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Introduction At the ongoing Global Fintech Festival (GFF) 2024, the Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, unveiled Bharat BillPay (BBPS) for Business—an indigenous solution developed by the National Payments Corporation of India (NPCI), following the recently announced UPI Circle. This new solution is set to transform the
In the Banking, Finance and Insurance (BFSI) Sector, Know Your Customer (KYC) processes, designed to verify the identity of customers and prevent financial fraud, are extremely important. However, cybercriminals have increasingly exploited this system, particularly targeting vulnerable populations like senior citizens. One such recent case highlights the dangers of KYC
The Reserve Bank of India (RBI) has recently made significant updates to its electronic mandate (e-mandate) framework, particularly focusing on enhancing the efficiency and convenience of toll payments through FASTTag. FASTTag, a system that leverages Radio Frequency Identification (RFID) technology, allows for seamless toll payments by automatically debiting the associated
Peer-to-peer (P2P) lending has emerged as a significant alternative to traditional banking channels in India, offering a platform for individuals to lend and borrow money directly without the intervention of banks. As the popularity of these platforms has grown, so too needs robust regulation to ensure transparency, fairness, and protection
In a significant move to further enhance the inclusivity and utility of the Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has introduced a groundbreaking feature known as “UPI Circle.” This initiative is designed to address the needs of users who remain dependent on cash for their
Introduction Businesses are often faced with the challenge of selecting the right solution to facilitate seamless transactions. Two common options that often come into consideration are payment gateways and payment aggregators. Although these terms are sometimes used interchangeably, they represent distinct entities with unique functionalities, advantages, and use cases. This
In a significant move towards enhancing the accuracy and timeliness of credit information, the Reserve Bank of India (RBI) has mandated a shift from the traditional monthly reporting of credit data to a fortnightly cycle. This new regulation, effective from January 1, 2025, requires Credit Institutions (CIs) to report credit
Introduction The Employees Provident Fund Organisation (EPFO) is a statutory body under India’s Ministry of Labour and Employment. Established to manage the provident fund, pension, and insurance schemes for the workforce, EPFO plays a pivotal role in securing the financial future of employees. One of the critical aspects of managing
RBI Increases UPI Transaction Limit For Tax Payments The Reserve Bank of India (RBI) has recently increased the UPI transaction limit for tax payments from ₹1 lakh to ₹5 lakh. This decision aims to enhance the convenience and efficiency of digital payments, particularly for larger transactions, thus promoting the use
The Finance Bill, 2024, introduced several pivotal changes to the Goods and Services Tax (GST) law. Two significant amendments include mandatory Input Service Distributor (ISD) registration for multi-state companies and the imposition of penalties for unregistered machines in the manufacturing of pan masala, gutkha, and other tobacco products. Mandatory ISD
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