The Indian government’s unified payments interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) was launched back in 2016, and it took the technology just about three years to cross a billion transactions. The technology is meant to simplify digital payments and make them more amenable to mobile phone users, and it has just done, for over five years now. On paper, UPI is meant to do the same thing that payments systems like National Electronic Funds Transfer (NEFT) or Immediate Payments Service (IMPS) do — send payments from one account to another, within the same bank or across banks. But UPI is much simpler, and doesn’t necessarily require you to access the bank’s app or online banking systems. It uses people’s UPI IDs and UPI PINs to complete electronic payments in real time. You can use the <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">PayTM</keyword> UPI system to avoid using your bank’s platform. What is <keyword id="4003296" type="General" weightage="50" keywordseo="upi-id" source="Orion">UPI ID</keyword>? The UPI ID is your first entry into the UPI ecosystem. This is the ID you will share with others to receive payments, and the ID that you will use in order to send payments to others as well. The UPI ID is linked to your bank account, and ensures that money is deducted or deposited to the right account. A separate UPI ID will have to be created for each bank account that you have. To create one, though, you will need to access a UPI gateway like PayTM. These gateways allow you to create the UPI ID and set up the <keyword id="4760578" type="General" weightage="80" keywordseo="upi-pin" source="Orion">UPI PIN</keyword>. What is UPI <keyword id="6376717" type="General" weightage="80" keywordseo="pin" source="Orion">PIN</keyword>? UPI payments from apps like Paytm are real-time, and they can be done from virtually any smartphone today, but it still requires an authentication medium. Enter, the UPI PIN. After you set up your UPI ID, you will have to set up this four-digit PIN, which is used to authenticate all transactions. Whenever you send a payment to someone, you will need to enter this pin on your mobile phone in order to validate the transaction. Your UPI PIN, like an <keyword id="48577" type="General" weightage="50" keywordseo="atm" source="Orion">ATM</keyword> or credit card PIN, should be kept secret. Since UPI payments can be done from anywhere, and any phone, divulging the PIN to unknown parties can leave you open to frauds. The PIN is also required when you switch UPI apps, or change phones and have to set up your UPI app of choice for a second time. How to set up the UPI PIN? Once you <a href="https://p.paytm.me/xCTH/upimoneytext">download </a>an UPI payment application, like PayTM, on your smartphone, you will need to follow the following steps in order to set up the UPI PIN. <ul><li>Tap the <a href="https://paytm.com/settings/personal-info">‘Profile’ </a>option on the top left corner of the PayTM app. </li><li>Find the Payment Settings option in the menu that opens from tapping on this icon. </li><li><keyword id="14635143" type="General" weightage="20" keywordseo="inside-payment-settings" source="Orion">Inside Payment Settings</keyword>, you will find the <keyword id="14635142" type="General" weightage="20" keywordseo="upi-linked-bank-accounts" source="Orion">UPI &amp; Linked Bank Accounts</keyword> option, which shows the list of accounts you have linked to the app. </li><li>The app will show you the option to set up a UPI PIN for whichever bank account you haven’t created one for yet. </li><li>Click on <keyword id="14635141" type="General" weightage="50" keywordseo="set-pin" source="Orion">Set Pin</keyword> and enter the last six digits of your debit card number, along with the expiry date of the card. </li><li>The bank will then send you an OTP on your registered mobile number, which needs to be entered on the app. </li><li>You will then get the option to set up the UPI PIN of your choice, and you can click the submit button once you’re sure of the pin. </li></ul>How to change the UPI PIN? Once you have set up the UPI PIN, you can use the same steps to change the pin when required. The UPI system doesn’t require a regular PIN change, but it is a good idea to change the PIN intermittently, in order to keep yourself more secure. Once you have set up your UPI PIN, the PayTM mobile application will show the option to ‘Change PIN’ where it earlier showed the ‘Set PIN’ option. <ul><li>To change the UPI PIN, you need to open the <a href="https://p.paytm.me/xCTH/upimoneytext">PayTM </a>app and tap on the profile option on the top left. </li><li>From here, tap on the Payment Settings option </li><li>Navigate to linked bank accounts. </li><li>The option to change the UPI pin should show up under the bank accounts you have linked to the app. </li><li>If you haven’t created an UPI ID, you will get the option to set a pin.</li></ul> How to protect your UPI PIN? As mentioned before, the UPI PIN should be protected and shouldn’t be shared with anyone. Additionally, the UPI PIN should also not be a PIN you use for another purpose — like the MPIN, the credit card or ATM PIN or even your phone’s lock screen passcode. The MPIN is the passcode you use to access a bank’s mobile application. Disclaimer: This article is generated and published by the <keyword id="14028703" type="General" weightage="20" keywordseo="insider-studios" source="Orion">Insider Studios</keyword> team. You can get in touch with them on insiderstudios@businessinsider.in

Simplifying digital payments: Creating a UPI pin adds the layer of protection

Mumbai, Jun 22 () The Reserve Bank of India (RBI) on Monday directed payment systems operators to undertake targeted multi-lingual campaigns by way of SMSs and advertisements to educate their users on safe and secure use of digital payments amid incidence of frauds continuing to bedevil people. Safety and security of digital transactions are of paramount importance, it said in a circular to payment system operators and participants. The RBI has been taking measures to improve awareness through its e-BAAT programmes and organising campaigns on the safe use of digital payment modes to avoid sharing critical personal information like PIN, OTP, and passwords. "In spite of these initiatives, incidence of frauds continue to bedevil digital users, often using the same modus operandi users were cautioned about, such as luring them to disclose vital payment information, swapping SIM cards, opening links received in messages and mails, etc," it said. Also, there are cases of users being tricked into downloading spurious apps that access critical information stored on devices. It is, therefore, essential that all payment systems operators and participants -- banks and non-banks -- continue and reinforce efforts to spread awareness about digital safety, the circular said. "All authorised payment systems operators and participants are hereby advised to undertake targeted multi-lingual campaigns by way of SMSs, advertisements in print and visual media, etc, to educate their users on safe and secure use of digital payments," it said. To promote safe digital transactions among the general public, the RBI reiterated that users should take care by not sharing with anyone their debit, credit or prepaid card details. Users should not share their password, PIN, OTP, CVV, and UPI-PIN. The central bank also cautioned public from undertaking banking or other financial transactions through public, open or free WiFi-networks and storing important banking data on the mobile, e-mail, electronic wallet or purse. Consumers may remember that banks and other payment systems operators never ask for details such as password, PIN, OTP and CVV number, it said. NKD HRS

RBI asks payment systems operators to educate public on safe digital transactions

<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices called ‘Wear N’ Play’. “The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third largest private bank launched a band, a key chain and a watch loop, which cost just ₹750 (around $10) apiece. <div type="image" title="image003(1)" msid="81443349" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s new line of wearable contactless payments devices&amp;lt;/p&amp;gt;"></div> Just as SBI collaborated with Titan, Axis Bank developed its devices in collaboration with Thales and Tappy Technologies. The new system should allow Axis Bank customers to make a transaction at any merchant who accepts contactless payments. The move comes within two months of the Reserve Bank of India (<a href="https://www.businessinsider.in/finance/news/rbi-hikes-limit-for-contactless-card-payments-from-2000-to-5000/articleshow/79542969.cms">RBI</a>) announcing that it is raising the limit for contactless payments from ₹2,000 to ₹5,000. However, there are still concerns around the safety of contactless payments. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of fees for Axis Bank wearable payments device </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issuance fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Replacement fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily purchase limit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover up to 100% purchase limit </td></tr></tbody></table>Source: Axis Bank Direct transactions without OTPs According to a survey conducted by global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, 50% of people are happy about the increase in limits but still have concerns about security and fraud. “This denotes that consumers tend to value security over convenience,” the report said. Leigh-Anne Galloway and Tim Yunusov from Cyber R&amp;D Lab showed how it was possible to bypass multi-factor authentication controls for tap-and-go transactions at a <a href="https://www.blackhat.com/asia-20/briefings/schedule/index.html#first-contact---vulnerabilities-in-contactless-payments-19359">Black Hat Asia</a> event in October 2020. They were able to devise various ways to get around payment limits. The bigger threat is to data privacy. Contactless systems collect an immense amount of data from users and that data can be used to track a person’s movements. While the systems themselves may be secure, all it would take is one wrong download or malware to sneak on to a user’s smartphone to gain access to whatever part of that data is stored on the device. How do wearable payment devices work? Wearables typically use near-field communication (NFC) or radio frequency identification (RFID) technology in order to link the device to a customer’s credit or debit card. This eliminates the need for them to touch public surfaces or the physical point of sale (POS) terminals. The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. Using chip-enabled cards to make the same transaction takes around 45 seconds, but wearables can undercut that time and pull a transaction through in just 10 to 15 seconds. According to global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, contactless payments are a key growth factor for digital payments in India going forward. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a> <a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

After SBI, Axis Bank launches its own line of wearable payment devices that only cost $10 a piece

Chandigarh, Apr 27 () Haryana Police on Monday asked people to beware of cyber criminals who are trying to commit fraud during the ongoing lockdown.It warned people that sharing personal information online or visiting pages through suspicious links could result in funds being siphoned off from their bank accounts.ADG (Law and Order), Navdeep Singh Virk said cyber offenders are using various tactics to dupe money from the bank accounts of people by taking advantage of the lockdown.He said people should exercise maximum caution while handling suspicious emails or links about COVID-19.Cyber criminals may cheat people by asking them to donate money for COVID-19 funds through fake UPI IDs which are similar to those of PM-CARES fund, the additional director general said.The fraudsters may also seek donations through social media by creating fake bank accounts, Virk said in a statement."Some of the other modus operandi include seeking bank details in the guise of fraudulent schemes on face masks and sanitizers via fake online shopping sites, committing frauds by creating a fake page similar to government websites, offering coronavirus protection kits by online shopping windows and seeking OTP for home delivery of goods," the ADG said.He said it has been observed that cyber fraudsters are also circulating malware links regarding COVID-19 to steal confidential data, including password, from the receiver's phone or computer.Virk said the Cyber Crime unit of Haryana Police is actively working to catch the cyber fraudsters. SUN AD

Beware of cyber criminals during lockdown: Haryana Police

<ul><li>Indian government may implement <keyword id="6659127" type="UNKNOWN" weightage="20" keywordseo="Multi-factor-authentication">multi-factor authentication</keyword> for <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>.</li><li>Facial recognition, Iris scan and user location may be used to ensure security.</li></ul>The Indian government has been pushing for increasing <a href="https://www.businessinsider.in/pm-modi-vouches-for-cashless-transactions-urges-people-to-bear-short-term-pain-for-long-term-gain/articleshow/55746268.cms">digital payments</a> and moving towards a cashless economy. The Chief of National Cyber Coordination Centre, Dr Rajesh Pant, at an ASSOCHAM event said that the government is looking to implement multi-factor authentication to improve the security of digital transactions in the country. As per a <a href="https://indianexpress.com/article/opinion/columns/the-billion-standard-digital-payments-bank-accounts-6254962/">report</a>, 1.3 billion UPI transactions were recorded in January 2020. With the increasing number of transactions, it is also important to increase the security of digital transactions. Govt to move towards multi-factor authentication At present, UPI and payment apps like PhonePe and Google Pay use two-factor authentication as mandated by RBI. Two-factor authentication involves two factors to grant access to a system. Most apps use one-time-passwords (OTPs) in addition to passwords to authenticate users. The government is now looking to improve this with the introduction of multi-factor authentication. In addition to requiring a password to sign in, the payment apps may also be mandated to add an additional layer of security in the form of facial recognition, Iris scan and checking the location to ensure security of digital payments. While facial recognition is easy, it will not be easy to implement iris scan on smartphones. While Samsung offers an iris scanner on a few of its flagship devices, this feature is not available on other smartphones. At present, some banking apps already require the user to enable the location on the smartphone to complete a transaction. This helps in finding the person who initiated the transaction in case fraud is detected. This should not be hard to implement on other apps as well. During the ASSOCHAM IndiSec - Cyber &amp; Internal Security Conference, Dr. Pant also said, “The trials of technology for multi-factor authentication are already going on abroad, once it gets approved then we will definitely bring it in India.” See also: <a href="https://www.businessinsider.in/tech/news/four-in-five-asian-banks-are-losing-money-to-fraud-as-real-time-payments-rise-and-it-will-only-get-worse-in-2020/articleshow/73548153.cms">Four in five Asian banks are losing money to fraud as real-time payments rise — and it will only get worse in 2020</a> <a href="https://www.businessinsider.in/jeff-bezos-phone-hack-shows-hackers-are-winning-in-the-arms-race-between-governments-and-tech-firms/articleshow/73543826.cms">Jeff Bezos phone hack shows hackers are winning in the 'arms race' between governments and tech firms according to a cybersecurity expert</a> <a href="https://www.businessinsider.in/indian-nuclear-plant-hack-is-only-one-small-part-of-a-much-bigger-operation-according-to-a-cybersecurity-expert/articleshow/72033253.cms">Indian nuclear plant hack is only one small part of a much 'bigger' operation, according to a cybersecurity expert</a>

Indian government to add facial recognition, iris scan for digital payments

<ul><li>The finance ministry on Thursday said ₹1,000 more will be given over the next two months.</li><li>Doordarshan (DD) is the highest watched channel in India for the week ended April 3.</li><li>According to reports, the government may soon announce a second stimulus package worth over ₹1 lakh crore.</li><li>The rupee on Thursday recovered from record low levels to settle 6 paise higher at 76.28 </li></ul> Following are the top business stories of April 9. Industrial production grows 4.5% in February The country's industrial output grew by 4.5% in February, mainly on account of higher output in the mining, manufacturing and electricity sector, government data showed on Thursday. Govt to deposit ₹1,000 in women PMJDY accounts in two instalments Urging people not to believe rumours, the finance ministry on Thursday said ₹500 has been deposited in each PMJDY <a href="https://www.businessinsider.in/india/news/a-majority-88-of-indians-want-a-lockdown-extension/articleshow/75063790.cms" data-type="tilCustomLink">account held by women for April a</a>nd ₹1,000 more will be given over the next two months in equal instalments. EMI moratorium fraud: Banks asking customers to be alert, not to share OTP with imposters In a bid to warn customers against fraudsters who may attempt to exploit the EMI moratorium scheme, leading banks are reaching out to their customers to caution them against 'EMI moratorium frauds' and strongly advising them not to share sensitive information like OTP and PIN with imposters. Petrol, diesel demand slumps 66% in Apr; ATF down 90% as <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> eviscerates demand India's fuel consumption slumped by over 66 per cent in April as a nationwide lockdown halted economic activity and travel, which eviscerated demand. COVID-19: RBI hopes monetary, fiscal measures to spur eco activity once normalcy is restored Amid lockdowns and global slowdown adversely impacting the economic activity, the RBI on Thursday expressed hope that recent monetary and fiscal measures will mitigate the impact of COVID-19 on domestic demand and spur growth once the normalcy is restored. Markets ratchet higher on second stimulus buzz; log weekly gains The <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-sensex-and-nifty-updates-april-9-2020/articleshow/75058871.cms" data-type="tilCustomLink">Sensex vaulted over 1,265 points while the broader Nifty cruised past the 9,100-mark</a> on Thursday as hopes of a second stimulus package from the government triggered widespread buying. Doordarshan highest-watched channel in India during week ended Apr 3: BARC Getting back classic programmes like Ramayan to keep locked down people entertained has catapulted Doordarshan (DD) to be the highest watched channel in India for week ended April 3, BARC said on Thursday. Govt may soon announce second stimulus package worth over ₹1 lakh crore: Report The Centre may soon announce another fiscal package which should be almost similar to the Rs 1.75 lakh crore stimulus announced last month, a report said on Thursday. Lockdown: Migrant workers from North East feeling insecure to return to workplace, says AIMO All India Manufacturers Organisation (AIMO) on Thursday said a large number of migrant employees from the North East region have expressed insecurity and fear to return to work in places away from their native places due to "harrowing experience" they faced due to the lockdown. Rupee recovers from record lows on forex inflows, firm stocks The rupee on Thursday recovered from record low levels to settle 6 paise higher at 76.28 against the US dollar tracking gains in equity markets and foreign fund inflows. Airlines selling tickets without clarity on lockdown period unfair to consumers: CAPA Aviation consultancy CAPA on Thursday said allowing domestic airlines to take advance bookings from April 15 is "unfair" to consumers since a decision on lifting the nationwide lockdown is yet to be taken. Telcos provided adequate relief to low-income users despite fin stress: COAI to Trai Industry body COAI on Thursday told the sector regulator that operators have provided adequate relief to low-income subscribers despite financial stress, and expectation of extending benefit to all prepaid users is not appropriate. RBI expects rupee to hover around 75/dollar; Indian crude basket to $35 per barrel in FY21 The Reserve Bank expects the value of the domestic currency to hover around ₹75 to a dollar and Indian crude basket to about USD 35 per barrel during 2020-21. Lockdown: Govt may soon allow courier, parcel services to function In a relief to businesses, the government may soon allow operations of courier and parcel services in the country so that companies are able to send and receive documents at a time when the country is under coronavirus lockdown, sources said. Govt extends Central Electronics bid deadline to May 16 The government has extended the deadline to bid for Central Electronics Ltd (CEL) by a month to May 16 on account of the situation arising due to the coronavirus outbreak. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/maharashtra-to-cut-salaries-of-all-its-mlas-by-30-for-the-entire-year/articleshow/75064785.cms" data-type="tilCustomLink"> Maharashtra to cut salaries of all its MLAs by 30% for the entire year</a>

A ₹1 lakh crore second stimulus package and all the headlines you may have missed today

Mandating the linking of PAN with Aadhaar, the government has so far extended the deadline seven times. The latest deadline was September 30, which has been further extended now to December 31, 2019. Hence, all PAN card holders must now link their PAN with Aadhaar. PAN is issued by the Income Tax Department of India to persons, firms or entities and it is a 10 digit alphanumeric number. Aadhaar is issued by the Unique Identification Authority of India to all residents of the country. During September 2018, the Supreme Court declared that the Aadhaar scheme is valid constitutionally and upheld the ruling that this biometric ID will continue to be considered mandatory for filing income tax returns as well as allotment of new PAN. Benefits of Linking PAN card to Aadhar card Apart from fulfilling the government mandate, there are several benefits to linking PAN with Aadhaar. Preventing any PAN card frauds Linking PAN with Aaadhaar can help the government filter and weed out those PAN cards that are fake and used by individuals to conceal their taxable income or evade the paying of income taxes. Finding out tax evaders PAN card is an essential document to pay taxes. PAN is also a must KYC document for bank accounts. Linking Aadhaar with PAN will automatically link the person’s Aadhaar with their bank accounts. Hence the government will be in an advantageous position to track the transactions of all persons and ascertain if the taxes they pay is right or not. Curbing the circulation of black money Fake identities help conceal the illegal activities like drug trafficking. When the PAN is linked with Aadhaar, it will rule out the possibility of such illegal activities. Easy to file tax returns for taxpayers The present laws by the government mandate the linking of PAN with Aadhaar. Once it is linked, the taxpayers can file their income tax returns online in a hassle-free way rather quickly. Taxpayers are also saved from the additional job of sending acknowledgement to the IT department. ITR-V can also be verified through an OTP you receive on your mobile number registered with Aadhaar. How to link Aadhaar to PAN online? Linking Pan with Aadhaar is a very easy process. Before doing this, ensure that the details your personal details you find on PAN and Aadhaar are the same. In case the name, spelling and other details found on these cards do not match, you need to rectify them. Use the link <a href="https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html">https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html</a> for correcting the details on your PAN card. If the date of birth in both the documents match with each other perfectly, you can also choose to link PAN and Aadhaar without correcting your name either document. To do this, generate an OTP and upload a scanned copy of your PAN card on the official website of the Income Tax Department. Steps to link PAN card with Aadhaar Card 1. Visit the site <a href="http://www.incometaxindiaefiling.gov.in/home">http://www.incometaxindiaefiling.gov.in/home</a> 2. Click on the link ‘Link Aadhaar’. 3. Fill out the application you will see on the page. 4. Once you enter the details asked, enter the captcha code. 5. Finally click on the ‘Link Aadhaar’ link.

Last date to link PAN card with Aadhaar extended for the 7th time, now to 31 December — Know the complete process

<ul><li>RBI announced some changes in the banking rules in the country. </li><li>The latest modifications in the banking system will take effect in January 2020. </li><li>Here are the important changes you need to know regarding financial transactions, EPF, Insurance, Hallmark, FASTag and Aadhaar linking in India. </li></ul>The Reserve Bank of India (RBI) is the authority that issues the rules and regulations that govern the banking sector. It is mandatory for all the banks in the country to implement the changes announced by the RBI, which helps provide uniform customer experience. Here are the latest guidelines and changes that take effect in January 2020. NEFT charges will be rolled back As per the new RBI guidelines, banks must <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/from-january-2020-banks-cannot-charge-you-for-online-neft-transactions/articleshow/71970375.cms?from=mdr">stop charging customers a fee for transacting using the NEFT</a> (National Electronic Funds Transfer) system. This measure is intended to encourage digital transactions among the users. Statistics show digital payments accounted for over 96% of the total non-cash retail payments done from October, 2018 to September 2019. OTP to withdraw cash from ATM India’s largest bank SBI says the customers transacting on the ATMs from January 2020 will have to input an OTP sent by the bank on their registered mobile phones to complete the transaction. It means users will have to carry their mobile phones while using ATMs. This measure is implemented to prevent fraudulent transactions and enhance the security measures while using ATMs. <div type="Article" hostid="261" msid="72994722" title="Bank Holidays January 2020: Complete list of bank holidays January 2020 to help you plan your financial activities" mstype="2" mssubtype="0"></div>

 No MDR charges for transactions on RuPay and UPI platforms The Department of Revenue is to announce RuPay and UPI as the prescribed mode for paying while transacting digitally. The finance minister Nirmala Sitaraman said <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-sitharaman/articleshow/73008967.cms?from=mdr">there will not be any MDR (Merchant Discount Rate) charges</a> while using these platforms for transactions. You can choose to lower your EPF contribution With the bill successfully passed in the Parliament, the government has decided to let employees lower their EPF contribution if they choose to. About 12% of their basic is deducted at present from the salaries of the employees for depositing in EPF. The said revision in the rule enables employees take more salary to their homes, if they want. General insurance policy premiums will cost more The New Year might also see <a href="https://www.moneycontrol.com/news/business/personal-finance/heres-why-your-general-insurance-premium-may-rise-by-10-15-after-january-1-4655291.html">general insurance premiums go up</a> by 10 to 15% on account of the rise in reinsurance rates. Reinsurance rate is the rate that the insurance providers must pay for securing a cover. The rise in reinsurance costs will mean the premiums will cost more. Health insurance providers who are under the pressure to cover additional ailments, are looking forward to increase the health insurance premiums from 10 to 15% in 2020. <div type="Article" hostid="261" msid="72975148" title="Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more" mstype="2" mssubtype="0"></div>

 SBI loan interest rates will come down After the RBI reviewed its monetary policy in December, SBI became the first bank to cut its external benchmark rate by 25 basis points. While the revised benchmark lending rate of 7.8% is taking effect from 1 January 2020, the borrowers will see the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/sbi-reduces-its-external-benchmark-rate-by-25-bps/articleshow/73024749.cms">home loan interest rates come down to 7.9% a year</a> from the previous 8.15%. The interests of other kinds of loans will also come down a bit in the New Year. Hallmarking becomes mandatory for jewelry From January 15, 2020, the government has said <a href="https://www.businesstoday.in/current/economy-politics/govt-set-to-make-gold-jewellery-hallmarking-mandatory-from-january-15/story/391310.html">hallmarking is mandatory on jewelry</a>. Nevertheless, the government has allowed a lean period of one year to ensure compliance with this new rule giving time for establishing new hallmarking centers across the country and also to clear existing jewelry stocks with the merchants. This move is expected to tackle the quality concerns and thereby boost demand for gold in India which is the second largest gold market of the world. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div>

 3 months extension given to link Aadhaar with PAN card The government’s latest announcement on the subject says the last date to link Aadhaar card with PAN card is extended for three more months from <a href="https://www.businesstoday.in/current/economy-politics/pan-aadhaar-linking-deadline-extended-by-3-months-to-march-31/story/392888.html">December 31, 2019 to March 31, 2020</a>. This is the second time that the government is extending this deadline so that the users are given enough time to complete the task. While the Income Tax laws say that the PAN cards will become inactive if Aadhaar card is not linked, the extension comes as a respite to those who have not linked these two documents. Those that have not purchased FASTag will have to pay two times the toll charges All private and commercial vehicles running on the Indian roads must purchase FASTags. The government earlier extended the December 1, 2019 deadline to December 15, 2019 for the vehicle owners to ensure compliance. Failing to do so and driving through the toll lanes without FASTag affixed to your car windshield, will mean you will be paying twice the toll charge. These are rechargeable tags that will enable automatic deduction of toll charges from your linked bank account as you can avoid long queues at the toll plazas. SBI’s chip debit cards will only work in the New Year 2020 SBI had earlier asked its customers to change their magnetic stripe debit cards with EMV chip and PIN-based SBI debits cards. This can be done at their home branch. If you are an SBI customer having your old magnetic stripe card, <a href="https://www.financialexpress.com/money/sbi-customer-these-atm-cum-debit-cards-will-become-useless-from-january-1-do-this/1781664/">your card will not work from January 1, 2020</a>. In a statement, SBI has said, “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud.” <div type="Article" hostid="261" msid="72906028" title="Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes" mstype="2" mssubtype="0"></div>

New Banking, Insurance and Finance rules that will come into effect starting 1st January - Here's how they will affect you and what you need to know

After nearly a decade in <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google </a>and two decades in the United States, <a href="http://www.businessinsider.in/searchresult.cms?query=Peeyush+Ranjan">Peeyush Ranjan</a> quit <a href="http://www.businessinsider.in/searchresult.cms?query=Google">Google</a>’s engineering team to join <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart">Flipkart</a> as its Chief Technology Officer. 
 
After an illustrious career as head of engineering for <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google</a>’s <a href="http://www.businessinsider.in/searchresult.cms?query=Android+One">Android One</a> and a part of Google-owned Value Devices division of <a href="http://www.businessinsider.in/searchresult.cms?query=Motorola">Motorola</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Peeyush+Ranjan">Ranjan</a> has been there, done that. 
 
This year <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart">Flipkart</a> roped in 3 tech experts from Amazon, <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google</a> and Microsoft and <a href="http://www.businessinsider.in/searchresult.cms?query=Peeyush+Ranjan">Ranjan</a> has his name on the list. He is among the first batch of world-class engineers to move from <a href="http://www.businessinsider.in/searchresult.cms?query=Silicon+Valley">Silicon Valley</a> to India to participate in Indian <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a>. 
 
Business Insider India chats up with this ex-Googler about life in India, technology and <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart">Flipkart</a>. 
 
How has life changed post <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>? 
There are two sides to it – the personal side and the work environment. I’ve lived in the US for 20 years, but was born and brought up here of course, so not a stranger by any means. Things are different in both good and bad ways. You get to eat great mangoes, and get stuck in traffic. My stint in Bangalore with <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google</a> prepared my family for it. 
 On the professional side it doesn’t even cross my mind that it is about US or India. The desire and sense of entitlement is very high when you move from working in a place like <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword>. However, at<a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart"> Flipkart</a> I’ve been positively surprised. As the company plans to invest more in product and technology, we’re playing to our strengths. The problems we’re trying to solve are second to none. As a segment leader we’ve to move fast as there is so much ground to cover. That results in long work days and it’s a pleasurable experience. 
 
What are your current areas of focus in terms of technology? 
We’re investing heavily in world-class <a href="http://www.businessinsider.in/searchresult.cms?query=infrastructure">infrastructure</a>. We now have our own Data Center. The amount of insights that can be generated from data is incredible. Also, anything Mobile-related is of superior importance. 
 
How’s Ping doing for Flipakart? 
It’s doing well. This is just the beginning of what’s possible. Some are also using Ping to communicate with each other, which is also good. Overall, it’s a very solid footing. 
 
The need we are trying to address is real, and the user experience is great. Stay tuned, you’ll see more come out of Ping. There have been technological advancements in here that companies like <a href="http://www.businessinsider.in/searchresult.cms?query=Google+">Google</a> and Facebook can’t rival. The web socket we’ve used has resulted in 6x lesser battery consumption. We’ve been able to do this as we have world-class engineers who realize that battery life and data consumption are critical to the end user. 
 
What should be the core areas of focus for Indian <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> companies to differentiate themselves? 
Differentiation will definitely occur. However, the Indian consumer is very different. Thus, focusing on the needs of the Indian consumer is most important. That’ll allow companies to leverage their strengths and cause differentiation. The dog and the tail are set up that way. 
 
In the US there are a lot more high-end smartphones. The capability of the network and devices are above a certain threshold. Trying to imitate their products here would not work. One has to take into account the second-hand phones, limited battery life and network bandwidth. When you keep these in mind you design a product for the Indian consumer that works seamlessly across smartphones, and now things are working. 
 
Everybody would ultimately do what the consumer wants, but one has to focus on his strengths to build something better. 
 
What’s the role of technology in a market as challenging as India? Is it still about customer acquisition? 
There is a lot more to it. I strongly believe this is once in a lifetime opportunity given to Indian software engineers. We don’t have a legacy to carry forward. Products like <a href="http://www.businessinsider.in/searchresult.cms?query=WhatsApp">WhatsApp</a> were adopted in India and elsewhere much before it became popular in the US. 
 
While there is a gap, technology gives us the opportunity to leapfrog and establish India as a thought leader. After all, we have some of the best software engineers in the world. To give you an idea, <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart">Flipkart</a> was doing more Same-day delivery in India than <a href="http://www.businessinsider.in/searchresult.cms?query=Amazon">Amazon</a> in the US. 
 
We can start pushing the limits to what the world can see us doing in terms of technology while applying technology to these gaps and leapfrogging. 
 
Do you see policy restrictions as hurdles to India’s technological innovation? 
I see it as policy, not policy restrictions. It’s hard to say it should be this or that way. There are several factors that go into balancing all aspects that go into creating a product. 
 
The way see it is that as an Indian company we have to follow the law of the land. As an Engineer I have to work with these constraints or enablements. Sometimes they help you, sometimes they don’t. There’s a local context one has to work in. 
 
In India we have OTP (One Time Password) to avoid fraud. Many countries in the West don’t have that concept. That affects everyone willing to do online payments. The country has also rolled out payment specifications for <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhar">Aadhar</a> using bio-metrics for authentication. It is the biggest bio metric database in the world. Building an authentication system on the backbone of this would allow us to integrate bio-metrics on the phone directly with payment authentication and bypass all other payment hurdles. 
 
What are your plans for the <keyword id="2546729" type="UNKNOWN" weightage="100" keywordseo="Big-Billion-Day-sale">Big Billion Day sale</keyword> this year? 
We’re preparing our systems to handle the traffic. A majority of our time is going into making sure our systems are ready to take that load. 
 
Is it really that simple? 
*Laughs* It’s not simple. If you’re building a jumbo jet you’re building it to take the load. After that, it will fly. It’s not simple, but simply said. 
 
Why offer the Big Billion Day sale only to the app, and not the desktop site? 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Big+Billion+Day+sale">Big Billion Day sale</a> has its own construct, and we’re trying to offer the best experience on mobile. You can still buy things from the desktop site. 
 
It’s in the news that your initiative to take select categories and products to the app only platform is the first logical step to going app only. Do you rubbish these reports? 
We want to be the best place to shop on mobile. App only might not be the way to do it. Our approach is more holistic, and we experiment all the time. Offering app only offers or app only categories is a part of our effort to understand what works.

Exclusive: Peeyush, CTO, Flipkart on Technology, India and
Big Billion Day Sale

<a href="http://www.businessinsider.in/searchresult.cms?query=E-Commerce">E-Commerce</a> has become one of the undisputed mainstays of the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+economy+">Indian economy </a>and the sector is poised to grow at a 41% CAGR over FY15-18E, according to a recent Goldman Sachs report. Our sense is that within a decade, India’s consumption <a href="http://www.businessinsider.in/searchresult.cms?query=GDP">GDP</a> will be $2.5 trillion, of which, 10% will be online and <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> will play a definitive role in addressing this $250 billion consumption gap. Therefore, starting 2016, the Indian e-commerce sector will need to recalibrate its focus on a long-term vision to ensure business scalability and profitability. Businesses will have to ensure bringing in innovative consumer-centric solutions to provide an enhanced experience for all stakeholders. In the process of laying the future roadmap to create the most impactful digital commerce ecosystem, there are four focus areas which will require special attention – digital payments, O2O and Omni channel, vernacular interfaces, and predictive analysis. 
 
Digital Payments Creating Value Added Transaction Experience 
From card on delivery to greater adoption of <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets">digital wallets</a>, payment has become an active playground for e-commerce players to ensure value added transaction experiences. Focusing on improving customer experience, 2016 will see introduction of more efficient digital payments solutions. One impact of this will be on the financial supply chain and refunds mechanism. Banks are already assisting in building this through IMPS transactions that allow bulk refunds to be processed faster, even allowing under one hour refunds in certain cases. In 2016, faster cash transaction solutions will be developed for sellers and merchants as well. For instance, banks can collaborate with e-commerce logistics partners to strengthen financial supply chain. This will allow faster collection and entry of cash in the banking system as well as efficient technology integration for its early disbursal to marketplaces, and thereby the <a href="http://www.businessinsider.in/searchresult.cms?query=seller+community">seller community</a>. 
 
 At the same time, forecasts that suggest the mobile wallet market in India are expected to reach US USD 6.6 billion by 2020 (India Mobile Wallet Market Forecast and Opportunities, 2020) indicate greater adoption of wallets as a simplified and secure digital payment option. With various payment solutions such as HCE (Host Card Emulation), NFC (Near Field Communication), BLE (Bluetooth Low Energy) and QR (Quick Response) code, digital wallets have already created value through single touch and secure payment solutions, cashback deals, among others. The future is in solutions like ‘On the go Pin’ which are not only compliant with RBI’s two-factor authentication mandate, but also faster and safer than existing technologies like MPIN, by-passing the need for OTP in online and offline commerce. 
 
O2O and omni channel: Fostering integrated commerce experiences 
Retailers and marketplaces are increasingly recognizing the need to reach on-the-move customers through multiple entry points – web, wap, app and in- store – as consumption patterns evolve. A robust omni-channel programme will help <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> players integrate in-store and online product discovery and delivery, creating value and loyalty in customers. A significant number of consumers in India still prefer the touch and feel aspect of offline commerce. Online to offline commerce is in a unique position to cater to diverse consumer demands and buying behaviours. Since technology is such an integral part of an intuitive O2O experience, marketplaces can start by focusing on data integration and pre-emptive analysis to deliver differentiated experiences at unique points of access. 
 
In fact, a series of strategic engagements that go into building successful models of hyper-local delivery, Click and Collect commerce and service assistance will be designed on a strong foundation of simplified technology solutions. Examples of these engagements are already being seen in categories like Automobiles, Apparel and Real Estate. But with more brands accepting the need, we will see an increase in cases of omni-channel outreach. 
 
Recognizing value in Vernacular: 
With the rapid growth of e-commerce businesses, the sector will have to start looking at the untapped segments of Indian population to increase market share. According to an IAMAI (Internet and Mobile Association of India) report, out of India’s 259 million internet user base, 127 million internet users from the Tier 2 and 3 geographies are yet to come online due to the language barrier. Yet the consumption needs for this pool are as diverse and as strong as their English-speaking counterparts. This creates potential to open up the ecommerce industry to an untapped market – estimated to be more than 100 million internet users. The next growth area, we feel, will be in developing language-based interface solutions, back-end support and customer engagement teams to create an experience unique to vernacular audiences. Recognizing the potential, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a> became the first <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> marketplace to launch a UI in 11 regional languages. This is only expected to drive trends in e-commerce, bringing the remotest areas in the country under financial inclusion through digital wallets. A cashless economy can very well be the future. 
 
Innovation will ride on simplification and predictability: 
A worthwhile commerce experience is dependent on ease of discovery, purchase and delivery. Placing the customer at the centre of innovations will allow for blending various aspects of user experiences across multiple platforms, channels and apps – a string of pearls impact. This is both a reflection of, and an impetus to, the way <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> engagements will develop as the sector matures. One aspect of this is the experience of a customer when he engages with a brand or platform. The intuitiveness of an interface is the first stage at which impactful interactions can happen with customers. The spate of innovations like more efficient product discovery, greater integration of social platforms to mimic peer-influenced purchase decisions, replication of offline browsing experiences are all steps in the direction to make a great first impact. Now, an important focus area for <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce </a>marketplaces will be real-time addressing of consumer pain-points which predominantly rest on lack of trust and inconvenience. On the technology front, this can be delivered through solutions like pre-emptive and stringent product quality checks that will enable better addressing of fraud. 
 
Deploying Big Data insights and Predictive Analysis have been key factors in how e-commerce players have strengthened customer engagements. In fact product recommendations to customers and business solutions for sellers have relied on recognizing insightful patterns in consumer preferences. Yet the scope of data analysis is grossly under-tapped, especially in context of process management. E-commerce businesses in 2016 will engage more strongly with the <a href="http://www.businessinsider.in/searchresult.cms?query=Data+Analytics">Data Analytics</a> to manage their back-end solutions. If we observe the ecosystem today, logistics partners and marketplaces have begun driving better process by more efficient tracking of products; predicting demand surges, especially on high online-traffic days and also smartly managing bottlenecks in assembling and delivery. 
 
Online commerce is set to reach greater heights because of the significant investments that are going into strengthening its supporting ecosystem. Businesses that will work towards transforming various elements of the value chain will enable the establishment of a sustainable e-commerce sector. Hence, factors like digital payments, O2O commerce and pre-emptive and simplified technology innovations will drive value for customers and sellers alike. As the sector evolves, focused executions to transact and engage in vernacular, will help shift a further chunk of retail transactions online. Digital commerce is poised to create further disruption in the Indian market landscape, and these developments will eventually play a critical role in strengthening the economic growth of the country. 
 
(The article has been authored by <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Chandrasekaran">Anand Chandrasekaran</a>, Chief Product Officer, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a>) 
 
 Image credit: Indiatimes

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