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Digital solutions for Gen Next banking - The Hindu BusinessLine

Digital solutions for Gen Next banking - The Hindu BusinessLine
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Andhra pradeshPanchayati rajC rangarajan committeeClearing corporation of india ltdInstitute for development research in banking technologyNational institute of rural developmentNational payments corporation of indiaGlobal partnership on artificial intelligenceCore banking solutionsInformation technologyImmediate payment serviceNational electronic funds transferTech enabled digitalReserve bankBanking technologyClearing corporation

SBI online services, YONO, net banking, UPI to be down for 2 5 hrs today

SBI online services, YONO, net banking, UPI to be down for 2 5 hrs today
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National electronic funds transferState bankInternet bankingதேசிய மின்னணு நிதி பரிமாற்றம்நிலை வங்கிஇணையதளம் வங்கி

UPI, credit and other mode of transactions see decline in May amid 2nd wave of COVID-19 in India: RBI Report

Author With economic activity and the market in general seeing a decline amid the second wave of COVID pandemic in India, it seems like people have gone back to how things were during the first lockdown, as transactions and payments went for a dip. In simple terms, a report released by the Reserve Bank of India (RBI) has revealed that payments through all forms, from Unified Payment Interface (UPI) to cash and NEFT transactions, have seen a sharp decline in the month of May. As per the report, IMPS (real-time bank transactions), FasTag, and UPI, which are under the control of the National Payments Corporation of India, were amid the gateways which saw a significant decline, as were the RTGS and NEFT transaction gateways (which are mostly used for transferring large sums in business) run by the RBI itself. Even cash withdrawals from the ATM saw a dip.

National electronic fundImmediate payment serviceNational payments corporation of indiaReserve bankUnified payment interfaceNational payments corporationBharat bill payments systemAadhar enabled payments systemNational electronic fund transferReal time gross settlementsதேசிய மின்னணு நிதிஉடனடியாக கட்டணம் சேவைதேசிய கொடுப்பனவுகள் நிறுவனம் ஆஃப் இந்தியாஇருப்பு வங்கிஒருங்கிணைந்த கட்டணம் இடைமுகம்தேசிய கொடுப்பனவுகள் நிறுவனம்

Digital Payment transactions decline in May from March-April levels

Transactions on Unified Payments Interface (UPI), the National Payments Corporation of India’s (NPCI) flagship payments platform, have dropped in May, marking the second consecutive month of decline in digital payment transactions, due to a slowdown in economic activities because of lockdowns in various parts of the country. In May, UPI processed 2.53 billion transactions, down 4.16 per cent and 7.32 per cent from April and March, respectively. In value terms, UPI saw transactions worth Rs 4.9 trillion, down 0.66 per cent and 3 per cent from April and March, respectively. In March, UPI had recorded 2.73 billion transactions amounting to Rs 5.04 trillion, the highest count ever since its inception in 2017. But, since then, both volume and value of transactions dipped, in sync with the rise in Covid infections in the country and the subsequent curbs imposed by the local administrations.

National electronic fund transferImmediate payment serviceNational payments corporation of indiaUnified payments interfaceNational payments corporationPayment serviceBill payment systemsReserve bankReal time gross settlementUpi transactionsDigital paymentsIgital payments dropதேசிய மின்னணு நிதி பரிமாற்றம்உடனடியாக கட்டணம் சேவைதேசிய கொடுப்பனவுகள் நிறுவனம் ஆஃப் இந்தியாஒருங்கிணைந்த கொடுப்பனவுகள் இடைமுகம்

From UPI to cash, almost all payment modes see decline in May

From UPI to cash, almost all payment modes see decline in May SECTIONS Share Synopsis The National Payments Corporation of India’s UPI, IMPS and FASTag, and the Reserve Bank of India’s NEFT and RTGS, which is used by businesses, saw sharp declines in both the volume and value of payments processed ETtech Illustration: Rahul Awasthi Nearly all modes of payment, digital and cash, saw a monthly decline in May owing to subdued economic activity in India amid the second wave of Covid, the latest data from the RBI showed. The National Payments Corporation of India’s UPI, IMPS and FASTag, and the Reserve Bank of India’s NEFT and RTGS, which is used by businesses, saw sharp declines in both the volume and value of payments processed. Withdrawals from ATMs – a proxy for cash spends – also saw a drop.

National electronic fund transferImmediate payment serviceNational payments corporation of indiaNational payments corporationReserve bankEnabled payments systemBharat bill payment systemReal time gross settlement systemதேசிய மின்னணு நிதி பரிமாற்றம்உடனடியாக கட்டணம் சேவைதேசிய கொடுப்பனவுகள் நிறுவனம் ஆஃப் இந்தியாதேசிய கொடுப்பனவுகள் நிறுவனம்இருப்பு வங்கிஇயக்கப்பட்டது கொடுப்பனவுகள் அமைப்புபாரத் ர சி து கட்டணம் அமைப்புரியல் நேரம் மொத்த தீர்வு அமைப்பு