Silver and gold prices declined sharply in the futures trade on Friday as traders booked profits at elevated levels after a record-breaking rally, tracking a bearish sentiment in global markets and a rebound in the US dollar.
India's new national accounts will leverage new data sources and surveys to enhance the measurement of the country's informal economy, and introduce double deflation methods across sectors, replacing the current system that relies on a single deflation mechanism in Gross Domestic Product (GDP) calculations.
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
The official said that the National Statistical Commission (NSC) is examining the working group report on the roadmap for introducing the PPI and their recommendations are awaited. "It is with Statistical Commission, so we will wait for the panel recommendation," the official, who did not wish to be named, said.
Among Sensex firms, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Mahindra & Mahindra and Tata Motors were the biggest gainers. UltraTech Cement, JSW Steel, Tata Steel, Adani Ports, Power Grid and Bajaj Finserv were among the laggards.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Stock markets will be driven by domestic inflation data, ongoing quarterly earnings from corporates and global trends this week, analysts said. News flows around the general election would also be tracked by investors, market experts said.
Mobile wallet adoption is surging in India and swiftly becoming a primary payment option, surpassing traditional methods like cash and cards. Over the next few years, payments via mobile wallets in India are likely to surpass the Rs 531.8 trillion mark in 2028, witnessing a compound annual growth rate (CAGR) of 18.3 per cent between 2024 and 2028, according to GlobalData - a London-based leading data and analytics company. The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion ($2.5 trillion) in 2023.
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments.
The main reason for any consumer to buy an expensive smartphone is its camera.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
Meanwhile, Bird Air Services Pvt Ltd., a wholly-owned subsidiary of Bird Group, signed a comprehensive marketing agreement with Pacific Propeller Intl, a global repair and overhaul services provider to several regional airlines and military aircrafts.
Benchmark indices Sensex and Nifty closed down by half a per cent on Friday following losses in IT and banking shares amid overall weak global market trends. The BSE Sensex declined 316.94 points or 0.52 per cent to settle at 61,002.57. During the day, it fell 508.84 points or 0.82 per cent to 60,810.67.
Clicking pictures under the streetlight or during the day is pure joy with the OnePlus 11, says Ashish Narsale.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
Digital transaction players are hurriedly drawing up a memorandum to be taken to the central bank in hope of having a few of the guidelines -- such as full Know Your Customer (KYC) compliance in 12 months -- overturned, reports Karan Choudhury
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
Growth in China's consumer inflation slowed than market expectation to 1.6 per cent in September, the lowest since January 2010, according to the official data released on Wednesday.
Customers have other options available to them to do low-value transactions, if wallets start mandating full KYC and would switch to those.
While many feel PPI would not be a feasible idea for India considering shortcomings like data collection for agriculture commodities, some analysts say the new index could be experimented at least with the manufacturing sector.
The draft rules underline security parameters that digital wallet companies, such as Paytm, FreeCharge and Mobikwik, will have to follow
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
Amid spiralling prices of essential commodities in the country, the government is planning to revamp the method for measuring inflation with the help of World Bank's technical assistance.
With the Nokia XL, which was unveiled in the country on Thursday, the company has entered the Android phablet arena.
Smartphones are getting cheaper and better by the day. If you are ready to invest up to Rs 15,000, then you have a pretty good range of smartphones to choose from.
Flipkart crashing when sale of Xiaomi's Mi3 opened proves the phone has generated much interest.
With a brilliant screen, a very capable camera, and the power to churn out delectable graphics, LG has laid claim to be among the top 3 competitors.
Xiaomi's latest smartphone Mi4 surely can give Apple's iPhones serious competition, says Shruti Puri, and could dent sales of iPhone 6 and iPhone 6 Plus that helped Apple post fantastic quarterly numbers recently.
Here's what your favourite Bollywood celebrities are tweeting.
Here's what your favourite Bollywood celebrities are tweeting.
Ashish Narsale/Rediff.com brings you the details.
US Department of Justice had charged Wyeth for promoting its acid reflux drug Protonix for unapproved uses and making unproven claims.
Huawei's P20, P20 Pro and a special edition Porsche Design are here.
With the Moto X Style, Motorola has officially declared war against the bigwigs of the smartphone industry.
The Huawei P30 Pro has unmatched imaging capabilities, says Khalid Anzar.
The best in their class, all these five offer premium quality, exciting features that suit different budgets
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