NPCI

NBBL's Banking Connect aims to streamline netbanking by standardising bank-aggregator ties, giving regulators better visibility and improving settlement, success rates and grievance management

Banking Connect, a newly launched net banking platform, will help the Reserve Bank of India monitor fund transfers in real time, a top official of NPCI Bharat BillPay said on Thursday. NPCI Bharat BillPay (NBBL) is targeting an increase of nearly four times in the number of monthly bills processed to 1 billion in four years, as against 260 million at present, Noopur Chaturvedi, managing director and chief executive of NPCI Bharat BillPay (NBBL), told reporters here. A real-time view of transactions on the Banking Connect platform will help the regulator monitor fund transfers to sectors such as cryptocurrency and gaming, Chaturvedi added. At present, it takes at least a week for the RBI to receive transaction data from banks via net banking, and sometimes it can take up to a year, she said. It is worth noting that the RBI has an aversion to private cryptocurrencies such as Bitcoin and has also taken a slew of regulatory measures to restrict their use. The government has recently ta

BHIM has enabled full delegated payments under UPI Circle, allowing primary users to authorise trusted secondary contacts to make payments of up to ₹15,000 a month

Paytm logged 1.52 billion UPI transactions in October - its strongest in 20 months - yet its market share stayed below early 2024 levels as overall UPI volumes surged across the ecosystem

India plans to expand UPI to 7-8 more countries by next year as DFS says the goal is to prioritise Middle East and East Asia, even as banking health strengthens and insurance remains a key focus

It will be a dedicated intelligence infra company that will enable real-time intel sharing among banks and other financial-sector participants to strengthen customer protection against digital frauds

Volume was up by 5 per cent and value by 10 per cent in October versus September this year

NPCI says minor issues remain in the T+0 cheque clearing process introduced on October 4, assuring customers that all cheques are being cleared the same day

The partnership marks UPI's first entry into an East Asian market and aims to make digital transactions easier for Indian tourists while boosting Japan's cashless economy

NPCI says the new t+0 cheque clearing system is stable after early glitches, while bank unions urge RBI to ensure smoother implementation during the festive period

The new ecosystem allows users to make instant, secure payments by tapping Muses' smart ring on any NFC-enabled PoS terminal

Govt plans to introduce biometric authentication for UPI payments, but what exactly is a digital payment system and why is it important for the Indian economy?

Razorpay, NPCI, and OpenAI collaborate to pilot AI-powered UPI payments in ChatGPT, offering an automated shopping experience

Currently in the pilot stage, this feature allows users to shop and pay within a single chat interface

The integration will allow bank customers to digitally buy US dollars for remittances, forex cards, or currency notes at competitive rates

NPCI Tech Solutions will focus on fintech experimentation and breakthrough innovations, expanding NPCI's role in global digital payments and cross-border connectivity

The move follows recent guidelines from the Reserve Bank of India permitting alternative methods of authentication and will mark a departure from the current system

NPCI has sought RBI approval to enable UPI-based cash withdrawals of up to ₹10,000 at business correspondent outlets, expanding beyond ATMs and select merchants

UPI AutoPay enables users to generate a recurring e-mandate using any UPI payments application. It allows users to set timely mandates to pay using UPI on a periodic basis

Axis Bank MD Amitabh Chaudhry said banks earn nothing from UPI transactions despite bearing the infrastructure costs, as subsidies and incentives shrink further