In the statement of developmental and Regulatory policies dated June 8, 2022, the Reserve Bank of India stated that the auto-transactions up to Rs 15,000 no longer require customers to authenticate such payments manually with a One Time Password (OTP). This is after the regulator received requests from several stakeholders to increase the limit under…
Updated on May 26, 2022 The RBI on Thursday eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth requirement to Rs 25 crore, with a view to encouraging more players in the segment. Before this amendment, a networth of Rs.100 crore was required to obtain authorisation for…
With the account aggregation solutions, the user doesn’t have to physically provide hard copies of documents from various financial information providers like Banks/NBFCs, Mutual Fund Houses, and Insurance companies to various users like cash flow based lenders, personal finance managers, wealth managers, and Robo advisors in a secure and effectual manner. Through AA all financial…
In the Statement on Developmental and Regulatory Policies on October 8, 2021, the Reserve Bank of India announced that the transaction limit of Immediate Payment Service (IMPS) to be increased to ₹5 lakh. “In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the…
The National Payments Corporation of India (NPCI) has introduced detailed guidelines for banks to redress frauds perpetrated on customers and merchants where a misuse or an error in biometric data or UIDAI seeding on Aadhaar Enabled Payment System (AePS) have led to a loss of funds. The new rules effective from September 1, determines with…
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. Linkage of these two fast payment systems is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore and closely…
Your Permanent Account Number or PAN is an important document required to you to file your income tax return (ITR). In case you have lost or misplaced your PAN card, there is a provision of issuing instant e-PAN card by the Income Tax Department at their new income tax portal. There is also a facility…
Updated and re-posted on 11.06.2021 Automated Teller Machines (ATMs) are the alternative banking channels available to bank customers primarily for withdrawal of cash. The money can be withdrawn from ATM at any point of time round the clock convenient to the bank customers. The Automatic Teller Machines are generally identified as White Label, Brown Label,…
Digital payment methods are a good alternative to traditional methods of cash payment and speeden up transaction cycles from person to person, person to business, person to government, Government to person,business to business, business to Government etc. The Global report of US-based payment systems company ACI on payment trends states that in the year 2020…
NPCI is an umbrella organisation for operating retail payments and settlement systems in India, under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956…