A builder and two others were allegedly duped of 18.19 lakh by two individuals in Thane, Maharashtra, who promised to secure business loans for them.
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
A State Bank of India report indicates a sharp increase in precautionary cash holding in India, with the gap between per capita currency in circulation and ATM withdrawals widening significantly, driven by global uncertainties despite record digital payment transactions.
Unified Payments Interface (UPI) transaction value and volume saw a slight month-on-month dip in April after record highs in March, but daily transaction volumes increased, indicating sustained growth in digital payments across India.
A section of industry may need to begin compliance immediately, even as most states are yet to notify their rules.
Police in Lucknow have arrested four people for allegedly using ChatGPT and graphic design software to create and sell fake IPL tickets outside the Ekana Stadium.
The proposed solution is a one-hour delay for digital transactions exceeding Rs 10,000, particularly when the transfer is made to a new or unverified beneficiary. The idea is simple -- give users a window to reconsider, detect fraud or alert their bank before the funds are irretrievably transferred.
In August, RBI allowed 11 business houses to start a payments bank.
A Delhi court granted bail to a former accounts officer accused of swindling more than 2 lakh Swiss francs from India's Permanent Mission in Geneva to fund his crypto-gambling ventures.
Grandmaster Abhijeet Gupta, frustrated by delays in receiving prize money for winning the Odisha Open, has been assured by the All India Chess Federation that the issue will be resolved and his dues cleared.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
The CBI has registered a corruption case against Rajni Kant Agrawal, the former chairman-cum-managing director of Water and Power Consultancy Services (WAPCOS), following a complaint from the Ministry of Jal Shakti.
The CBI conducted searches at 17 premises in Mumbai related to Reliance ADA Group companies, including Reliance Telecom and Reliance Finance, concerning alleged diversion of bank funds and losses to banks and LIC.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
Delhi Police have arrested two men from Goa, claiming to have busted an interstate cyber-fraud-and-cash-conversion racket. Transactions worth nearly Rs 40 lakh routed through the network have been uncovered.
The Centre has announced that the Viksit Bharat -- Guarantee for Rozgar and Ajeevika Mission (Gramin) Act will come into force across the country from July 1, replacing the Mahatma Gandhi National Rural Employment Guarantee Act.
Payment banks may not be viable option to attain financial inclusion.
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
A Delhi court granted bail to a former accounts officer accused of swindling more than 2 lakh Swiss francs from India's Permanent Mission in Geneva to fund his crypto-gambling ventures.
Indian benchmark equity indices, Sensex and Nifty, closed lower due to investor caution over rising bond yields, a weaker rupee, and fresh fuel price hikes, which have revived inflation concerns.
Motorola's latest Moto G37 duo arrives equipped with the capable MediaTek Dimensity 6400 processor and boots the fresh Android 16 platform straight out of the box.
Mumbai Police's 1930 cyber helpline has successfully intercepted and frozen over 101 crore defrauded from citizens in the last five months, preventing significant financial losses.
Union Education Minister Dharmendra Pradhan has directed officials to address issues faced by students regarding the CBSE examination system, following allegations of irregularities. The government has committed to transparency and accountability, assuring that all genuine concerns will be addressed effectively.
A total of 41 companies had applied for the permit
The board is likely to take up the matter this month.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
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.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
'Statutory power must be exercised in a manner that is fair, proportionate, and not excessive.' 'The authority must demonstrate a rational nexus between the property frozen and the alleged offence.'
'First-time applicants may witness longer approval times or higher rejection rates and requests for more documentation.'
Grandmaster Abhijeet Gupta is struggling to receive his prize money from the Odisha Open, prompting him to seek intervention from the Sports Ministry after repeated assurances from organisers yielded no payment.
Jharkhand Police have arrested the prime accused in a fraudulent withdrawal case from the West Singhbhum treasury, along with three others. The accused manipulated departmental computer data for nearly nine years to divert government funds into their own accounts and those of associates.
The Federation of Indian Export Organisations (FIEO) has appealed to the Reserve Bank of India (RBI) for liquidity support to Indian exporters, citing a significant increase in freight costs and extended payment cycles due to the ongoing West Asia conflict.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
'...even though the investigation in the matter is ongoing, we have paid 100 per cent of the principal and interest to relevant departments of the Haryana government.'
The government plans to expand its central bank digital currency (CBDC)-based food subsidy programme to Chandigarh, Dadra and Nagar Haveli, and Daman and Diu by June, following its implementation on a pilot basis in Gujarat and Puducherry, official sources said.
A Delhi court has convicted Congress MLA Rajendra Bharti and a former bank employee in a case involving cheating and forgery of bank records to illegally obtain interest payments.
