temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
It is believed that removal of foreclosure charges or prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and the competition among banks will result in finer pricing of home loans with the floating rate.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
An article on 'State of the Economy' in the monthly Bulletin also said the improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions. Consumer price inflation ticked up in June 2024 after three consecutive months of moderation as a broad flare-up in vegetable prices halted the overall disinflation that had been underway, it said.
Taking a strong view of Google pulling out some apps from its Play Store, the government on Saturday said delisting of Indian apps cannot be permitted and that the tech company and the startups concerned have been called for a meeting next week. In an interview to PTI, IT and Telecom Minister Ashwini Vaishnaw said the startup ecosystem is key to the Indian economy and their fate cannot be left to any big tech to decide. The minister's comments assume significance as Google on Friday began removing some apps, including popular matrimony apps, from its Play Store in India over a dispute on service fee payments, even as apps and well-known startup founders cried foul.
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.
The Indian captain says that the central contract system is a step in the right direction for players always under pressure to perform.
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.
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.
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
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.
200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
'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.'
'If someone fiddles us on our religion then we will pay back five times more to that person. We have proved that time and again.'
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
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.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
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 verdict in the Google versus Epic Games antitrust case in the US has spread cheer among the Indian gaming and app developers. Ending a three-year legal battle, the San Francisco jury found that Google turned its Play app store and billing service into an illegal monopoly. American video game maker Epic Games, best known for Fortnite, had sued Google in 2020.
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.
He said Congress would push Madhya Pradesh back into the BIMARU (laggard) category if given an opportunity again.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
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.
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.
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
... And what explains the directions of change? asks Ajit Balakrishnan.
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.
'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'
HDFC Bank has been conscious in not accepting high-cost deposits, which have resulted in slower growth in October-December, said Sashidhar Jagdishan, managing director and chief executive officer, during an interaction with Goldman Sachs recently. He said during times of tight liquidity, short terms hardened, as was the case in October-December. "Not only did we participate, but we also gave up which came up for maturity," he said.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
The Reserve Bank of India (RBI) plans to bring global payment systems such as MasterCard International and Visa International under its regulatory framework.
Australia's Big Bash League boosts player payments amid T20 talent war
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
