2017 saw the highest-ever mobilisation by way of IPOs of close to Rs 700 billion. The momentum is expected to continue this year as well.
MCLR-linked loans are more responsive to RBI's rate movements, and rate cuts may be transmitted to borrowers in a manner useful to them.
Cryptocurrency exchanges face issues with their current bank accounts.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
The Unified Payment Interface could propel banking into a new era
WhatsApp on Wednesday said it expects to facilitate the purchase of "affordable sachet-sized" health insurance through its platform by the end of the year as part of its efforts to provide users in India with greater access to financial solutions. The Facebook-owned company noted that its 'Payments' feature is now available to users across the country (currently up to 20 million users) with support from banking partners - State Bank of India, HDFC, ICICI and Axis Bank.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
Ask your bank to save for you. Plan your taxes. Reward yourself for your addictions... Chartered accountant Shreya Jaiswal's 10 ways to make more money this year.
Earlier this month, RBI told the Delhi high court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.
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.
There is no dearth of political will today to act against corruption and officers should take action against the corrupt, however powerful, without any hesitation, Prime Minister Narendra Modi said on Monday.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
Nandan Nilekani talks about moving towards a cashless economy and freedom of Internet, among others
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Prime Minister Narendra Modi on Thursday inaugurated and laid foundation stones of development projects worth more than Rs 38,000 crore in different sectors in Mumbai, giving a big push to infrastructure, urban travel and healthcare ahead of civic polls in the city in which the Bharatiya Janata Party and the Eknath Shinde-led Shiv Sena faction will seek to showcase these ventures to take on their political rivals.
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.
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."
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
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.
The agency has booked 23 Army personnel and civilians, including relatives of officers, for allegedly demanding bribe and facilitating bribery, they said.
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
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.
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.
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
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.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
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.
E-commerce companies have understood the importance of having their own in-house wallet, explaining their acquisition spree, says Manoranjan Mohapatra.
Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
Around 30-50 million passengers in the reserved category have switched over to digital payments.
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