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Budget 2019 : Digital payments
To further encourage people to use digital payments as the preferred mode of their transactions, the Union Budget has announced the following measures to make digital payments successful- A 2% tax deduction at the source is proposed for all cash ..
RBI Report pushes for Digital Transactions
The Reserve Bank of India (RBI) report Payment and Settlement: The Plumbing in the Architecture of India s Financial System makes the following observations about digital payments: India s effort to build a less-cash economy is gathering momentum. Digital transactions ..
Benchmarking India s Payment Systems
The Reserve Bank of India (RBI) report “Benchmarking India s Payment Systems” provides a comparison of the payment ecosystem in India with the payment systems and usage trends in other major countries. Findings of the Report Even though there was ..
Nilekani Panel suggests measures to encourage Digital Payments
The Reserve Bank of India (RBI) appointed Nandan Nilekani committee has submitted its suggestions on measures to encourage digital payments in India to RBI Governor Shaktikanta Das. Background: In January 2019 the RBI had set up the five-member panel under ..
Month: Current Affairs - June, 2019
NPCI launches UPI 2.0 with overdraft facility
National Payments Corporation of India (NPCI) has launched UPI 2.0, an upgraded and renwed version of Unified Payments Interface (UPI) by adding four new features to make it attractive and safer for users. These new features will allow users to ..
Month: Current Affairs - August, 2018
PM Narendra Modi launches 3 Indian mobile payment apps in Singapore
Prime Minister Narendra Modi launched three Indian mobile payment applications BHIM, RuPay and UPI enabled remittance app of SBI in Singapore aimed at internationalisation of the country’s digital payment platforms. They were launched at ‘Business, Innovation and Community Event’ held ..
Month: Current Affairs - June, 2018
Tez: Google’s UPI-based digital payment service launched
Tech Giant Google’s Unified Payments Interface (UPI) based digital payment service Tez (meaning fast in Hindi) was launched by Union Finance Minister Arun Jaitley in New Delhi. With this, Google become latest international giant to enter into India’s fast growing ..