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Tag: payments

India Post Payments Bank will begin nationwide rollout in April

India Post Payments Bank will begin nationwide rollout in April

Finance
India Post Payments Bank will begin its nationwide rollout in April, the government said on Saturday, refuting reports of revised or delayed timelines. "India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media," the government said in statement. "Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS)," the statement added. IPPB will also enable more than 17 crore active accoun...
Airtel Payments Bank launches UPI enabled digital payments

Airtel Payments Bank launches UPI enabled digital payments

Finance
NEW DELHI: Sunil Mittal-driven Airtel Payments Bank Sunday integrated the Unified Payments Interface (UPI) on its digital platform, allowing customer choice and convenience to facilitate secure digital payments. Airtel Payments Bank has become the first payments bank in India to integrate the UPI on its digital platform, the company said in a statement, adding that it would secure digital payments to online/offline merchants and instant money transfers to any bank account in India. In January, Bharti Airtel launched Payments Bank in India to enable transactions on digital platforms. The initiative will allow bank customers to link their bank accounts on Bhim app and make UPI payments. “We are pleased to announce UPI integration with Airtel Payments Bank. This would allow all our 20 mi

Government mulling 2% relief on GST for digital payments

Finance
NEW DELHI: You may soon need to shell out less if you pay digitally. The government is looking at giving a 2% incentive over the applicable GST tax rate in case of digital payments where the bill is up to Rs 2,000, in a move aimed at discouraging cash payments. According to sources, the proposal - which may give the benefit in the form of a discount or cash-back - is being discussed between the finance ministry, RBI, cabinet secretariat and ministry of electronics and IT. "The idea is to incentivise all kinds of digital payments, especially smaller transactions, in line with the government's plan of making India a less-cash economy," a source told TOI. The IT ministry is leading the government's efforts on digital payments and has been taking stock of initiatives to further popularise ...
Airtel Payments Bank ties up with HPCL for ATM services

Airtel Payments Bank ties up with HPCL for ATM services

Finance
Airtel Payments Bank, which has achieved 10 million customer base since launch, has tied up with Hindustan Petroleum Corporation Limited for enabling all its petrol stations that are typically cash surplus to be used as ATM points for customers of the bank. In order to grow scale and reach a larger customer base which may be unbanked, CEO Shashi Arora tells Gulveen Aulakh that the government should do away with the requirement of filling Form 60 for users who have annual income less than Rs 2 lakh. Q: What is the most innovative feature that you’re doing at Airtel Payments Bank? A: We’re rolling out UPI, and we would reflect in BHIM app as well, for that matter in any UPI enabled app. We’ve got 10 million plus customers, which has given us critical mass, which a new entity like us would
Trump to be sued over foreign payments by attorneys general

Trump to be sued over foreign payments by attorneys general

World
Officials in Maryland and Washington DC are expected to sue Donald Trump for accepting payments from foreign governments via his business empire.The lawsuit cites the US constitution's emoluments clause, which says no federal official should receive a gift or a fee from a foreign government.The legal action alleges "unprecedented constitutional violations" by the US president, the Washington Post reports.It would be the first such lawsuit filed by government entities.A non-governmental organisation, Citizens for Responsibility and Ethics in Washington, lodged a similar legal action in January.At that time, Mr Trump told a reporter in the Oval Office the case was "totally without merit". He has not yet commented on the latest move.Another legal headache - Analysis by Anthony Zurcher, BBC Ne...