To achieve its developmental goals over the next three decades, the Indian economy must grow at a rate of 8-10 per annum over the next decade to reap the demographic dividend that started accruing from 2018 and, as calculations show, will last till 2055, according to an article in the Reserve Bank of India’s (RBI) […]
Wholesale inflation in India, based on the Wholesale Price Index, remained in positive territory for the fifth month after remaining in the negative zone for seven months until October. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 0.53 per cent (Provisional) for March 2024 (over March 2023), showed […]
India’s retail inflation declined to 4.85 per cent in March compared to 5.09 per cent in February this year, according to government data released on Friday. The Consumer Price Index (CPI)-based retail inflation was 5.66 per cent in March last year. The National Statistical Office, under the Ministry of Statistics and Programme Implementation, on Friday […]
The financial industry supported this move and said it is a progressive step to boost the adoption of interoperable cash deposits Launched in 2016, India’s UPI payment has become an essential part of every individual, especially for retail digital payments in India, and its adoption has noticed rapid growth. Keeping its huge progress in mind, […]
The Reserve Bank of India has proposed cash deposits in banks through the Unified Payment Interface (UPI) mechanism. RBI has also proposed making UPI payments through Prepaid Payment Instruments (PPI) wallets. Announcing the monetary policy outlook, RBI Governor Shaktikanta Das said, “Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the […]
Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through Unified Payments Interface (UPI) with a staggering 122 crore number of transactions. The transactions made last month through the popular […]
The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed Reserve Bank of India (RBI) Shaktikanta Das on Monday, as he outlined the growth of the payments ecosystem in the country. Addressing the Digital Payments Awareness Week organised by the Reserve Bank of India, the RBI […]
A recent online survey conducted by LocalCircles revealed that a majority of people would stop using UPI if a transaction fee is charged for it. The survey received over 34,000 responses from citizens in 364 districts, with 67 per cent of male respondents and 33 per cent of women. The Reserve Bank of India (RBI) […]
Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), news agency Reuters reported. The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by 15 March, leading to disruption […]
Paytm said on Monday that Vijay Shekhar Sharma stepped down as non-executive chairman and board member from its payments bank, as the troubled digital payments startup restructured its board following a central bank crackdown. According to the media report, the action against Paytm Payments Bank was prompted by “serious supervisory concerns,” such as inadequate customer […]
