PAYMENT SYSTEM
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using CRED, PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as CRED, PhonePe, Amazon Pay, and Paytm.
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.
Airbus says will buy 'major activities' of subcontractor Spirit
European aerospace giant Airbus announced on Monday its intention to acquire major activities related to Airbus from subcontractor Spirit AeroSystems. This move comes as US competitor Boeing prepares to take over the majority of Spirit AeroSystems' operations.
PSBs clock higher failure rates for UPI payments
In comparison, private players like HDFC Bank, Axis Bank, ICICI Bank, Yes Bank and IDFC First have an average UPI technical decline of 0.04%. Among private players, Bandhan Bank has seen technical declines of over 1%.
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.
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Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
RBI using forex market tools to ease liquidity tightness
RBI uses forex tools to inject cash into banking system ahead of large outflows due to advance tax payments, keeping borrowing costs low and increasing reserves without impacting inflation-fighting stance.
RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
R Gandhi welcomes RBI's focus on banking safety and payment system soundness
RBI has been paying more attention on that in recent months, especially the disclosure, relating to the terms and conditions of the most important terms and conditions of the credit that is being offered by the credit institutions and there that is the first step which had already been taken.
NPCI, Peru central bank ink pact to build UPI-like payments system
The partnership makes Peru the first South American nation to adopt NPCI’s technology. It will enable BCRP to facilitate instant payments between individuals and businesses within Peru, and expand the usage of digital payments among the country’s large unbanked population.
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.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
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.
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.
CCI unable to prove market dominance, Google tells NCLAT
Google argued before the National Company Law Appellate Tribunal (NCLAT) that the Competition Commission of India (CCI) order, which imposed a penalty of Rs 936 crore on the company, was vague and excessive. The company contended that the regulator failed to provide evidence that Google's policies had harmed competition.
RBI Guv Shaktikanta Das discusses ways to scale up UPI ecosystem with stakeholders
Reserve Bank Governor Shaktikanta Das held a meeting with banks, NPCI, third-party application providers, and technology service providers to discuss strategies for expanding the UPI ecosystem. The discussions covered strategies for scaling up UPI infrastructure, expanding product portfolio, and addressing challenges in the ecosystem. The central bank will examine suggestions and take appropriate action. The meeting was attended by RBI Deputy Governor T Rabi Sankar and other senior officials.
Google contends its app store doesn't abuse dominance
Google defended its Google Play Store at the National Company Law Appellate Tribunal, asserting it didn't engage in anti-competitive behavior or misuse its dominance. The counsel for Alphabet Inc argued the store provided users and developers with options and played a vital role without qualifying as a gatekeeper under Indian regulations.
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).
NPCI inks pact with Bank of Namibia for developing UPI-like instant payment system
This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation.
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).
Cash in circulation more than doubles since FY17 on consumption demand
The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system.
Ticket on your wrist? Check out Mumbai Metro's stylish new way to pay for rides
According to Mumbai Metro One (MMOPL) authorities, the TapTap band is crafted from environmentally friendly silicone-based material, ensuring it is gentle on the skin and non-allergenic. Priced at an introductory offer of Rs. 200, commuters can now "wear their tickets instead of carrying them."
RBI issues revised norms to streamline bill payments process
These directions will be applicable from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants. Bharat Bill Payment System (BBPS) is an integrated bill payment platform which enables payment or collection of bills through multiple channels using various payment modes, like UPI, internet banking, cards, cash, and prepaid payment instruments.
RBI allows banks to issue pre-paid payment instruments for commuters to pay for public transport
The Reserve Bank of India (RBI) has amended its Master Direction on Prepaid Payment Instruments (PPI) to permit authorized bank and non-bank issuers to issue PPIs for payments across various public transport systems, aiming to provide convenience, speed, affordability, and safety of digital payment options.
Reserve Bank of India orders card network to stop unauthorized B2B payment system
The Reserve Bank of India (RBI) has directed a card network, not specified by name, to cease utilizing an unauthorized method for business-to-business card payments. This action comes as certain commercial payments were found to be routed through third-party intermediaries, contravening the RBI's payment and customer identification regulations.
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