payment

Govt notifies Electoral Bond Scheme 2018

Govt has recently notified Electoral Bonds, which may be purchased by a person, who is a citizen of India or incorporated or established in India. Political Parties registered under Section 29A of Representation of People Act, 1951 shall be eligible to receive Electoral Bonds. Electoral Bonds shall be valid for 15 days from the date of issue & no payment shall be made after the expiry date.

PhonePe ties up with Ola

Flipkart-owned digital payments firm PhonePe has tied up with homegrown cab aggregator Ola. Now, users will be able to book a cab or an auto using a micro-app built on its payments platform. The company has gone live with three such micro-apps, including that of redBus and Metro services, and plans to go live with 5 to 10 more in the ongoing quarter.

Platform to facilitate repo in corporate debt

NSE launched ‘Tri-Party Repo Market’ platform in its debt segment to facilitate repurchase of corporate debt securities. The platform is a kind of repo contract where a third entity, apart from the borrower & lender, called tri-party agent acts as an intermediary. It facilitates services like collateral selection, payment and settlement, custody & management during the life of transaction.

India gives Rs 99 mn to Nepal

India extended a financial aid of Rs 99 mn to Nepal for the construction of 2,700 shallow tube well irrigation systems in 12 districts of the country. The assistance has been extended as part of the final payment for the Nepal-Bharat Maitri Irrigation Project, which was launched to boost growth to the Himalayan nation’s agricultural sector. Manjeev Singh Puri is India’s Ambassador to Nepal.

RBI seeks update on payments data storage

The RBI have asked payment services firms to provide an update, on action taken by them to store transaction data in India, every fortnight. RBI wants payment system operators to store payment-related data in the country by October 2018. RBI had said that at present “only certain” payment system operators store the payment system data either partly or completely in the country.

PM Modi’s three Nations visit concluded – II

Singapore: Modi launched three Indian digital payment systems – RuPay, BHIM app and UPI by SBI at the ‘Business, Innovation and Community Event’ in Singapore. PM Modi held wide-ranging talks with his Singaporean counterpart Lee Hsien Loong and delivered a keynote address at the Shangri-La Dialogue. He is the first Indian Prime Minister to address the Shangri-La Dialogue.

Power Minister R K Singh launched PRAAPTI

Power Minister R K Singh has launched web portal and App called PRAAPTI. ‘Praapti’ stands for ‘Payment ratification and analysis in power procurement for bringing transparency in involving of generators’. It aims to bring transparency in power purchase transactions between Generators and power distribution company- Discoms.

Anubrata Biswas appointed as MD & CEO

Airtel Payments Bank has announced the appointment of Anubrata Biswas as its Managing Director & CEO. Anubrata will be responsible for driving Airtel Payments Bank’s mission of taking convenient and innovative digital banking services to the doorstep of every Indian. Airtel Payments Bank was the first payments bank to start operations in India.

Listed companies to disclose payment delays

SEBI proposed that listed companies have to disclose any delay or expected delay in payment related to their debt securities within 24 hours. The proposal comes against the backdrop of various instances regarding non-compliance with listing norms by issuers of non-convertible debt securities.The regulator has sought public comments till June 11 on the proposals.

Paytm introduced automatic recurring payments

Paytm has introduced automatic recurring payments, a new feature that lets users configure the payments app to pay for periodic recurring expenses automatically. Similar to standing instructions for bank accounts, the ‘My Payments’ feature can be used for high-value payments for a variety of cases.Company expects the feature to significantly boost bank-to-bank transactions on the Paytm app.