Payments

In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) has made the Positive Pay System (PPS) compulsory for cheque payments worth Rs 5 lakh and above. This will come into effect from April 5, 2023, PNB said in a statement. Earlier, the mandatory submission of cheque details in PPS was set at Rs 10 lakh and above. The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of a certain amount, it said. This adds an extra layer of security against any potential risk while processing such cheques, it said. Customers can use the PPS facility by providing the cheque details through Branch office, Online Banking for individuals and businesses, Mobile Banking (PNB ONE), or SMS Banking, it said, adding, the details to be submitted one working da

UPI transactions touched a record high of 8.03 billion transactions in January, adding up to Rs 12.98 trillion

The Supreme Court has said a borrower cannot claim further extension of time as a matter of right for making payment under the one-time settlement (OTS) scheme. The apex court said the borrower has to establish any right in its favour to claim the extension as a matter of right. A bench of Justices M R Shah and Krishna Murari quashed the Punjab and Haryana High Court judgement delivered in March, which had granted further six weeks to a borrower, a company, to make the payment of balance amount with interest to the State Bank of India according to the sanctioned letter of OTS . The top court observed that rescheduling the payment under the OTS scheme and granting extension of time would tantamount to "rewriting the contract", which is not permissible while exercising the powers under Article 226 of the Constitution. The modification of the contract can be done only by mutual consent under section 62 of the Indian Contract Act, it said. Article 226 of the Constitution deals with th

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Pinelabs, MSwipe, Ezetap, FSS, Hitachi payments, Worldline, etc. are some offline payment aggregators

The move will breathe life into the RBI's January 3 framework which sought to give a fillip to offline payments and lead to the activation of the One Nation, One Card for on-the-go payments

Tokenisation is the replacement of an actual or clear card number with an alternative code called the "token"

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Research shows effect of dollar fluctuations on bilateral trade; RBI mechanism to pay in Indian rupees may help settle trade with Russia and Sri Lanka, remove risks of dealing in greenback

The contribution to the PIDF is made by the RBI, authorised card networks and card issuing banks. the RBI had made an initial contribution of Rs 250 crores to the PIDF

The revised offer increases JetBlue's reverse breakup fee by $150 million and provides for about $164 million payable as a cash dividend

The widespread adoption of real-time payments resulted in estimated cost savings of $12.6 billion for Indian businesses and consumers in 2021

In a Q&A Dewang Neralla dwells on the journey of being an early mover in fintech, innovation in payments and leveraging its data

One of the takeaways from data analysis is that trading activity grew 247% over previous financial year

Future Retail is locked in legal battles with US retail major Amazon and has already become a non-performing asset NPA in the current quarter

Digital Rupee can play a big role in reducing the cost of cash since the country India has a relatively large proportion of cash in circulation as a percentage of GDP compared to other countries

Banks await RBI, govt's advisory on transactions with Russian companies

Bounce rate has been trending downwards since July 2021, as the second wave of the pandemic receded.

Proximity payments have got a huge leg-up. Tap-and-pay will now be on steroids

In the first phase, it plans to launch an offering in the payments segments such as remittances, which has been the flagship offering of the company globally