From the Unified Payment Interface to the Real Time Gross Settlement system, the Reserve Bank of India hopes to expand the footprint of locally-developed payment systems across borders. Alongside, the regulator may also look to ring-fence local payments by asking that these be processed within India's borders.
These two steps, along with a host of others, have been put down as part of the RBI's Payment Vision 2025.
Karnataka-based Siddhasiri Souhrada Sahakari Niyamit, which has a network of 147 branches across the state, is making a mark for itself by financing street vendors and small businesses in the state. It is now
A Public Interest Litigation (PIL) filed in the Delhi High Court on Monday sought directions to ensure that Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), and Instant Money Payment System (IMPS) shall not be used for depositing foreign money in Indian Banks, claiming it will provide finance to terrorists and other anti-national organisations. PIL Filed in Delhi High Court Seeks Direction Against Use of RTGS, NEFT, IMPS For Foreign Money Deposits in Indian Banks.
Income tax refunds of Rs 41,649 crore have been issued in 1,08,88,278 cases and corporate tax refunds of Rs 82,018 crore have been issued in 1,81,218 cases, says the I-T department.