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 ..

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

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

BHIM-Aadhar Payment System

The BHIM Aadhaar platform and application seek to minimize the role of plastic cards and point of sale machines, which hitherto are believed to be essential for cashless transaction.  Under this, a customer has to link his bank account with ..

Dilip Asbe appointed as new Managing Director and CEO of NPCI

Dilip Asbe has been appointed as the new Managing Director and CEO of National Payments Corporation of India (NPCI). Prior to this, Asbe was CEO-in-charge of NPCI. He succeeded A.P.Hota, who retired in August 2017. Asbe has been in the ..

The Union government engages ICICI to enable cashless payments on e-NAM

The Union government has engaged private lender ICICI Bank to enable online payments at 470 mandis integrated with national portal of electronic National Agriculture Market (e-NAM). At present, e-NAM participants are doing payments through traditional ways via bank branches, debit ..