Online Fund Transfers

Transfer facility is available 24/7 accounts holder of any bank, helps in digitisation of payments

Highlighting the menace posed by online financial frauds, Kerala Police has said that last year alone it resulted in a total loss of around Rs 201 crore to 23,753 people in the state. Police said that its Cyber Wing was able to recover 20 per cent of this amount and also blocked 5,107 bank accounts, 3,289 mobile numbers, 239 social media accounts and 945 websites that were used to commit the frauds. In a release issued by the State Police Media Centre, the police urged people to report online financial frauds within two hours of the incident to 1930 number. This would increase the chances of recovering the amount lost by the victim of the fraud, it said. "Delay in making complaints is a major problem faced by Kerala Police. If the information is reported to the cyber helpline number 1930 within two hours of the loss of money, the chances of recovering the money are very high. "But often the police receive complaints after 10 days of depositing the money. This gives the fraudsters .

The proposed agreements with Indonesia comes as India inked similar pacts with the United Arab Emirates over the weekend, which will see more trades done in rupees and dirhams

The India-Singapore payment connection is part of the trend in Asia where instantaneous, cross-border fund transfers via mobile phones are happening

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone

TMS Ep127: Price rise, Colombo Port City, markets, IMPS

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Shetty is currently in India and trying to return to Dubai to take care of his businesses, but a travel ban issued by BoB has put paid to his plans.

No clarity yet on when countries will open borders for Indian tourists. On the domestic side, most of travel happening now is of essential and emergency nature

Freeing up such transactions were to give further impetus for such digital retail payments.

As per NPCI data, the number of transactions through IMPS crossed 100 million mark in March 2018 and touched a high of 120.4 million in June