The Economic Times
14 days
The Economic Times
23 days
Deliberations are now on, involving the ministry of electronics and IT and the department of financial services. The Cabinet Secretariat will soon decide on the proposal. “The committee of secretaries had said that if they (banks) dont have incentives, they may not go and acquire merchants, so let them have incentives, and merchant will not bear cost and it may be borne from the financial inclusion fund,” the official told ET. After the impending launch of Aadhaar Pay by banks, including the State Bank of India, the government is also considering a merchant version of the BHIM app that is currently functional for only person to person transactions. A senior finance ministry official said that although there is no loss of merchant discount rate (MDR) for banks on settlement through BHIM or Aadhaar Pay as they are network agnostic, the plan is intended to promote payments through these.
The Economic Times
a month
NEW DELHI: On Tuesday, an internal review meeting was conducted in the ministry where presentations on digital banking were given to union minister for electronics and IT, Ravi Shankar Prasad. According to an official in the know, in the meeting it has been decided that all banks will be given instructions that all accounts have to be net banking enabled by 31st March. Currently, there are 30-35% of accounts in which customers have opted not to enable netbanking. “Banks are being instructed to persuade people to enable netbanking,” the official told ET. The person added that a person who has downloaded BHIM app and wants to transact but doesnt have netbanking facility will be allowed to conduct the transaction by the bankers if the person’s telephone number is authenticated in the system. One of the highlights of the meeting was that success rate of Bharat Interface for Mobile (BHIM), which was launched by the prime minister Narendra Modi in December has been high.
The Economic Times
2 months
The Economic Times
2 months
The Economic Times
2 months
It is equally important to ensure that the money is spent. I would identify just three to five pan-national investment programmes (or revised and aggressive targets for existing programmes) that can absorb increased allocations. I would also announce a transparent and regular monitoring system for these programmes. Recapitalise banks substantially For the financial sector I would do three things. I would allocate a significant amount to expand the coverage of low end payment platforms, specifically BHIM. I would also set aside a significant amount for recapitalization of banks reeling under NPL pressures but disburse this under stringent conditions. I would also do away with the tax on interest income on bank deposits for individuals (not trusts or companies) to revitalize its role as a safe and attractive saving instrument. Cash in on govt land pool To gather resources, I would go in for aggressive monetization of the large pool of land available both with government departments as well as public sector companies.
The Economic Times
2 months
Though BHIM allows sending money to a mobile number, it requires the receiver to be registered with the UPI in order to accept payment. In turn, the long process of generating a UPI PIN by entering debit card details may discourage the poor and the illiterate. “Through Aadhaar, any person — large service providers or independent ones such as plumbers or carpenters, irrespective of whether they are on BHIM or not — can get payments for their services directly into their bank accounts if it is linked to Aadhaar,” said Pandey. He added that almost two crore people are linking with accounts with Aadhaar every month and total figure for such accounts should go up to 50-60 crorehalf the country —in the next two to three months. Currently, there are five payment options on the BHIM appnamely mobile number, bank account or IFSC code, among others.
The Economic Times
3 months
It is a living and breathing platform that enables immediate payments. And it was a wake-up call for banks to get their technology act together. Bharat Interface for Money (or BHIM) is another of UPI’s progeny and applications. The buzz in the tech sphere is that it is the shape of things to come — read, technology and micro-lending. If BHIM has had something other apps dont, it is Prime Minister Narendra Modi’s voluntary endorsement. This counts for a lot in a land where banking access is abysmally low and faith in technology stillborn for more than 500 million people. Unsurprisingly, Modi’s endorsement helped BHIM achieve the same number of downloads in 10 days that a slicker PhonePe app clocked in five months. But here’s the thing: PhonePe is a standalone business and business enabler for parent company Flipkart. Paytm is a red-blooded digital wallet business.
The Economic Times
3 months
It is a living and breathing platform that enables immediate payments. And it was a wake-up call for banks to get their technology act together. Bharat Interface for Money (or BHIM) is another of UPI’s progeny and applications. The buzz in the tech sphere is that it is the shape of things to come — read, technology and micro-lending. If BHIM has had something other apps dont, it is Prime Minister Narendra Modi’s voluntary endorsement. This counts for a lot in a land where banking access is abysmally low and faith in technology stillborn for more than 500 million people. Unsurprisingly, Modi’s endorsement helped BHIM achieve the same number of downloads in 10 days that a slicker PhonePe app clocked in five months. But here’s the thing: PhonePe is a standalone business and business enabler for parent company Flipkart. Paytm is a red-blooded digital wallet business.
The Economic Times
3 months
"In case someone replicates your SIM or steals your phone and places the SIM in a new phone, they would still not be able to do the transactions as they wouldn't have your UPI pin," said Modi. Apart from over a hundred technical controls that the Lucideus team looked at, it also considered multiple scenarios where a potential breach could happen. For example, if you get a call during a transaction on BHIM, and hand over the phone to another person for the call, you will have to re-enter the app PIN after you disconnect the call. Cybersecurity professionals aim to simulate all known vulnerabilities across different points of a possible breach. "However, there is nothing that can be 100% secured — there is always an unknown element, the known unknowns. But what can be done is to ensure that all known controls are tested for and to have an incident response strategy ready in case of a breach," Modi said.