This is the first time a bank has introduced a real-time international account to account money transfer service via mobile phones anywhere in the world, a statement here said.
Unified Payments Interface launched to simplify mobile banking.
The Reserve Bank of India (RBI) on Friday kept the key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid the gradual lifting of coronavirus related countrywide lockdown.
Mobile remittance services, which have done wonders in other emerging market economies like Kenya and the Philippines, are expected to change the retail payment landscape in the country that has over 600 million mobile subscribers and 300 million bank account holders.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
GPS devices will enable real-time money transactions
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Unlike most MF distributors in India, Paytm Money will be offering low-cost direct plans, which don't charge for distribution expenses
The user chats with a person in real-time and thus prevents the app from misunderstanding.
The government has kicked off a new employment survey to create closer-to-real-time credible information, the first tranche of which is expected to be revealed in December next year.
Benefits of demonetisation come at a heavy price for Fintech firms. They will spend a massive amount on securing and reinforcing their cyber security apparatus this financial year. Karan Choudhury reports.
The concept of gold as an asset capable of getting anytime money is evaporating.
RBI has suggested that inward real time gross settlement, National Electronic Fund Transfer and electronic clearing service should be offered free. For outward transactions using RTGS in the range of Rs 100,000- 500,000, banks may levy charges not more then Rs 25 per transaction and Rs 50 for transactions above Rs 500,000.
Uber CEO Dara Khosrowshahi says the younger generation doesn't dream of owning a car, but instead wants the freedom of having any service on demand.
Based on this price, state governments, private hospitals, industrial establishments, etc would be able to procure vaccine doses from the manufacturers.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
'Google and Facebook need to be tamed, their garb of 'Investing in India's future' need to be pulled off,' observes Vibhu Arya.
The cap of Rs 10,000 on daily withdrawal has also been removed.
'From the investor's point of view, a real change would happen only when business environment in all our states qualitatively improves,' says NITI Aayog Vice-Chairman Rajiv Kumar.
Sectoral cyber security teams to be set up to curb attacks, cyber coordination centre likely be set up in New Delhi by June.
New offerings by banks are changing the way you transact.
Ridlr will become a wholly-owned subsidiary of ANI Technologies, which owns Ola brand. Ridlr's team of 64 employees will now become a part of Ola.
Since you can't step out, virtual sessions held by fitness experts have come to the rescue.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
Even investors with sums as low as Rs 1,000 per month can start their investment journey.
With thousands of people receiving ransom messages from cybercriminals every day, Devangshu Dutta explains how you can defeat the hackers.
A gamechanger for offices and factories, Shycocan, claims to be able to clear an area of 1000 square feet from coronavirus.
Close to 29 per cent of all complaints received from customers is related to ATM, debit card and credit card payments
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
Online and mobile based personal finance applications have gained importance over the past few years.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
If everybody is 'working' from home, then how has TV consumption gone up? Who is making all that gourmet food being posted on social media?
GenNext Innovation Hub is also pursuing a new global partnership program to collaborate with organizations in US, Europe and Asia.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
