FUND TRANSFER TRANSACTIONS
How to make the most of UPI for your daily expenses
UPI, introduced by NPCI, transformed how transactions are conducted in India. It facilitates instant money transfers through mobile devices, ensuring convenience and security. Users can link multiple bank accounts and make various payments, such as bills, groceries, and dining, with ease. The article provides detailed insights into making the most of UPI services.
How blockchain is helping transform India's realty landscape
Blockchain technology started to impact real estate worldwide by introducing greater transparency and efficiency. In India, its adoption had been slow due to regulatory issues and lagging digitization. Despite these obstacles, blockchain's potential to revolutionize property transactions was significant, promising enhanced security and streamlined processes as these challenges were addressed.
Govt eases cross-border share swap rules to woo foreign money
India updated its foreign investment regulations to facilitate cross-border share swaps and exclude certain OCI investments from being considered as indirect foreign investment. The amendments aim to attract more investment, particularly in startups, and streamline rules, aligning them with other regulations and requiring government approval for FDIs from neighboring countries.
Congress claims Gujarat govt helping Adani Ports 'secure monopoly', says JPC essential
The Congress has demanded a joint parliamentary committee to investigate the Adani issue, alleging the Gujarat government aided Adani Ports in gaining a monopoly over the state's port sector. They asserted that the illegal concession extension harms competition and state revenue, necessitating a thorough investigation.
IIHL transfers money to creditors in first step to take over Reliance Capital
Earlier on August 1, creditors to Anil Ambani-promoted Reliance Capital, led by bond holders trustee Vistra ITCL (India) in a letter to Mauritius-based IIHL had warned the Hinduja company about consequences for failing to pay the Rs 2,750 crore to take over the debt-laden company by the July 31 deadline.
Charges for IMPS money transfer August 2024: SBI vs HDFC Bank vs ICICI Bank vs Canara Bank
IMPS has a cutting-edge service that enables quick and secure movement of funds between banks in India while also being cost-efficient. Let us take a look at the latest charges for IMPS money transfers of the top banks.
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UPI per transaction, per day limit: HDFC Bank, SBI, ICICI Bank, YES Bank, Kotak Mahindra Bank, PNB, Canara bank
UPI transaction limit: UPI is built over the IMPS infrastructure and allows you to transfer money between any two parties' bank accounts instantly. If you send money to another individual, there is a limit per transaction and per day limit set by NPCI and also, in some cases, by banks.
Mobile wallet transactions on slippery slope as UPI rises
Even before the Unified Payments Interface (UPI) was born, India’s retail payments story had gone digital, riding on mobile wallets. These were prepaid payment instruments that needed to be loaded and could be used to pay each other and scan QR codes. But these wallets are dying with reduced adoption.
EPFO issues new rules for inoperative, inactive EPF accounts to stop frauds: Check the latest details
EPF inoperative inactive accounts unblock: The Employees Provident Fund Organisation (EPFO) has issued new guidelines to make the inoperative and inactive, transaction-less accounts active again. The new rules are issued to stop the frauds and also to ensure proper verification is done before money in credited into the claimant bank accounts.
Hindujas, Rcap creditors spar over payments
Creditors of Reliance Capital, represented by Vistra ITCL and IndusInd International Holdings Ltd (IIHL), are at odds over payment issues as the deadline for IIHL to deposit Rs 2750 crore expired. Vistra warned IIHL of legal consequences. IIHL claimed in a press statement that the sum had been deposited and informed the CoC and NCLT. The controversy revolves around adherence to a July 23 NCLT order. Reliance Capital owes creditors Rs 23,666 crore, mostly to bondholders represented by Vistra. IIHL's resolution plan required creditor and administrator actions post-July 29.
Indian banks want customers, but no smartphones please
Indian banks transferred $2.5 trillion, or 80% of GDP, through smartphones. However, the RBI is now raising liquidity requirements for mobile-linked deposits, drawing a parallel to the SVB failure. This move aims to ensure banks' stability but could affect credit growth and net interest margins.
New bank money transfer rules from November 1, 2024: All you should know
With a focus on banking services and payment systems, the Reserve Bank of India (RBI) recently released a new framework on Domestic Money Transfer (DMT) for regulated enterprises. This framework includes tougher Know Your Customer (KYC) record criteria.
To curb frauds, RBI asks banks, payment operators to keep track of domestic remittances
The Reserve Bank of India mandated banks and payment operators to keep a trail of domestic fund transfers to curb money laundering and frauds. Banks must record beneficiary details and validate transactions with additional authentication. This rule aims to enhance KYC compliance and tackle mule accounts, which have surged recently due to advancements in banking services.
Budget 2024: LTCG, STT withdrawal on D-Street’s wishlist for FM Sitharaman
The demand is to levy a uniform 10% tax (plus applicable surcharge and cess) on equities held for more than one year and up to three years on the capital gains exceeding Rs 2 lakh in a financial year. Moreover, a full exemption from capital gains tax if held for more than three years, by suitable amendments to section 112A.
Noida bank branch falls victim to cyber attack: How hackers stole Rs 16.50 crore
A bank branch in Noida reported a server breach resulting in the illegal transfer of Rs 16.50 crore. Cybercriminals hacked the bank's RTGS system using stolen credentials. A special team is investigating the case. In a separate incident, Noida Police arrested a gang involved in various fraudulent activities across multiple states.
Understanding Smart Contracts: The backbone of secure transactions in DeFi
This article explores DeFi and Ethereum-based smart contracts introduced by Nick Szabo, streamlining lending platforms, DEXs like Uniswap, and tokenized assets. Key features include atomic settlements and composability. Despite efficiencies, risks like the Poly Network hack necessitate security audits. Future advancements involve self-custody, AI integration, and interoperability in structured products.
HDFC Mutual Fund to discontinue lumpsum subscription and restrict systematic transactions in defence fund
HDFC Mutual Fund will restrict SIPs and discontinue lumpsum investments in the HDFC Defence Fund from July 22. The fund raised Rs 1,000 crores in a defence-focused NFO, targeting defence companies. Managed by Abhishek Poddar, it is benchmarked against Nifty India Defence Index TRI. Minimum investment is Rs 100 with a 1% exit load if redeemed within a year.
SBI shareholders, bondholders: State Bank of India appoints new Registrar & Share Transfer Agent (RTA); check details
SBI shareholders, bondholders: The State Bank of India (SBI) has announced the appointment of a new Registrar & Share Transfer Agent (RTA) to replace the current RTA, Alankit Assignments.
‘Should have done better … now learnt the lesson,’ says Paytm founder
Paytm is like a daughter who met with an accident and is in ICU, Vijay Shekhar Sharma says in the context of developments at the payments bank. "I saw it as a daughter on the way for an important entrance test, but met with an accident, and in a way is in ICU right now. That was the feeling from a personal, emotional (point of view),” Sharma said speaking at an event organised by JITO Innovation and Incubation Foundation in New Delhi.
Sebi mandates email as default mode for dispatching CAS by depositories, Mutual Fund-RTA
Markets regulator Sebi on Tuesday mandated email as a default mode of dispatch of 'Consolidated Account Statement', which provides an account of securities traded by an investor, by depositories and Mutual Fund-Registrar and Transfer Agents (MF-RTAs).
Is there any advantage of buying mutual funds in a demat form?
Once you have chosen a mutual fund scheme to buy, the next step is to proceed to buy these units and execute your transaction. There are a number of ways to buy mutual funds, be it the fund house websites, RTA (registrar and transfer agent) websites, third-party platforms and stock brokers.
Minister resigns after illegal money transfer allegations
The ruling Congress gave up on him as the BJP sought to amplify it as a major scam under CMSiddaramaiah's watch. The government has formed a special investigation team to probe it, while the CBI has already taken up the matter on a complaint from Union Bank of India.
HDFC Bank's netbanking services will not be available for several hours on 9th and 16th June. Check details
HDFC Bank announces scheduled maintenance for online services on June 9 and 16, affecting netbanking, mobile app services, and transactions including UPI payments.
Karnataka’s tribal welfare minister quits after govt funds find way to bank accounts in Hyderabad
Karnataka's Tribal Welfare Minister B Nagendra resigned over a scandal involving the illegal transfer of Rs 89.63 crore of government funds to unknown individuals in Hyderabad. The BJP intensified its campaign for his resignation, alleging a major scam under Chief Minister Siddaramaiah's watch. The ruling Congress withdrew support as an investigation team was formed to probe the matter. The CBI has taken up the case, and the BJP demanded the CM's resignation, alleging his knowledge of the illegal funds transfer.
Inoperative PAN holders can now invest in mutual funds due to latest KYC rule changes
Inoperative PAN invest in mutual fund schemes: The market regulator, Securities and Exchange Board of India (Sebi), has provided relief to mutual fund investors to get KYC Registered status from KYC on-hold status. The KYC Registration Agency (KRA) is required to comply with the latest relief by May 31, 2024.
MF investors get KYC relief as Sebi withdraws PAN-Aadhaar link norm
The Securities and Exchange Board of India (Sebi), in a circular on May 14, removed the requirement for investors to link the permanent account number (PAN) with Aadhaar to obtain the 'KYC registered' status for mutual fund transactions. This means all investors can continue putting money into mutual funds without putting up additional documents for the time being.
India's transaction trends: ePayment riches leave circulation of currency poorer
India's transition to digital payments is effectively curbing the traditional outflow of currency from its banking system, as evidenced by the sharpest decline in the growth of currency in circulation (CIC) since demonetisation in FY24. The Reserve Bank of India's (RBI) decision to phase out Rs 2,000 banknotes from circulation last year further contributed to this trend.
Paytm stock slides after COO exit; India’s first microcontroller chip
Shares of Paytm parent One 97 Communications fell 5% on Monday after its president and chief operating officer Bhavesh Gupta resigned. More on this in today’s ETtech Top 5.
Money mule transactions: Banks may block your account for these fund transfers; here's how to secure your account
Bank account block: There are at least 5 Indian banks who are tracking money mule transactions conducted through their account holders. In this regard HDFC Bank has already taken an action and launched investigation too in the suspected cases. Know here how banks may block access to your account and funds if a money mule transaction is found.
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