The Reserve Bank of India has given the green signal to payment networks — Visa, Mastercard and NPCI — to allow tap-and-go functionality on card payments for all purchases below Rs. 2000.
"It should be a matter of three months if all goes well.” -an official told ET.
RBI has introduced Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on video. Lenders can use this facility as an alternative to the already available e-KYC facility. The central bank has amended its guidelines under...
The number of debit cards in India is down by 15% from 998 million cards , as on Nov 3, 2018 to 843 million, as of October 2019. Reason? As per bankers, nearly 155 million cards went out of the market because of the EMV migration from magnetic-strip to chip-based cards, weeded out dormant accounts...
RBI has operationalized NEFT 24×7 basis from Dec 16, 12:00 am onwards. This ensures availability of anytime electronic funds transfer. RBI now joins an elite club of countries having payment systems which enable round the clock funds transfer and settlement of any value. Between 12:00 am and...
According to a report, total investment into India's fintech sector fell by 50% to about $300 million in the first half of 2019.
Indian postal department will convert the India Post Payments Bank into a SFB, i.e. small finance bank. The new entity will offer small loans to customers, with an aim to open 1 crore accounts in the first 100 days. India Post will partner with Common Service Centre to provide a suite of citizen...
So Truecaller ended up auto-registering new users for its payment service and after a few tweets (i.e. when it was caught doing this malpractice), pushes a fix to update the bug. Thread. I fell victim to a @Truecaller UPI scam this morning. @npci_npci @upi_npci. — Dheeraj Kumar (@codepodu)...
CreditVidya, the Hyderabad-based fintech startup has been found collecting user data via apps including Sai Baba app, Ilaiyaraaja Hits app and several music apps created by a services company (Winjit). The data, scooped up from users (without any consent), was used to power CreditVidya’s self...
Sahamati, a collective of the ‘Account Aggregator’ ecosystem was announced today at an event in Mumbai featuring Nandan Nilekani, Arundhati Bhattacharya and head honchos of leading Indian banks such as ICICI, Axis and IDFC. The ‘Account Aggregator’ is a new class of NBFC...
