Payments Regulation

RBI urges state refiners to make payments for some oil imports in Rupees

India is the world's third-largest crude importer and is forecast to be the leading driver of global consumption growth this decade

EU suspends 'all payments immediately' to Palestinians post Hamas attack

European Union Commissioner Oliver Varhelyi said Monday the bloc is suspending all payments immediately to the Palestinians because of what he called the scale of terror and brutality during the attacks of Hamas against Israel. The surprise announcement by Varhelyi came just hours after EU officials stressed that no EU money whatsoever was going to Hamas in the first place and that contacts had been frozen for 16 years. The EU considers Hamas a terror group. Queries about what the move entailed and whether it would hit all humanitarian aid to Palestinians were not immediately answered. Varhelyi said that as the biggest donor of the Palestinians, the European Commission is putting its full development portfolio under review, which he said amounted to 691 million euros. It was not immediately clear what funds were included and excluded. Varhelyi said the measures include that all payments (be) immediately suspended. All projects put under review. All new budget proposals... postponed

NPCI International signs agreement with Al Etihad Payments of UAE

NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, on Thursday inked an agreement with Al Etihad Payments of UAE to provide real-time and cost-effective cross-border remittances for the users of both countries. It would be as seamless as a domestic transaction, using a beneficiary identifier (mobile number VPA), according to the agreement. Tangible benefits of the agreement include the availability of real-time and cost-effective cross-border remittances for the users of both countries. This would also enhance the transparency for users through an upfront display of remittance amounts in both currencies with applicable charges. The linkage of card switches would enable the cardholders to use their domestic cards (without the need to have global cards issued) in each other's jurisdiction on a reciprocal basis on ATMs, PoS terminals and e-comm transactions. Further, the linkage of messaging platforms would reduce dependency on ...

NPCI International to sign pact with Al Etihad Payments of UAE on Oct 5

NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will ink an agreement with Al Etihad Payments on Thursday in Abu Dhabi to facilitate cross-border transactions, an official said. The MoU (Memorandum of Understanding) will be signed on development of domestic card scheme of UAE based on India's RuPay debit and credit card stack, the official added. The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6. Goyal will co-chair the eleventh meeting of India-UAE High-Level Task Force on Investments along with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority. The meeting will be attended by Mohamed Hassan Alsuwaidi, Minister of Investment, MD and CEO of ADQ; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaled Mohamed Balama, Governor of the Central Bank of the UAE; and

New age firms in payment space reluctant to comply with rules at times: Das

The payments landscape in India has evolved into a state-of-the-art system that is affordable, accessible, convenient, fast, safe and secure, said RBI governor

Is India ready for tokenization this time?

Last year, the RBI directed merchants not to store customer card details on their servers. And the revised implementation date is drawing close now. Is India ready for this big payment system reform?

Had to pivot many times due to changing rules: NTT Data Payments Svcs CEO

In a Q&A Dewang Neralla dwells on the journey of being an early mover in fintech, innovation in payments and leveraging its data

RBI allows six entities to test cross border payments technology

Six other entities complete test phase for retail payments

PayMate says has achieved annualised run-rate of $1.3 bn in GST payments

The firm's payment automation platform processed over $130 million GST payments monthly in 2020.

RBI, central govt at loggerheads over proposed payments regulator

The central bank wrote two letters to the committee on May 22 and June 14 to argue that the banking regulator is best suited to regulate the payments space