Browsing Category
economy
Indian economic growth | Red hot India economy | GDP growth | Purchasing Power Parity
What Will Happen to Your Mobile Wallets if You Don’t Complete Your KYC?
The mobile wallet users of Paytm, MobiKwik, Freecharge, Amazon Pay, PhonePe, OLA Money and others will not be able to use their mobile wallets to transact from now if the KYC is incomplete. As per the new RBI guidelines, the digital wallets…
Paytm Becomes India’s Largest UPI Transactions Platform!
Digital payment transactions are estimated to be worth Rs 12,568 crore in the country at the moment, and Paytm has been a major contributor. The recent integration of UPI into Paytm Wallet has worked wonders for both UPI and Paytm. Paytm…
Warren Buffet Beats Bill Gates In Hurun Rich List; India Ranked #3!
The much-awaited Hurun Rich List for 2018 is out, and there are some interesting insights. India is now world’s 3rd biggest country in terms of billionaires, as 31 new billionaires were added, taking the total of 131. Meanwhile, Microsoft…
RBI Assures Wallet Money Can Be Used Without KYC; But Refuses To Extend Deadline!
In case any mobile wallet like Paytm user hasn’t completed the KYC or Know Your Customer process, then the money remaining in the wallet shall be left immobilized. This was as per the strict KYC rules formulated by RBI last year.
Calamity Strikes Punjab National Bank, Again: Sensitive Data Hacked!
Punjab National Bank has once again found themselves on the wrong side of the news. After a massive scam of Rs 11,000 crore, hit them last week, they are now facing a data hack, quite serious in nature. It seems everything is going wrong…
Strict RBI KYC Rules Can Immobilize 90% Of Digital Wallets In India Next Month!
In October last year, Reserve Bank of India had issued strict guidelines for digital wallet operators in India and gave them a deadline of year-end to comply with KYC norms for all users. The deadline was later extended until February 28.
Paytm’s Secret Experiment: Lock Money Added Via Credit Card, And Stay Silent!
Recently, it was revealed that Paytm has started a ‘secret experiment’, without informing the users about it. As a result, several of the users’ money was locked and converted it into gift vouchers. Some users who added money into Paytm…
eSpending To Touch $100 Bn By 2020; But 1.5 Lakh eTransactions Are Attacked Daily!
While a Google Report predicts that Indians will spend $100 billion online by 2020, another report from the Govt. states that 1.5 lakh e-transactions are compromised daily. This clearly means that we need more safety and security,…
Rs 11,400 Cr PNB Fraud Stuns Banking Sector – Here’s How It Happened!
The entire banking sector of India was stunned when PNB announced that they have been hit by a banking fraud to the tune of Rs 11,400 crore. Although banks have been facing issues of fraud since long, the magnitude of this PNB fraud was the…
WhatsApp’s P2P Payment Feature Can Change Digital India: 3 Observations!
WhatsApp, world’s most popular and widely used messenger app with over 200 million daily users in India have rolled out the beta version of their peer to peer payment feature in India and it has the power to change Digital India forever.
RBI Recommends Tax Benefits For Digital Payments; Govt. Redefines MSME Sector!
In a major decision, Govt. of India has decided to redefine entire MSME Sector, based on revenues. This will help better categorization and better flow of funds from the Govt. Besides, a high powered RBI panel has strongly recommended a…
WhatsApp UPI-Based Payments Spotted In Beta – Final Rollout Soon!
WhatsApp had announced its integrated UPI based payments service back in April 2017 and has been working on the digital payments feature since the past year. The Facebook-owned social messaging company has finally made the feature live to…
Cash Vs Digital Payments: What Does India Prefer?
While demonetisation was subjected to much ridicule and scrutiny, the fact remains that it undoubtedly lead to the growth of digital payments in India. Despite the opposition it faced from many sections of the country, digital payments have…
Digital Transactions Cross $2 Trillion Mark; Wallets Beat UPI In Growth, Debit Card Still #1 Option!
Reserve Bank of India has released the data for digital transactions for January 2018 and going by the looks of it, it seems that Digital India is on to a solid start this year. Both in terms of volume and value, digital transactions (which…
India Is World’s 6th Wealthiest Nation; Beats Others In Wealth Creation Growth!
Capgemini powered New World Wealth report is out, and there is some exciting news for India! We are now the 6th wealthiest nation in the world, and in terms of growth of wealth creation, we have beaten all wealthy countries including China,…
IT Refund Scam Revealed; Employees From Big Companies Fooled Income Tax Dept!
A major Income Tax refund scam to the tune of Rs 18 crore has been unearthed, in which thousands of employees from reputed IT firms claimed tax rebates via illegal means. These employees used the tax rebate under ‘Loss to House Property'…
73% Of India’s Wealth Is With The Richest 1%; Income Disparity Widening!
Oxfam, which is an international confederation of charitable organizations focussing on the aspect of poverty and the rising income disparity has released their latest survey report titled  'Reward Work, Not Wealth', and the findings are…
India Will Beat Slowdown Blues – Economy To Grow At 7.4% In 2018!
While India’s GDP will grow at 7.4% in 2018 and 7.8% in 2019; China is expected to grow at 6.8% and 6.4% during the same period. This means that Indian economy is on the right path, and the slowdown reported by demonetization and GST is a…
GST Rates Reduced For 82 Items; Govt.’s Pre-Budget Gift For Businesses?
The GST Council has recommended some major changes related to GST rates, and also proposed to streamline the process of filing GST returns. These proposals have been announced after the 25th meeting of the Goods and Services Tax (GST)…
All 14 Varieties Of Rs 10 Coin Are Legal Tenders; No One Can Reject Them – RBI
Rs 10 coin has been the highest denomination of coin minted and used in India. However, due to several changes in the design of this coin, which have been made since 2005 till now, there exists a strange confusion regarding its usage,…