Mumbai: In signs that asset quality is on the mend, the NACH debit bounce rates by value for September came in at their lowest level since the pandemic began. Data from NACH, a clearing service for interbank transactions run by the NPCI, show that bounce rates reduced 130-140 basis points month-on-month. Bounce rates came in … Read more
Failure rates in automated debit transactions have remained stubbornly high in June indicating that financial stress due to localized lockdowns to curb the spread of the Covid 19 pandemic has still not subsided. Data from the National Payments Corporation of India’s (NPCI) National Automated Clearing House (NACH) platform shows that failure rates for debit transactions … Read more
(This story originally appeared in on Jul 03, 2021) The government has asked the National Payments Corporation of India (NPCI) to launch a platform for electronic vaccine vouchers. These vouchers will be like electronic prepaid instruments that can be used only for vaccination. Employers can purchase these vouchers in bulk and these will be sent … Read more
PayPoint processed domestic remittances worth Rs 450 crore in June, down by almost 40 per cent in April. It had processed domestic fund transfers of more than Rs 500 crore in March 2020. Synopsis India processes roughly Rs 12,000 crore to Rs 14,000 crore in monthly remittances internally. Remittance players said that with migrant labour … Read more
Reserve Bank Deputy Governor M Rajeshwar Rao has said that technological innovation in banking is of paramount importance but cannot be pursued at the cost of customer privacy and data protection which are non-negotiable. “We must generate trust amongst the customers that their data is safe and secure in all their financial relationships with regulated … Read more
Mumbai: The Unified Payments Interface (UPI) has, for the third consecutive month, clocked record volume in August, processing over 1.5 billion transactions for the first time. The latest Reserve Bank of India data showed that 1.56 billion transactions worth Rs 2.85 lakh crore were recorded on NPCI’s popular digital channel, as on August 30, smashing … Read more
Currently, banks are bearing the cost of UPI transactions. The government and the Reserve Bank of India need to share the cost with banks associated with maintaining UPI infrastructure as it reduces the demand for cash and helps in curtailing expenditure on printing and managing currency notes, according to a report prepared by IIT-Bombay. Observing … Read more
No single promoter shall have more than 40% investment in the capital of the NUE. The Reserve Bank of India (RBI) on Tuesday released the final framework for authorisation of a new umbrella entity (NUE) for retail payments, following the draft released on February 10. The guidelines demand that applicants have at least three years … Read more
NEW DELHI: WhatsApp will need an all-clear from the Supreme Court before it can roll out its payment feature, people familiar with the matter said. The National Payments Corporation of India (NPCI) — the nodal agency for retail payments in the country — has already given it the go-ahead, saying WhatsApp Pay has fulfilled all … Read more