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BENGALURU: Consumers would be able to buy sachet-sized health insurance on WhatsApp by the end of the year, said Abhijit Bose, India head for WhatsApp. On top of enabling payments, the Facebook-owned platform is running pilots to enable selling micro-insurance, pension with financial services companies who will use its application programming interface (API) to reach consumers. This is the first time the local arm of the Menlo Park-based company has given a timeline for launching these products in India.
To start this, WhatsApp has partnered with SBI General Insurance for health insurance while it is working with HDFC Pensions and pinBox Solutions to offer post-retirement pension products. Bose, who was speaking at the company’s India event, said WhatsApp plans to run similar pilots in ed-tech and agri-tech as well to reach its vast base of users in India 400 million.
Updated Dec 17, 2020 | 06:26 IST
The Cheque Truncation System (CTS) for clearing cheques is operational pan-India and presently covers 2 per cent and 15 per cent of total retail payments in terms of volume and value respectively New rules will apply to clear high value cheques via Positive Pay from Jan 1. Know details here | Photo Credit: BCCL
New Delhi: The Reserve Bank of India (RBI) has decided to introduce a new rule for cheque payments from January 1, 2021. It is called a positive pay system for cheques, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Availing of this facility would be at the discretion of the account holder. However, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.
Banks Changing Cheque Rules From January 2021: More Details Inside Dec 17, 2020, 17:49 IST
The Reserve Bank of India (RBI) introduced the “positive pay system” a few months ago. Under this system re-confirmation of certain important details will be required for cheques that involve payments of more Rs 50,000.
This decision was made in the light of recent growth in banking frauds. This system will come into effect from January 1 2021.
Here are certain important details that you need to know about this new “positive pay system.”
1. The system comes into effect from January but applying the system will be the decision of individual account holders. Although, some banks might make it a compulsion for cheques of Rs 5 lakh and above.
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