PAYMENT AND SETTLEMENT SYSTEMS ACT
India-Russia summit in Moscow to focus on payment system for trade
Prime Minister Narendra Modi and President Vladimir Putin are set to focus on enhancing financial transactions between India and Russia during their annual summit in Moscow. With Russia facing SWIFT restrictions, both leaders aim to establish quicker and more efficient payment mechanisms. Plans include enabling the use of national currencies for tourists and students, involving RuPay and MiR cards.
Delhi HC sets aside Punjab and Sind Bank's withdrawal of one-time settlement
The OTS offer, its acceptance and the sanction letter constitute a sufficient contract, the judge said. “Thus, the Punjab and Sind Bank, which is a nationalised bank and an instrumentality of the state, cannot act arbitrarily or whimsically in matters of contract.” The Punjab and Sind Bank (PSB) withdrawing the OTS was a “cryptic order, bereft of any reasons”, Justice Pushkarna said.
India must reflect & implement essential reforms to strengthen the arbitration process
The recent finance ministry notification in India has raised concerns by discouraging automatic arbitration clauses in procurement contracts. The move aims to address the unsatisfactory experience of the Government of India (GoI) in arbitration and promote mediation or court resolution for disputes. This decision has sparked a debate on the effectiveness of alternative dispute resolution methods and their impact on business dealings, particularly with global companies.
Delhi HC sets aside Punjab & Sind Bank's decision to withdraw its Rs 120 cr OTS given to real estate co Ambience Pvt Ltd
The Delhi High Court has ruled against Punjab and Sind Bank's withdrawal of a Rs 120 crore loan settlement from Ambience Pvt Ltd. The court deemed the withdrawal as arbitrary and unsustainable. The bank has been directed to release the securities provided by the company. The court clarified that the terms of the settlement, once accepted and sanctioned, are binding. Ambience had made the full payment as per the agreed terms, refuting the bank's allegations of deviation and concealment. A legal dispute over the loan settlement has been resolved by the court.
RBI, ASEAN countries to create instant cross-border retail payments platform
The Reserve Bank of India and ASEAN nations are collaborating on "Project Nexus," aimed at establishing a platform for instant cross-border retail payments by linking fast payment systems. India joins Malaysia, Philippines, Singapore, and Thailand as founding members, with plans to expand globally by 2026, enhancing efficiency and reducing costs in international transactions.
India, four SE Asia countries plan instant retail cross-border payments
Five central banks from India, Malaysia, Thailand, Singapore, and the Philippines collaborate on Project Nexus, a cross-border retail payments platform set to launch by 2026, facilitated by the Bank for International Settlements (BIS). Nexus will integrate digital payment systems like India’s UPI and Singapore’s PayNow, potentially linking 1.7 billion people globally.
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Hitachi Payment Services receives RBI nod for payment aggregator
Hitachi Payment Services has received RBI's final authorization to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007. This authorization allows Hitachi to expand its digital services, offering comprehensive payment solutions such as UPI, Netbanking, and BNPL. The company processes over 2.5 billion digital transactions annually and aims to boost digital payment adoption and innovation across India.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
RBI grants Payment Aggregator license to SabPaisa
SabPaisa, a payment solutions provider, has received final approval from RBI to function as a Payment Aggregator under the Payments and Settlement Systems Act, 2007. Pathikrit Dasgupta, the CEO, highlighted the milestone, dedication to excellence, and aspiration to emerge as a premier fintech entity in India.
Aurionpro Payments gets RBI nod to operate as online payment aggregator
Aurionpro Payment Solutions, a Mumbai-based technology company, authorized by RBI as an online payment aggregator via AuroPay, with shares closing at Rs 2,669.40 on BSE.
RBI, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
RBI to boost rupee's internationalisation, liberalise norms for non-residents
The Reserve Bank of India (RBI) is intensifying efforts to internationalize the Indian Rupee (INR) by making regulatory changes for non-residents and enhancing the appeal of the GIFT City as an international financial center. The RBI plans to liberalize regulations related to INR accounts for non-residents and allow them to open rupee accounts outside India.
IRDAI in favour of 100% cashless claim settlement in health
In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.
Why does India have the first mover advantage in Web3 technology?
While regulatory clarity remains a work in progress, India's embrace of the Financial Intelligence Unit (FIU) registration requirement is a positive step, creating a safer trading environment for all.
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC
"Being the global bank that we are, what we do, therefore, is connect India to the rest of the world and connect the rest of the world to India and GIFT is clearly onshoring what was happening offshore," HSBC India CEO Hitendra Dave told ET.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
EPFO extends auto claim settlement facility to education, marriage and housing advance
As per the statement issued by the retirement fund body on Monday, the auto claim settlement facility will bring down the settlement time from 10 days to within three-four days. EPFO expects around 22.5 million of its subscribers to reap the benefits of this facility.
India, Ghana agree to operationalise UPI link in 6 months
India and Ghana plan to implement UPI on GHIPSS in 6 months. JTC meeting explored MoU on Digital transformation, Local Currency Settlement, AfCFTA opportunities in Accra, led by Commerce Ministry.
India, Ghana agree for early operationalisation of UPI on Ghana interbank payment systems
India and Ghana aim to link UPI and GHIPSS for instant fund transfers. Discussions include MOU, local currency settlement, and AfCFTA benefits. NPCI's UPI may operate on GHIPSS in 6 months. Bilateral trade focuses on gold, cocoa, and cashew nuts.
India, Nigeria to increase cooperation in energy, UPI, local currency settlement to enhance economic ties
India and Nigeria are ramping up cooperation in several key areas to bolster economic ties. During a recent visit by an Indian delegation to Nigeria, both countries discussed increasing collaboration in sectors such as crude oil, natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement systems, and the power sector. Led by Amardeep Singh Bhatia, the delegation included officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI).
Concerns raised over Covishield vaccine safety in India's apex court
A plea has been filed seeking setting up of an expert medical panel to study and assess the possible risk factors associated with the Astrazeneca's Covishield vaccine, which was one of two vaccines administered in India against Covid-19. Advocate Vishal Tiwari in his fresh application said that AstraZeneca had accepted a link between the vaccine and Thrombosis with Thrombocytopenia Syndrome (TTS).
India, Nigeria agree to early conclusion of local currency settlement system agreement
India and Nigeria have agreed to conclude a local currency settlement system agreement to strengthen economic ties. The agreement, signed during a joint session of the India-Nigeria Joint Trade Committee, aims to promote the use of the Indian Rupee and Nigerian Naira for cross-border transactions. The agreement will enhance bilateral trade and mutually beneficial investments in sectors such as crude oil, natural gas, pharmaceuticals, power, renewable energy, agriculture, education, transport, railway, aviation, and MSMEs development.
ET Explainer: Product-related plaints? Follow these steps to move consumer court
Many dissatisfied consumers of the product or the service they have received do not understand how they can seek redressal. Here is a primer on how to file a consumer case and what some of the challenges a complainant can face in the process.
RBI proposes distribution of CBDC through non banks; seeks to broaden retail access to digital currency
The Reserve Bank of India (RBI) is expanding the usage of Central Bank Digital Currency (CBDC) by allowing distribution through Non-bank Payment System Operators. CBDC pilots in Retail and Wholesale segments are ongoing with 4.3 million retail users and 4 million merchants. The RBI aims to enhance access by enabling non-bank operators to offer CBDC wallets, testing the platform's resiliency.
Paytm moves settlements to RBL Bank via own card machines
Paytm will be retaining branding and merchant relations but will be using RBL Bank for its ‘bin’ services
Sebi re-examines settlement guarantee fund after a decade
Besides reviewing the fund size, the regulator is exploring a possible change in the methodology used to compute the fund requirement. The subject was discussed at the last meeting of the risk management review committee of the Securities and Exchange Board of India (Sebi), a person familiar with the proposal told ET.
RBI OKs interoperable payment system for internet banking transactions
The Reserve Bank of India has approved NPCI Bharat BillPay Ltd to implement an interoperable payment system for internet banking transactions. The new system will facilitate quicker settlement of funds for merchants. It is expected to be launched during the current calendar year. India accounts for 46% of the world's digital transactions.
Card-based business payments violated Payment and Settlement Systems Act, 2007: RBI
On February 14, ET wrote that fintech startups like EnKash, Paymate and others have been instructed by card network Visa to stop offering business payment services through their commercial cards. The central bank mentioned that only one card network offers this service currently, without naming them.
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