economy

Paytm has introduced the concept of offline payments in collaboration with Yeldi.com, which is digital payment company, focussing on NFC or Near Field Communication. Paytm Tap Card is the foundation, based on which this new Internet-less…

As per latest World Bank data, NRIs sent $69 billion back to India in 2017, making India the no 1 nation in remittances. In 2016, remittances sent to India had dipped a bit, but in 2017, NRIs strongly bounced back, increasing the total…

In lieu of non-maintenance charges, banks provide basic banking services such as ATM withdrawals, chequebooks, etc. In a surprise move, Directorate General of Goods and Services Tax Intelligence (DGGST) has contacted all leading banks and…

RBI had instructed that after March 1st, mobile wallets users who have not completed their KYC process cannot add more money into their wallets; although they can use the existing money. This has resulted in a massive drop in transactions,…

There is a severe cash crunch which is affecting almost entire India. Panic has already set in, as people are queuing up outside ATMs! In a noble gesture, State Bank of India has allowed cash withdrawals from PoS i.e. their Point of Sale…

In a terse, crude and direct notification for all salaried employees, Income Tax Dept. has threatened salaried employees of severe punishment, if they file incorrect tax returns. At the same time, as reported earlier, there are many tax…

As cash vanishes from ATMs, in the last 72 hours, reports have emerged from all over the nation, that there is no cash in 80% of the ATMs. The issue started from Andhra Pradesh and Telangana states, where contractors are known to have a…

If e-commerce portals and online sellers thought that GST reductions will be profits for them, then they will have to think hard now. National Anti-Profiteering Authority has indicated that e-commerce companies would be soon asked about GST…

Govt. of India has launched a sizzling cashback offer for all BHIM app users - Now, you can get Rs 750 per month as cashback, every month. This cashback offer is applicable to both new and existing users. This could be described as one of…

GSTN was established as a separate nonprofit organisation, having Rs 10 crore as initial capital. Right now, Centre and State Governments hold only 24.5% stake each in GSTN, which is described as a separate company. Govt. wants 100% control…

After a beta run, the WhatsApp payments feature still awaits a full roll out. But in the latest report, it has been revealed that WhatsApp may have shared the payments data of users with its parent Facebook. The WhatsApp payments feature is…

As per a recent decision made by Ministry of Finance, India Post Payments Bank will now merge with the massive network of 1.5 lakh post offices, across India. This will make India Post India’s largest banking network. SBI, which is…

Between April 2016 and March 2017, Indian banks reported a total of 12,533 cases of frauds, all across the country. These findings were shared by  Institutional Investor Advisory Services, which is a proxy advisory firm. The total loss…

RBI has informed the nation that Jio Payments Bank is now live. The banking operations under Jio Payments Bank would be a 70:30 venture between Reliance and State Bank of India, which will provide backend support for banking operations.

Starting April 1st, some major changes are being implemented in the tax structure, which should be known to all taxpayers. By understanding these income tax changes, the taxpayer can prepare better, and plan investments accordingly

The Central Bureau of Investigation has exposed yet another bank fraud worth Rs 824.15 crores against the Chennai-based jewellery chain Kanishk Gold Pvt Ltd. after State Bank of India (SBI) filed a complaint against Kanishk Gold of cheating…

NPCI, which is spearheading the UPI movement in India, has mandated for all UPI apps by banks to support BharatQR code via their app. In case any bank doesn’t follow this rule, then the facility to use UPI platform for money transfer can be…

World Bank admits that GST or Goods and Services Tax which was rolled out last year has the capability to push India’s tax system and to encourage more growth. But at the same time, they have said that GST is complex, and the existing tax…

ACI Worldwide has released a report which is pretty bullish on the future of Digital India. The findings of the report predict that by 2025, four out of five transactions in India would be digital, and total consolidated digital…

There has been a marked increase in the usage of digital payments that has made payments easier at the touch of a finger. One such app providing these services is Paytm App. It is one of the oldest Indian players in this space and as such,…