The newly introduced payment instrument can be issued by banks and existing non bank PPI players.
India has probably leapfrogged many of our peers in creating world-class real-time payments architecture.
The central bank is currently drafting a PCR Act with the Ministry of Corporate Affairs.
The benchmark dipped 15 basis points pushing prices up.
Government is hesitant to allow these nonbanks direct access to the UIDAI database.
While 36,539 ATM and debit card related complaints were registered which accounted for 18.65% of the overall complaints, customers reached out to the Reserve Bank of India on 14,794 instances to grieve about mobile and electronic banking issues. Of the total complaints received, non-observance of fair practices code accounted for the maximum number of complaints.
The issues of underpenetration, which at less than 4.5% of the GDP is low compared to advanced economies, stems from problems of outreach rather than a shortage of demand, they said. "Demand is not as much an issue. There is a huge market. The problem is reach," said Vipin Anand, MD Life Insurance Corporation (LIC), while sharing a panel with Vibha Padalkar, MD and CEO, HDFC Life.
UPI is an interoperable instant fund transfer technology created by NPCI that enables interbank fund transfer. There are currently 140 member banks using the UPI rails to enable payments for customers across the banking sector. The NPCI is RBI's payment governance arm and is owned by a consortium of top Indian banks.
‘Tap to Phone’ will allow merchants to process payments made through contactless cards directly on their smartphones.
Benchmark bond yield gained five basis points to close at 6.76 per cent on Wednesday.
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