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

RBI allows banks to issue RuPay prepaid forex cards

New Delhi, Mar 9 () PhonePe on Monday said it is actively working on adding more payment service provider (PSP) partners to offer its users more options for UPI transactions, even as the Flipkart-owned company continues to engage with crisis-ridden Yes Bank. PhonePe had seen a service outage for nearly 24 hours, which started immediately after the RBI placed Yes Bank on moratorium on March 5. Its team worked overnight with the National Payments Corporation of India (NPCI) and new UPI partner, ICICI bank, to ensure all its services are up within a day. "We were actively working on adding other PSP partners, this is also as per the recent NPCI advisory... PhonePe will shortly be launching an additional VPA (virtual payment address) with ICICI bank," PhonePe founder and CEO Sameer Nigam told . He added that once the Yes Bank moratorium is over, "it will mean PhonePe users will have a choice of two handles from two different banks to work with". Following the moratorium, Yes Bank faced restrictions, including caps on payments that impacted its ability to settle transactions on behalf of partners like PhonePe. Other players like Edenred, which offers services like meal cards, also suffered disruption. Foreign travellers and students who used prepaid forex cards from Yes Bank are also facing issues. While PhonePe declined to comment on the banks it is in talks with, sources said PhonePe is engaged in dialogue with State Bank of India, HDFC Bank, Axis Bank and RBL Bank. Nigam said services on the PhonePe app were fully resumed on March 6 for all users and merchant partners, with ICICI bank as our new banking partner. "All PhonePe consumer @ybl handles are working as before and all 10 million of our merchant QR codes are working seamlessly as well. The platform processed over Rs 4,000 crore worth of transactions in 24 hours and saw its largest-ever volume of user traffic in a single day (with over 70 million app sessions)," he added. Bengaluru-headquartered PhonePe is the fastest-growing digital payments platform in India with over 200 million registered users. Its platform saw 570 million transactions in February with the number of monthly average users at about 75 million. SR HRS

PhonePe says in talks to onboard more banking partners, to continue alliance with Yes Bank

New Delhi, Dec 5 () Following are the top business stories at 1830 hours:
 
DEL75 BIZ-2NDLD RBI
RBI unexpectedly hits pause on interest rate cut; lowers FY20 GDP growth forecast to 5%
Mumbai: The Reserve Bank of India on Thursday unexpectedly hit a pause button on cutting interest rate as it gave more importance to prevailing inflation pressure and rising food prices over a worrying slowdown in the economy. 
 
DEL107 RS-FM-TAX
Software development, mining, printing books not to qualify for lower 15 pc corp tax rate: FM
New Delhi: Finance Minister Nirmala Sitharman on Thursday said the lower 15 per cent tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books.
 
DCM13 BIZ-RBI-PPI
RBI proposes new prepaid card for transactions up to Rs 10,000
Mumbai: The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000.
 
BCM18 DAS-PMC
Forensic audit on PMC scam expected by month-end: Das
Mumbai: Reserve Bank governor Shaktikanta Das on Thursday said the forensic audit report on the scam-hit PMC Bank is expected by the month-end, and efforts are also on
to assess the realisable value of assets held by the cooperative that can be monetised.
 
BCM15 DAS-FISCAL-GOVT
Good coordination with govt on policy measures: Das
Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday said there is good coordination between the fiscal and monetary policies so far, in addressing growth
concerns and that the central bank is not worried about government missing fiscal deficit target.
 
BCM5 BIZ-DAS-FOREX
Forex kitty hits a new high, sniffs at $452 b
Mumbai: Foreign exchange reserves continue the upward journey surging to a new high of USD 451.7 billion as of December 3, Reserve Bank governor Shaktikanta
Das said on Thursday.
 
DEL98 BIZ-LD STOCKS
Sensex slips as RBI surprises with status quo; bank stocks bear the brunt
Mumbai: Equity benchmarks closed lower in topsy-turvy trade on Thursday after the Reserve Bank unexpectedly left interest rates unchanged amid slowing growth.
 
BCM25 RBI-HDFC-BANK-NET-BANKING
RBI looking at HDFC Bank net banking glitches: Deputy Guv Jain
Mumbai: A Reserve Bank team is analysing the reasons behind the crash of online banking facility of HDFC Bank for two consecutive days this week, deputy governor
MK Jain said on Thursday. 
 
DEL105 BIZ-LD RUPEE 
Rupee rebounds 24 paise as RBI maintains accommodative stance
Mumbai: The Indian rupee rose sharply in the last hour of trade to settle 24 paise higher at 71.29 to the US dollar on Thursday after the RBI promised to continue with accommodative stance in its monetary policy. 
 
DCM23 RSQ-BASE YEAR-GDP
Base year for GDP revised due to socio-economic changes: Rao Inderjit Singh
New Delhi: The government on Thursday said base year for calculating gross domestic product was changed to 2011-12 due to a change in the socio-economic environment of the country.
 
DEL114 RS-TAX-NOD
Rajya Sabha nod to lower corporate tax rates
New Delhi: The Rajya Sabha on Thursday gave its consent to the Taxation Laws (Amendment) Bill, 2019, replacing an ordinance that was used to slash corporate tax rates to stimulate growth. 
 
 
 
 
 
 
 
 
 
 
 
 SHW
SHW

Business highlights

PM <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>’s demonetisation policy may fetch good results in the long run. But currently it’s taking a severe toll on common men who are facing difficulties in getting old notes exchanged and waiting in queue at ATM only to know that there is no cash in it. Life hasn’t been so difficult for daily wagers and software engineers alike, when there is money in account but can’t be used. The irony of money couldn’t have been worse. 
 
At such a juncture, when many daily wagers haven’t eaten ample meals in last few days because they couldn’t stand in queue at the bank fearing a day’s loss of income, things aren’t better for well offs staying abroad. 
 
For the NRIs and foreigners planning a visit to India, the fun isn’t the same anymore. Earlier they would be basking in the idea of meeting Indian friends and visiting historical monuments in Rajasthan, Uttar Pradesh and Delhi. Now they can only think of how to get enough cash in hand. 
 Indian economy, apart from a few exceptions, is largely dependent on cash. Be it street snacks stores to ticket counters of railways at small stations. A few countries in the Middle East, <keyword id="6356662" type="COUNTRY" weightage="100" keywordseo="Singapore">Singapore</keyword>, <keyword id="8695" type="COUNTRY" weightage="20" keywordseo="Malaysia">Malaysia</keyword>, Sri Lanka, Nepal and the countries where Indian population is a bit denser, there are options to change to Indian currencies directly from local ones. Instead of changing to USD first, this foreign exchange has two benefits. Firstly there is not much loss of money in the name of exchange rate. Also you won’t have to depend on another forex office to get the dollar changed after landing in India. 
 Travel advisors make sure people visiting India change to rupee before boarding the flight. The recent demonization has left the tourists in tension. According to <keyword id="265234" type="PERSON" weightage="20" keywordseo="Sreyashi-Sen">Sreyashi Sen</keyword>, an entrepreneur in Singapore, all the forex offices where they would get Indian currency have stopped changing money to rupee. Leading forex like <keyword id="201800" type="PERSON" weightage="20" keywordseo="Mustafa">Mustafa</keyword> has also put a board outside saying ‘No INR’. 
 
Sen, planning a visit to Goa early next week would have count some extra bucks when she lands in India to get currencies changed. Moreover if among the few available forex counters in Goa are non-operative, by any chance, she would be left at the mercy of god. 
 Idmantzi, a Mexican citizen on her India trip is currently halted at Darjeeling in <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword>. She is a solo traveller without any acquaintance in India. She was carrying a credit card from her country, which isn’t operating in India. The cash, she carried, is in Rs 500 mostly, which has been refused by the hotel and other places there. She had to ask favour from her embassy, who rushed to Darjeeling and bailed her out. 
 If these miseries aren’t enough, an old couple from <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> who went to visit their son in Malaysia had a tough time returning home from Kolkata airport. After they landed at the airport yesterday, the pre-paid counter didn’t accept the notes they carried a month back. Forget booking taxi through apps, for they don’t own a smartphone. Finally a normal yellow taxi decided to ferry them on the condition of paying full Rs 500 without any change in return. The septuagenarians had to shell out Rs 500 for a distance of mere 10 kilometres. Possessing a great sense of humour, the septuagenarian man told the author, “We don’t have any <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. But a note of Rs 500 at the time of economic black out.”

Not
just India, people staying in Singapore and Dubai are facing trouble over Modi’s
demonetization

New Delhi, Mar 11 () Yes Bank on Wednesday said its inward real-time gross settlement (RTGS) services have been enabled to allow customers to make payments towards their credit card dues and loan obligations from other bank accounts. The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes. RTGS is used for payments of over Rs 2 lakh, while payments below this amount can be made using NEFT. Besides, loan and credit cards repayments to the bank can also be done through IMPS from other bank accounts. "Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts," the bank said in a tweet on Wednesday. Meanwhile, in 'moratorium-related FAQs' posted on its website, crisis-hit Yes Bank has said services such as online remittances, clearing of cheques and demand drafts as well as outward payment of EMIs will continue to remain under restriction during the moratorium period. However, if an employer has a current account with Yes Bank and wants to pay salaries to employees, there will not be any problem in doing so. As per the FAQs, Yes Bank said outward online remittances, including RTGS and NEFT, are still suspended. "All clearing activities are suspended as of now." "Your EMIs (equated monthly instalments) will be honoured up to the prescribed limit, subject to reinstatement of clearing activities," it said. On March 5, the Reserve Bank of India (RBI) in consultation with the government put a moratorium on Yes Bank till April 3, citing serious financial mismanagement at the private sector lender. During the period, customers are not allowed to withdraw more than Rs 50,000. The bank on Tuesday allowed inward IMPS and NEFT services to enable its customers to make payments towards Yes Bank credit card EMIs and loans through other bank accounts. The move came after its customers complained that they were not able to make payments towards their Yes Bank credit and loan repayments and were anxious about being levied a penalty for no fault of theirs. Besides, within the limit of Rs 50,000, the Mumbai-headquartered lender has also allowed its customers to withdraw money from its own as well as other bank ATMs. In the FAQs, on a query as to what will happen if someone has written and issued cheques to clients, Yes Bank responded, "All clearing activities are suspended as of now as per the directive. Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator." On another query as to what will happen if someone has already dropped a cheque at Yes Bank counter, it said that as all the clearing activities are suspended, "Yes Bank DD/cheques will not be presented in clearing till further instructions or till reinstatement of clearing activities." However, on a query what if an employer holds a current account with Yes Bank and needs to make withdrawal of more than Rs 50,000 to pay salaries to employees, the lender said it can be done. "Yes Bank current account can be debited for more than Rs 50,000 towards disbursement of salaries in the accounts maintained with Yes Bank only," it clarified. Further, it also said transfer from one Yes Bank account to another will be allowed without any restriction. "However, customers can withdraw in a sum up to an aggregate of Rs 50,000 from all these accounts in the moratorium period till April 3, 2020," it added. If one wishes to liquidate a standalone fixed deposit in Yes Bank, it said the branches can liquidate standalone fixed deposits (FDs) amounting less than Rs 20,000 along with interest and pay in cash as per process. "For FDs equal to or above Rs 20,000 (along with interest) but less Rs 50,000 (along with interest), branches can issue demand draft (DD) to customers, however that DD can be presented for clearing only once the clearing services are re-instated," it said. Since the bank was placed under the moratorium on March 5, a sense of panic gripped among customers across the country, who were seen queuing up at bank branches and ATMs to withdraw money. Yes Bank said its ATMs are functional and customers can withdraw money from there. Services such as digital payments supported by Yes Bank also faced outages in the initial stages, which now have been restored. Among others, prepaid meal and forex cards services are also affected due to the sudden oversight on the private sector lender. During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The RBI has initiated a draft reconstruction scheme for the private sector lender according to which State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. On Monday, Yes Bank's RBI-appointed administrator Prashant Kumar hoped that the moratorium on the bank would be lifted by this weekend. KPM HRS

Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank a/cs

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Paul ClarkeTide CEO and founder George Bevis with investor and chair Eileen Burbidge.</div></div></div>A new digital-only bank pitched at small businesses has raised $2 million (£1.5 million) from some of the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s top entrepreneurs and investors after secretly building its product for over a year.Tide is launching to the public today after bagging the funding in the last few weeks. It is an unusually large funding round for a startup that has yet to launch its product.The startup's investor list reads like a who's who list of London tech. Backers include: LocalGlobe, <a href="http://uk.businessinsider.com/index-ventures-has-lost-two-investors-to-a-new-venture-capital-fund-2016-3">the VC firm set up by renowned London investors father and son Robin and Saul Klein</a>; well-known early stage fund Passion Capital, where TechCity UK chair and government advisor Eileen Burbidge is a partner; Zoopla founder Alex Chesterman; LoveFilm cofounder William Reeve; Greg Marsh, founder from One Fine Stay; Songkick's cofounder Ian Hogarth; serial fintech investor and Wonga founder Errol Damelin; and Jason Goodman, founder of digital agency Albion.Tide founder George Bevis says that although he supported the Remain campaign: "Brexit is a perfect scenario for us to launch. There's no question that at a time of insecurity, cost effective financial services for entrepreneurs are going to be more valuable at a time when entrepreneurs were experiencing a greater degree of comfort."It's an old cliche but the best startups launch in situations of adversity and we think that'll be true for us."Tide is an app-focused bank pitched at small businesses, aiming to take the pain out of running the finances at a startup. There's no single killer feature but the startup tries to eliminate all the minor hassles that add up to a major headache for a business owner.Founder and CEO George Bevis told BI: "What you end up with is an environment where people may well sign up for it thinking this is slightly a better current account but they're not going to feel like that after using it for a while because it ends up being a completely new experience of doing all the dull financial services things that you hate. You just get it done in seconds."Passion Capital partner Eileen Burbidge, who is an investor and also chairs Tide, told BI: "What we see at Passion having invested in 50-plus businesses over the past few years is that the single biggest pain point is setting up your business banking account and getting reliable and efficient services."As an example of what Tide can do, Bevis says: "If you've got a new business you can open an account with us in 3 minutes on our app. Normally it takes weeks and weeks and weeks with a traditional bank."Other features include APIs that let you build Tide's services into your own apps, integration with other fintech businesses for things like credit, foreign exchange, and card payments, and the ability to set payment limits for team members on the app.It's free for businesses to sign up to Tide and the company only charges a 20p fee for every payment that is processed through the account. Bevis says Tide plans to make most of its money by selling on third-party products to customers through the app.He says: "We are currently in deep partnership discussions with a range of companies across access to credit, forex, taking card payments etc. etc."The $2 million Tide has raised will go on building out the product and marketing, Bevis says.Bevis has been working on Tide since early 2015. Prior to starting the business, he worked at peer-to-peer lender Zopa and Barclaycard, getting a taste for both traditional finance and the world of fintech startups.Tide is one of a number of app-only banks being set up around Europe at the moment. Others include <a href="http://uk.businessinsider.com/mondo-has-to-raise-at-least-15-million-to-get-its-banking-licence-2016-6">Mondo</a>, <a href="http://uk.businessinsider.com/app-only-starling-bank-gets-fca-licence-and-plans-january-2017-launch-2016-7">Starling</a>, and <a href="http://uk.businessinsider.com/atom-bank-launches-in-the-uk-2016-4">Atom in the UK</a>, and <a href="http://uk.businessinsider.com/number26-series-b-li-ka-shing-horizon-ventures-2016-6">Number26 in Germany</a>.Unlike all of the above, Tide is not an actual bank but in fact a layer that sits on top of a traditional bank. Customers of Tide will actually be dealing with FCA-licensed Prepaid Solutions, which holds the funds in a Barclays account. But it's Tide that acts as the translator, enabling a quick and easy transaction where you'd normally find a thorny, time-wasting problem. At least that's the idea.Bevis says Tide has no plans to go for a banking licence itself, preferring a lean mean model: "We are lucky to be able to take quite substantial revenues without needing to manufacture and of the core banking products."<div id="categorypromo"></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/regret-avoidance-selling-lottery-tickets-mega-millions-2016-7">We tested an economic theory by trying to buy people's lottery tickets for much more than they paid</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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RBI allows banks to issue RuPay prepaid forex cards

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PhonePe says in talks to onboard more banking partners, to continue alliance with Yes Bank

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Not just India, people staying in Singapore and Dubai are facing trouble over Modi’s demonetization

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Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank a/cs

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There's a new digital-only bank and its CEO says Brexit is the 'perfect scenario' to launch

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