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

After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits

<ul><li>Over the years, India has changed from a cash-led economy to a smartphone-led payment economy, says SBI Ecowrap. </li><li>Lower currency in circulation results in less leakage of deposits and it will impact monetary transmission positively, it adds. </li><li>In FY16, the share of currency in circulation (CIC) in payment systems was at 88%. This has come down to 20% in FY22. </li></ul> For the first time since 2002 – that’s 20 years – currency in circulation has declined during the Diwali week, says a report by SBI Ecowrap. This is, however, barring a marginal decline seen in the same period in 2009 because of economic slowdown. “Indian economy is undergoing a structural transformation. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash-led economy now has changed to (a) smartphone-led payment economy,” the report said, calling it a remarkable development. This coincides with a record high in terms of value of UPI transactions in October 2022 – 7.3 billion transactions to the tune of ₹12.11 trillion – growing by 73% year-on-year <a href="https://www.business-standard.com/article/finance/upi-processes-over-7-bn-transactions-in-oct-record-high-since-inception-122110100569_1.html"> in volume terms</a>. Digital transactions turn faster, cheaper and easier Over the years, digital payments have become cheaper and easier and even brought those without bank accounts into the system. Moreover, the interoperable payment systems like UPI, wallets and prepaid payment instruments or PPIs have made the process simpler. As per the report, small retail payments done through UPI/e-wallets account for around 11-12% of the payment industry. Moreover, the share of cash in payment systems has reduced drastically in the last six years. In FY16, the share of currency in circulation (CIC) or cash transactions in payment systems was at 88% - this was prior to the launch of UPI in 2016. This share has come down to 20% in FY22. Moreso, it’s estimated to go down to 11.5% by FY27. Subsequently, the share of digital transactions that have been defined as IMPS, UPI and PPI by the report – have increased substantially. These transactions were at 11.26% in FY16 - and went up to 80.4% in FY22. It is expected to touch 88% in FY27. Clearly, digital transactions are taking the place that cash once held. “The success of the digital journey is primarily due to the relentless push by the Government to formalise and digitalise the economy. Over the years, the system has expanded rapidly with new innovations like QR code, NFC etc and has also seen the swift entry of big tech firms in this industry,” the report said. Less cash to print India has always been an economy with high cash in circulation. It comes next only to Japan and Hong Kong in terms of currency <a href="https://timesofindia.indiatimes.com/business/india-business/high-cash-in-circulation-aids-current-rbi-policy/articleshow/92641909.cms">in circulation (CIC) as a percentage </a>of GDP, which was at 14.2% in FY22, as per RBI data. As this percentage reduces and the economy is formalised, it can aid the banking system. “In simple terms, it implies that the RBI has to print less of currency given that UPI transactions impact currency in circulation with a lag. This is a win-win for both RBI and government, as it results in saving of seigniorage costs and also a less cash economy,” the report said. Currently, liquidity estimation of the country is impacted by a high amount of cash in the system, which is not easy to account for. Without a currency leakage, this estimation can now see a fundamental reorientation, the report says. “A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively,” the report said. CRR or cash reserve ratio is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves either in cash or as deposits with the central bank. Apart from encouraging digital payments via UPI, the RBI is also currently working on piloting a Central Bank Digital Currency (CBDC) or the digital rupee. The RBI governor Shaktikanta Das said that it can transform the way the business is done. “It was indeed a landmark moment in the history of money, in the history of currency in our country. Going forward, it will be a landmark achievement so far as the functioning of the entire economy is concerned,” Das said on November 2.

Diwali week cash circulation declines for the first time in 20 years: SBI Ecowrap

<ul><li>NPCI International Payments Ltd and NeoPay have entered into an agreement to offer <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments in the <keyword id="6358356" type="General" weightage="80" keywordseo="uae" source="Orion">UAE</keyword>.</li><li>This will enable Indian travellers to pay using UPI on NepPay terminals.</li><li>Indians can currently use UPI for <keyword id="13666742" type="General" weightage="20" keywordseo="payments-in-uae" source="Orion">payments in UAE</keyword>, Bhutan and Singapore. </li></ul>In a big boost to <keyword id="2736678" type="General" weightage="50" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI), the international arm of National Payments Corporation of India (NPCI) has partnered with NeoPay, a payments subsidiary of UAE’s Mashreq Bank. According to an Economic Times <a href="https://economictimes.indiatimes.com/markets/stocks/news/npci-ties-up-with-uaes-mashreq-to-launch-upi/articleshow/90968472.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">report</a>, the NPCI International Payments Ltd’s (NIPL) agreement with NeoPay will allow Indian travellers in the UAE to make payments using UPI on the company’s terminals across the country. This will make payments in UPI seamless for Indian travellers as it will become as easy and quick as they are in India. Indians will be able to pay using BHIM UPI on NeoPay terminals. The partnership between NPCI International and NeoPay was announced last year and the two companies have been working on creating infrastructure to enable seamless payments. Do note that this is not the first country outside India where Indians can use UPI for payments. Indians can already use UPI in countries like Bhutan and Singapore. NIPL is also working on enabling UPI payments in Nepal. "We are looking at creating an acceptance footprint for UPI-powered apps, including BHIM, across the globe We are following the markets where our Indian consumers travel, and this partnership is to expand the usage universe of Indians who currently enjoy seamless UPI experience in India," said Ritesh Shukla, CEO, of NIPL This will come as good news for over 3.5 million Indians that are currently living in the UAE. In addition to this, over 2 million Indians visit the UAE each year. SEE ALSO: <a href="https://www.businessinsider.in/business/news/whatsapp-is-finally-allowed-to-have-100-million-users-for-its-payments-service/articleshow/90835669.cms">WhatsApp is finally allowed to have 100 million users for its payments service</a> <a href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-disables-upi-payments-coinswitch-kuber-halts-rupee-deposits/articleshow/90797569.cms">After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits</a> <a href="https://www.businessinsider.in/finance/banks/news/you-will-soon-be-able-to-use-upi-for-cardless-cash-withdrawals-at-all-banks-and-atms/articleshow/90721884.cms">You will soon be able to use UPI for cardless cash withdrawals at all banks and ATMs</a>

Indian travellers in UAE can now use UPI for payments

<ul><li>The statement from the <keyword id="193629" type="General" weightage="80" keywordseo="npci" source="Orion">NPCI</keyword>, issued earlier this month, has led <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> exchanges to stop <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> payments in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>.</li><li>Crypto exchanges have been at odds with banks in India all through 2021 and 2020.</li><li>The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> is one of the most vocal opposers of cryptocurrencies around the world.</li></ul>Banks in India have reached out to the National Payments Corporation of India (NPCI) seeking clarity on the relationship between cryptocurrencies and the country’s Unified Payments Interface (UPI) platform, according to a <a href="https://economictimes.indiatimes.com/tech/technology/top-banks-ask-npci-to-clarify-its-stance-on-upi-for-crypto/articleshow/91056087.cms?from=mdr">report</a> by the Economic Times. The NPCI manages the UPI platform, which has become the most popular digital payments mechanism in India over the past six years. This comes after the recent friction between the NPCI and the crypto ecosystem that took place earlier this month, when American crypto exchange Coinbase officially launched in India. The company offered trading services in Indian rupee, by allowing users to deposit money on the Coinbase platform using the UPI platform. Late on the same day, the NPCI issued the following <a href="https://www.techcircle.in/2022/04/07/coinbase-launches-trading-services-in-india-to-hold-1mn-pitch-contest-for-web3-startups">statement</a>: “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI." Coinbase promptly disabled the UPI option on its platform, leaving Indian users with virtually no way to continue trading on the exchange. Other crypto exchanges, including billion dollar startups <keyword id="10245463" type="General" weightage="50" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword> and CoinDCX, also discontinued UPI payments on their platform over the next week. According to the Economic Times report cited above, banks have asked the NPCI for “verbal instructions” on the next steps for NPCI. However, the report also states that the regulatory body is unlikely to come up with any such directions. <cmsannotation type="cmsannotation" annotationid="Renewed concerns" comment="subhead" text="Renewed concerns">Renewed concerns</cmsannotation> The statement from NPCI has renewed the difficult relationship crypto exchanges and firms in the country have had with payments services, including banks and wallets, in India. Digital payments wallet and platform, Mobikwik, also <a href="https://news.bitcoin.com/indias-crypto-trading-volume-plunges-further-as-mobikwik-stops-payment-service/">withdrew</a> services from such platforms on April 11, shortly after the NPCI statement. PayTM Payments Bank, a bank operated by Indian payments service provider PayTM, has withdrawn services too, in the past. Crypto exchanges in India have had troubles with banks all through 2021 and 2020. In <a href="https://www.financialexpress.com/market/rbi-banks-cant-cite-2018-crypto-ban-order-quashed-by-sc-to-caution-customers-against-virtual-currencies/2262513/">April-May last year</a>, an unofficial letter from the Reserve Bank of India (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) to banks in the country, led most banks to stop providing services to crypto exchanges. Almost every crypto exchange had to stop taking rupee deposits almost overnight. Some banks continue to stop offering services to crypto firms since then. As far as central banks go, India’s RBI has been one of the most vocal oppositions for crypto trading around the world. “Private cryptocurrency is a huge threat to macro-economic stability and financial stability...investors should keep this in mind that they are investing at their own risk," RBI Governor, Shaktikanta Das, <a href="https://economictimes.indiatimes.com/news/economy/policy/cryptos-a-threat-to-financial-stability-value-not-even-a-tulip-shaktikanta-das/articleshow/89474805.cms">said</a> while announcing the country’s monetary policy in February. The situation is a tad different this time though. The NPCI’s statement came at a time when the crypto industry in India was already witnessing a drop in trading volumes, thanks to new taxation rules announced by the government that came into effect from April 1. India has decided to impose a 30% tax on crypto trading income in the country, along with a 1% tax deduction at source (TDS) on sellers of cryptocurrencies. These taxes were announced in February and March and came into effect from April 1. On April 11, crypto research firm CREBACO <a href="https://www.coindesk.com/business/2022/04/11/crypto-trading-volumes-in-india-collapse-10-days-after-new-taxes-crebaco/">reported</a> that volumes on four Indian exchanges, including WazirX, CoinDCX, Zebpay and BitBns, had dropped in the 10 days since the new taxes were enforced. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-in-india-who-what-when-why-and-how-much/articleshow/91004188.cms">5G in India – who, what, when, why and how much?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-brings-metaverse-to-the-e-commerce-segment-with-augmented-rooms/articleshow/90999305.cms">Amazon brings Metaverse to the e-commerce segment with augmented rooms</a>

Banks reportedly seek clarity on crypto’s relationship with India’s largest payments service

<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

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has banned regulated institutions from dealing with crypto exchanges.</li><li>The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>'s decision will come into effect in three months from now.</li><li>The move could effectively ban cryptocurrency in India.</li></ul>When online poker first flourished in India, many players couldn't transfer money from their poker accounts to their bank accounts. This, basically meant that win or lose, they could make no liquid cash from playing Poker online. The solution? Players decided to transfer the money amongst themselves within the poker sites. So, if you transferred $300 to my account on website A, I could transfer $300 from my bank to yours. The rationale being, that I was going to put in $300 in my poker account anyway. That can't happen with cryptocurrencies anymore. The RBI today banned regulated institutions from dealing with crypto exchanges. The rule comes into effect three months from now, which is the time these institutions have to get their affairs in order. The move doesn't ban crypto usage in India, but it's almost like a demonetisation of cryptocurrency. Three months hence, you won't be able to perform NEFT, UPI or other transactions with crypto apps and websites, like Unocoin, Zebpay and more. This is two-way, meaning you can neither deposit nor withdraw from such apps and websites. But India also isn't a stranger to cryptocurrency usage. Many have invested in modes like <keyword id="6354947" type="PERSON" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum etc. In fact, a Bitcoin <a href="https://www.businesstoday.in/current/corporate/cryptocurrency-guru-arrested-for-bitcoin-ponzi-schemes-scam-could-run-into-rs-13000-crore/story/274255.html" data-type="tilCustomLink">entrepreneur</a> was recently arrested for scamming investors out of ₹2000 crore (just over $30 million). Will they just lose all these investments? Well, they obviously have three months to transfer these earnings to banks, converting them to cash and hence paying tax. Or, crypto exchanges could just start considering cold hard cash. That should work, at least as long as Demonetisation 2 doesn't happen. For best results, when you want your cryptocurrencies to be exchanged for real money, exchanges will have to deliver cash to you. And if you think this is an impossible scenario, there's a case study already available. Human Cash Haulers An <a href="https://www.fastcompany.com/3067778/the-blockchain-is-going-to-save-immigrants-millions-in-remittance-fees">app called Abra</a> employs "human tellers" to transfer money across the world, using the crypto medium. Unlike crypto exchanges, <keyword id="3110208" type="PERSON" weightage="20" keywordseo="Abra">Abra</keyword> operates like a regular e-wallet. Users load cash onto their wallets, which they can transfer to others. Abra, in turn, converts the money to cryptocurrency and uses the blockchain to transfer it across the world, or just a few metres away. The receiver has to find a human teller near him, which can be an individual or business, and take the amount in local currency. Think of them as Crypto Angadias - the traditional Indian community of human couriers from <keyword id="6354766" type="LOCATION" weightage="20" keywordseo="Gujarat">Gujarat</keyword> who haul cash for the diamond and gold industry in the state by operating furtively between Mumbai and Gujarat. It is said that Angadias carry a few hundred crore rupees worth of high-value goods and cash between Mumbai and Gujarat everyday. For a cash-rich country like India, could this be a solution to continue crypto usage within our borders. RBI wants its own cryptocurrency Interestingly, while the government seems keen to ban cryptocurrencies, the RBI doesn't seem to have given up on the idea of floating one of its own. The apex bank has set up a panel to implement India's own fiat cryptocurrency, that's regulated and dispersed by banks. While that may break the core philosophy of crypto modes like Bitcoin, i.e, democratising currencies, it could help reduce the cost of printing bills. It would also be in line with the government's push to promote digital payments in the country. While the RBI's ruling may have effectively banned the use of cryptocurrencies in India, the country doesn't seem ready to give up on it yet.

Crypto Angadias: RBI's crypto ban might incentivise human tellers for cryptocurrency transactions

In what is being seen as a tough competition to Paytm, tech giant <keyword id="6355629" type="UNKNOWN" weightage="100" keywordseo="Google">Google</keyword> today announced Tez - a mobile app for digital payments and commerce. Built on the Indian government-supported Unified Payments Interface, the app allows users to do financial transactions like sending money, receiving payments directly into their bank accounts and paying bills. The users can link the app to their bank accounts. The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujrati, Kannada, Marathi, Tamil, and Telugu). The app is available now for download on Google Play (Android) and the App Store (iOS). Tez works in partnership with four Banks — <keyword id="6355975" type="UNKNOWN" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, HDFC Bank, ICICI Bank, and <keyword id="6354731" type="ORGANIZATION" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) — to facilitate the processing of payments across over 50 <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> enabled banks. Introducing the new payments and commerce app, Caesar Sengupta, Vice President of the Next Billion Users team at Google, said, “We are deeply committed to bringing the best of Google's technologies to Indian users, and Tez takes that to the next level. Tez was built for India first — and starts us on a journey to make digital payments simpler and more accessible to everyone. We want to combine the best of Google with the best from our partners — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India — to supercharge digital payments and commerce for as many Indians as possible and help them get the most from every rupee.” Current app features include: ● Simple transactions on the spot: Tez’s Cash Mode securely sends money from person to person with just a few taps. By pressing and holding the Cash Mode buttons at the same time, two people using Tez are able to make a secure transaction in seconds without needing to share private details like phone numbers or account numbers. This happens through Google’s proprietary Audio QR (AQR) ultrasound technology . Best of all, recipients get the amount deposited to their bank account instantly. ● Pay anyone: Tez syncs with the contact list in users’ phones, in accordance with their privacy settings. This way users can start a transaction just by searching for a friend’s name or phone number. Once a contact is on Tez, users do not have to add beneficiaries or enter bank account number and IFSC codes. If the other person is not on Tez or in the phone contact list, then users can still pay them with their bank account number or UPI ID. Transaction history with each person is grouped together like a conversation — just like how <keyword id="51500" type="UNKNOWN" weightage="20" keywordseo="Gmail">Gmail</keyword> groups emails together. This makes it easier to find a particular transaction, instead of going through long statements. ● Pay at offline and online businesses and get offers: Tez is accepted anywhere that UPI is accepted - even shopping at the corner store or buying online. When users shop at a Tez for Business merchant (see more details below) they get access to tailored offers and smart reminders for upcoming payments. An integration with Chrome makes mobile web payments just like paying in an app, and users can quickly get to a business’s website or contact customer support, right from Tez so they don’t need install an app for every business they engage with. ● Integrated with bank accounts: Tez is not a digital wallet requiring constant top up. It works with all 50+ UPI-enabled banks, so that money stays in users’ bank accounts until they need to use it. Tez users continue to earn interest from their banks and have their deposits backed by bank security guarantees. There is no need to reload a digital wallet. ● Multiple security layers: Tez is backed by multiple security levels, including dedicated security systems offered by Indian banks, the NPCI, and the Tez Shield — Google’s suite of security features, including a machine-learning-based fraud detection engine, device level protection, including a Google PIN, and no sharing of phone numbers or bank account numbers via Cash Mode. Customer service is available 24/7. ● Built for India first: Tez works on the vast majority of smartphones on both Android and iOS, in English and Hindi. The Android version is available in additional Indian languages: Bengali, Tamil, Marathi, Telugu, Kannada, and Gujarati. ● Tez Scratch Cards™ and Tez Lucky Sundays™: With each eligible transaction, Tez users have the opportunity to win Tez Scratch Cards™ worth up to ₹1,000 and get enrolled for the weekly Lucky Sundays draw of ₹1 lakh. No need to hunt for coupon codes: When a Tez user wins, as per applicable terms and conditions, rewards go straight into the user’s bank account. Diana Layfield, Vice President, Head of Finance &amp; Commerce Products, Next Billion Users, said, “With Tez, we are not just building an app but working towards a digital ecosystem that brings together millions of smartphone users, small merchants, large businesses, and financial institutions — all built on the UPI infrastructure that NPCI and the Indian government have taken great initiative in developing. Today is the start of a new journey for us. We look forward to bringing more features and innovations to meet people’s needs, and providing businesses with more ways to interact with their customers.”

Now, Google's mobile payments app is here. Exclusively for India

In a bid to bolster the safety and security of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> and enhance regulatory frameworks, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) unveiled a series of proposals aimed at fostering innovation, inclusivity, and efficiency in the financial ecosystem. These initiatives, announced by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, signify the central bank's commitment to fortifying India's digital infrastructure and promoting a conducive environment for financial transactions. One of the key announcements made by Governor Das pertained to the establishment of a Digital Payments <keyword id="21971766" type="General" weightage="20" keywordseo="intelligence-platform" source="keywords">Intelligence Platform</keyword>. This platform, leveraging advanced technologies, aims to mitigate payment <keyword id="19898489" type="General" weightage="20" keywordseo="fraud" source="keywords">fraud</keyword> risks and enhance the safety of digital transactions. According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases. This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23. Despite the notable rise in the number of fraud cases, there was a substantial decrease in the total amount involved in these incidents. The amount of money associated with total bank frauds plummeted by 46.7 per cent year-on-year in the financial year 2023-24, totaling Rs 13,930 crore. In comparison, the amount recorded in FY23 stood at Rs 26,127 crore. RBI has proposed a revision of the limit of bulk deposits for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs). This move, aimed at enhancing flexibility and aligning with evolving market dynamics, underscores the RBI's commitment to fostering a conducive environment for the banking sector. Currently, banks have the discretion to offer differential rates of interest on bulk deposits based on their requirements and Asset-Liability Management (ALM) projections. The existing bulk deposit limit for SCBs (excluding Regional Rural Banks) and SFBs, set at 'Single Rupee term deposits of Rs 2 crore and above,' was established in 2019. However, following a comprehensive review, the RBI has proposed to revise this definition to 'Single Rupee term deposits of Rs 3 crore and above' for SCBs and SFBs. In addition to the proposed revision for SCBs and SFBs, the RBI has also suggested defining the bulk deposit limit for Local Area Banks (LABs) as 'Single Rupee term deposits of Rs 1 crore and above,' mirroring the criteria applicable to Regional Rural Banks (RRBs). RBI has also unveiled plans to rationalize export and import regulations under the Foreign Exchange Management Act (FEMA), 1999. This initiative, driven by the imperative of progressive liberalization and operational flexibility, underscores the RBI's commitment to fostering a conducive environment for international trade and investment. By eliminating redundancies, enhancing clarity, and reducing procedural complexities, the RBI aims to promote ease of doing business for all stakeholders involved in cross-border trade. The RBI aims to streamline and simplify operational procedures related to export and import transactions, thereby reducing administrative burdens and enhancing efficiency for businesses and authorized dealer banks. By aligning regulations with international best practices and market realities, the RBI seeks to create a business-friendly environment conducive to fostering trade and investment growth. Simplified regulations will facilitate smoother trade transactions, encouraging businesses to explore new markets and expand their global footprint. While promoting ease of doing business, the RBI remains committed to ensuring compliance with regulatory requirements and safeguarding the integrity of the financial system. The proposed rationalization will uphold the principles of transparency, accountability, and risk management in cross-border transactions. As part of the process, the RBI plans to publish draft regulations and directions on its official website by the end of June 2024. In a bid to enhance the convenience and efficiency of digital payments, RBI has unveiled plans to expand the e-mandate framework to include recurring payments for Fastag, National Common Mobility Card (NCMC), and similar services. This initiative, aimed at modernizing payment systems and promoting financial inclusion, underscores the RBI's commitment to fostering innovation and leveraging technology to meet evolving consumer needs. The current UPI Lite service permits customers to load their UPI Lite wallets with up to Rs 2000/- and conduct transactions of up to Rs 500 from the wallet. To enhance the seamless usage of UPI Lite for customers, and in response to feedback from various stakeholders, it is suggested to integrate UPI Lite into the e-mandate framework. This integration would introduce an auto-replenishment feature for UPI Lite wallets, automatically refilling the wallet balance when it falls below a predetermined threshold set by the customer. Since the funds remain under the customer's control (transferring from their account to the wallet), it is proposed to eliminate the need for additional authentication or pre-debit notifications. Relevant guidelines pertaining to this proposal will be issued shortly. RBI has embarked on a mission to foster innovation and transformation in the financial sector with the launch of its third edition of the global hackathon, "HARBINGER 2024 - Innovation for Transformation." It would feature two primary themes: 'Zero Financial Frauds' and 'Being Divyang Friendly.' Solutions aimed at bolstering the safety and security of digital transactions, with a specific emphasis on identifying, preventing, and combating financial frauds, will be solicited. Additionally, there will be a focus on fostering inclusivity for individuals with physical disabilities. Further details regarding the hackathon will be unveiled shortly. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, the year expected to end in a decline</a><a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank">Computex 2024: Intel Debuts Lunar Lake Chips With Focus On Microsoft’s AI Ambitions For PCs</a><a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank">May Auto Sales – Tata Motors and Hyundai continue to fight for the second spot as car sales grow by 4%</a>

RBI announces digital payments intelligence platform to check online frauds

Growth in credit, mergers and acquisitions, digital initiatives by the Reserve Bank of India (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>), and the shift in preference for rupee credit over external commercial borrowing (ECB) were the major happenings in the banking sector in 2022, a top official of the <keyword id="125585" type="General" weightage="100" keywordseo="south-indian-bank" source="Orion">South Indian Bank</keyword> said looking back at the year gone by. "Set up in 1929, South Indian Bank has a network of 928 branches and 1,156 ATMs. The bank's advances stood at Rs 67,963 crore as on September 30, 2022, with retail, small and medium enterprises, and agricultural advances accounting for 70 per cent of the book," <keyword id="9873216" type="General" weightage="50" keywordseo="murali-ramakrishnan" source="Orion">Murali Ramakrishnan</keyword>, MD and CEO, told IANS in an interview. The Bank's Vision 2024 focuses on the 6 Cs - capital, CASA, cost-to-income, competency building, customer focus, and compliance, <keyword id="56336" type="General" weightage="80" keywordseo="ramakrishnan" source="Orion">Ramakrishnan</keyword> added. Here are some excerpts from the interview: IANS: What were the major regulatory developments in 2022 and their impact on the banking sector? Ramakrishnan: The Reserve Bank of India (RBI) has issued a Master Direction on Digital Payment Security Controls and these guidelines will create an enhanced and enabling environment for customers to use digital payment products in a more safe and secure manner and provide more clarity to banks to partner with Fintech and other digital partners. Also, RBI launched a pilot project on Central Bank Digital Currency (CBDC). The use of the wholesale digital rupee is for the settlement of secondary market transactions in government securities as it would reduce transaction costs. CBDC may benefit consumers in terms of liquidity, scalability, adoption, the convenience of transactions with anonymity, and quicker settlement. Furthermore, the RBI has launched a pilot to digitize Kisan credit <keyword id="6360117" type="General" weightage="80" keywordseo="card" source="Orion">card</keyword> (KCC) lending in a bid for efficiency, higher cost savings, and reduction of turnaround time. This is expected to transform the flow of credit in the rural economy. In addition, the RBI initiated Enhancing the Mandates of a Unified Payments Interface and Expanding the Scope of the Bharat Bill Payment System is likely to speed up the pace of digital adoption IANS: What actions have your bank taken on the above? Ramakrishnan: South Indian Bank is exploring various collaborations with the Fintech partners or the non-banking finance companies (NBFC) that have a presence in their own market. This is exactly demonstrated in South Indian Bank's credit card relationship with One Card. It is a co-branded card and South Indian Bank has issued over 150,000 cards within one year of the partnership. IANS: What were the high and low points for the banking sector? What is the big industry trend you saw during the year? How did your company respond to it? Ramakrishnan: The acceleration of private investments, increased need for working capital, switch in corporate borrowing from bonds to bank loans, and shift in preference for rupee credit over ECB have all contributed to bank credit growth. Deposits growth moderated, within that term deposits witnessed an uptick due to an increase in the interest rate and CASA (current account, savings account) growth slowed down. Due to the slowdown in retail deposits coming in, banks are depending increasingly on Certificates of Deposits and bulk deposits. Without making a significant change to the savings rate, banks have concentrated on raising rates on term deposits. On the asset quality side, credit costs and gross non-performing assets (GNPA) continue a downward trend in CY2022. Credit costs are at the lowest levels since FY17, boosting overall profitability. Asset quality is stable for private banks and NPAs for public sector banks declined and bounce rates are comfortably lower than the pre-covid average. Overall, profitability improved in CY2022, supported by a healthy increase in margins and lower credit costs. In CY2022, the Indian banking industry continues to witness an uptick in end-to-end digital adoption across new accounts, deposits, investments, cards, and loans. Digital Transactions in the industry continue to gain market share, especially UPI and mobile and internet banking alone having the major share of transactions. IANS: Do you think mergers and acquisitions (M&amp;A) are likely to accelerate in the next financial year? Ramakrishnan: Indian commercial banks, in both the public and private sectors, have actively engaged in M&amp;A deals during CY2022. The Indian banking sector has witnessed three major mergers/acquisition-related news in CY2022, which include a merger between a large bank and a housing finance company belonging to the same group, the privatisation of a public sector bank and an Indian private bank acquiring the retail business of a foreign bank. These deals are likely to be concluded in CY2023 and similar deal momentum is likely to continue in CY2023. IANS: Looking forward to the next fiscal, your views on how FY 2023-24 would pan out? Ramakrishnan: Indian banking sector is strong, stable and resilient poised to support economic growth. Its health has improved in recent years as reflected in key indicators like capital adequacy, asset quality, net interest margins (NIM) provisioning coverage and profitability. A long period of banking book consolidation, and business process improvement, including customer service, risk management and digitalization likely to help Indian banks to keep the growth momentum in FY24. Also, the NIMs will be watched closely, as the repricing of both assets and liabilities happens. The increasing interest rate, protracted geopolitical tension, the negative spillovers from the global slowdown, tightening of the global financial condition and its effect on the domestic economy, however, might continue to weigh on the outlook. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/central-banks-across-the-world-may-unwind-the-interest-rates-as-slowdown-starts-to-bite-sbi-report/articleshow/96677642.cms">Central banks across the world may unwind the interest rates as slowdown starts to bite: SBI report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/crucial-meeting-of-reliance-capital-coc-to-be-held-on-tuesday/articleshow/96682859.cms">Crucial meeting of Reliance Capital COC to be held on Tuesday</a>

Indian banking will maintain its growth momentum: South Indian Bank MD & CEO

In the past year, cryptocurrencies have come into their own. In India, investments in crypto have grown from $200 million to nearly $40 billion — a growth of over 200 times in the past year — according to data by Chainalysis. And, it’s not just Bitcoin leading the charge. Other cryptocurrencies like Ether, Matic, and Doge are also a part of the hype despite the Indian Government and the central bank treading caution. With countries like El Salvador legalising Bitcoin, more countries could join the bandwagon. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;"><cmsannotation type="cmsannotation" annotationid="Trading cryptocurrencies" comment="subhead" text="Trading cryptocurrencies">Trading cryptocurrencies</cmsannotation> </h3>If you want to invest in cryptocurrencies in India, but don’t know where to begin, then understanding the basics, like opening a cryptocurrency trading account on India’s largest crypto exchange <a href="https://wazirx.com/">WazirX</a>, is probably a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">good place to start</a>. The easy way to dip your toe in the market is by buying Bitcoin from a crypto exchange like WazirX, which is backed by Binance - the world's largest crypto exchange. Crypto exchanges are similar to stock exchanges in the sense that they let you buy or sell tokens in real-time. However, unlike a stock exchange, crypto exchanges are self-regulated, and they operate 24x7, throughout the year. And, you don’t need to buy a full <a href="https://blog.wazirx.com/how-to-buy-bitcoin-in-india/">Bitcoin</a> in order to trade in india. You can buy or sell fractional shares of Bitcoins. WazirX offers a minimum capital requirement as low as ₹100. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;"><cmsannotation type="cmsannotation" annotationid="How to open a crypto trading account on WazirX" comment="subhead" text="How to open a crypto trading account on WazirX">How to open a crypto trading account on WazirX</cmsannotation></h3><ul><li>Download the WazirX app from the <a href="https://play.google.com/store/apps/details?id=com.wrx.wazirx&amp;hl=en_IN&amp;gl=US">Play Store</a> (Android) or <a href="https://apps.apple.com/in/app/wazirx/id1349082789">App Store</a> (iOS) or sign up directly from the website to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">create an account on wazirx</a>.</li><li>Open the app and you’ll be asked to log in or sign-up. Tap the sign-up option.</li><li>Enter your email address and desired password.</li><li>A confirmation email will be sent to your email ID. Go to your email inbox and tap on the link to verify your email.</li></ul> <div type="image" title="WazirX Image 1" msid="84373036" hostid="261" caption="&amp;lt;p&amp;gt;How to open a crypto trading account on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>The app will now prompt you to select your desired security options. One can choose the proven method of using your mobile number, where a one-time password (OTPs) will be sent to you via SMS. WazirX does give you the option to skip this step altogether, but that will leave your account without any added security.</li><li>Additionally, the app has an inbuilt passcode system that can add a layer of protection against snooping eyes.</li></ul><cmsannotation type="cmsannotation" annotationid="How to complete your account’s KYC on WazirX" comment="subhead" text="How to complete your account’s KYC on WazirX">How to complete your account’s KYC on WazirX</cmsannotation> <ul><li>Now you will be prompted to select your country of residence. WazirX currently serves only the Indian market and its official currency is the Indian Rupee.</li><li>Here, you can then select whether to skip KYC or continue with it. However, withdrawals or peer-to-peer transactions are not available without an approved KYC. </li></ul> <div type="image" title="WazirX Image 2" msid="84373087" hostid="261" caption="&amp;lt;p&amp;gt;How to complete your account&amp;#8217;s KYC on WazirX&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> <ul><li>To complete KYC, just enter your name, address, date of birth, and a copy of your identity card - government-issued Aadhaar Card and PAN card are necessary. You will be able to just take a picture of the document within the app. </li><li>Once the credentials are uploaded, you’ll hear back from the exchange in the next few days with a confirmation. Once received, you’re all set and the account is fully ready for your first transaction.</li></ul><cmsannotation type="cmsannotation" annotationid="How to buy cryptocurrencies on WazirX" comment="subhead" text="How to buy cryptocurrencies on WazirX">How to buy cryptocurrencies on WazirX</cmsannotation> <ul><li>Once your account is all set up, you will be able to trade and invest in cryptocurrencies. </li><li>You can visit the ‘’Quick Buy’ menu to instantly purchase new tokens like Bitcoin, Ethereum, and more.</li></ul> <div type="image" title="QuickBuy" msid="84373166" hostid="261" caption="&amp;lt;p&amp;gt;How to use the &amp;#39;QuickBuy&amp;#39; feature on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>Within the ‘Exchange’ menu, you can see the price of different cryptocurrencies against different bases. In addition to the Indian rupee, you can see the available exchange rates against the USD dollar, Tether — a stable coin based on the dollar — and against WazirX’s own token, the WRX.</li></ul> <div type="image" title="WazirX Image 3" msid="84373200" hostid="261" caption="&amp;lt;p&amp;gt;How to buy cryptocurrencies on WazirX&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="How to add money to your cryptocurrency account on WazirX" comment="subhead" text="How to add money to your cryptocurrency account on WazirX">How to add money to your cryptocurrency account on WazirX</cmsannotation> <ul><li>In order to actually purchase any cryptocurrency, you will need to deposit funds within the exchange. You can transfer Indian Rupee (INR) from your bank account to WazirX via UPI, which is directly from your bank account. </li><li>To do so, tap the “Funds” tab, then select INR. You’ll see a statement of your deposits or withdrawals.</li><li>Simply select “Deposit” and select how you’d like to fill up the wallet.</li><li>The UPI option prompts you to enter the desired amount, followed by your UPI VPA address. You need to go back to your payments app to authenticate the transaction. </li><li>It will take a few hours for WazirX to verify your account and get it ready to transfer funds. </li></ul> <div type="image" title="WazirX Image 4" msid="84373216" hostid="261" caption="&amp;lt;p&amp;gt;How to add money to your cryptocurrency account on WazirX&amp;lt;/p&amp;gt;"></div> <ul><li>The minimum amount that a user can deposit is ₹100. </li><li>Deposits will be charged a fee of 0.2%. So, if you transfer ₹100 — you will be charged ₹2 as fees for that transaction. </li><li>And, it may take up to 72 hours for the funds to reflect in your account once the transaction has gone through. </li><li>A total balance of all your holdings is visible in the ‘funds’ tab, on the bottom right corner of the screen.</li></ul>WazirX has a host of cryptocurrencies, each having its own unique selling point. Investing in cryptocurrencies is easier than ever and barely takes a couple of minutes to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">open an account</a>. There are no charges for signing up. Disclaimer: This is a sponsored article in partnership with WazirX <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 href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-became-the-first-country-to-accept-bitcoin-as-legal-tender/articleshow/84343294.cms">El Salvador’s crypto-friendly plans are facing some important questions</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-world-bank-imf-and-bis-push-for-central-bank-cryptocurrencies-to-improve-cross-border-payments/articleshow/84345332.cms">The World Bank, IMF and BIS push for central bank cryptocurrencies to improve cross-border payments</a>

How to open a crypto trading account in India?

<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

<ul><li>Women’s fashion brand Biba Fashions has filed a draft red herring prospectus (DRHP) with the markets regulator SEBI for the IPO.</li><li>The IPO will include fresh issue of shares worth ₹90 crore and 2.77 crore shares will be sold by promoters and existing investors.</li><li>Private equity investors Warburg Pincus and Faering Capital will also cut their stake in the firm through the IPO.</li></ul>Women’s fashion brand Biba Fashions is all set to come up with an initial public offering (IPO) as the company has filed a draft red herring prospectus (DRHP) with India’s markets regulator Securities and Exchange Board of India (SEBI). There is a queue of Indian fashion brands interested in becoming a public company. Few months back ethnic wear brand Fabindia also filed DRHP with the regulator while brands like Manyavar, Go Colors got listed on exchanges recently. Aditya Birla Fashion &amp; Retail and TCNS Clothing are other listed players in the apparel space. The IPO of Biba Fashions will include fresh issue of shares worth ₹90 crore and 2.77 crore shares will be sold by promoters and existing investors. Meena Bindra founded the company in 1988 and now owns over 5% stake in the company. She would sell 37.5 lakh shares through the IPO. Biba Fashions develops, designs, sources, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands including BIBA and Rangriti. They offer consumers a range of products across jewellery, footwear, wallets and fragrances. The fund raised through the IPO will be used to pay debt and some for general corporate purposes. The company reported a loss in FY21 as its offline sales were affected due to COVID-19 restrictions. “We witnessed a 48.79% drop in offline sales between financial years 2020 and 2021, and recorded a loss for the year of ₹118.40 million in fiscal 2021 on account of the impact of COVID-19 on our operations, among others,” said the company in its DRHP. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Biba Fashions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹525.8 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹11.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹757.2 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8.9 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹729.4 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20.2 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-disables-upi-payments-coinswitch-kuber-halts-rupee-deposits/articleshow/90797569.cms">After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/how-sachin-tendulkar-backed-smaaash-is-making-a-comeback-with-45-stores-by-june-2022/articleshow/90795758.cms">How Sachin Tendulkar-backed Smaaash is making a comeback with 45 stores by June 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-mints-almost-10000-crore-profit-in-just-three-months-than-in-12-months-a-decade-ago/slidelist/90791896.cms">TCS mints almost ₹10,000 crore profit in just three months than in 12 months a decade ago</a>

You Searched For "upi rupee deposit" and got 13 results

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