The Reserve Bank of India has proposed the introduction of a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000. It issued a statement announcing this following the Monetary Policy meeting on December 5, 2019.The central bank believes that the usage of PPIs, like the one proposed, can help promote digital payments and financial inclusion.It added that only banks and non-banking financial companies will be authorised to issue and load these PPIs. The instrument could be used for pay bills and merchant payments and transfer payments online.Close Since it is a lower value PPI, the customer will have to submit essential minimum details to procure it from the bank. RBI said it will give final instructions about this by December 31, 2019 after notifying the changes to Foreign Exchange Management Act Regulations. related news NEFT to be available 24x7 from December 16: RBI Forex kitty continues to swells, … [Read more...] about Fintechs laud RBI’s move to introduce prepaid payment instrument
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Grab, Southeast Asia’s leading everyday super app, has launched GrabPay Card, Asia’s first numberless card that offers users unparalleled card security, access to an expanded rewards ecosystem and hassle-free Grab payments integration in order to bring cashless convenience to millions in Southeast Asia.The digital GrabPay Card is available in Singapore and users can apply for the physical numberless card after receiving their digital card.The physical card will be rolled out in batches. The digital GrabPay Card will be launched in the Philippines in Q1 2020, with other Southeast Asian countries to follow in the first half of next year.Close The GrabPay Card is a culmination of Grab’s ongoing partnership with Mastercard that aims to bring financial inclusion to the millions of underbanked and unbanked in Southeast Asia. related news Fintechs laud RBI’s move to introduce prepaid payment instrument For American Express, Data Science is in the … [Read more...] about Grab launches Asia’s first numberless card in Singapore
Manas ChakravartyMarkets across the world have suddenly been spooked by fears of a growth slowdown. Here’s what the Reserve Bank of India said in its monetary policy statement a few days ago: "…global economic activity has shown increasing signs of weakness on rising trade tensions. Among advanced economies, economic activity appears to be slowing in the US in Q42018, after a buoyant Q3. The Euro area growth lost pace in Q3, impacted by weaker trade growth and new vehicle emission standards. The Japanese economy contracted in Q3 on subdued external and domestic demand."The RBI said growth was also slowing in some emerging markets, most importantly China. For India too, there have been warnings of lower growth after the September quarter gross domestic product growth came in lower than anticipated. Fitch Ratings has been the latest to jump aboard the bandwagon, reducing its estimate of India's GDP growth this fiscal from 7.8 percent earlier to 7.2 percent.Close … [Read more...] about Quick Take | Does the market really have a reason to worry about lower global growth?
BSP supremo Mayawati on December 7 asked the Uttar Pradesh government to ensure "proper justice" to the family of Unnao rape victim who succumbed to severe burns in Delhi hospital. The death of the 23-year-old woman is extremely painful and the BSP is with the victim's family in this hour of grief, she said in a tweet in Hindi."UP government should take special initiative soon to provide proper justice to the victim's family. This is the demand of justice and people," she said.In another tweet, she added, "To prevent such traumatic incidents all over the country, including in UP, state governments should create fear of law among people and in view of the incidents, the Centre should also make a law to ensure strict punishment by hanging to death within a stipulated time-frame."Close Mayawati's reaction comes after the death of the Unnao rape victim in Delhi hospital. related news Trade war goes digital: countries eye tariffs on Internet economy Woman dancer from Mumbai … [Read more...] about Ensure proper justice to Unnao rape victim’s family: Mayawati asks UP government
Much has been made of the support given to demonetisation by Krishnamurthy Subramanian, the government’s new Chief Economic Advisor. To be sure, he did write in his columns that demonetisation was a revolutionary act and that the poor were not the worst affected. He had disparaging things to say about the policies of the Gandhi dynasty, just before the elections to the Uttar Pradesh state assembly. He also wrote about the rise of crime in Uttar Pradesh under Mayawati and the Samajwadi Party, again just before the elections there.But while these views may have earned him brownie points among the powers that be, to his credit Subramanian hasn’t shied away from having independent views on several other subjects. For instance, he castigated the move to remove former Reserve Bank of India Governor Raghuram Rajan, who had been his teacher; saying we don’t treat our heroes well. He has been critical of the non-implementation of several of the recommendations of the PJ … [Read more...] about Quick Take | Gandhi family critic, Raghuram Rajan fan: How CEA Krishnamurthy sees the world