Interface (UPI) and the exploration of Central Bank Digital Currency (CBDC). This article delves into how these developments have shaped India's digital landscape and their potential impact on the nation's financial future.
The Birth of UPI
In an increasingly digital world, India has emerged as a pioneer in digital payments through its ground-breaking Unified Payments Interface (UPI). UPI has not only revolutionized transactions in India but has also set a global standard for efficient and inclusive digital payment systems.
Conceived and launched by the National Payments Corporation of India (NPCI) in 2016, UPI was a crucial part of the Indian government's push for a digital economy. UPI simplified peer-to-peer and peer-to-merchant transactions, making them easy, secure, and instantaneous. Users could link their bank accounts to a mobile app and conduct transactions using a unique UPI ID, eliminating the need for cumbersome account numbers and IFSC codes. In August 2023, UPI transactions aggregated to Rs. 10586/- million, with monthly payments valued at Rs. 15,76,536.56 crore.
Key Features and Advantages of UPI Interoperability: UPI stands out for its interoperability, allowing users to transact across different banks and payment service providers seamlessly, fostering healthy competition and choice.
Financial Inclusion: UPI has played a pivotal role in bringing millions of unbanked and underbanked individuals into the formal financial ecosystem, thanks to its user-friendly interface and accessibility through basic smartphones.
Security: UPI transactions prioritize security, with multi-factor authentication and encryption protocols safeguarding user data and funds.
Diese Geschichte stammt aus der February 2024-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der February 2024-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
