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<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

<ul><li><keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has directed all banks to keep their branches open until the end of the working hours on March 31.</li><li>The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">central</keyword> bank has written a letter to all the agency banks that they should keep their designated branches open for over-the-counter transactions.</li></ul>Mumbai (Maharashtra) [India], March 22 (ANI): With just only 10 days till the annual closing of the current financial year, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31. The central bank has written a letter to all the agency banks that they should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023. It directed all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year. It also added, "Transactions through <keyword id="891879" type="General" weightage="50" keywordseo="national-electronic-funds-transfer" source="Orion">National Electronic Funds Transfer</keyword> (<keyword id="285745" type="General" weightage="50" keywordseo="neft" source="Orion">NEFT</keyword>) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours (12 midnight) as hitherto on March 31, 2023." The letter also read, "Regarding reporting of Central and state government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023, will be kept open till 1200 hours noon on April 1, 2023." (ANI) SEE ALSO: <a href="https://www.businessinsider.in/tech/news/chatgpt-prompts-to-boost-your-productivity-and-creativity-in-2023/articleshow/98693400.cms">ChatGPT prompts to boost your productivity and creativity in 2023</a> <a href="https://www.businessinsider.in/tech/news/ip-ratings-decoded-everything-you-need-to-know-about-waterproof-ratings-on-smartphones/articleshow/98738134.cms">IP ratings decoded: Everything you need to know about waterproof ratings on smartphones</a>

RBI directs all banks to keep branches open till March 31 for annual closing

<ul><li>The National Electronic Funds Transfer would be available round the clock from December 2019. </li><li>Currently, people have to wait or schedule their payment for the next working day if they don’t perform the transaction as per the time limit. </li></ul> The Reserve Bank of India said the National Electronic Funds Transfer would be available round the clock from December 2019. 
 "The Reserve Bank will make available the <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> system on a 24x7 basis from December this year. The is expected to revolutionise the retail payments system of the country,” said RBI governor Shaktikanta Das. The National Electronic Funds Transfer (NEFT), a digital payment system by RBI, operates from 8.00 am to 7 pm on all working days. However, the payment system is not available on every second and fourth Saturday. Currently, people have to wait or schedule their payment for the next working day. RBI has been taking several steps to boost the digital payment system in India. Earlier, the Reserve Bank of India removed charges levied on transactions conducted through Real Time Gross Settlement (RTGS) and NEFT. The waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the central bank had noted. See also: <a href="https://www.businessinsider.in/rbi-to-remove-transaction-charges-on-rtgs-neft/articleshow/69676260.cms">RBI to remove transaction charges on RTGS, NEFT</a>

NEFT can be done round the clock now, says RBI

<ul><li>The Reserve Bank of India has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The benefits of this will be passed on to the consumer from today onwards. </li></ul>Starting today, The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has removed charges levied on NEFT and RTGS transactions. And, the regulator expects <keyword id="6368751" type="UNKNOWN" weightage="20" keywordseo="banks">banks</keyword> to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said in a statement. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes weeks after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Previously, the RBI has also extended the time frame to do RTGS transaction to 6 pm from 4.30 pm in the evening.

Online fund transfers via NEFT and RTGS to cost less as charges are removed

<ul><li><keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) has waived off charges on National Electronic Funds Transfer (<keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>), Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) and Immediate Payment Service (<keyword id="6383205" type="UNKNOWN" weightage="20" keywordseo="imps">IMPS</keyword>) money transfers.</li><li>The waivers will be implemented starting August 2019.</li><li>The bank has over 74 million digital users — including 14 million accessing the mobile <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> services.</li></ul>India’s largest public sector bank, State Bank of India (SBI) has waived off charges on National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) money transfers. While the charges on NEFT, RTGS were waived off earlier this month, the bank has removed charges imposed on IMPS as well, starting August 2019. This is applicable to internet banking, mobile banking and YONO services. This move will bring cheer to its growing digital customer base. The bank has over 74 million digital users — including 14 million who access mobile banking services. Their customers also perform 18% of the total mobile banking transactions in the country. The waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the bank noted. "In sync with our strategy and Government of India’s vision to create a digital economy, SBI has taken this step to promote the use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost,” P K Gupta, MD (retail &amp; digital banking) of SBI said. The bank had already reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs. Last month, the Reserve Bank of India(RBI) waived off its own charges for the transactions and directed banks to do the same.

India’s largest bank SBI waives off charges on NEFT, IMPS and RTGS

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. </li></ul>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) today paved the way for cheaper online fund transfers as it removed charges levied on NEFT and RTGS transactions. And, banks will be expected to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said on Thursday. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes days after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Review ATM Charges The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. The committee will be chaired by Chief Executive Officer, Indian Banks’ Association (IBA), who will examine the entire issue related to ATM charges and fees. “Usage of ATMs by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” the central bank said in a statement. Earlier today, The Reserve Bank of India decided to reduce the repo rate for the commercial banks by 25 basis points (bps) to 5.75% in its second monetary policy review of the current fiscal. The RBI changed its monetary policy stance from neutral to accommodative, ruling out the chances of a rate increase. See also: <a href="https://www.businessinsider.in/rbi-cuts-repo-rate-by-25-bps-as-largely-expected/articleshow/69671872.cms">RBI surprises markets with a change in stance — aims to revive India's 'animal spirits'</a> <a href="https://www.businessinsider.in/rbi-to-extend-rtgs-deadline-to-6-p-m-from-june-1/articleshow/69553735.cms">RBI to extend RTGS deadline to 6 p.m. from June 1</a>

RBI moves to make online bank transfer cheaper, to review ATM charges

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) 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. <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." This will make the payment ecosystem more efficient, he added. In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to ₹5,000 from January 1, 2021. This will depend on mandate and discretion of customers, he said. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. Operational instructions will be issued separately. It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

The number of cyber frauds in India has spiked as more people start using <keyword id="48346" type="TECHNOLOGY" weightage="80" keywordseo="Mobile-banking">mobile banking</keyword>, <keyword id="285745" type="ORGANIZATION" weightage="80" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="80" keywordseo="RTGS">RTGS</keyword>, a recent study by PwC and ASSOCHAM states. 
 
"Whether it's financial transactions, customer experience, marketing of new products or channel distribution, technology has become the biggest driver of change in the financial services sector. Most financial institutions are therefore insisting on cashless and paperless transactions," the report said. 
 
The mobile frauds jumped from less than Rs 10 Crores in 2011-12 to around Rs 70 Crores in 2014-15. 
 
The most common kind of frauds include documentation frauds, diversion of funds, identity theft and cyber related theft targeting customers directly. In cyber frauds the customers were cheated through site cloning, hacking, debit card scheming, social engineering and computer viruses amongst others. 
 
"Mobile banking application being mapped to an incorrect mobile number: For bank customers who do not use mobile banking, an employee of the bank could attach an associate's mobile number to the bank account and install a mobile application on his mobile device. The customer's account is compromised by the associate and he or she does not get any notification about the same," the report said. 
 
(Image credit: Indiatimes)

Cyber frauds increased after growth in
mobile banking, NEFT and RTGS

Mumbai, Dec 6 () In a bid to promote digital transactions, the RBI on Friday said round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16.
 The 24X7 NEFT system will be available on all days of the year, including holidays, it added.
 NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm.
 In a notification, the central bank said it has been decided that the facility on NEFT system shall be made available from December 16, 2019 on 24X7 basis.
 The first settlement will take place after 00:30 hours on December 16, 2019 (night of December 15, 2019).
 The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate successful posting of NEFT batch settlements.
 NEFT transactions after usual banking hours are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks.
 The existing discipline for crediting beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue, it added.
 Besides, member banks will ensure sending of positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well, it added.
 "Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers," the regulator said.
 Banks may disseminate information on the extended timings for NEFT to all their customers, RBI said.
 From July 1 this year, RBI had decided not to levy charges on transactions through NEFT and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country, and asked banks to pass on the benefits to the customers.
 Earlier, the RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers.
 RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh. KPM ABM

NEFT transactions to be available 24x7 from Dec 16

As the start-up sector goes through a sentiment upturn, fin-tech sector has been seeing an increased traction post demonetization. Fin-tech and product startups are an investor favorite this year so it is interesting to see a fin-tech start-up going through a revamp and innovating its product to stand out. According to a recent report on <keyword id="1399736" type="ORGANIZATION" weightage="20" keywordseo="digital-payment">Digital Payment</keyword> in India 2020, the total payment via digital instruments is expected to touch $500 billion by 2020. 

 

 

 

 

 

 

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From one to four services In its new avatar, <keyword id="2777173" type="PERSON" weightage="20" keywordseo="razorpay">Razorpay</keyword> 2.0 is trying to resolve all business problems related to the B2B payments ecosystem. Currently, payment acceptance is done through bank functions like <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="neft">NEFT</keyword> or RTGS. Managing cash flows, disbursement of money, automating NEFT and bank wires and collection of scheduled payments among others is ailing the <keyword id="1929810" type="ORGANIZATION" weightage="20" keywordseo="digital-india">Digital India</keyword>’s companies. The company introduced Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices –for India’s under-served business community while embracing cash-rich traditional sectors such as Education, Government, Insurance and new age e-commerce companies. <div type="embedgroup"> <div type="Article" hostid="261" msid="60837430" title="Here’s why LinkedIn is training blue collar workers in India" rank="1.0" kind="RELATED" publishDate="Sep 26, 2017, 10:56 AM" mstype="2" mssubtype="0"></div></div>














 <keyword id="3349619" type="PERSON" weightage="20" keywordseo="harshil-mathur">Harshil Mathur</keyword>, CEO and Co-Founder, Razorpay told Business Insider that the company is aiming to double its merchant count to 90,000 by the end of next fiscal year and expects more than 10x growth in volume &amp; revenue by next fiscal year. With merchants like PayU and Mobikwik crowding the market, Razorpay’s solution might be the only all-inclusive payments gateway. Razorpay also wants to revolutionize the banking sector by entering categories as mutual fund payments and insurance premium. The company also wants to make recurring payments easier to collect like education fees.

This fintech startup undergoes a revamp to cash-in post demonitization

New Delhi [India], February 15 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> on Thursday restrained a <keyword id="20601951" type="General" weightage="20" keywordseo="card-network" source="keywords">card network</keyword> that had an arrangement to enable businesses to make card payments through certain intermediaries to entities that do not accept card payments. The central bank, however, did not specify the name of the card network. "It has come to the notice of <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> of <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> that a Card Network had an arrangement that enables businesses to make card payments through certain intermediaries, to entities that do not accept card payments. Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients," the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said in an official statement. "On closer scrutiny, it was observed that this arrangement qualified as a payment system. Under the provisions of Payment and Settlement Systems (PSS) Act, 2007, such payment system requires authorization under Section 4 of PSS Act, which has not been obtained in the instant case. The activity was, therefore, without legal sanction," it added. The central bank further said, "The arrangement has also raised following concerns: i) The intermediary in the above arrangement pooled large amount of funds into an account which is not a designated account under PSS Act and; ii) Transactions processed under this arrangement did not comply with the originator and beneficiary information requirements, as stipulated under Master Direction on KYC issued by the Reserve Bank." The RBI further stated that only one card network has operationalized this arrangement in the country so far. "As the matter is under detailed examination, the Card Network has been advised to keep all such arrangements under abeyance, till further orders," it said. Meanwhile, the central bank also clarified that it has not placed any restriction with respect to normal usage of business credit cards. (ANI)

RBI asks card network to restrain unauthorised commercial payment system

New Delhi [India], March 20 (ANI): Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through Unified Payments Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) with a staggering 122 crore number of transactions. The transactions made last month through the popular instant payment mechanism were a tad lower than in January, where the total value of transactions was Rs 18.4 lakh crore. The total number of transactions recorded in the month of January was 121 crore. Data maintained by the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) showed that an average of Rs 40,000-Rs 80,000 crore worth of UPI transactions are made in India on a daily basis. Coming to NEFT and RTGS, the two other instruments for online payments, the average transactions made through these were an average of Rs 33.85 lakh crore and Rs 146 lakh crore, respectively, data showed. Coming to internet banking and mobile banking, transactions worth Rs 91.24 lakh crore and Rs 28.16 lakh crore, respectively, were made in January 2024. Notably, India today accounts for nearly 46 per cent of the world's digital transactions (as per 2022 data). The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> earlier this month, as he outlined the growth of the payments ecosystem in the country. The RBI governor had said India has not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world. Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024) -- approximately a 90-fold increase over 12 years. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (<keyword id="20478991" type="General" weightage="20" keywordseo="vpa" source="keywords">VPA</keyword>) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, France, UAE, and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword> have partnered with India on emerging fintech and payment solutions. (ANI)

UPI transactions worth ₹18.2 lakh crore made in February 2024

<ul><li>These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. </li><li>Additionally, <keyword id="597447" type="General" weightage="20" keywordseo="rupay" source="Orion">RuPay</keyword> Debit, credit, and prepaid cards will be authorised for issuance in foreign jurisdictions. </li><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. </li></ul>In a bid to provide more payment options for Indians travellers abroad, the Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay <keyword id="1018384" type="General" weightage="20" keywordseo="prepaid-forex-cards" source="Orion">prepaid forex cards</keyword>. These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. “... Further, RuPay debit, credit, and prepaid cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally. Necessary instructions will be issued separately,” read the RBI’s statement on Developmental and Regulatory Policies, issued on June 8. Says Rajsri Rengan, India Head of Development, Banking and Payments, at FIS, a fintech company, “The permission granted to banks for issuing RuPay pre-paid forex cards opens up new avenues for seamless and flexible cross-border transactions. This development brings forth enhanced convenience and efficiency for individuals and businesses engaged in international trade.” RuPay, as the first domestic card payment network in India, has achieved wide acceptance across various channels such as ATMs, point-of-sale (POS) devices, and e-commerce websites throughout the country. By promoting electronic payments, RuPay aligns with the Reserve Bank of India's goal of fostering a "less cash" economy, encouraging banks and financial institutions to embrace technology and offer digital payment solutions.RuPay credit cards can now be linked to a UPI ID, thus directly enabling safe, and secure payment transactions. According to a report by merchant platform Pine Labs, it is projected that transaction volumes on the RuPay network will experience a compound annual growth rate (CAGR) of 20% over the next three years. By the fiscal year 2025-26 (April-March), transaction volumes are anticipated to reach 3.2 billion, a significant increase from the 1.8 billion transactions recorded in 2022-23. RBI’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. Recently UPI has been integrated with Singapore’s PayNow, and Japan is expected to join the UPI system as well. UPI is also expected to be adapted by other countries as well.

RBI allows banks to issue RuPay prepaid forex cards

<ul><li>CoinSwitch Kuber has halted rupee deposit services on its platform. </li><li>The company has stopped accepting deposits from <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>, NEFT, RTGS and IMPS. </li><li>This comes after the NPCI had issued a statement saying it was not aware of any <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> platform using UPI. </li></ul>CoinSwitch Kuber, the popular crypto trading platform has completely halted rupee deposits on its platform. At the moment, users have no way of adding money on the platform. The company has stopped accepting rupee deposits via Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). This comes soon after Coinbase <a href="https://economictimes.indiatimes.com/tech/technology/coinbase-temporarily-stops-upi-after-npci-clarification/articleshow/90759225.cms">disabled</a> UPI payments on its platform. The company had entered the Indian market on April 7 and during the launch, it had announced that it will accept payments through UPI. The company came under the scanner of National Payments Corporation of India (NPCI), which oversees UPI operations. The NPCI had issued a <a href="https://www.npci.org.in/PDF/npci/press-releases/2022/Statement-by-NPCI-on-7th-April-2022.pdf">statement</a> on the same day, clarifying that it was not aware of any crypto exchanges using UPI. “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” NPCI said in its statement. This could be the final nail in the coffin for crypto exchanges in India that have reported a <a href="https://economictimes.indiatimes.com/tech/technology/trading-volumes-on-top-crypto-exchanges-touch-6-month-low/articleshow/90784815.cms">sharp decline</a> in trading volume due to uncertainty around crypto regulations in the country. According to the above report, WazirX has reported a decline of 65-90% of its business after MobiKwik disabled its services on the platform. Another reason for the declining volume is the finance bill that <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">taxes</a> cryptocurrency gains at 30% came into effect from April 1. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-could-drop-to-30000-by-june-led-by-a-new-slump-in-tech-stocks-the-founder-of-bitmex-crypto-exchange/articleshow/90784147.cms">Bitcoin could drop to $30,000 by June, led by a new slump in tech stocks, says the founder of BitMEX crypto exchange</a> <a href="https://www.businessinsider.in/cryptocurrency/news/germany-seizes-25-million-in-bitcoin-by-shutting-down-illegal-darknet-marketplace-hydra-market/articleshow/90680024.cms">Germany seizes $25 million in bitcoin by shutting down illegal darknet marketplace 'Hydra Market'</a> <a href="https://www.businessinsider.in/cryptocurrency/news/best-performing-cryptocurrencies-in-2022/articleshow/90679104.cms">Best performing cryptocurrencies in 2022 so far</a>

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