YES BANK DIGITAL RUPEE APP
Ecommerce firm Pop raises $2.4 million funding from India Quotient, others
Ecommerce firm POP closed a $2.4 million seed funding round led by India Quotient. They received approval as a Third-Party Application Provider from NPCI for UPI payments via the POPclub app. The funding will expedite initiatives including the POP UPI service for earning POPcoins. Bhargav Errangi aims to make POP the go-to platform for payments and shopping for young Indians.
CBDC usage soars 39-fold among retail users, plunges in wholesale
In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, from ₹10.6 crore last year, and in the retail segment, the amount climbed to ₹234 crore in March 2024, from ₹6 crore last year. India's CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the FY23 budget.
10 Best Digital Lockers Under 10000: Digital Security on a Budget
Unlocking Security: Discover the Top 10 Digital Lockers Under 10,000. From biometric access to smart app integration, these budget-friendly solutions offer unparalleled security for your valuables. Explore features like tamper alerts, RFID technology, and sturdy build quality. Whether for home or office, find peace of mind without breaking the bank with these digital lockers.
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.
Virtual RuPay credit card on UPI launched: Earn 8 reward points on every UPI payment of Rs 200; know features, other key details
YES Bank has partnered with ANQ, a Bengaluru-based financial service provider to unveil two unique co-branded credit cards — YES Bank ANQ Pi credit card and YES Bank ANQ Phi credit card. What are the features of these two new credit cards? Find out here? Find out here.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
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You will have to change your @Paytm UPI handle; here's how to activate new UPI ID on Paytm app
How to activate new UPI ID on Paytm app: Paytm can now provide UPI services through partner banks. After the approval, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India and YES Bank.
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Paytm processed around 1.2 billion UPI transactions in March. This is below 1.3 billion transactions in February and 1.4 billion in January. Overall, UPI payments rose to 13.4 billion in March compared to 12 billion in February, per NPCI data.
Consumer lending apps on track on profitability front
Freo joins the likes of Navi, Fibe and Kreditbee in profitability, reports positive cash flow over the last four months. They target various consumer segments with innovative financial services, ensuring sustainable business growth and asset quality.
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.
Decoding why a single bank account for all your transactions might not be an effective choice!
Simplify tax season with Airtel Payments Bank's digital savings account, ensuring secure, convenient, and swift financial transactions. Manage daily expenses effortlessly and navigate toll booths seamlessly with NETC FASTag for a stress-free financial experience.
Paytm gets third-party app license from NPCI, letting Paytm users access UPI after March 15
The license will allow customers to continue using the Paytm app for payments through the unified payment interface, after Paytm Payments Bank ceases operations by March 15, as ordered by the Reserve Bank of India. Paytm's troubles began following regulatory action due to non-compliance with certain norms set by the country's central bank.
Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15
While Yes, Axis and HDFC Bank were in contention from the start, SBI is the fourth bank to get a share of Paytm’s UPI payment volume.
ET analysis: RBI shows the fist to build 'future proof' digital financial ecosystem
Recent penalties on financial intermediaries by the RBI under Governor Shaktikanta Das reflect the regulator's intolerance towards non-compliance. The actions highlight serious violations, including non-compliance with regulations and deviation from good governance. The RBI is focused on improving compliance and transparency in the financial sector.
Banks branch out as deposits hard to come by on apps
More banks, contrary to expectations, are busy building brick-and-mortar presence across the country for access to something that has defined banking since it began: Deposits.
What next for Paytm's banking arm after India central bank clampdown?
Paytm: The Reserve Bank of India (RBI) has instructed Paytm's payments bank subsidiary to cease accepting new deposits, signaling a potential cancellation of its license. Paytm Payments Bank, which operates as a specialized banking entity, cannot offer credit services or facilitate fund transfers after February 29. Paytm has stated it will comply with the RBI's directions and expects an impact of up to INR 5 billion ($36 million) on its annual earnings. The move adds to regulatory concerns surrounding Paytm's business, but liquidity should not be an issue as the bank's deposits are held in government bonds and other banks.
Govt, RBI actively engaged on digital currency: FinMin Nirmala Sitharaman
Finance Minister Nirmala Sitharaman stated that the government and the Reserve Bank are actively involved in enhancing the central bank digital currency (CBDC) for cross-border payments. The RBI initiated a pilot project for wholesale CBDC with nine banks, and a retail version of CBDC or e-rupee was launched on December 1, 2022.
India's digital currency transactions top 1 million per day in December
The central bank digital currency (CBDC), called the e-rupee, has been devised as a digital alternative to physical cash and has been built using distributed-ledger technology.
Union Bank of India employees unhappy for getting perks in digital currency
RBI Digital Currency: Union Bank of India aims to adopt Reserve Bank of India's digital rupee for employee benefit schemes, encouraging CBDC wallet transactions among staff members. Initially, the bank plans to credit specific allowances directly to the digital wallet, yet encounters resistance from some employees, prompting a protest from the All India Union Bank Employees Federation. They advocate for management to consult staff before enforcing this initiative.
NPCI set to launch Asba-like facility for secondary market from January
This facility is similar to Asba (applications supported by blocked amount), used for blocking funds and undertaking multiple debits, popular among investors to purchase shares during the IPO process. It will now be available for secondary market trading as well.
ICICI Bank customers can now pay using the digital rupee app: How to make payments via digital rupee
ICICI Bank has announced that their digital rupee (e) app 'Digital Rupee by ICICI Bank' now allows millions of clients to pay to any retailer QR code. The Bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable.
Indian banks offer incentives to lift digital currency transactions
Indian banks is likely providing incentives to encourage the use of the central bank's digital currency, known as the e-rupee, news agency Reuters reported citing sources. This initiative comes as a result of the RBI's encouragement to increase transaction volumes. These incentives include giving benefits such as cash-backs and reward points
What exactly went wrong at Bank of Baroda, and what it tells about India's digital banking
Amid the rush to digitise banking, the news that employees of Bank of Baroda (BoB) tampered with bank accounts to inflate the number of digital users flags serious gaps in banking digitisation and lack of oversight as well as foolproof standard operating procedures.
Digital or physical, cash is not king for reserve ratio
A person aware of the development told ET that according to current classifications, banks' holdings of the CBDC could be eligible for other mandatory reserve requirements but not the CRR.
RBI likely to start digital rupee pilot in call money market by October
"The RBI will introduce the wholesale CBDC in the call market either this month or next month," Choudhary said on the sidelines of the G20 Leaders' Summit in New Delhi. The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022.
RBI likely to start digital rupee pilot in call money market by October
The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities.
PNB allows CBDC-UPI interoperability via PNB Digital Rupee app; how to register and sign up for Digital Rupee
Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rupee app, or utilise it to finish a transaction at a vendor outlet.
YES Bank goes live with UPI interoperability on CBDC
YES Bank has announced that it has launched Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India's Central Bank Digital Currency (CBDC) app. This will allow users to scan any UPI QR code through the YES Bank Digital Rupee app and make transactions seamlessly. This move aims to expand the reach of the Digital Rupee and highlights the bank's commitment to digital innovations.
Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app
Kotak Mahindra Bank has introduced a UPI interoperability feature on its Digital Rupee (e₹) application as part of the RBI's CBDC pilot project. Users can now scan any QR code at merchants to make payments for groceries and daily expenses. The feature is currently available for Android users.
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