The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
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
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 move to allow payments through digital wallets could give a fillip to distribution and reach for these investment vehicles, say experts.
While the acceptance of cards, mobile wallets and banking apps is increasing, only 10 per cent of transactions take place through them.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
The Reserve Bank of India (RBI) on Wednesday allowed payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems in the first phase of its plan bring non-banks in the same platform. "Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
PAN will be a must for all transactions, including purchase of jewellery, above Rs 200,000 with effect from January 1, 2016
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the Reserve Bank of India in 2015.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
The finance ministry has put out a revised draft in public domain.
Missing the deadline for filing Income Tax returns can lead to consequences.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
From small retailers' experiences with e-wallets to digital transaction numbers post demonetisation, Geetanjali Krishna and Karan Choudhury find out where the truth lies.
But mobile wallet companies say many consumers are not ready to give out their PAN
Small and big advertisers are making their presence felt this year far more than they did earlier, bringing a smile to the faces of the tournament's organisers and partners.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
If you are travelling internationally in the next two months, it's a good time to exchange your currency.
Here's a dummy's guide to the home loan fee maze
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