Digital Banking

Kerala Becomes Country’s First Fully Digital Banking State

January 10, 2023

Kerala has become the first state in India to enable digital banking in all eligible accounts. According to the State-Level Bankers’ Committee (SLBC), the state now has at least one product enabled digitally in 3.76 crore accounts. The state government, ..

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UPI Reaches Record High in December

January 2, 2023

India’s Unified Payments Interface (UPI) processed a record 7.82 billion transactions in December, worth a total of INR 12.82tn ($174.6bn). This represents an increase of 7.12% in volume and 7.73% in value compared to November. On a year-on-year basis, volume ..

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FIRSTAP – India’s First Sticker-based Debit Card

November 24, 2022

IDFC First Bank, in association with the National Payments Corporation of India (NPCI), recently launched FIRSTAP – India’s first sticker-based debit card. What is a sticker-based debit card? A sticker-based debit card allows the user to make transactions by simply ..

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BHIM App open-source license model

November 11, 2022

BHIM App open-source license model was announced by the National Payments Corporation of India (NPCI). What is BHIM App open-source license model? Under the BHIM App open-source license model, regulated entities in the UPI ecosystem can get license for accessing ..

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What are Digital banking units?

October 17, 2022

75 digital banking units were inaugurated by Prime Minister Modi on October 16, 2022. Key facts In the Union Budget 2022-23, the Indian Government announced the setting up of 75 Digital Banking Units (DBUs) in 75 districts across India by ..

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RBI Concept Note on CBDC

October 8, 2022

On October 7 this year, the Reserve Bank of India launched a concept note to raise public awareness about central bank digital currency (CBDC). Key facts The recently released concept note discusses key considerations like technology and design choices, possible ..

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Implementation of Card Tokenization

October 1, 2022

The tokenization of card-based payments will be implemented from October 1, 2022. Key facts The Reserve Bank of India has announced that it will not extend the October 1 deadline for the implementation of the card tokenization. The deadline has ..

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What are NITI Aayog proposals for regulation of Digital Banks?

July 21, 2022

On July 20, 2022, NITI Aayog released a report on digital banks titled “A proposal for Digital Banks in India: Licensing and Regulatory Regime’’ In the report, government’s think tank has provided template and roadmap for licensing and regulatory regime ..

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