She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
'I can tell shareholders we're going to be very responsible with our capital, we're going to be absolutely execution focused.'
When there is a state government committed to development, it is important that Mumbai has a civic body that, too, shares that goal, Modi said.
It is a classic case of extremes: The worst contraction in GDP along with the highest-ever levels of cash in the economy; and a severe dent in consumption together with strong growth in bank deposits and digital payments.
Unified Payments Interface launched to simplify mobile banking.
The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production. Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips forms a crucial part of electronics. Outlining the details of the scheme, he said the Rs 76,000 crore programme has been approved for the development of semiconductors and display manufacturing ecosystem.
In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
Nandan Nilekani talks about moving towards a cashless economy and freedom of Internet, among others
Data processing compliance is the main reason behind the delay. The government, on several occasions, has made it clear that Indian financial data needs to be stored exclusively onshore and if it is processed outside, it needs to be brought back in 24 hours.
As it readies for its initial public offering (IPO) later this year, digital payments firm Paytm is honing its strengths to remodel itself from being a payment wallet to becoming a financial services provider, and is working towards narrowing its losses, evident from its most recent Annual Report. Unlike many of its peers, Paytm has started expanding its merchant payment ecosystem. It has realised that though it can take the maximum share of the Unified Payment Interface (UPI) transactions, from a revenue generation point of view it will not have any impact.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
With NEFT, which drives the retail payments value, operationalised on a 24x7x365 basis, the country's payment systems landscape is headed for substantial growth.
Addressing the 76th United Nations General Assembly session here, Prime Minister Modi said that today, every sixth person in the world is an Indian.
India's Internet economy has two choices: An immediate $30 billion Sale-and-Leaseback or a $3 trillion value harvesting over decades, observes Vibhu Arya.
After facing multiple outages that irked the regulator, the country's largest private sector lender, HDFC Bank, is revamping its technology infrastructure by making large scale investments, wherein it is bringing new talent, getting into cloud-native stacks, a shift from the traditional monolithic IT infrastructures, and working with strategic partners for better products and services. The bank management is clear that it will do whatever it takes in line with its growth path to ramp up its technology infrastructure.
Paytm will look to raise up to $1.5 billion as part of primary share sale, leading up to its initial public offering (IPO), which is planned for November, a person familiar with the developments said. The company is looking to file its draft red herring prospectus (DRHP) by July, according to sources. According to this person, though the details of the listing are being worked out, Paytm may take the qualified institutional buyer (QIB) route to list and issue fresh equity to raise funds.
Google on Friday said it is deferring the deadline for developers in India to integrate with its Play billing system from March 2022 to October next year. In October last year, the company had announced March 31, 2022 as the deadline for developers in India to integrate with Play's billing system. A Google spokesperson on Friday said the extension has been done in view of the changes to India's recurring digital payments guidelines.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
This year, PhonePe is focussed on bringing more partners across categories, including travel, commute, food, hyper-local, retail and entertainment on the platform.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
Speaking at a fireside chat with Microsoft CEO Satya Nadella, he said the big change driving this transformation was the deepening of mobile networks which were working at a much faster pace than before.
Mobile payments alone gathered close to $1.51 billion in the year 2017 through 13 rounds of funding, according to data compiled by Tracxn
Raghuram Rajan, who has been pilloried by his critics for keeping interest rates high and has also been accused of stifling growth.
For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
E-commerce companies have understood the importance of having their own in-house wallet, explaining their acquisition spree, says Manoranjan Mohapatra.
Cheque payments will be safer; the limit for contactless card transactions hiked.
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.
Employers are now looking to hire professionals who can demonstrate their skills rather than reel off a catalogue of undirected theoretical qualifications.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
India will soon make available many more COVID-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said on Thursday while emphasising the country's global responsibility in fighting the pandemic.
Using the app, bank transfers can be done from/to any bank account, making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility.
'AI will be bigger than the advent of the Internet or the harnessing of electricity.' 'India must embrace it with all its might,' says NITI Aayog CEO Amitabh Kant.
'Personally, I have reached that stage where I think material things can't give you any satisfaction.'
The idea behind starting Chingari is not to build a TikTok clone but to position itself as a super app for India like WeChat.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
