Cash transactions involves risk, inconvenience and monitoring problem. On 11th April 2016, NPCI (National Payment Corporation Of India) started new digital transaction gateway as UPI (Unified Payment Interface ). After Nov 2016, demonetization the volume of digital transaction increased many folds. The Govt.of India/ RBI announced many incentive to promote digital transactions such lower the MDR(merchant discount rate ), incentive for digital transactions in addition to DBT. Govt. of India taken initiative and 4G/3G network is made available in remote area. As a result of these initiatives the digital transactions increased many fold as shown in table below.
Data of transaction on Digital Platform
The digital transaction in volume term recorded a growth(Y to Y) of 38.06 % during 2017-18 and 70.46% during 201819. In value term the growth (Y to Y)is 17.51 % in 2017-18 and 20.39% in 2018-19.It is excepted that the digital transactions will increase more than4 times from Rs.2069 cr in Dec-18 to Rs.8707 cr in Dec-2021. RBI also push for 44% of debit card transaction on POS in next two years.
Many non-banking entity/organization come with state of the art technology and providing the facilities of transaction through digital platform. The main player of the digital platform are Paytm, PhonePe, Google Pay, BHIM. As the volume of digital transaction increases, the threat of digital fraud also increases. The number of complains, relating to fraud in digital transaction increased many fold.
Bu hikaye BANKING FINANCE dergisinin April 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BANKING FINANCE dergisinin April 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
'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.
