PREPAID PAYMENT INSTRUMENTS

Digital Rupee: RBI widens scope of CBDC; non-banking payment companies to facilitate transactions

Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers.

RBI eases rules for centre’s mobility card after limited success

The National Common Mobility Card can be used by commuters for payments at metros, buses, road toll plazas and fuel stations. Eventually, commuter trains linking suburbs to big cities are also expected to be brought into the fold.

Paytm Payments Bank and Paytm to discontinue inter company agreements amid regulatory scrutiny

Paytm Payments Bank has been instructed by the Reserve Bank of India to halt its basic banking services from March 16. Earlier this week, on Monday, Vijay Shekhar Sharma - the founder of Paytm - announced his resignation from the board of Payments Bank, which replaced its directors with new inductees, mostly from the banking and bureaucratic fraternity.

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.

Amazon Pay secures payment aggregator licence from RBI

A payment aggregator licence by the RBI will enable Amazon to increase its merchant payments business, a major opportunity for the ecommerce giant given its large online shopping business in India.

Will Paytm FASTag work beyond the March 15 deadline as Paytm shifts nodal account to Axis Bank?

Paytm FASTag: As of February 22, 2024 existing FASTags of Paytm would work post March 15, 2024 but they cannot be topped up with money. So this will render them unusable for paying highway toll tax once the existing balance is exhausted. Here's what you need to know about using Paytm FASTag post March 15, 2024

RBI allows prepaid wallets, cards without KYC, to pay for rail, metro, bus, toll, parking; how it works

Metro, bus, train, waterways, tolls, and parking services can now be paid digitally through prepaid wallets and cards, thanks to RBI's approval of PPI issuing without KYC.

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.

Paytm deadline extended to March 15: Who can use UPI, wallet, FASTag, banking services, RBI releases FAQs

The central bank has also released detailed FAQs for customers of Paytm Payments Bank. RBI announced these on February 16, 2024.

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

This will ensure that merchants who accept digital payments through Paytm will be able to continue doing so. The Reserve Bank of India had asked Paytm to close all its nodal accounts with Paytm Payments Bank latest by February 29.

Paytm Payments Bank taken out of NHAI list to sell FASTags; what Paytm FASTag users should know, do now

Paytm FASTags: NHAI removes Paytm Payments Bank from approved list of FASTag issuing bank. Find out what Paytm FASTag users should do now.

Slice launches its UPI-first account for all users

After a three-month beta testing period, primarily available to its existing customer base, Slice is now extending the account services to all users, the Tiger Global-backed fintech firm said in a statement.

Traders' body advises traders to switch from Paytm to other payment apps in light of RBI action

CAIT secretary general Praveen Khandelwal said the recent restrictions imposed by RBI on Paytm have raised concerns about the security and continuity of financial services provided by the platform.

RBI to harmonise Internal Ombudsman framework to strengthen customer grievance mechanism

The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direction. This move aims to enhance the customer complaint resolution process for regulated entities. The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants. The RBI also plans to issue a framework for recognising Self-Regulatory Organisations to promote compliance culture and provide a consultative platform for policy-making. Stakeholder comments will be sought on the draft of the framework.

NPCI cracks down on unregulated co-branding deals by PPIs

In a note, the NPCI has asked PPI issuers to stop such services with immediate effect and close down existing wallets by June 30

Banks to issue RuPay forex cards; PPIs can issue e-RUPI vouchers:RBI

NPCI sets 1.1% interchange fee on UPI payments via prepaid instruments, wallets

The National Payments Corporation of India has set the interchange fee at 1.1% for merchant transactions initiated using a Prepaid Payment Instrument (PPI) such as mobile wallets on the Unified Payments Interface (UPI) network.

Amazon Pay fined Rs 3 crore for not complying with KYC norms

RBI said in a statement on Friday that “it was observed that the entity was non-compliant with the directions issued by RBI on Know-Your-Customer (KYC) requirements.”

Payment system operators to report fraud on RBI's DAKSH from Jan 1

All RBI-authorised Payment System Operators (PSOs) / providers and payment system participants operating in India are required to report all payment frauds, including attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves, it added. This reporting was earlier facilitated through Electronic Data Submission Portal (EDSP) and is being migrated to DAKSH.

RBI cancels licence of Deccan Urban Co-operative Bank

The Reserve Bank of India on Thursday said the licence of Deccan Urban Co-operative Bank, Karnataka, has been cancelled as the lender does not have adequate capital and earning prospects.

Digital lending entities should only carry out activities for which they have licenses, says RBI Guv

"Without permission if they are engaging in activities for which they have no license then it is not acceptable. This is going beyond the licensing requirement and there will be a risk build up which we cannot allow," Das said at an event organised by Bank of Baroda.

Prepaid card numbers crash; Tech Mahindra CEO bats for free spectrum

Until May, fintech companies were issuing five to seven lakh prepaid cards a month to customers. But in June the RBI barred non-banks from loading credit lines onto online wallets and other prepaid payment instruments. The central bank’s mandate had an immediate impact – fintech firms have issued fewer than a lakh prepaid cards so far this month.

Prepaid card issuances dry up for fintech firms

New numbers dip to fraction of levels before RBI bar on credit links to PPIs.