Digital Transaction

RBI asks banks to provide shadow reversal in 5 days for credit card frauds

The Reserve Bank on Wednesday said in case of complaints of fraudulent electronic banking transactions via a credit card, a bank should provide shadow reversal or provisional credit of the disputed amount within 5 days from the date of customer notification. The RBI has issued revised framework on limiting customer liability in digital transactions. A bank should design its systems and procedures to make customers feel safe about carrying out electronic banking transaction (EBT) and it should put in place appropriate systems and procedures to ensure safety and security of EBTs carried out by customers, the amended norms said. "A bank shall mandatorily send instant SMS alerts to its customers for all EBTs of value more than Rs 500. For EBTs of value up to Rs 500, a bank may decide to send instant SMS as per its internal policy but without any charge to the customer," the RBI said. These norms will come into effect from January 1, 2027. Also, the bank's communication systems, deploy

Re 1 rise in UPI value trims debit card use by 14 paise: SBI Report

SBI Research report reveals that a Re 1 increase in UPI transaction value reduces debit card usage by 14 paise, reflecting UPI's growing dominance in India's digital payments landscape

Razorpay unveils four new offerings, including AI features, at FTX 2025

The firm said the corporate card would enable customised spending limits and supplementary cards

Global banks to trial Swift for digital currency transactions from 2025

Central Bank Digital Currencies (CBDCs), digital versions of a country's official fiat currency, are also being trialled worldwide

JioFin launches beta version of JioFinance app, to offer UPI, digi banking

The app's future plans include broadening the loan offerings, initially focusing on mutual fund loans and eventually branching out to include home loans

New IMPS fund transfer rules coming soon: Here is all you need to know

New IMPS rules will be implemented from February 1, 2024. This will facilitate fund transfers using a mobile number and bank name

RBI raises limit of e-Mandates for recurring online transactions to 1 lakh

The move is believed to further encourage transactions through the digital payment channels in the country

PM pitches for UPI transactions, urges people to hold weddings in India

In his monthly Mann Ki Baat radio broadcast, Modi said the trend of cash transactions has been declining in the country

India is leading digital transformation race: G20 Oman Sherpa Pankaj Khimji

"Energy transition and climate change are really big issues and India is handling it very sensibly, by balancing both the developing and developed nations," said Sherpa

Transition to vulnerable employment subsides in recent years: Report

Fewer distress-induced job transitions occurred in Q2CY2021, and only around 20 per cent of salaried and self-employed workers transitioned either into casual-wage work or exited the labour force

India Stack 2.0 to be more nuanced, intelligent: Rajeev Chandrasekhar

India Stack will become more nuanced, intelligent and sophisticated in its next avatar, Rajeev Chandrasekhar, Minister of State of Electronics and IT, has said

Govt expects 5-7 countries to sign up for India's tech stack by March

The government expects five to seven countries to sign up for adopting India-developed technology platforms like UPI and Aadhaar by March for accelerating digitisation, according to Union minister Rajeev Chandrasekhar. While speaking at India Stack Developer Conference, the minister said that the Prime Minister has decided to offer India technology platforms to countries to help them accelerate digitisation. "I expect by February-March, about 5-7 countries around the world to sign up (for adopting platforms)," Chandrasekhar said. The government plans to reach out to several countries to offer them technology stack (Aadhaar, UPI, Digi Locker, Co-Win, GeM, GSTN etc) as part of its responsibility as G20 Presidency and expects Indian startups and system integrators to gain from the exercise.

Expect bold changes in the year 2023

India is making rapid strides in the area of digital banking, meeting the expectations of a digitally agile customer base in the information age

Nearly 80% reserved Railway tickets are sold online: Ashwini Vaishnaw

Minister of Railways, Communications and Electronic & Information Technology, Ashwini Vaishnaw in a written reply to a question in Lok Sabha said that about 80 per cent of railway reserved tickets are booked online.Vaishnaw said, "mobile application on various platforms is also available for booking reserved and unreserved tickets as well as provision of other railway services."The digitalisation of railway services and databases is an ongoing process."The information technology applications of Indian railways cater to transportation services (passenger and freight), fixed infrastructure (project, operations and maintenance), rolling stock (manufacture, operations and maintenance) and resource management (finance, materials and human resources)," he further added.Vaishnaw said that the digital initiatives and on-ground services are seamlessly integrated through well-documented instructions and manuals.

WhatsApp Pay's India head steps down amid series of top-level departures

Vinay Choletti leaving as Meta-owned messaging platform ramps up investments in its payment service in India

Delhi HC summons Ashneer Grover, wife and kin over BharatPe's complaint

Fintech unicorn accuses them of fraud, claims Rs 88.67 crore

Transactions in CBDC pilots gather pace, all minor glitches fixed swiftly

Wholesale segment averages Rs 325 crore per day in November

UPI transactions see 650% rise at semi-urban, rural stores: Report

The unified payments interface (UPI) transactions witnessed a meteoric 650 per cent rise at the semi-urban and rural stores in India this year, a report showed on Tuesday

UPI volume cap deadline extended by 2 yrs in relief for PhonePe, Google Pay

Players wanted five-year extension on the market cap deadline

Paytm stock crashes 11% to end at all-time low of Rs 477 a share

Macquarie report says the fintech firm could face headwinds with the entry of Jio Financial Services, which may focus on consumer and merchant lending, the mainstay of Paytm's business