PRIVATE PAYMENT SYSTEMS
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.
Comeback Trail: After IT, time for large private banks to make a comeback? 6 top private banks with an upside potential of upto 40%
Today, because one private sector bank and some of the PSU banks are under pressure, the bank nifty is trading in the red. Because the bank in question, Kotak Mahindra bank has come under pressure due to one specific development which tends to be eye-catching, the whole narrative shifts to something which is not related to the core business of banking. If one leaves aside what is happening in the banks today and looks at a slightly broader picture, probably there are underlying indications of something else. A probability of a tactical investment opportunity building in the private sector banks taking place. Look at the leaders from that space, HDFC bank which has been at the forefront of getting all negative news is pretty much close to its earlier highs.
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%.
After proposing no tolls for poor highways, Nitin Gadkari asks officials to work on passes for cars
Union Road Transport Minister Nitin Gadkari has proposed the introduction of monthly or annual passes for cars on the National Highway network to simplify toll collection and reduce commuter hassles. This suggestion comes alongside his call for tolls to be waived on poorly maintained highways, emphasizing the need for quality service before collecting tolls.
In 10 years, India no longer a charity case, it's the driving force of world economy: Sanjeev Sanyal
There are no such things as poor people. They are poor places. Say two brothers grew up in Moradabad. One of them stays back in Moradabad and another went off to Dubai. After five years, one person will be earning a lot more than the other. Why does this happen? It is because places matter, says Sanjeev Sanyal
Armee Infotech files papers to garner Rs 250 cr via IPO
IT infrastructure solutions provider Armee Infotech Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 250 crore through an initial public offering (IPO).
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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.
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.
Can electronic voting systems be prone to hacking? What did Elon Musk say?
Entrepreneur Elon Musk has raised concerns over the electronic voting systems and said that it can be hacked using AI leading to loss of credibility in the electoral process. He has given the example of Puerto Rico.
Minister & Policy Continuity: Will it lead to re-rating getting sustained ? 7 stocks of railway’s ecosystem.
While it became clear on the day of the election result only that the same government is going to continue. Some doubts were raised as to whether there would be a shift in policy focus. A part of the answer has come in the form of portfolio allocation. Some of the key sectors which mattered to the street because they had seen a re-rating and valuations are high, the continuation with the same minister is an indication that government is clearly focussed on continuation not only with a policy focus but it also does not want to waste time in getting a new minister and spending time in him/ her understanding the core work. Now this should bring relief to some companies as their projected plans and workflow will continue. Which means that expected growth which the market has put in its estimates of earning has a high probability of continuing.
RBI's proposed digital payments intelligence platform will mitigate frauds, say experts
The Reserve Bank's proposal to establish a digital payments intelligence platform aims to combat fraud and enhance consumer trust. A committee led by A P Hota will assess the creation of this platform, leveraging advanced technologies to mitigate payment fraud risks.
RBI to set up digital payments intel platform after cyber frauds spike over 700%
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the launch of a digital payments intelligence platform to address the recent rise in bank and digital frauds.
There is a rebound in FMCG today, IT stocks could be next, don't write them off: 10 IT stocks with upside potential of up to 43%
It is not only that nifty it has been changing color in every second day, In the last two days FMCG stocks have seen a strong price action and a couple of up-grades have also come. There is literally a 360 degree change in the narrative about the sector and its fortune that was being heard . What happens in reality will be known later but this just highlights two things. First a business which has survived for long, there are phases where they are ignored by the street and then make sudden come back, just due to reason that they have size. Second, never write off a good balance sheet. Now the same thing applies to the IT sector, they have been ignored by the street for a good reason, lower growth and business challenges which AI is bringing to table. But the fact is that they also have strong balance sheets and the fact that they cater to demand where the market size is big and is global in nature and have a track record of adapting well to changes.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
NFC sticker powered by RuPay: A silicon sticker powered by RuPay using near field communication (NFC) technology is set to be launched. This sticker can be fixed on any solid surface and requires no internet or power and is also waterproof. You can use this NFC sticker for payments at any NCMC enabled terminals in Assam ASTC, Delhi metro, Mumbai BEST, etc.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
Axis, Canara Bank at bottom when comparing reasonableness of service charges vs other players
"The study found that services such as the SMS alert after an account is debited, which is mandated by the RBI, are charged by many banks. Bank of India, for instance, charges for SMS alerts of payment OTPs," said Ashish Das, professor of statistics at IIT Bombay, and the author of the study.
CGHS recast in works to cut red tape and dues, link with Ayushman Bharat
It is learnt that the cabinet secretary has been holding rounds of discussions with stakeholder ministries and departments over the last few weeks to address various problems currently ailing the CGHS - from flagging partnership with major private hospitals amid pending dues to taxing referral system and shortage of doctors and healthcare staff to the simmering concern on linkage of CGHS cards with the digitalised Ayushman Bharat Health Account (ABHA) cards.
Murthy & Kris want next govt to ease way for entrepreneurs
Infosys founder NR Narayana Murthy said no country has solved the problem of its poverty without encouraging its entrepreneurs. Gopalakrishnan said the new government at the centre must push for more public and private spending on research.
UPI’s rural push; India as software IPO destination
Happy Wednesday! The country’s central bank wants more rural users to log into Unified Payments Interface (UPI). This and more in today’s ETtech Morning Dispatch.
HDFC Bank says 6-7 pc of overall annual expenses are on tech
It can be noted that HDFC Bank was the first major lender to be slapped with business restrictions like a pause on issuing new credit cards and also launching new online products over two years ago.
Uber’s hyperlocal push; Paytm Bank’s bill pay biz transferred
Happy Thursday! Ride-hailing platform Uber is strengthening its hyperlocal deliveries from neighbourhood stores. This and more in today’s ETtech Morning Dispatch.
Paytm market cap nears $2.5 billion; state-run banks turn to GenAI
Paytm’s market capitalisation is down to nearly $2.5 billion after a ninth straight session of declines on the BSE.
View: How ABDM could revolutionise India's healthcare system
India's healthcare system aims to improve care outcomes through the Ayushman Bharat Digital Mission. ABDM facilitates seamless access to medical histories, personalized treatments, and expanded healthcare access. Challenges include inadequate digitization and the need to build trust in digital health systems.
Your preference for digital is leaving banks with a bigger bill
As more and more people in India take to paying digitally, banks are having to pick up a larger tab on account of rising costs of maintaining a competent IT system.
Bank of England steps up scrutiny of private equity and bank valuations
The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.
Bandhan Bank authorised to collected revenues of West Bengal govt
Bandhan Bank has been authorized by the West Bengal government to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS). This mandate allows people to pay taxes such as property tax, motor vehicle tax, and professional tax through the portal. Bandhan Bank will soon integrate with the West Bengal government to start collecting payments. Debraj Saha, head of government business at Bandhan Bank, stated that West Bengal is one of the bank's top three markets, with over 1,700 transaction outlets in the state. GRIPS is an online platform for various tax and non-tax payments to the West Bengal government.
Lower govt borrowing to prop up growth, moderate inflation, says RBI Governor Shaktikanta Das
Finance Minister Nirmala Sitharaman in her interim Budget had proposed to borrow Rs 14.13 lakh crore by issuing dated securities to meet revenue shortfall in the next financial year starting on April 1.
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