With vehicular activity picking pace in May, toll collection also saw a huge uptick. Fastags posted an impressive jump of more above 400 per cent in transaction count at 55.17 million, and an over-300 per cent jump in value at Rs 1,142 crore.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
With the arrest of one person from Noida, the cyber cell of Uttar Pradesh police on Wednesday claimed to have busted an online fraud nexus worth Rs 3,000 crore with links in China.
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.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
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.
The seizure, as per officials, is estimated to be worth over Rs 10 crore in the international market (about Rs 5K-7K per blot) and all the six who have been taken into custody, beginning late last month, are students and youngsters who wanted to make 'easy money' by remaining anonymous within the deep layers of secret internet-based apps and messenger service like WICKR.
'We now understand things that we have to correct.'
Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das: Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%. Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target. GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23. Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
Sharks, mating frogs, seals playing with photographers... these are the amazing photos which offer an enchanting breadth of what's beyond the shoreline. Underwater Photographer of the Year has just announced the winners of its 2019 photo contest and photographer Richard Barnden, from the UK, was named Underwater Photographer of the Year 2019. Prizes and commendations were handed out in categories including Wide Angle, Macro, Wrecks, Behaviour, Portrait, Black and White, Compact, Up and Coming, and in British waters, Wide Angle, Living Together, Compact, and Macro Shots.
Cryptocurrency exchanges face issues with their current bank accounts.
The start of BHIM's declining share coincided with the launch of Google Tez in mid-Septem
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
A 40-year-old freelance journalist has claimed a person 'hypnotised' him over the phone and duped him of Rs 40,000, but police and experts said this is one of the 'most normal kinds of cyber fraud' and not a case of hypnosis.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
The Competition Commission of India (CCI) on Monday ordered a detailed probe against internet giant Google for alleged unfair business practices with respect to Google Pay as well as Google Play's payment system. Google Pay is a popular digital payments platform while Google Play is the app store on its Android ecosystem.
Facebook co-founder and CEO Mark Zuckerberg on Tuesday said India is a very special and important country with a remarkable entrepreneurship culture, as he sought to push deeper the just-launched payments services that allow users to make payments over WhatsApp. Last month, Facebook-owned WhatsApp received approval from the National Payments Corporation of India (NPCI) for rolling out its payments services in India. In 2018, WhatsApp started testing its UPI-based payments services in India -- a global first -- with about a million users.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
Its statement also said Facebook does not use WhatsApp payments information for commercial purposes.
Facebook-owned messaging service WhatsApp has secured regulatory approval for launching its digital payment platform -- WhatApp Pay -- in a phased manner, close to two years after the US-based company's pilot run.
Paytm said the global tech giant's move was hypocritical as Google, too, regularly runs similar scratch card campaigns in India under its Google Pay app.
Consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120 banks and over 120 billers, Xiaomi said.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
India will grow at around 7.4 per cent in 2022-23 and continue at the same pace in the next year as well, Union Finance Minister Nirmala Sitharaman said on Friday. Sitharaman said there are risks on the external front and this is not the right time to throw caution to the wind, and also assured exporters of all the necessary support from the government as they face the headwinds. Speaking at the FE Best Bank Awards event here, Sitharaman said global agencies like IMF and the World Bank have taken cognisance of the strengths of the Indian economy by saying that it will be among the fastest growing ones in the next two years.
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.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
The sector seems set for a rally that may be somewhat temporary.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
Digital payments provider Paytm is all set to make its market debut as early as this year, with an aim to raise $3 billion (around Rs 22,000 crore). If successful, this could be the biggest initial public offering (IPO) by an Indian company, breaking Coal India's 2010 record of Rs 15,475 crore. According to media reports, the board of One97, parent company of Paytm, is all set to meet this Friday to formally approve the IPO plan.
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.
Don't recharge your phone at public outlets -- carry a power bank instead. Avoid clicking on links sent by 'friends'. If you get into an online sexual encounter with a stranger and get blackmailed, refuse to pay up.
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.
Chief Justice of India (CJI) D Y Chandrachud's first 100 days in office saw the Supreme Court take a giant leap towards reforms, especially making courts more technology-friendly, and ensuring relatively fast judicial appointments including those of eight judges to the apex court.
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.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
Tech giant Apple has stopped accepting payments via debit and credit cards in India. Apple has stopped accepting cards for subscriptions, and purchases using credit cards issued by banks in India. Apple will also not accept payments for ad campaigns on Apple Search using credit cards issued by Indian banks. All campaigns will be put on hold from June 1.
'India has a lot of potential, not just in commercial aspects, but also in hiring of people and sourcing of products.'
The Unified Payment Interface could propel banking into a new era
