Mumbai, June 4 () The Reserve Bank has decided to publish on a daily basis data on volume and value of transactions through various payment systems like NEFT, RTGS and UPI as well as cash withdrawals from ATMs, with a view to facilitate research and innovations. As per June 3 data, people withdrew Rs 4,426.92 crore cash from ATMs and Rs 668.88 crore through micro ATMs/Banking Correspondents. There were 4.3 lakh RTGS transactions valued at Rs 33,0632.89 crore and 100.36 lakh NEFT transactions accounted for Rs 62,985.75 crore. There were as many 456.26 lakh UPI based transactions through which Rs 9,622.38 crore were transacted. Value of IMPS-based transactions stood at Rs 7,653.71 crore. "The data relating to transactions undertaken during the day will be published on the subsequent working day," the RBI said in a statement. It also said the data relating to transactions through cards will also be published daily once the reporting systems are put in place. The Reserve Bank captures volume and value of transactions undertaken in payments systems operated by the RBI (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs. The payment system data is presently published monthly by the RBI in its bulletin. The RBI, beginning Thursday, has decided to publish the data on a daily basis. "The data relating to transactions undertaken during the day will be published on the subsequent working day. Data relating to cards will be published once the daily reporting systems are in place," the RBI said. This initiative to disseminate payment systems activities data on a daily frequency, the apex bank said, is expected to facilitate better research and also contribute to innovations in payment systems. The monthly publication in RBI Bulletin, however, will continue. Meanwhile, the RBI has extended timeline for compliance with various payment system requirements in view of the prevailing situation due to COVID-19 pandemic. For instance, regarding implementation of provisions of circular on 'Enhancing Security of Card Transactions', the timeline has been extended to September 30 from the original schedule of June 16. Timelines have been also been extended in relation 'issuance and operation of prepaid payment instruments (PPIMD); Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems; and Guidelines on Regulation of Payment Aggregators and Payment Gateways. NKD CS MKJ

RBI starts publishing daily data on select payment systems

<ul><li><keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword> has seen a 10-time increase in its prices over the last one month.</li><li>This has caused a massive surge in traffic on <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, one of the largest cryptocurrency exchanges in India, resulting in transaction failures and delays in orders.</li><li>While the company says the issue has been fixed, users continue to report issues.</li></ul>The Dogecoin frenzy has left one of India’s largest cryptocurrency exchanges panting for breath, with its users posting on social media about transaction delays, payment failures and their money getting stuck. The company pointed out that its servers are being overwhelmed by traffic caused by massive demand for Dogecoin. “Doge’s sudden price movement has caused a massive surge in our traffic. We’re seeing more than a 1000% spike in concurrent users,” it said. In a statement to Business Insider, WazirX’s Chief Executive Officer Nishcal Shetty pointed out that the issue was caused due to a system error. “Today, one of our systems - on detecting the high traffic - wrongly marked it as bad traffic and started blocking the requests. It was good traffic, and this error caused our users to have intermittent access to the app,” he said, explaining the cause of the problems faced by its users. He clarified that the issue was not caused due to server overload – instead, it was a system-side error. While Shetty said that the issue has been identified and fixed, users continue to report issues with depositing money and other transaction errors. <div type="twitter" handle="Arunn37" handlename="@runn kumar" image="http://pbs.twimg.com/profile_images/1389630610986004480/mSyTAwA6_normal.jpg" favoritecount="0" retweetcount="0" status="@WazirXIndia Didn't see any change. still facing issues with deposits.Thanks I got a confirmation that it's time… https://t.co/6OkmNc85l5" createdat="1620275679000" id="1390163073600679936"></div> We tried to add money too, but the UPI options were disabled and direct bank transfer via IMPS, NEFT and RTGS was not working either. <div type="image" title="WazirX deposit" msid="82425883" hostid="261" caption="&amp;lt;p&amp;gt;The UPI options were disabled and instant deposit did not work, either.&amp;lt;/p&amp;gt;"></div> Some users said they tried depositing money via UPI, but the money has not been deposited in their accounts. <div type="twitter" handle="bassholics" handlename="Bassholics" image="http://pbs.twimg.com/profile_images/1280558860999077888/s7Lv4gM7_normal.jpg" favoritecount="0" retweetcount="0" status="@shivangbhargav @NischalShetty @BuddhaSource Really bro, did you tried to find there office contact or address? I… https://t.co/NC10ShaKc9" createdat="1620275384000" id="1390161838319411205"></div> A few users said that this has been happening for several days now. <div type="twitter" handle="shivangbhargav" handlename="shivang bhargava" image="http://pbs.twimg.com/profile_images/1388989834639802372/gG5ul38Q_normal.jpg" favoritecount="2" retweetcount="0" status="Today is the 9th day and there is no response from wazirx despite raising tickets. My money did not reflect in my… https://t.co/pAvdHtpye4" createdat="1620209139000" id="1389883986319593475"></div> Update: Nischal Shetty has revealed that the UPI payment options are not working because banks have blocked them. We tried using the bank deposit option but that isn't working either. <div type="twitter" handle="NischalShetty" handlename="Nischal (WazirX) ⚡️" image="http://pbs.twimg.com/profile_images/960826344413286400/p8yDflBO_normal.jpg" favoritecount="288" retweetcount="97" status="UPI is not working?That’s because banks are not providing UPI to crypto exchangesDo you want to help?Then twe… https://t.co/amk9Pwax4S" createdat="1620296051000" id="1390248520121077763"></div> <div type="image" title="WazirX deposit error" msid="82429957" hostid="261" caption="&amp;lt;p&amp;gt;WazirX deposit error&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="What’s the Dogecoin frenzy?" comment="subhead" text="What’s the Dogecoin frenzy?">What’s the Dogecoin frenzy?</cmsannotation> Dogecoin, a cryptocurrency that was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer, has nearly doubled in the past week – it has gone up from ₹23.19 on April 29 to ₹45.19 as of May 6, doubling everyone’s investment in this timeframe. Going back one month, an investment of ₹1,000 in Dogecoin is now worth nearly ₹10,500. The massive surge in Dogecoin’s prices has been driven in part due to Elon Musk’s backing of the cryptocurrency, where he called it “the people’s crypto.” <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1383184766959120385/MM9DHPWC_normal.jpg" favoritecount="554529" retweetcount="104044" status="Dogecoin is the people’s crypto" createdat="1612426526000" id="1357241340313141249"></div> It’s not just a one-off endorsement of Dogecoin, either. Musk backed it as recently as April 29. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1383184766959120385/MM9DHPWC_normal.jpg" favoritecount="452448" retweetcount="78478" status="The DogefatherSNL May 8" createdat="1619590847000" id="1387290679794089986"></div> Analysts <a href="https://www.cnbc.com/2021/05/04/dogecoins-price-is-rising-ahead-of-elon-musks-snl-appearance-.html">believe</a> Musk’s appearance on the upcoming late-night comedy show Saturday Night Live on May 8 is fueling the frenzy. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-worlds-biggest-holder-of-dogecoin-owns-28-of-the-cryptocurrency-a-position-now-worth-2-1-billion/articleshow/81078803.cms">The world's biggest holder of Dogecoin owns 28% of the cryptocurrency - a position now worth $2.1 billion</a> <a href="https://www.businessinsider.in/stock-market/news/a-33-year-old-dogecoin-investor-shares-how-he-became-a-millionaire-in-2-months-after-elon-musk-inspired-him-to-pile-into-the-meme-currency/articleshow/82258065.cms">A 33-year-old Dogecoin investor says he became a millionaire in 2 months after Elon Musk inspired him to pile into the meme currency</a> <a href="https://www.businessinsider.in/stock-market/news/dogecoins-80-billion-valuation-now-makes-it-bigger-than-these-10-well-known-companies/articleshow/82418823.cms">Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies</a>

Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders

<ul><li><keyword id="194502" type="General" weightage="20" keywordseo="cms-info-systems" source="Orion">CMS Info Systems</keyword>’ IPO opened its IPO today on December 21 and will close on December 23.</li><li>The company plans to raise ₹1,100 crore via public issue of shares, which is a complete offer for sale by promoter Sion Investment Holdings PTE.</li><li>Commenting on impact over another lockdown, the company’s director and CEO Rajiv Kaul told Business Insider that, “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant.”</li></ul>Mumbai-based cash management company CMS Info Systems that has opened its initial public offering (IPO) today may face a hurdle in its finances once again if another wave of COVID-19 comes through. “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant,” said, director and CEO of CMS Info Systems Rajiv Kaul to Business Insider in an interview. This played out in 2020 when the company’s revenue fell 6% due to the lockdowns and lack of use of ATMs thereof. <div type="image" title="CMS Info reve" height="900" width="1200" msid="88400139" hostid="261"></div> The company manages cash for banks along with other outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India. Its business includes installing, maintaining and managing assets and technology solutions on an end-to-end outsourced basis for banks under long term contracts. The company’s finances dipped slightly during lockdown as customers shifted some part of their transactions to digital payments. However, lockdowns are only one part of the risk. The other longer-term risk is the policy push from both the government and the Reserve Bank of India who want people to use less cash and more digital payments in the time to come. More than two⁠-thirds of CMS’ revenue comes from picking up cash from the banks and delivering it to the ATMs. So far, thankfully for CMS, these calls for a cashless India have not yielded much result. In fact, the cash in circulation in the economy has only gone up five years after the <a href="https://www.businessinsider.in/stock-market/economy/news/moodys-rating-and-outlook-for-indian-economy/articleshow/71967678.cms">ill-advised demonetisation</a> <div type="image" title="CMS grid value and volume (1)" msid="88400145" hostid="261"></div>“Digital transactions have been growing for a long time, it’s not only today, we are just talking about it today. We are talking about it since demonetisation because paytm, mobikwik and all was happening. So it's not a new disruption. Digital is disrupting some elements of cash, check, RTGS, NEFT or mobile payments and UPI. So there is a lot of flux and volatility,” said Kaul. Business operations in three segments: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Description </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% percentage of total income in FY21 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cash management services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Include end-to-end ATM replenishment services, cash pick-up and delivery, cash-in-transit services for banks </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">67.79% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Managed services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banking automation product sales, common control systems, and software solutions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">27.54% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Financial cards issuance for banks and card personalisation services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.47% </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms">Razorpay is now the most valued fintech startup in India</a>

INTERVIEW: Here’s why this cash management firm is going for an IPO when Indians are being pushed to go cashless

<ul><li>Kotak Mahindra Bank, Axis Bank and State Bank of India are asking its customers to use digital transactions instead of cash. </li><li>This comes after the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms?from=mdr">Reserve Bank of India government urged customers</a> to limit the use of cash and switch to <keyword id="385266" type="COMPANY" weightage="20" keywordseo="Online-banking">online banking</keyword> facilities as much as possible. </li><li>All the non-cash digital payment options including NEFT, IMPS, UPI and BBPS are available to people round the clock. </li></ul>Kotak Mahindra Bank, Axis Bank and State Bank of India are asking its customers to use online banking instead of cash. The Kotak Mahindra Bank today sent out a msg to all its customers saying “due to COVID-19 and as a measure of abundant caution, our offices will operate with reduced staff. We encourage you to use Mobile/Net Banking for 24X7 access to your accounts.” Axis Bank too sent out an email to all its bank customers requesting them to limit their visit to their branches and switch to digital banking. “Axis Bank has digital channels like Internet Banking, Mobile Apps, Chatbot, etc, which enable our customers to reach the Bank anytime and from anywhere.” <a href="https://bfsi.economictimes.indiatimes.com/news/banking/corona-impact-use-axis-banks-best-in-class-digital-solutions-says-amitabh-chaudhry/74705958">the bank wrote. </a> Whereas, government run- State Bank of India<a href="https://www.financialexpress.com/money/coronavirus-home-banking-alert-sbi-transactions-you-can-do-without-visiting-bank-branch/1899268/"> listed out all the digital channels available </a>to customers for performing any digital transaction. Moreover, Parliament House complex is preparing to go cashless from March 31. Prepaid cards will have to be used to buy meals in the canteens, for which the State Bank of India is making special arrangements. This comes after the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms?from=mdr">Reserve Bank of India government urged customers</a> to limit the use of cash and switch to online banking facilities as much as possible. It ensured that all the non-cash digital payment options including NEFT, IMPS, UPI and BBPS are available to people round the clock. <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has also asked its employees to work from home until March 31. Only select employees will report to the central office in Mumbai. See also: <a href="https://www.businessinsider.in/finance/news/rupee-records-a-new-low-trading-at-75-against-dollar-for-the-first-time/articleshow/74707789.cms">Rupee records a new low, trading at ₹75 against dollar for the first time</a>

Indian banks urge customers to avoid cash and go online

New Delhi, Mar 22 () Private sector banks HDFC and ICICI have asked customers to use digital means for transactions and said they have reduced their staff in office as a precautionary measure against the spread of coronavirus.HDFC Bank has changed its working hours and will function from 10 am to 2 pm till March 31, except on Saturday. The private sector lender has also temporarily suspended passbook update and foreign currency purchase services."In the interest of public health and safety, we will be withdrawing the following services temporarily ofpassbook updates and foreign currency purchase," it said in a communication sent to its customers on Sunday. ICICI Bank informed its customers through SMS that "our branches shall remain open with required hygiene steps and reduced staff". "For the same reason, our contact centre will also function with reduced staff. We urge you to stay safe and bank from home using iMobile/Internet Banking for all essential banking services," it said in the communication. HDFC Bank has urged people to use cheque drop boxes to help reduce crowding in branches.However, customers can go digital to avail passbook updation and forex card reload, it said. NEFT, RTGS, IMPS and UPI services are among the digital transactional modes.It said customers can pay for their utility bills through UPI and PayZapp platforms. KPM DPB

HDFC, ICICI ask customers to go digital amid coronavirus outbreak

Mumbai, May 20 () As the country enters the fourth round of lockdown, the Reserve Bank of India (RBI) on Wednesday reiterated usage of digital modes for banking transactions. Earlier this week, the National Disaster Management Authority (NDMA) announced lockdown 4.0 till May 31 to check the spread of coronavirus. The use of digital payment modes has become more important as the ongoing nationwide lockdown, imposed to maintain social distancing to contain the spread of coronavirus, has restricted the movement of people. In the campaign launched on a microblogging site, the central bank said digital payment modes make it easier for people to do banking transactions while being safe at home and at any hour of the day.' "Safe digital transactions can be done from the safety of your home," the RBI's campaign emphasised. The multiple digital payment options include NEFT, IMPS and UPI that are available round-the-clock. RBI Governor Shaktikanta Das earlier appealed to the public to use every precautionary measure, including digital banking, to maintain social distance. The RBI, however, warned customers to be vigilant while using digital modes of transactions and also advised them to alert their banks in case of any fraud. HV HRS

RBI reiterates usage of digital modes for banking transactions

<ul><li>According to media reports, an unofficial guidance from the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has put banks and lenders on the edge.</li><li>There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them.</li><li>Industry executives have said that they are working to get more bank partners onboard.</li></ul><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> in India have been blocking deposits in Indian rupee for just about a week now. Two of the top exchanges — WazirX and Coinswitch Kuber — informed users that the last payment methods they had, PayTM, would also be shut down from May 20th onwards. Of course, these two aren’t the only ones who have been having troubles taking deposits from Indian users, platforms like Zebpay and Unocoin have also had to block all rupee deposits over the past few days. Why are rupee deposits not working? According to media reports, an unofficial guidance from the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has put banks and lenders on the edge. The informal communication from the RBI affected the already rocky relationship <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto companies</a> and exchanges had with banks in India, and many banks started shutting down their bank accounts. “If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 p.m IST, it will revert to your source bank account within 7-10 business days,” WazirX said in an official communication to users on May 20. When you make a deposit to any exchange, the money goes from your bank to a payment processor (also called a payment gateway), which then sends it to the <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword>’s bank account. In the current situation, you are free to make a transaction through UPI etc, but there are no accounts to receive that money on the other end. As a result, the transaction fails for all intents and purposes, and it takes days and even weeks to reverse the trail of cash back to your account. Can banks do this without an official directive? It’s just like a restaurant can reserve the rights of admission for its guests, banks can choose not to do business with any entity. This is why banks can stop doing business with crypto companies despite the Supreme Court striking down the RBI’s official directive in March last year. The RBI guidelines have simply put them on the edge, and they’re choosing not to lend money, fearing what future regulations might lead to. There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them. While India’s crypto industry has done well over the past year, it’s unlikely that crypto companies will want to take on expensive lawsuits right now. Industry executives <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">have said</a> that they are working to get more bank partners onboard. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-enthusiasts-now-hate-elon-musk-launch-a-new-cryptocurrency-called-stopelon/articleshow/82829354.cms">Crypto enthusiasts now hate Elon Musk; launch a new cryptocurrency called StopElon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-massive-crash-in-cryptocurrency-prices-wiped-out-1-trillion-of-wealth-reports-suggest/articleshow/82829155.cms">Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more</a>

Users not able to deposit money on Indian crypto exchanges right now, as banks get cold feet

Mumbai, May 25 () State-owned Bank of Baroda on Monday said it has completed IT integration of 132 branches of erstwhile Vijaya Bank. In a first three-way amalgamation, Vijaya Bank and Dena Bank were merged with Bank of Baroda on April 1, 2019. As part of the process, 2,135 branches of Vijaya Bank and 1,777 branches of Dena Bank merged with BoB. The bank had earlier completed IT integration or migration of 20 branches of Vijaya Bank. "We took an incremental approach for migration. As a test case, we first migrated one branch of Vijaya Bank and then 10 branches. Earlier this month, we migrated another set of 10 branches, and this weekend we migrated 132 branches," the bank's chief technology officer Sharad Saxena said. All these 152 branches of erstwhile Vijaya Bank are now running on Finacle 10, the same IT platform which BoB is using, he said. Before the migration process started, all the payment channels such as ATMs, NEFT, RTGS and IMPS, UPI, of Vijaya Bank and Dena Bank were integrated with BoB. Saxena said once payment systems were integrated, the process of migration began starting with branches of Vijaya Bank. The bank plans to complete IT integration of the balance 1,983 branches of Vijaya Bank by September-October this year. Saxena said IT integration of Dena Bank will start from next month and is likely to be completed by end-December or January 2021. HV BAL BAL

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

Mumbai, Jun 5 () The Reserve Bank on Friday announced a Rs 500 crore payments infrastructure development fund (PIDF) for promoting digital payments and deployment of points of sale (PoS) equipment in small towns and north-eastern states. The RBI will make an initial contribution of Rs 250 crore to the PIDF covering half of the fund and the rest would be financed by card issuing banks and card networks. In a statement, the central bank said that over the years, payments ecosystem in the country has evolved with a wide range of options such as bank accounts, mobile phones, and cards. To provide further fillip to digitisation of payment systems, it is necessary to give impetus to acceptance infrastructure across the country, more so in underserved areas, it added. "The Reserve Bank will make an initial contribution of Rs 250 crores to the PIDF covering half the fund and remaining contribution will be from card issuing banks and card networks operating in the country," the central bank said. The PIDF will also receive recurring contributions to cover operational expenses from card issuing banks and card networks. The Reserve Bank will also contribute to yearly shortfalls, if necessary, the statement said. The PIDF will be governed through an Advisory Council and managed and administered by Reserve Bank. Beginning June 3, the RBI has started publishing data on volume and value of transactions undertaken in payments systems, like NEFT, RTGS, AePS, CTS, IMPS, NACH and UPI as well as the position of cash withdrawal transactions using ATMs and Banking Correspondents. Post demonetisation, both the government as well as the RBI has been pushing digital payments. NKD MR MR MR

RBI Rs 500 cr fund to promote digital payments in small towns, NE states

One of the oldest banks in India, <keyword id="6368628" type="COMPANY" weightage="20" keywordseo="syndicate-bank">Syndicate Bank</keyword> started serving the customers in the country with a range of financial and banking services in 1925. Earlier, it was called Canara Industrial and Banking Syndicate Limited. Eventually, the bank was merged with Maharashtra and South Indian Apex bank and was then renamed as Syndicate Bank with its headquarters situated in Manipal. If you are a Syndicate Bank customer, here are a few ways provided by the bank to check your account balance. Missed call banking Syndicate Bank provides the missed call method to check the customer’s account balance. To use this facility and check your balance, give a missed call from your registered mobile number to 9210332255. Your call will get automatically disconnected after a few rings. You will receive an SMS on your mobile indicating your balance information. This is a free service provided by the bank. SMS banking balance check To check your syndicate bank account balance through the SMS balance check method, you can follow the steps given under and send a message from your registered mobile number to 9210332255. To check the present balance: SBAL or sbal &lt;CustomerID&gt; To get the last 5 transactions: STXN or stxn &lt;CustomerID&gt; Balance check through Syndicate Bank App Syndicate Bank mobile app is free to download from the app stores. Once you download and install this app on your phone, you can check your account balance by logging in using your credentials and landing on your specific account page. Net banking balance check method Syndicate Bank provides a net banking facility to its customers. With Syndicate Bank net banking facility, you can do some important banking and financial functions. You need to register for this service first and then you can check your account balance or do payment transfer using the NEFT, IMPS and RTGS facilities. Balance check through USSD banking method This is a mobile banking facility available for the syndicate bank customers. IN fact, this method can be used by any bank’s customer for checking the account balance. Most interestingly, this facility lets you check your bank account balance from any handset. You just have to dial *99# and the mobile banking session will start. You can check your bank balance along with gaining access to some other banking services. Check balance at the ATM Syndicate Bank customers can also check their account balance at the ATMs. You can check your Syndicate Bank account balance on any bank’s ATM. Use the following steps to check your balance at the ATM. Insert your ATM card in the slot provided in the ATM machine. Follow the steps as asked on the machine. Input your 4-digit PIN number. Select the option ‘View Account Balance’. When you check your balance on the ATM machine, no charges will be debited from your account as this is a free service. Balance check using UPI payment app Syndicate Bank customers as well as the customers of any bank can use the UPI Payment app for checking balance. You will find a large number of UPI payment apps which you can download and install on your phone. Across most of these UPI apps, the process to check your balance is almost the same. See Also - <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-activate-the-new-state-bank-of-india-atm-card-online/articleshow/74965906.cms">How to activate new SBI ATM card Online</a>

How to check Syndicate bank balance

New Delhi, Mar 16 () Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18. "We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services," Yes Bank said in a tweet. "You will also be able to access all our digital services &amp; platforms @RBI @FinMinIndia," it said. The government on Saturday notified the reconstruction plan for cash-strapped Yes Bank and said the moratorium will be lifted by 18:00 hrs on March 18, much earlier than the earlier date of April 3. "The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said. The lender has posted a net loss of Rs 18,654 crore for third quarter ended December 31 due to huge provisioning for bad loans. It had posted a profit of Rs 1,001.8 crore during December quarter of 2018-19. "You will be able to use your YES BANK cards and accounts across wallets like Paytm, Amazon Pay and Freecharge among others from March 18, 2020, 18:00 hours," the bank said in an FAQ on its website. Besides, the customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts including Yes Bank accounts. "Outward NEFT/IMPS/RTGS will resume from March 18, 2020, 18:00 hours. The limits for transactions across digital channels will continue to remain what they were prior to the imposition of the moratorium. However, from March 19, 2020 post commencement of banking hours, transactions at branches will not have any limits," it said. Among others, customers will be able to pay towards their utility bills and use the UPI platform, Google Pay and PhonePe, Paytm, Amazon Pay, Freecharge. "You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same. You will be also able to access all services available through digital channel/platforms (Net Banking/ Mobile Banking etc)," it added. Customers can also initiate "stop a payment" service, Yes Bank said. The other service that remains inactive now is cheque clearing because clearing activities are suspended as per the directive. Customers who use forex card can also not use such services. "Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator," it added. KPM KPM ANUANU

Customers can access all banking services from Wed evening: Yes Bank

<ul><li>Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Saturday announced the creation of an assistance and emergency situation relief fund – <keyword id="8973020" type="UNKNOWN" weightage="20" keywordseo="pmcares">PMCARES</keyword>.</li><li>The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund will go a long way in creating a healthier India, he said on Twitter.</li><li>The prime minister is the chairman of the new public charitable trust, its members include the defence minister (Rajnath Singh), home minister (Amit Shah) and the finance minister (Nirmala Sitaraman).</li></ul>Prime Minister Narendra Modi on Saturday announced the creation of an assistance and emergency situation relief fund where people can contribute and help in the government's fight against coronavirus. The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund will go a long way in creating a healthier India, he said on Twitter. "People from all walks of life expressed their desire to donate to India's war against COVID-19," he said, adding the fund has been constituted respecting that spirit. <div type="Article" hostid="261" msid="74862906" title="Ratan Tata donates ₹500 crore for Covid-19 for testing kits and protective gear for health workers" mstype="2" mssubtype="0"></div>

 "It is my appeal to my fellow Indians, kindly contribute to the PM-CARES Fund. This Fund will also cater to similar distressing situations, if they occur in the times ahead," he said. A statement posted on his official website said while the prime minister is the chairman of the new public charitable trust, its members include the defence minister (Rajnath Singh), home minister (Amit Shah) and the finance minister (Nirmala Sitaraman). In India, like the rest of the world, the spread of coronavirus has been alarming and is posing severe health and economic ramifications for our country, it said. The Prime Minister's Office has been receiving spontaneous and innumerable requests for donations to support the government in the wake of this emergency. "Distress situations, whether natural or otherwise, demand expeditious and collective action for alleviating the suffering of those affected, mitigation/control of damage to infrastructure and capacities etc," the statement said. Keeping in mind the need for having a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected, a public charitable trust under the name of 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund' (PM CARES Fund)' has been set up, it said. "PM Narendra Modi has always believed and shown in actions that public participation is the most effective way to mitigate any issue and this is yet another example. This fund will enable micro-donations as a result of which a large number of people will be able to contribute with smallest of denominations," the statement said. People can visit www.pmindia.gov.in to make contributions using credit and debit cards, UPI, net banking and RTGS or NEFT, it said. See Also: <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India</a>

Narendra Modi announces new fund for people to donate towards govt fight against coronavirus

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> users received push notification saying it is charging extra for adding money to its wallet.</li><li>The company released a statement to say that it doesn’t currently charge extra for adding credit or debit cards, and doesn’t plan to do so either. </li><li>Paytm had clocked in a gross transaction value of $50 billion through 5.5 billion transactions in the financial year 2018-19.</li></ul>On Thursday afternoon (June 27), Paytm users got a push notification which said that their transactions to add money to their wallets through credit cards will be charged at 2%. Following this, there were reports that all transactions – debit or credit – would be charged, to recover from the cash burn. However, Paytm clarified that it does not levy any convenience/transaction fee. “We would like to clarify that Paytm App/ Payment Gateway does not charge or levy any convenience/ transaction fee from our customers on using any payment method which includes cards, UPI, net-banking, and wallet. Paytm customers will continue using all the services available on the platform without any fee (same as before),” the company said in a statement. It also went on to warn users of educational institutes or organisations which do not want to bear <keyword id="6368202" type="UNKNOWN" weightage="20" keywordseo="credit-card">credit card</keyword> charges and thus, shrug it off to the consumers by asking them to pay for the same. Paytm clocked in a gross transaction value of $50 billion through 5.5 billion transactions in the financial year 2018-19. It has also set a target of 12 billion transactions by FY20. It currently holds over 50% of the market share in the payment gateway industry. The company also said that as many as 400 million transactions take place on its platform every month. This is five times more than its next competitor, in this case, MobiKwik. See Also: <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">Online fund transfers via NEFT and RTGS to cost less as charges are removed</a>

Paytm denies charging fee for adding money to its wallet

<ul><li>Storing cryptocurrencies is a tricky business since they consist of a public and private key and are entirely decentralised.</li><li>A plethora of users lose access to their wallets due to unforeseen circumstances such as lost passwords, misplaced hard drives, and more.</li><li>According to a study, almost 40% of <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> owners have lost their passwords at some point.</li></ul>There have been numerous stories about users losing access to their cryptocurrencies because they forgot their wallet passwords. While resetting a password is usually a hassle-free experience on the internet, cryptocurrencies are stored slightly differently. If you have kept aside a few <a href="http://coindcx.com">Bitcoin</a> in a hard drive somewhere, don't forget the password at all costs. Because if you do, there's practically no way you'll be able to retrieve those coins. It is equivalent to permanently burning them away for nothing, like German programmer <a href="https://www.businessinsider.in/tech/news/bitcoin-owner-whose-story-went-viral-after-he-lost-his-wallet-password-says-he-has-made-peace-with-potential-220-million-loss/articleshow/80306315.cms">Stefan Thomas</a> found out in January. Thomas had over 7,000 <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword> stored on a secure hard drive — an IronKey device that allows for 10 login attempts. His Bitcoin stash, worth $220 million at time, was rendered inaccessible after he lost his password. The massive loss made Thomas reassess how he judged his self worth. “ <div type="ExtQuote" text="It was actually a really big milestone in my life where, like, I sort of realized how I was going to define my self-worth going forward. It wasn't going to be about how much money I have in my bank account." auname="Stefan Thomas told the New York Times"></div> <cmsannotation type="cmsannotation" annotationid="Stefan Thomas is only one of many examples" comment="subhead" text="Stefan Thomas is only one of many examples">Stefan Thomas is only one of many examples</cmsannotation> Thomas' tale of frustration is only one of many. A UK citizen offered local authorities <a href="https://www.businessinsider.com/man-offers-council-70-million-dig-up-bitcoin-hard-drive-2021-1">more than $70 million</a> for them to allow him to excavate a landfill site, where he believes his lost hard drive may still be retrievable. In another instance, James Howells, an IT expert, accidentally threw away his hard drive containing 7,500 Bitcoins while cleaning his office in 2013. Back then, the cryptocurrency was extremely nascent and had little value. Today, those Bitcoins would be worth more than $280 million. He has contacted engineers, environmentalists, and data recovery experts worldwide to try and recover the lost fortune. But, not everything happens due to human error. Sometimes uncontrollable and unpredictable circumstances can get in the way too. A family based out of US’ capital city, Washington DC, lost $6 million worth in Ethereum after their house caught fire and the corresponding JSON file, which contained the password, failed to open the firewall. People have lost roughly <a href="https://www.businessinsider.in/tech/news/people-have-lost-roughly-140-billion-in-bitcoin-because-they-forgot-their-passwords-or-got-locked-out-of-accounts-and-would-be-millionaires-are-struggling-to-access-their-wallets/articleshow/80242123.cms">$140 billion</a> in Bitcoin because they forgot their passwords or got locked out of accounts. And, would-be millionaires are struggling to access their wallets. According to a <a href="https://www.cryptovantage.com/cryptocurrency-storage-security/">study</a>, almost 40% of cryptocurrency owners have lost their passwords at some point. While 95.6% managed to recover their lost password, it still leaves a huge chunk of users in a lurch. Those who lost their access have lost — on an average — $2,000 worth of cryptocurrencies. That's a huge loss. In comparison, India's gross domestic product (<a href="https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=IN">GDP</a>) per capita was $1,900 in 2020. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="So, why can't you recover a lost password?" comment="subhead" text="So, why can't you recover a lost password?">So, why can't you recover a lost password?</cmsannotation></h2> A cryptocurrency wallet is a software that's used to store digital money securely. Cryptocurrencies have two keys. One is private and connects to the owner, whereas the other is a public key. These cryptographic keys help establish a unique identity within the blockchain. The device or service on which your Bitcoin wallet is stored has the private key, not the coins themselves. Simply put, the coins themselves are always held on the blockchain, whereas your private key is required to authorise transfers. You can receive crypto assets through your public address, but a private key is required to send anything. The blockchain ledger keeps track of the complete history of every coin on its network. Since the blockchain is decentralised, a mundane ‘reset password’ option isn't available because credentials belong only to the respective users — the login details are not saved on a centralised database. <cmsannotation type="cmsannotation" annotationid="Hot and cold" comment="subhead" text="Hot and cold">Hot and cold</cmsannotation> There are various methods available to leverage a wallet. But the most recommended practice is to keep two wallets — one for trading or regular transactions and another for long-term holding. These digital wallets are further divided into two categories — hot and cold. Hot Storage: It refers to any crypto wallet that is directly connected to the internet. It can be accessed via your browser, a mobile app, or any other implementation. Since it's connected to the internet, transactions are easier to perform and require minimal effort. You can compare this to an ordinary bank account, accessible via the bank's website/app for third-party protocols like NEFT, UPI, and IMPS. Cold Storage: These wallets are entirely disconnected from the internet and reside on independent storage solutions such as a pen drive, hard drive, or even a computer. There's also a seed key that acts as a backup in case you lose the hardware. But if you lose the seed key and the drive, there's no turning back. From a long-term storage point of view, this is the most secure storage format, and the seed key should be kept far away as a backup. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Most commonly used methods of storing cryptocurrencies in real life:" comment="subhead" text="Most commonly used methods of storing cryptocurrencies in real life:">Most commonly used methods of storing cryptocurrencies in real life:</cmsannotation></h2> Web Wallet: The private key is stored by a third party on a web server, and it can be accessed via a website or app -- crypto exchanges like WazirX, CoinDCX, and more leverage this method to store your holdings. Here, your crypto exchange account password matters the most and switching on 2FA (two-factor authentication) is highly recommended. It can help thwart hacking attempts, or in case the primary credentials are compromised in an attack. Desktop Wallet: They are installable software available for PCs and work in tandem with an anti-virus. That's done to prevent connection to the internet, which could pose a risk. The private key is locally saved in a virtual layer. A few examples are Exodus, Bitcoin core, and Electrum. Hardware Wallet: These are similar to old PIN generating devices used by conventional banks not long ago for 2FA. A small display and a USB port team up to provide a portable stick to store private keys. They are available in different forms and offer reasonable amounts of control. It's difficult for amateurs to operate and are usually limited for professional or critical use. Paper Wallet: It is a physically printed QR coded form wallet. These codes can be used to execute digital money exchanges. They are not prone to hacking but pose a significant risk of being misplaced. A major flaw is, they cannot be used for partial transactions. These are being actively phased out since users prefer hardware wallets and their flexibility. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/polygons-new-meme-market-is-a-crypto-platform-exclusively-for-memes-and-online-trends/articleshow/85102624.cms">Polygon’s new Meme Market is a crypto platform exclusively for memes and online trends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/these-are-the-top-ten-most-popular-cryptocurrencies-in-the-world/slidelist/85174407.cms">Top 10 cryptocurrencies in the world — the story behind Bitcoin and other altcoins</a>

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RBI starts publishing daily data on select payment systems

PTI

Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders

Rounak Jain

INTERVIEW: Here’s why this cash management firm is going for an IPO when Indians are being pushed to go cashless

Bhakti Makwana

Indian banks urge customers to avoid cash and go online

BI India Bureau

HDFC, ICICI ask customers to go digital amid coronavirus outbreak

PTI

RBI reiterates usage of digital modes for banking transactions

PTI

Users not able to deposit money on Indian crypto exchanges right now, as banks get cold feet

BI India Bureau

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

PTI

RBI Rs 500 cr fund to promote digital payments in small towns, NE states

PTI

How to check Syndicate bank balance

BI India Bureau

Customers can access all banking services from Wed evening: Yes Bank

PTI

Narendra Modi announces new fund for people to donate towards govt fight against coronavirus

PTI

Paytm denies charging fee for adding money to its wallet

Sanchita Dash

Top ways to keep your cryptocurrency wallet safe and not end up losing millions due to a lost password or hard drive

Shivam Vahia