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New Delhi, Dec 18 () The government e-marketplace has signed two agreements with Bank of Maharashtra and UCO Bank to offer services like transfer of funds through GeM pool accounts and earnest money deposit (EMD) to the registered users on the portal.
The pact also include advising of performance bank guarantees (e-PBG).
The MoUs were signed on December 16, according to an official statement.
"Integration for payments and various banking services is one of the priorities for GeM towards the cherished goal of a paperless, contactless and cashless system. GeM has already signed MoUs with 19 Public Sector and Private Banks to enable these functionalities," the Commerce and Industry Ministry said in the statement.
It further said the GeM is also working with Banks, TReDs, and SIDBI to provide bill discounting and financing of working capital where the cost of capital is linked to the performance and rating of a seller on the marketplace. 
"This will help the sellers in general and the MSMEs in particular to access easy credit and do better business with the government. In addition, GeM is contemplating the creation of EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids," the statement said.
GeM SPV is the national public procurement portal for ensuring efficient and transparent mechanisms for procurement of goods and services by central and state government organisations.
It is an initiative of the Centre which offers a one stop inclusive platform for facilitating online procurement. GeM provides tools for direct purchase, bidding and reverse auction for ensuring transparent and efficient procurement. RSN BAL

Gem partners with UCO Bank, BoM for Payment related services

Mumbai, Feb 4 () State-owned UCO Bank's performance is improving continuously, and it will soon be among the country's top lenders, its MD and chief executive Atul Kumar Goyal has said.Addressing staff at its office in the financial capital last week, Goyal said that the Kolkata-headquartered bank is on the path of continuous progress and will soon be counted among the top lenders in the country."The Government of India has also recognized the strength and capability of the bank. UCO Bank has been appointed as the chief convenor by the government for door step banking service," an official statement quoting Goyal said.Its executive director Ajay Vyas said the digital initiatives are gaining momentum and constant changes are being done on the same.Its circle head H K Arora said that the bank is committed to provide excellent customer service.The top management also invited suggestions from the staff members at the meeting, according to the statement. AA BALBAL

UCO Bank's performance is improving: MD

Country’s largest state-run lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has revised the prices it charges on <keyword id="6489285" type="ORGANIZATION" weightage="100" keywordseo="Immediate-Payment-Service">Immediate Payment Service</keyword> (IMPS) for transferring money. For transfers up to Rs. 1,000, customers won’t need to pay any charges after, while transfers from Rs. 1,000 to Rs. 1 lakh will be charged a fee of Rs. 5, exclusive of applicable goods and services tax (GST). For transfers from Rs. 1 lakh to Rs. 2 lakh, users would need to pay a charge of Rs. 15, plus applicable GST. SBI, however, isn’t the first bank to change its charges levied for various services post the implementation of GST, given that the new regime put banking and financial services under the tax bracket of 18%. Taking to the microblogging site Twitter, SBI announced that GST will remove the cascading effect of tax on prices of goods and services, thus reducing production costs.

SBI alters charges on IMPS money transfer

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

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

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

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

Traditional methods of fund transfer, such as Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and National Electronics Funds Transfer (NEFT) have been popular amongst the Indian masses for a long time. However, a newer method of fund transfer has overtaken them in the recent past. Unified Payments Interface or <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> is a digital payment system enabling money transfers and the handling of a person’s multiple bank accounts via a single mobile app. And this digital payment system has been creating records – surpassing the five billion transactions in a month in March this year. While the older methods require the provision of the receiver’s name, contact number, bank account number, IFSC, etc., UPI payments require only a UPI ID/mobile number/QR. These identifications are unique to every user, and hence, are less likely to be misused. Another benefit of this is that in an online transaction, one can easily link multiple accounts to their UPI ID. The person can also choose which bank account they want to use to make the payment or receive money through UPI. According to a research report, UPI continues to dominate daily debit transactions. Infact, UPI transactions in India have doubled in volume and value on a YoY basis, crossing the Rs 10 trillion mark in May 2022. <cmsannotation type="cmsannotation" annotationid="What is a UPI?" comment="subhead" text="What is a UPI?">What is a UPI?</cmsannotation> A UPI ID is a virtual payment address (VPA) for every UPI user. To access the UPI services, a user has to first generate a UPI ID. This UPI ID acts as a unique identifier for the user’s identity. A UPI ID is written in the format “abcd@bank” where: <ol><li>‘abcd’ can either be a user’s first name, a part of their email address, or their mobile phone number, and</li><li>‘bank’ is the name/initials/shortened name of the bank providing services to the UPI app</li></ol>Per the servicing bank, there might be a prefix or suffix added to the UPI ID as well. <cmsannotation type="cmsannotation" annotationid="How to create a UPI ID?" comment="subhead" text="How to create a UPI ID?">How to create a UPI ID?</cmsannotation> <div type="Youtube" id="VuEqfE1Yntw" title="How to send money using UPI on Paytm" thumbUrl="https://i.ytimg.com/vi/VuEqfE1Yntw/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=VuEqfE1Yntw&feature=youtu.be]]></url></div> Creating a UPI ID is quick and easy: <ul><li><a href="https://play.google.com/store/apps/details?id=net.one97.paytm">Download</a> a UPI payment application, like <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword></li><li>Enter your mobile number. If you have a dual SIM phone, you may be prompted to select the SIM slot in which your mobile number is present </li><li>An SMS will be sent to you to verify your mobile number</li><li>Once this is done, you are required to select your bank name from the list presented to you. Please make sure that the mobile number registered with your bank is the same as the one you entered earlier. Your bank account details will now be fetched from the bank using your mobile number</li><li>If you are linking your bank for the first time, you will be asked to set up a <keyword id="4760578" type="General" weightage="50" keywordseo="upi-pin" source="Orion">UPI PIN</keyword>. You will need your debit card details for setting this up</li><li>Your bank account is now linked via UPI</li></ul>You are now ready to make your first payment! <cmsannotation type="cmsannotation" annotationid="How to send money using UPI ID?" comment="subhead" text="How to send money using UPI ID?">How to send money using UPI ID?</cmsannotation> To conveniently transfer funds through UPI, follow these steps: <ul><li>Log in to your UPI payment application, such as <a href="https://play.google.com/store/apps/details?id=net.one97.paytm">Paytm</a>, and click on the ‘<a href="https://paytm.com/paytmmp://cash_wallet?featuretype=money_transfer" data-type="tilCustomLink" target="_blank">UPI/Send Money To Anyone</a>' option</li><li>Select the receiver from your phone contact list or enter the mobile number of the receiver</li><li>If the receiver does not use the app you use, you could ask them for their UPI ID on another app and enter that ID</li><li>You could also click on the ‘Scan QR’ option and scan the recipient’s QR code</li><li>Next, select the bank account from which you want to make the transfer and click on ‘Proceed’</li><li>Finally, enter UPI PIN associated with the selected bank account</li><li>The amount will be immediately transferred from your bank account to the receiver’s bank account</li></ul> Regulated by the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> and National Payments Corporation of India, a UPI ID is completely independent of the bank account number or any other personal detail, which makes it absolutely safe. UPI also aids the participating banks by helping them track the user’s account, thereby, ensuring safety. The security of <a href="https://paytm.com/paytmmp://cash_wallet?featuretype=money_transfer" data-type="tilCustomLink" target="_blank">Paytm UPI</a>, especially, is fool-proof since all the transactions take place in a safe, highly encrypted ecosystem. UPI has truly eliminated the complex process of transferring money, and facilitated inter-bank peer-to-peer and peer-to-merchant monetary transactions! Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm se UPI — a nod to cashless economy

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> investors in India may be able to use net banking and debit cards to buy cryptocurrencies again.</li><li><keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> in India had withdrawn services from crypto exchanges earlier this year, after an informal warning from the Reserve Bank of India (RBI).</li><li>According to a report by the Economic Times, most customers switched over to using UPI to buy crypto — a channel that falls outside the purview of banks.</li></ul>After months of uncertainty, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> seem to be relaxing their stance on cryptocurrencies. According to a report by the Economic Times (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/crypto-gains-currency-again-as-banks-ease-curbs-on-purchases/articleshow/85813536.cms">ET</a>), the country’s top crypto exchange <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">WazirX</a> has listed Internet banking payment options from noted public and private banks in the country. The development comes even as the Indian government yet to make up its mind about how to govern cryptocurrencies in the country. According to Finance Minister <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">Nirmala Sitharaman</a>, India’s crypto bill is waiting on approval from the cabinet. However, sources told Business Insider that a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">new committee</a> may be formed to reword the bill. The government may be softening its stance on cryptocurrencies in the face of surging popularity in <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-user-growth-2648-in-2021-so-far/articleshow/85264028.cms">Tier II and Tier III towns</a>. Banks allowing for crypto transactions may not entirely have to do with them becoming crypto friendly, following in the government’s footsteps. According to the report by ET, banks can only monitor transactions going through net banking or debit cards. Those using the Unified Payments Interface (UPI) channels to buy crypto are outside the purview of the banks. “We were not allowing any transaction up until recently, and that is still our official stance. But it’s difficult to monitor so many transactions and some do get through,” a banker told the publication. <cmsannotation type="cmsannotation" annotationid="Banks open up to crypto exchanges" comment="subhead" text="Banks open up to crypto exchanges">Banks open up to crypto exchanges</cmsannotation> WazirX listed top banks like Punjab National Bank, Union Bank of India and Industrial Development Bank of India (IDBI), Deutsche Bank, Federal Bank and more as eligible for net banking. This is in stark contrast to May when Indian banks had stopped doing business with exchanges after an informal communication from the country’s central bank, the Reserve Bank of India (RBI), warned them against working with these firms. Many banks started <a href="https://www.businesstoday.in/crypto/story/zebpay-wazirx-other-indian-crypto-exchanges-flounder-as-banks-cut-ties-after-rbi-frown-300183-2021-07-01">shutting down</a> the accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> almost overnight, forcing many to stop taking rupee deposits from their users. Further, in a letter to users on May 31, a couple of banks from India started warning their users against dealing with crypto firms. In its <a href="https://www.livemint.com/market/cryptocurrency/indian-banks-warn-indian-investors-against-dealing-in-cryptocurrencies-11622458257496.html">letter</a>, HDFC Bank, the largest private sector bank in India, told customers that virtual currency transactions weren’t permitted, citing a 2018 letter from the RBI, which banned such transactions. This led to widespread concerns about banks’ relationships with crypto exchanges. Interestingly, the RBI letter cited by HDFC Bank and some others, had been struck down by the Supreme Court of India (SC) in May 2020. The SC’s decision was hailed by the crypto industry, which in turn was able to take advantage of the bull run cryptocurrencies like Bitcoin and Ethereum underwent late last year. The RBI also issued a notice on May 31, revoking the letters sent by these banks. Sharan Nair, chief business officer (CBO) of CoinSwitch Kuber, one of the top four crypto exchanges in India, explained that the move from banks comes after a circular from India’s central bank, the Reserve Bank of India (RBI). <div type="twitter" handle="NairSharan" handlename="Sharan Nair (CoinSwitch Kuber)" image="http://pbs.twimg.com/profile_images/1431964167510974475/3V3wym-g_normal.jpg" favoritecount="433" retweetcount="117" status="Good news coming out from the RBI. Banks can no longer caution customers against dealing in #cryptocurrencies citin… https://t.co/U7hdmO9A0O" createdat="1622470220000" id="1399367645888090117"></div> That said, things aren’t fully back on track just yet. “We offer multiple payment modes for Indian investors, such as UPI, Paytm UPI, IMPS, NEFT and RTGS. We also allow users to buy/sell cryptocurrency using their credit/debit cards but we see most of these transactions getting declined by the credit/debit card providers,” Jay Hao, CEO of cryptocurrency exchange OKEx.com told ET. Alternatively, crypto exchanges in India can use multiple transaction channels, including Net Banking, RTGS and UPI. While banks can control the net banking and RTGS channels, they have no control on UPI, which is a digital payments platform built by the government. As long as banks allow crypto firms to hold bank accounts in their establishments, users can use UPI to deposit money on exchanges. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/protests-are-breaking-out-against-el-salvadors-planned-bitcoin-adoption-with-demonstrators-decrying-the-tokens-volatility-and-potential-for-corruption/articleshow/85803487.cms">Protests are breaking out against El Salvador's planned bitcoin adoption, with demonstrators decrying the token's volatility and potential for corruption</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews</a>

Banks in India are reportedly softening their stance on crypto trading

Ever since the RBI granted licenses to 11 companies to start payments banks in 2015 , we have seen three fully functioning, the latest one being Paytm. Vijay Sekhar Sharma, the founder, has recently raised 1.4 billion USD from <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> and Alibaba. In a release addressed to media, Sharma said, “"RBI has given us an opportunity to create a new kind of banking model in the world. None of our deposits will be converted into risky assets." While <keyword id="6385180" type="UNKNOWN" weightage="20" keywordseo="Airtel-Payments-Bank">Airtel Payments Bank</keyword> offered free talktimes, Paytm Payments Bank defines itself as the first bank with zero online fees for any transaction, which includes virtual debit card, <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, IMPS. The only things that would be charged are cheque books, demand draft and debit cards, which would be physical. In India, payments bank can collect deposits up to Rs 1 lakh, has to invest 75% of its deposits in government securities, can offer different payment solutions, but can't lend. This comes to the bigger question how would they make money? Shubhankar Bhattacharya, venture partner at Kae Capital told The Economic Times, “For starters, payments banks can't issue loans or credit cards, and are modelled to cover the cost of capital through transaction charges on their payment product. Therefore, payments banks need to find other avenues to improve the yield on the assets made available to them from their depositors.” "Payments banks are more likely to cross-sell services that are being offered on their platform," added Bhattacharya. “They need very high volume to start churning profits. Wallet was the game of boys. Payments banks is the game of men," <keyword id="3849285" type="UNKNOWN" weightage="20" keywordseo="Ashita-Aggarwal">Ashita Aggarwal</keyword>, head of marketing, SP Jain Institute of Management and Research told ET. The 11 entites, which were granted licenses last year, Tech Mahindra, Cholamandalam Investment and <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Company and a consortium of Dilip Shanghvi, IDFC Bank and <keyword id="3371770" type="UNKNOWN" weightage="20" keywordseo="Telenor-Financial-Services">Telenor Financial Services</keyword> have already given up on the venture. It’s for us to wait and watch how Sharma makes Paytm Payments Bank successful like the mobile wallet.

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Gem partners with UCO Bank, BoM for Payment related services

PTI

UCO Bank's performance is improving: MD

PTI

SBI alters charges on IMPS money transfer

BI India Bureau

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

Prerna Sindwani

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

PTI

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

Insider Studios

Paytm se UPI — a nod to cashless economy

Insider Studios

Banks in India are reportedly softening their stance on crypto trading

BI India Bureau

How viable are payments banks in India?

BI India Bureau

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