Digital transactions Current Affairs, GK & News

RBI’s new auto Debit Rules- Highlights

The Reserve Bank of India (RBI) has mandated new auto-debit rules on October 1, 2021 in order to strengthen the safety and security of card transactions. Key Points As per RBI’s directive, there will be no automatic recurring payment for several services like utility bills, DTH, recharge of phone and OTT because additional factor of ..

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Digital Banking: Over 2.9 lakh Cyber Security incidents reported in 2020

The Minister of State for the Electronics and IT, Sanjay Dhotre, highlighted in a written reply to the Rajya Sabha that; more than 2.9 lakh digital banking cybersecurity incidents were reported in the year 2020. Cases of cyber incidents The data from the Indian Computer Emergency Response Team (CERT-In) reveals that, a total number of ..

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WhatsApp Pay: NPCI approves WhatsApp to join UPI Payment

On November 6, 2020, the National Payment Corporation of India approved the Facebook owned messaging Application, WhatsApp to “Go Live” on UPI. This is to be achieved through new feature of WhatsApp called “WhatsApp Pay”. Key Highlights In order to achieve this, WhatsApp has partnered with five banks namely ICICI Bank, Indian Bank, Axis Bank, ..

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NPCI International Payments Limited (NPIL): set up by NPCI for international market operations

The National Payments Corporation of India has set up ‘NPCI International’ to operate its international market of Unified Payment Interface, instant payment service, and its electronic payment card scheme RuPay. What is the function of NPCI? The National Payments Corporation of India is the apex organization to conduct operations related to retail payments and settlement ..

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Update : Digital Transactions in India

India’s largest bank, the State Bank of India, has waived the NEFT and RTGS transactions on the payments carried on the internet and mobile banking from July 1. This comes on the heels of an earlier Reserve Bank of India order to do away these charges to promote a cash less-cash economy in the country. ..

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