Debit Cards

There are more than 7 billion transactions every month using the payment system - more than five transactions for every man, woman and child in the country

Public sector Bank of Baroda has partnered with the Tamil Nadu government to offer co-branded RuPay Platinum Debit Card in the state offering customised solutions, the bank said on Friday. Bank of Baroda has launched the debit card that would be offered to beneficiaries of the state government's 'Pudhumai Penn' scheme. Accordingly, the card offers personal accident insurance coverage upto Rs 2 lakh per annum and the joining and annual fees for the first year has been waived, Bank of Baroda said in a statement. The 'Pudhumai Penn' scheme of the government aims to enhance the enrolment ratio of girls from government schools to higher educational institutions. Through this scheme, financial assistance of Rs 1,000 per month would be provided to ever girl till the completion of their degree course. The Tamil Nadu government's special implementation department principal secretary T Udhayachandran, along with Bank of Baroda general manager and zonal head A Saravanakumar launched the card

Payment aggregators that work as LSPs have to comply with digital lending guidelines

Issues related to ATM/debit cards and mobile/electronic banking were the top grounds of complaints received at the Office of Banking Ombudsman (OBO) during April 1 to November 11, 2021, an RBI report said on Wednesday. The volume of complaints received under the Ombudsman Schemes/Consumer Education and Protection Cells during 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184, it said. Of these, 3,04,496 complaints were handled by the 22 Offices of RBI Ombudsman (ORBIOs), including the complaints received under the three erstwhile Ombudsman Schemes till November 11, 2021. Complaints related to ATM/ debit cards were the highest at 14.65 per cent of the total, followed by mobile/ electronic banking at 13.64 per cent. Around 90 per cent of the total complaints were received through digital modes, including on the online Complaint Management System (CMS) portal, email, and Centralised Public Grievance Redress and Monitoring System (CPGRAMS). Majority 66.11

Banks issue 17 mn cards in first five months of current fiscal, up 30% from 13 mn cards in year-ago period; Customers prefer debit cards for small value transactions, says report

OTP-based consent requirement for delayed activation will safeguard users against false applications, unwanted cards

Despite a demand by smaller merchants to delay the compliance date, there has been no indication so far by the central bank that there is likely to be an extension in deadline

The Indian Banks' Association (IBA) has sought a probe by the Competition Commission into possible cartelisation among vendors providing chip-based debit and credit cards to banks. IBA has received complaints of jacking up of card prices by various vendors, citing shortage of chips, and the hike in the prices is in a similar range, raising fears of cartellisation, sources said. Following the complaints, IBA has written a letter to the Competition Commission of India (CCI) seeking a probe into the issue and has also intimated the finance ministry about the matter. According to a senior bank official, last year, 4-5 large card vendors approached lenders saying that shortage of chip has led to an increase in the prices. So, all banks agreed for a rise in the prices of cards from Rs 35 to about Rs 42 per unit, the official added. Three months ago, these vendors again approached the banks, saying the prices have further increased. However, only large private bank agreed for another Rs

They overtake debit cards for e-commerce and bill payments but remain a minuscule portion of personal loans

Banks pay a switching fee running into hundreds of crores every year for UPI, but have to offer the service for free

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

Forgot your ATM pin? Check out details to reset or regenerate your ATM pin and how to protect yourself from ATM fraud

Issuers given more time for OTP-based activation, ensuring credit limit is not breached without cardholder's consent

In October last year, the new e-mandate guidelines kicked in, wherein any mandate registration, modification, and deletion will require additional factor authentication (AFA)

The need for authentication through Aadhar with OTP arose because the number of UPI users was getting restricted to the customers who had debit cards.

In a Q&A, Rishi Chhabra, who also heads the firm's India and Sri Lanka operations, dwells on his company's swift response to RBI's six-month moratorium and data localisation rules

Worldline said that it has developed a fully interoperable plug-and-play solution to enable card on file tokenisation using single integration

Debit cards aren't just for the affluent--two-thirds of Indians use them. There is little reason not to track their use to predict economic growth

All kinds of recurring or auto-debit payments now require the customer's consent before they are cleared, mandate RBI's new rules. What does this mean and how will it impact you?

Transactions will be smooth after one-time tokenisation