Ranveer brand face for Kotak811 campaign
The campaign, starring Bollywood actor Ranveer Singh, uses the catchy tagline 'Banking so smooth, it's Makkhan', symbolising a frictionless user experience. Rohit Bhasin, Chief Marketing Officer and Head – Propositions at Kotak, noted that the campaign captures the spirit of modern banking—effortless, fast, and smooth.
'India is on the brink of a digital banking revolution,' said Manish Agarwal, Business Head – Kotak811. 'From quick account opening to UPI payments, smart investments, and cashback offers, Kotak811 is designed to deliver a secure, user-friendly, and fully digital experience.'
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Indian Express
an hour ago
- Indian Express
Free UPI has borne good fruits, but cost of service has to be paid: RBI Governor Sanjay Malhotra
Amid talk of instant transactions made via the Unified Payments Interface (UPI) to large merchants possibly attracting a fee in the future, Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said that for the payments system to be sustainable, the cost of running it will have to be borne by either the government or users. Speaking at the Financial Express BFSI Summit in Mumbai, Malhotra said UPI being free had 'borne good fruits' and led to a rapid rise in the number of transactions. However, for any service to be sustainable, its costs had to be met. According to the latest RBI data, there were 18.4 billion UPI transactions conducted in June, up 32 per cent year-on-year. 'This (UPI) is an important infrastructure. The government has taken a view it should be available free and the government is subsidising it. And I would say it has borne good fruits,' Malhotra said. 'The important thing is that the UPI, or any other payment system for that matter, is accessible, cheap, secure, and sustainable…and it will be sustainable only if someone bears the costs. So as long as it's the government or someone else — that's not so important — the important thing is that costs of any service should be paid, whether collectively or by the user.' MDR and govt subsidies for payments Speculation has been rife that UPI payments may be slapped with a per transaction fee called the Merchant Discount Rate (MDR). Usually in the range of 1-3 per cent, the MDR is levied on merchants by banks that process debit and credit card payments. Since January 2020, there has been no MDR on RuPay debit cards and UPI transactions to promote the adoption of digital payments across the country. In lieu of the lack of MDR, the government has been subsidising payments of up to Rs 2,000 made to small merchants through its 'Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)'. The incentive offered is capped at 0.15 per cent of the transaction value. Large merchants are not covered under this scheme. While 80 per cent of the incentive under the scheme is paid out without any conditions, 10 per cent of the incentive is contingent upon the technical decline of the merchant's bank being less than 0.75 per cent, with the remaining 10 per cent to be paid out when the system uptime of the bank is greater than 99.5 per cent. In recent years, tech glitches in UPI transactions have increasingly come to light. 'As of now, there are no charges and the government is actually subsidising the various players, banks, and stakeholders in this whole UPI payments system. Obviously, some costs have to be paid; they will have to be defrayed. Right now, it's the government which is defraying those costs. Going forward, how those costs will be met will certainly, I am sure the government will be looking at it,' Malhotra said on Friday. From Rs 957 crore in 2021-22, the government's payout under the incentive scheme for UPI transactions rose to Rs 3,268 crore in 2023-24. The revised estimate for the total payout under the scheme in 2024-25 was Rs 2,000 crore, while Rs 437 crore has been budgeted for 2025-26. The government, however, has rejected suggestions that MDR will be charged on UPI transactions. As recently as June, the finance ministry said such talk was 'completely false, baseless, and misleading'. 'Such baseless and sensation-creating speculations cause needless uncertainty, fear and suspicion among our citizens. The Government remains fully committed to promoting digital payments via UPI,' the finance ministry said on X on June 11. On his part, Malhotra said the RBI remains committed to providing a means of payment that is efficient, secure, and accessible. 'And whatever needs to be done for that, we will ensure that we have a good, robust, secure, accessible payments system working in our country'. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
Time of India
2 hours ago
- Time of India
'Maldives people should be able to use UPI as technical work concludes,' Foreign Secretary Misri says
Male [Maldives], July 25 (ANI): Foreign Secretary Vikram Misri on Friday said that Prime Minister Narendra Modi and Maldives President Mohamed Muizzu reviewed the entire gamut of issues in the bilateral relationship during their engagements. Misri, while addressing a special briefing by the Ministry of External Affairs on the Prime Minister's visit to Maldives, said that the Network-to-Network Agreement between India's NPCI International Payment Limited (NIPL) and the Maldives Monetary Authority (MMA) on UPI in Maldives was signed. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management MBA Finance Data Science others Design Thinking Artificial Intelligence Others Operations Management Product Management healthcare Degree Healthcare Data Science PGDM Public Policy Technology Leadership Data Analytics Cybersecurity Management MCA Digital Marketing CXO Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Misri said, "The implementation agreement has been signed today. The technical work is now required, and people should be able to use UPI as soon as the technical work and the operationalisation of the MoU are concluded." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More Undo Misri highlighted that upon arrival, PM Modi was accorded a ceremonial welcome and a guard of honour. "This morning, on arrival at the airport, the Prime Minister was warmly received by Maldivian President Mohamed Muizzu and members of his Cabinet. This was a very special gesture by the President. The Prime Minister was also accorded a ceremonial guard of honour and welcomed with a special cultural performance. In the afternoon today, the Prime Minister and Maldivian President Mohamed Muizzu held restricted and delegation-level talks. This gave both leaders the opportunity to review the entire gamut of issues in the bilateral relationship," he said. Live Events Misri said that PM Modi and Muizzu participated in a symbolic tree planting ceremony at Sultan Park under 'EK Ped Maa Ke Naam' (a tree for Mother) initiative. Misri said, "The two leaders were together for a tree plantation event which is being carried out under the initiative taken by PM Modi in India, 'EK Ped Maa Ke Naam'. PM Modi also handed over two BHISHM ( Bharat Health Initiative for Sahyog Hita & Maitri) Cubes that will be of great relevance in medical emergencies," he said. On the announcement of the initiation of negotiations for a Free Trade Agreement between India and the Maldives, Misri said, "I cannot point to an exact timeline. This is an FTA that we should be able to conclude rather quickly." Misri while answering a question regarding the now deleted social media post of Abdullah bin Mohammed Ibrahim, brother-in-law of Muizzu, reportedly criticising PM Modi amid his visit to the Maldives, said that India-Maldives ties have withstood such comments. "Our ties are strong enough to withstand some of these passing remarks that have been made and have also withstood the test of time. I would prefer to look forward. By going with everything that has happened today and especially in the past 9-10 months since President Mohamed Muizzu visited India, the future is undoubtedly and unquestionably bright." PM Modi is on a two-day visit to the Maldives at the invitation of President Muizzu.
India.com
2 hours ago
- India.com
Bad news for Google Pay, PhonePe, Paytm, Amazon Pay users, no more free UPI? RBI makes BIG statement, says ‘costs will…'
The Reserve Bank of India (RBI) has given a major indication that the era of completely free digital transactions may soon come to an end. Despite the Unified Payments Interface (UPI) consistently setting new records, RBI Governor Sanjay Malhotra has explained the need behind this possible shift in a Financial Express interview. RBI Guv OnFuture Of UPI 'Payments and money are a lifeline. We need a universally efficient system. As of now, there are no charges on the UPI service. The government is subsidising various players such as banks and other stakeholders in the UPI payments system. Some costs have to be paid,' Malhotra told the Financial Express. 'Any important infrastructure must bear fruit,' he said, adding that for any service to be truly sustainable, 'its cost should be paid whether collectively or by the user.' Malhotra further added that the unprecedented scale of UPI operations has intensified the strain on the service's backend infrastructure, which is largely maintained by banks, payment service providers, and the National Payments Corporation of India (NPCI). RBI Governor On UPI System Cost He stated the importance of making the UPI system financially sustainable, pointing out that currently no charges are levied on UPI transactions. To maintain this zero-cost system, the government is subsidizing banks and other companies. However, Malhotra noted that such a model cannot be sustained indefinitely, hinting at the possibility of charges being introduced on UPI transactions in the future. Given the rapid rise in UPI usage, the RBI Governor's remarks are highly significant. In the past two years, UPI transactions have doubled, with over 600 million transactions now taking place daily. Furthermore, due to the government's zero merchant discount rate (MDR) policy, UPI transactions currently generate no revenue. This has led industry stakeholders to repeatedly warn that the existing model is financially unsustainable.
