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Auto-debit payments: RBI extends timeline for implementation of new rules

The new norms were supposed to kick in from April 1 but neither banks nor the other stakeholders in the ecosystem had readied their system

Six consortiums in the fray to bag NUE licence for retail payments

Last month, RBI extended the deadline to apply for licence at the behest of IBA

Leading private banks to cancel auto-debit payments from April 1

RBI to fine Rs 5 lakh per instance of lapse. Given that millions of bank customers use the auto-debit facility, banks were staring at hundreds of crores in fines

Govt not interested in footing Rs 8,000-cr moratorium bill for banks

Govt is of the view that the onus of reimbursing compound interest charged to customers does not fall on entirely on itself, said a top govt official

Trai meets bankers to iron out issues over new pesky SMS regulations

Some banks are fine-tuning systems, so that there is standardised mechanism of sending SMSes

HDFC Bank customers face difficulty in accessing net, mobile banking

Vent frustration on social media; bank has faced similar issues in the past

Payments Corporation comes out with SOP to monitor volume cap for TPAPs

The NPCI will monitor the volume cap of the TPAPs and sound an alert to them once it reaches the thresholds that it has decided

Second Covid-19 wave may last 100 days, peak in April-end: SBI report

Says lockdowns not an answer as business activity index declines

Loan moratorium: SC ruling clears overhang for banks, sets path for action

Liability seen at Rs 8,000 cr if govt does not foot the bill; more transparency expected, loan recoveries to start

Motor insurance premiums remain in contraction till February, shows data

While group health has seen 9 per cent growth, government schemes and overseas medical segments contracted

RBI sets up external advisory committee for evaluating banking applications

The committee set up by the RBI has five members with Shyamala Gopinathan, former deputy governor, RBI as the chairperson

RuPay set to expand credit card business in India, take it to masses

Introduced 9 yrs ago, the indigenous card payment network has cornered a sizeable market share, thanks to govt push

Deposit maturity claim documents at nearest office anywhere, says LIC

But it will be valid till the end of the month

Covid-19 impact on claims may force insurers to review prices: Irdai exec

General and standalone health insurers have received 938,640 claims related to Covid-19 till March 15, says Suresh Mathur

India Post, Nabard, 4 PSU banks part of two consortia vying for NUE licence

One group is led by top payment solutions firm Financial Software and Systems, the other by FIS, which provided tech solutions for merchants, banks, and capital markets firms globally

UPI registers 2.29 billion transactions worth Rs 4.25 trillion in Feb

This is up 73% by volume and 90% by value YoY; FASTag touches all-time high by both volume and value

Bank credit to rise 9-10% in FY22 on budget support, RBI measures: Crisil

Despite bank credit contracting by 0.8 per cent in the first half of the current fiscal (H1FY21), the rating agency expects it to rise by 4-5 per cent at the end of the current fiscal (FY21)

RBI extends deadline to apply for Umbrella entity on retail payments

34 consortiums working to file intent for NUE

Standardisation of products not against innovation, says Irdai Chairman

Irdai chairman further said that these standard products will not be frozen in time

Health insurance companies get over 900K Covid-19 claims, settle 84%

Overall, the insurers have settled almost 84 per cent of the claims in terms of the number of claims, and 52 per cent in terms of the amount of claims