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Tag: payments

Reliance Capital defaults on interest payments on HDFC and Axis term loans

Reliance Capital defaults on interest payments on HDFC and Axis term loans

Finance
Anil Ambani-led Reliance Capital defaulted interest payment on its Rs 690 crore of outstanding borrowings from Housing Development Finance Corporation (HDFC) and Axis Bank. The amount includes accrued interest up to October 31. The company informed the exchanges that it failed to pay interest of Rs 4.77 crore to HDFC and Rs 0.71 crore to Axis Bank on October 31 as it was unable to proceed with asset monetisation due to various legal barriers, it said in a regulatory filing on November 27. Reliance Capital's total indebtedness amounts to Rs 20,077 crore including accrued interest at the end of October 31. "The company is unable to proceed with asset monetization resulting in delay in debt servicing, due to prohibition on the company to dispose off, alienate, encumber either directly or ind...
Streaming payments ‘threatening the future of music’, top artists warn

Streaming payments ‘threatening the future of music’, top artists warn

Entertainment
Elbow frontman Guy Garvey, Radiohead guitarist Ed O'Brien and singer-songwriter Nadine Shah have given evidence to an inquiry about the impact of streaming, and warned the future of music in the UK is under threat.Garvey told the Department for Digital, Culture, Media and Sport (DCMS) committee that "tomorrow's music" is at risk of being lost because many artists are unable to afford their living costs. Shah, a Mercury Prize nominee, said she was "embarrassed" to talk about it publicly but admitted she falls into that bracket, saying that despite her success her earnings from streaming are not "enough to keep the wolf away from the door" and that she is "struggling". Image: Radiohead signed their record deal in the 1990s O'Brien said ...
Positive pay system for cheque payments to come into effect from January 1, 2021: RBI

Positive pay system for cheque payments to come into effect from January 1, 2021: RBI

Finance
Mumbai: In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the 'positive pay system' for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Availing of this facility would be at the discretion of the account holder. However, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above. Under the positive pay system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details of that cheque like date, name of the beneficiary, payee, amount to the drawee bank. These details will be cross-checked before the cheque is presented for payment. In case any discrepancy is flagged by cheque...
Google Pay, Visa partner for card-based payments with tokenisation

Google Pay, Visa partner for card-based payments with tokenisation

Finance
New Delhi: Google Pay on Monday announced the rollout of tokenisation across its platform that will enable users to safely transact with their debit or credit cards. Through tokenisation, Google Pay Android users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. The feature will also facilitate use of tap-to-pay feature on near-field communications (NFC)-enabled point of sale (PoS) terminals and online merchants, a statement said. "Working in close partnership with Visa and banking partners, this feature is now available to all users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon," it added. The feature also works with online ...
NPCI launches UPI AutoPay feature for recurring payments

NPCI launches UPI AutoPay feature for recurring payments

Finance
National Payments Corporation of India (NCPI), on Wednesday, launched its one-stop fintech payment solution- UPI AutoPay in a virtual event of Global Fintech Fest. The feature is dedicated to recurring payments and can be used for multiple financial purposes such as utility payments, booking bus pass, train tickets, paying DTH subscriptions among others. Nandan Nilekani, Co-founder and Non-Executive Chairman of the Board, Infosys, said, “We have long been planning a digital payments economy. And, now we are seeing a huge amount of digital payments, more than cash withdrawals. As we provide more and more such user-friendly services like UPI AutoPay we will see more and more adoption of digital payments. This is one of the national goals to increase the proportion of digital payments and r