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India Post Payments Bank to start operations soon with 650 branch

India Post Payments Bank to start operations soon with 650 branch

Finance
NEW DELHI: India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations. "We are looking at launch date. From an operational, technology and market perspective, we are ready to go live," India Post Payments Bank (IPPB) MD and CEO Suresh Sethi told PTI. He confirmed that RBI has given approval to IPPB after testing its entire system. The final approval for the launch of IPPB was pending before the RBI. According to sources in the communications ministry the launch of IPPB is expected in August. When asked about the launch schedule, Sethi without specifying the timings said: "It is very much around the corner". IPPB was the third entity to receive payments bank permit after Airtel ...
RBI seeks update on payments data storage every fortnight

RBI seeks update on payments data storage every fortnight

Finance
NEW DELHI: Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight. "You are hereby advised to inform the status of ensuring compliance...The same shall be submitted by June 8, 2018, followed by an update on progress at fortnightly intervals thereafter," the RBI said in the letter referring to its order dated April 6, 2018. A payment bank official on the condition of anonymity confirmed receipt of the RBI letter. According to the order issued on April 6, all payment system providers including payments bank, payment gateways are required to ensure that full end-to-end transaction details relating to payment systems operated by them a...
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 ...