Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
Addressing the 76th United Nations General Assembly session here, Prime Minister Modi said that today, every sixth person in the world is an Indian.
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.
Prime Minister Narendra Modi will on Friday launch two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests, and complains if anything goes wrong with their savings. These schemes - retail direct and an integrated ombudsman - will be launched by the Prime Minister virtually, in the presence of Finance Minister Nirmala Sitharaman. With the introduction of retail direct, a common man can directly take a position in government securities (G-Sec), considered to be the safest asset class a sovereign can offer.
The telecom companies have also been asked to urgently improve their infrastructure, as the government aims to digitise a host of services.
We asked you, dear readers to share your best tips on saving money. This is what our reader Manish Nandgaonkar, 42, from Pune had to say.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
Employers are now looking to hire professionals who can demonstrate their skills rather than reel off a catalogue of undirected theoretical qualifications.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
Around 30-50 million passengers in the reserved category have switched over to digital payments.
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.
In the past, there have been instances of people getting fake e-mails in the name of RBI.
The 16-digit randomly generated number by the Aadhaar system was supposed to be introduced by the UIDAI on March 1 and mandatorily deployed by companies using Aadhaar by June 1.
Home ministry sources say there are fears that international lobbies might have been involved in spying, to create a narrative around Indian governance as well as the economy.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
'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.'
India must remain an integral part of the global economy if it has to grow at 9-10 per cent over the next three decades, Niti Aayog CEO Amitabh Kant said on Tuesday. Speaking at the 15th India Digital Summit, Kant said India needs to become a major global exporting nation, without that it will not be possible to become richer and create wealth for its people over the next three decades.
'When resources are few; when frugality demands repairing a broken thing rather than replacing it with a brand new and expensive option, enterprising commoners in rural and urban India improvise on a daily basis and solve their problems with whatever they have,' observes Shivanand Kanavi.
Modi cautioning that cryptocurrency can spoil the youth.
From offering office premises that can be converted into isolation wards to earmarking funds to be used for procuring kits, ventilators as well as personal protective equipment for health care workers, India Inc has put a united front to combat the unprecedented crisis facing the country.
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.
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
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.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Users well-versed in privacy laws or those concerned with their data would be worried; it could well be that many of us have already accepted the end user agreement without ado, points out Ashish Narsale.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
WhatsApp says business profiles verified by it will carry a green badge, similar to how parent Facebook verifies businesses with a blue tick.
The Governor said RBI does not limit itself too much when there is uncertainty.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
Several of WhatsApp's early features were designed keeping Indian conditions in mind, given the choppy connectivity and existence of devices of different makes. In fact, India was the first country where WhatsApp rolled out in-app video calling services in 2016, ahead of its global launch, underlining the importance of the market for the company.
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
New offerings by banks are changing the way you transact.
The minister also exempted components from taxes to encourage domestic manufacturing of these devices.
Raghuram Rajan, who has been pilloried by his critics for keeping interest rates high and has also been accused of stifling growth.
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
