The Central Board of Direct Taxes (CBDT) on August 30 asked banks to refund any charges they collected after January 1 on transactions made through electronic means. According to a circular, this comes after the CBDT received several representations that said banks are charging an additional fee on transactions made through UPI.
Nearly half of Indian consumers are more worried about frauds while making digital transactions amid the coronavirus crisis, shows a study.
Private sector banks HDFC and ICICI have asked customers to use digital means for transactions and said they have reduced their staff in office as a precautionary measure against the spread of coronavirus.
Bank customers who are expecting the issuance of their new credit, debit cards after March 16 should know about a number of things that they will have to keep in mind while doing any type of transactions after 16th March.
Bank of Maharashtra and State Bank of India are the only two state-run banks that showed 'good' performance in terms of digital transactions in December with a score of 77 and 68 respectively, government data showed. The score for an individual bank is given by the Ministry of Electronics and Information Technology (MeitY) on various parameters such as percentage of digital transactions, merchant deployment achieved, system resilience and average percentage of technical decline for UPI or AePS transactions, among others.
The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month.
Mastercard has entered into a partnership with Federal Bank to offer identity check to the bank's cardholders, it said in an announcement.
The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000. PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement issued post announcement of the monetary review on Thursday.
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