Data from RBI’sannual report showthat digital payment fraud in India jumped to a record Rs. 14.57 billion ($175 million) in the fiscal year that ended in March 2024 (FY2023-24). Card or internet-based frauds accounted for about 80% of total bank and financial institution frauds ...
By moving for digital economy, an enormous volume of citizen along with consumer data is set to get stored digitally, while a large number of transactions will get done over the Internet by companies, individuals, and government departments. Consequently, challenges have appeared at the fore regard...
Unified Payments Interface (UPI) is a robust payments platform supporting an array of features. Presently it handles 75% of the retail digital payments volume in India. The UPI system has been leveraged to develop products and features aligned to India’s payments digitisation goals. Recently, RuP...
While the contradictory information around the whitelist continues to grow, so does the problem of predatory loan apps, which are flourishing on app stores, targeting vulnerable borrowers, charging them exorbitant interest rates, and resorting to extortion and blackmail tactics to collect repayments. Ad...
Discover moreDigital LendingDigital PaymentsGovernment of IndiaMinistry of Financevideo stories The Reserve Bank of India (RBI)has announcedthe composition of the committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector, on Decem...
Paytm Expects up to $60 Million Hit From RBI Action on Its Payments Bank More Reuters FILE PHOTO: Workers adjust a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. Picture taken January 31, 2019. REUTERS/Amit Dave/File Photo (R...
Developments in Digital Payments b) Financial Markets Primary and Secondary Markets (Forex, Money, Bond, Equity, etc.), functions, instruments, and recent developments. c) General Topics Financial Risk Management Basics of Derivatives Global financial markets and International Banking – broad trends an...
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Current Digital Lending Landscape in India Implications For Lending Models and Fund Flows Measures To Protect Customers This blog was drafted by Asheeta Regidi, Associate Director of Policy at Cashfree Payments and originally published on Finextra. Digitising lending brings many benefits from more inclu...
2. As per RBI report, India accounts for nearly half of the global digital payments. According to a report by the Reserve Bank of India, 48.5 percent of the global real-time payment volumes are performed in India. The digital economy currently makes up about a tenth of India’s GDP. It...