
Digital Payments In India Continued To See Robust Growth UPI Payments Digital India
Digital payments in India continued to see robust growth, with the Reserve Bank of India's (RBI) Digital Payments Index (DPI) recording a 10.7% year-on-year increase as of March 2025, reflecting deeper adoption and performance gains in online transactions nationwide. News18 Mobile App - https://onelink.to/desc-youtube
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Digital Payments In India Continued To See Robust Growth | UPI Payments | Digital India | N18V

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NDTV
3 hours ago
- NDTV
Probe Agency Restitutes Rs 380-Crore Assets In Bank 'Fraud' Involving Ex-MLA
New Delhi: Attached assets worth Rs 380 crore have been restored to a designated Maharashtra government authority for distribution to the about 5 lakh "duped" depositors of a cooperative bank, controlled by a former MLA, as part of a money laundering proceeding, the Enforcement Directorate said on Wednesday. The case pertains to the Karnala Nagari Sahakari Bank Ltd. in Panvel where it was alleged that its erstwhile chairman, Vivekanand Shankar Patil, in connivance with other officials of the bank, "cheated" the lender and "siphoned off" the funds for private investments. Patil, a four-time MLA of the Shetkari Kamgar Paksha Party, was arrested by the ED in June 2021. The money laundering case of the ED stems from a February 2020 FIR filed by the Pune Police Economic Offences Wing (EOW). The police alleged in its chargesheet that the then chairman Patil and other officials of the bank prepared 63 "bogus" loan accounts using "forged" documents without following the RBI guidelines and standard banking norms, and "siphoned off" Rs 560 crore for personal gains, the federal probe agency said in a statement. The ED said its probe found that funds were "diverted" to various entities "controlled" by Patil and his relatives. "He (Patil) purchased various properties and assets using the funds siphoned off from the bank and these proceeds of crime were utilised for the purchase of immovable properties at different locations in Raigad district of Maharashtra," it said. These assets, worth Rs 386 crore, were attached by the ED under two provisional orders issued in 2021 and 2023. The ED also filed a chargesheet in August 2021 before a special PMLA court in Mumbai. The ED said the liquidator appointed by the RBI for the bank filed an application, under section 8(8) of the PMLA, before the court seeking restitution of assets. The ED gave its consent, the agency said. The court issued an order on July 22 directing the release of the property -- Karnala Sports Academy at Panvel -- to the liquidator and to put it up for auction, the ED said. The court also ordered the Competent Authority (Maharashtra Protection of Interest of Depositors) to "realise" the land at Posari, Raigad by auction for distribution amongst the depositors. "The bank had more than 5 lakh depositors having total deposits of Rs 553 crore, and they lost their hard-earned money. "In the larger interest of depositors and currently ongoing restitution efforts, ED took steps to expedite the process resulting in the restitution," the agency said. The PMLA provides for the process of restitution even before completion of the court trial in order to provide succour to the victims of frauds like bank loans and Ponzi scheme cheating. The fraud came to light after an audit was done at the instance of the Reserve Bank of India during 2019-20, when it was found that Patil was siphoning off funds from the bank through 67 "fictitious" loan accounts. The funds were sent to the loan accounts of entities/firms/trusts owned or controlled by Patil including Karnala Charitable Trust, Karnala Sports Academy and Karnala Mahila Readymade Garments Cooperative Society Limited, the agency had claimed in a statement issued in October 2023.


NDTV
5 hours ago
- NDTV
From UPI Rules To Trading Hours: Key Financial Changes From August 1
The National Payments Corporation of India (NPCI) is set to implement a set of changes to the Unified Payments Interface (UPI) from August 1, 2025, in order to make the interface stable and efficient. Besides UPI, some other financial changes are also scheduled. UPI Transaction Rules NPCI releases a circular in April to inform the users that it has planned some changes to reduce the response time of UPI transactions. The adjustments are aimed at helping remitter banks, beneficiary banks and Payment Service Providers (PSPs), such as PhonePe, Google Pay and Paytm. Here are the key UPI changes: Balance Check Limit: 50 balance checks per day per UPI app. If the user has more than one UPI app, they can check their balance 50 times on each app, but users are advised not to check their balance during peak hours. Auto-Pay Transactions: Will only be processed during non-peak hours (before 10:00 am, between 1:00 pm and 5:00 pm, and after 9:30 pm). Transaction Status Checks: Limited to 3 times with a minimum gap of 90 seconds. Linked Account Checks: Limited to 25 times per day per app. Beneficiary Name Display: The recipient's registered bank name will be visible before confirming payment, reducing errors and fraud. SBI Credit Card Rules The State Bank of India announced that it will discontinue the free air accident insurance cover available on many co-branded cards. The bank notified that complimentary air accident insurance coverage of Rs 1 Cr currently offered on your UCO Bank SBI Card ELITE, Central Bank of India SBI Card ELITE, PSB SBI Card ELITE, KVB SBI Card ELITE, KVB SBI Signature Card, and Allahabad Bank SBI Card ELITE will be discontinued. Also the complimentary air accident insurance coverage of Rs 50 Lakh currently offered on your UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, PSB SBI Card PRIME, KVB SBI Card PRIME, Karur Vysya Bank SBI Platinum Credit Card, South Indian Bank SBI Card PRIME, South Indian Bank SBI Platinum Credit Card, Karnataka Bank SBI Card PRIME, Karnataka Bank SBI Platinum Credit Card, City Union Bank SBI Card PRIME, Allahabad Bank SBI Card PRIME, UBI SBI PLATINUM Credit Card, OBC SBI VISA PLATINUM Card, Federal Bank SBI Platinum Credit Card, BOM SBI PLATINUM Credit Card will be discontinued. Will LPG And CNG Prices Change? It is expected that the prices of LPG cylinders, along with CNG, PNG, and aviation turbine fuel (ATF) prices, would change on August 1, 2025. The prices are reviewed every month and revised if the authorities find it necessary. Extension Of Trading Hours The Reserve Bank of India (RBI) announced an extension in the trading hours of the call money, market repo and Tri-Party Repo (TREPs) markets effective July 1, 2025, to be effected in two phases. It stated that from July 1, 2025, the call money market shall remain open from 9:00 am to 7:00 pm. Meanwhile, the trading hours for market repo and TREPs will be extended to 4:00 pm, effective from August 1, 2025. The new timings are from 9:00 am to 4:00 pm. RBI Monetary Policy Committee (MPC) Meeting
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Business Standard
6 hours ago
- Business Standard
Hit by falling FD rates? Consider these funds with 3-year horizon
Hit by falling FD rates? Consider these funds with 3-year horizon Sarbajeet K Sen Listen to This Article With the Reserve Bank of India (RBI) cutting the repo rate by 100 basis points (bps) since the beginning of 2025, banks have lowered their fixed deposit (FD) rates. Fixed-income investors may consider mutual fund (MF) alternatives such as equity savings funds (ESFs) and conservative hybrid funds (CHFs) to earn better returns with moderate risk. 'These funds can be partial alternatives to fixed income instruments in a falling interest rate environment, but not full substitutes. As rates fall, bond prices rise, boosting returns, and the small equity exposure adds a kicker,' says Chintan Haria, principal – investment strategy, ICICI Prudential Asset