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Thursday, December 19, 2024 | 08:06 PM ISTEN Hindi

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Payments

PNB makes Positive Pay System must for cheques worth more than Rs 5 lakh

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

PNB makes Positive Pay System must for cheques worth more than Rs 5 lakh
Updated On : 03 Mar 2023 | 4:33 PM IST

Travellers to India from G20 nations can use UPI for merchant payments: RBI

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

Travellers to India from G20 nations can use UPI for merchant payments: RBI
Updated On : 08 Feb 2023 | 11:08 PM IST

Borrower can't claim extension of time under OTS as matter of right: SC

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

Borrower can't claim extension of time under OTS as matter of right: SC
Updated On : 05 Nov 2022 | 12:40 PM IST

Extending purview: RBI to regulate offline payment aggregators, too

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

Extending purview: RBI to regulate offline payment aggregators, too
Updated On : 30 Sep 2022 | 8:04 PM IST

NPCI sets Oct 31 as deadline to activate offline payments on RuPay cards

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

NPCI sets Oct 31 as deadline to activate offline payments on RuPay cards
Updated On : 29 Sep 2022 | 12:06 AM IST

Players ready for migration as card-on-file tokenisation deadline nears

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

Players ready for migration as card-on-file tokenisation deadline nears
Updated On : 14 Sep 2022 | 12:46 AM IST

Share of dollar, euro in Indian trade payments up 30% since 1990s: IMF data

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

Share of dollar, euro in Indian trade payments up 30% since 1990s: IMF data
Updated On : 12 Jul 2022 | 11:20 PM IST

Payments Infrastructure Development Fund corpus touches Rs 811 crore

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

Payments Infrastructure Development Fund corpus touches Rs 811 crore
Updated On : 10 Jun 2022 | 12:59 AM IST

JetBlue sweetens offer for Spirit, boosts breakup fee, adds cash payment

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

JetBlue sweetens offer for Spirit, boosts breakup fee, adds cash payment
Updated On : 06 Jun 2022 | 7:24 PM IST

Real-time payments expected to boost India's GDP by $45.9 bn in 2026

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

Real-time payments expected to boost India's GDP by $45.9 bn in 2026
Updated On : 26 Apr 2022 | 11:47 AM IST

Had to pivot many times due to changing rules: NTT Data Payments Svcs CEO

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

Had to pivot many times due to changing rules: NTT Data Payments Svcs CEO
Updated On : 13 Apr 2022 | 1:03 PM IST

Biryani, BSE and bills: All about a billion Razorpay transactions in FY22

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

Biryani, BSE and bills: All about a billion Razorpay transactions in FY22
Updated On : 05 Apr 2022 | 5:21 PM IST

Future Retail CEO Sadashiv Nayak quits; group entities default on payments

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

Future Retail CEO Sadashiv Nayak quits; group entities default on payments
Updated On : 31 Mar 2022 | 10:34 PM IST

Digital Rupee with specific end use to improve efficacy: Deloitte

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

Digital Rupee with specific end use to improve efficacy: Deloitte
Updated On : 09 Mar 2022 | 6:36 PM IST

Ukraine crisis: Payments stopped, Russian firms pressure Indian banks

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

Ukraine crisis: Payments stopped, Russian firms pressure Indian banks
Updated On : 03 Mar 2022 | 6:04 AM IST

Auto-debit payment bounce rates in January lowest since August 2019

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

Auto-debit payment bounce rates in January lowest since August 2019
Updated On : 14 Feb 2022 | 6:07 AM IST

Offline digital payments: What does it mean, and how does this work?

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

Offline digital payments: What does it mean, and how does this work?
Updated On : 14 Feb 2022 | 6:02 AM IST

For Revolut, payments to be gateway to digital banking licence in India

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

For Revolut, payments to be gateway to digital banking licence in India
Updated On : 08 Feb 2022 | 6:11 AM IST