Singh asserted that Deshmukh set a staggering collection target of Rs 100 crore for his officers, specifically from Mumbai, while also discussing plans to target key opposition figures, including former Chief Minister Devendra Fadnavis of the Bharatiya Janata Party.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
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.
Facebook is all set to launch its payment system, Facebook Credits globally today across numerous territories including India.
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.
'EV-charging is the next big opportunity after fuelling'
Both firms have made several applications for patents pertaining to digital payments in the country
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
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.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Turkey's state-run Halkbank can only resume processing Indian oil payments to Iran once Western sanctions are officially lifted following an interim deal in Geneva last month, a senior Halkbank official said on Wednesday
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
Nothing is going to change in a hurry unless attitudes change and punishments are speedy and fair, notes Ramesh Menon.
In August, RBI allowed 11 business houses to start a payments bank.
'The Indian government is better prepared this time and has reached out to all contenders and not putting all eggs in one basket.'
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.
Move over Visa, MasterCard and American Express. Here's an indigenous, cheaper alternative that will not only benefit Indian banks but Indian who use debit cards and credit cards to make payments.
The players were represented by Ganguly, Tendulkar, Kumble and Dravid.
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.
With UPA facing allegations of corruption, Prime Minister Manmohan Singh on Saturday said his government wants to use new technology to curb dishonesty and bring transparency in governance.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
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.
PhonePe via Bharat Bill Payment System (BBPS) plans to get into a number of new verticals, including fee payments in schools and colleges, payments at hospitals and other services
The Competition Commission of India has ordered a probe into complaints against Google for allegedly abusing its dominant position in the online news market.
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.
The retirement fund body plans to launch 'One Employee One EPF Account' system on May 1.
MasterCard's India-born President and CEO Ajay Banga on Sunday said India is a "more exciting" market than China for the cards and payment giant and the company is focused on shifting as many consumers in India as possible from cash to the electronic payment system.
'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.'
Non-payment of players is still a significant problem in football and not enough is being done about it, the international union FIFPro said on Thursday.
'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.'
This is the second time since February 2 that the cash -strapped carrier has been suspended from ICH for not paying its dues.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
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.
Days after the government said the Reserve Bank will introduce a digital currency in 2022-23, Governor Shaktikanta Das on Thursday said the central bank does not want to rush and is carefully examining all aspects before introduction of the Central Bank Digital Currency (CBDC). He, however, declined to give any timeline for the launch of the CBDC. In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introduce a digital currency in the next financial year beginning April 2022 to boost the digital economy and for more efficient currency management.
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
The requirement of one million units would entail a huge market for firms such as HCL Infosystems, Geodesic, VeriFone, Visiontek and others manufacturing micro-ATMs.
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.
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.
