Abhinav Gunjan

Hi All Need to raise a point here with the RBI for clarification .Recently it's seen that many customers have raised chargeback complaints via the online portal RBI BO for transactions which are more than 360 days in case of MICRO ATM(AEPS) withdrawal they have done. Now the BO rule says they can raise till one year but the condition is after getting the revert from RE or if they did not get revert within 30 days from the date of complaint . They can't raise it on BO directly without raising it with RE first . But these complaints are raised by the BO to the Acquirer banks and the Acquirer banks forwards it saying they need customer declaration to reject the same or else it will be debited to the Corporate BC. How fair is this the compliance team just does a postman job to forward and put pressure as they are anyway at the upper hand to debit the amount , do they even understand how much days it will take to earn that amount the poor BC succumbs to the pressure and pays from his pocket denting his revenue which is already the lowest . There are clear guidelines from NPCI saying first 90 days for raising chargeback and then 60 days post 90 for good faith . So what this guideline means if this is what the BO RBI team escalates . This is a common issue to all the FI BC's can we have a clear guideline or the present one is misinterpreted due clarity issues and the pressure is on . Would like the authorities of NPCI /RBI followed with other fintech leaders to explain and guide on such practices .Specially from the Acquirer banks who just don't want to understand the guidelines . These impact the revenue and there is a leakage in the system which over time can erode revenues with the very low margins the Corporate BC's earn in this business. National Payments Corporation Of India (NPCI) Reserve Bank of India (RBI)

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🚨 Kerala Banker Absconds with ₹30 Crore in Massive Financial Fraud In a shocking case of financial fraud, Dhanyamohan, an Assistant General Manager at Walapad Financial Institution in Kerala's Thrissur district, has absconded with ₹30 crore. This case highlights significant lapses in internal controls and the importance of robust financial oversight. Key Details: - Dhanyamohan, a Kollam native, employed at the institution for 18 years. - Systematic transfers from digital personal loan accounts to unauthorized destinations, including fake accounts under her father’s and brother’s names, since 2019. - The discrepancies were uncovered during an audit, prompting an investigation. - Upon realizing the audit's findings, Dhanyamohan feigned a medical emergency and fled the premises. - The misappropriated funds were allegedly used to purchase luxury items, land, and a house. - The Walapad police have filed a case and are intensifying efforts to locate Dhanyamohan and recover the stolen money. This incident underscores the critical need for stringent auditing practices and internal controls within financial institutions. 🔗 Sources: https://lnkd.in/dXWqYxU6 #FinancialFraud #Kerala #Banking #InternalControls #Auditing #FinancialCrime #FraudPrevention #Compliance #India

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RBI has issued a draft circular with respect to regulation of Payment Aggregators (PAs) a) New draft directions for PA - Post of Sale b) Transactions through physical POS bought into the definition / purview of PA. c) Marketplace (defined in the circular) included into the definition of Merchants. c.i) Small and Medium merchants defined basis turnover etc d) Payment (settlement) to any other accounts on the instructions of the merchant stands deleted. e) KYC and Due Diligence > PAs shall undertake KYC of merchants as per the RBI Master Directions. > Due diligence of Merchants shall be as under- i) Small Merchants --- PA shall undertake contact point verification of the business establishment and verify the bank account of the merchant. ii) Medium Merchants --- PA shall undertake contact point verification, obtain OVD of the proprietor / beneficial owner / authorised signatory and verify one OVD of the business. iii) Video KYC permissible via RE agent facilitating process only at the merchant's end. iv) Non Bank PAs permitted to onboard agents to assist their merchants for onboarding. f) PAs to have risk based payment limits for the merchants onboarded. g) Timeline given to existing PAs to complete KYC due diligence of merchants by September 30, 2025. h) For payment transactions facilitated by two or more authorised PAs connected in the transaction chain, RBI’s instructions on PAs shall apply to all PAs in the chain mutatis mutandis. #payments #paymentaggregator #pso #merchants

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Good News for Indians! The UAE has introduced the Unified Payments Interface (UPI), making transactions smoother and more accessible for both Indian tourists and residents. This move enhances convenience, allowing users to easily make payments using their UPI apps while in the UAE. It’s a significant step towards digital integration and financial ease across borders. #UPI #UAE #India #DigitalPayments #Tourism #FinancialIntegration #GoodNews #UPIinUAE #TravelSimplified #GlobalPayments #UAEOpportunities #TourismAndInvestment #StayAndInvest #IndiansInUAE #uniquezonerealestate #uae #dubai #trending #buynow #dubainews #viral #realestate #UPI #unifiedpaymentsinterface

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#BASE(Bharat Aadhaar Seeding Enabler) The Bharat Aadhaar Seeding Enabler (BASE) platform launched by the National Payments Corporation of India (NPCI) is designed to streamline the process of Direct Benefit Transfers (DBT) by facilitating digital Aadhaar seeding and related activities. Here’s a detailed overview of the activities you can perform using the BASE platform: #Request for Aadhaar Seeding: **Seeding** refers to the process of linking your Aadhaar number with various accounts and records. BASE supports several types of seeding:   - **Fresh Seeding**: Linking your Aadhaar number to a new account or service for the first time.   - **Movement - Within the Same Bank with Another Account**: Changing your Aadhaar linkage from one account to another within the same bank.   - **Movement - From One Bank to Another Bank**: Transferring your Aadhaar linkage from an account in one bank to an account in a different bank. **De-Seeding**: This refers to the process of unlinking your Aadhaar number from an account or service. #Check Your Service Status: You can monitor the status of your seeding or de-seeding requests by:   - **Selecting Seed ID**: Entering the Seed ID associated with your seeding or de-seeding request to check its current status. #Get Aadhaar Mapped Status: This feature allows you to verify whether your Aadhaar number has been successfully linked to your bank account or other services. #Get Aadhaar Mapping History: You can view the history of Aadhaar mappings, which includes details about past seeding and de-seeding activities and any changes made. #How to Use BASE: https://base.npci.org.in/ #Benefits of BASE: - **Convenience**: Allows citizens to perform Aadhaar-related tasks online, reducing the need for physical visits to banks or government offices. - **Efficiency**: Streamlines the process of linking and unlinking Aadhaar numbers, aiding in quicker processing of DBT benefits. - **Transparency**: Provides real-time status updates and historical data, ensuring transparency in the seeding process.

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A few days back for a Rs 1200 drycleaning bill, I offered Rs 1500 to the delivery person, hoping to offload the customary cash I had got when visiting my parents a few days back. Interestingly, he said I have only Rs 20 in cash with me. Now everyone pays by UPI! We don't carry change anymore! It is no surprise. The ‘India Digital Payments Report’ (H2 2023) from Worldline India shows there were 65,771 million UPI transactions during July- Dec'23 implying a year-on-year growth of 56%. However, the average ticket size for UPI transactions has fallen, which shows the more broad based usage of UPI and that it is the preferred instrument of payment for small/ micro transactions.

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VKYC to be the only mode of KYC in a non face to face STP onboarding as per RBI. While this is a step to guardrail the lenders from KYC frauds it also hampers the seemless onboarding of customers considering the friction, adding to more drop offs.. #digitallending #rbi #colending #embeddedfinance #kyc #vkyc

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Our team at NiVa did a ground level survey with appx 800+ merchants across Pune , Delhi-NCR and Bangalore for various payment apps and in one of our insights about various payments apps we can see Paytm winning with huge margins across various metrics After reviewing the data , it's clear that Paytm is leading across all categories compared to other digital payment platforms like PhonePe, Cred, Google Pay, and Bharatpe. Fast Payments: Paytm has the highest bar with 85.7%, indicating it is the most preferred option for fast payments. Less Fraud: Paytm also tops the chart with 82.9% for being perceived as the most secure and fraud-resistant payment method. Service: In terms of customer service and support 88.6% , Paytm is ranked the highest by users. Less Fees: Paytm is considered the most affordable option with 48.6% with the lowest transaction fees. Multiple Payment Options: Paytm offers the widest range of payment choices with 88.6%, catering to diverse user preferences. The data unambiguously shows that Paytm outperforms its competitors across all the factors analyzed, including speed, security, service, affordability, and payment flexibility. It emerges as the dominant player in the digital payments space based on this comprehensive user preference study. This remarkable dominance holds valuable lessons for other players, including the up-and-coming NiVa platform. Firstly, prioritizing user experience is paramount – Paytm's seamless interface and rapid payment processing have struck a chord with consumers. Secondly, engendering trust through robust security measures and fraud prevention is non-negotiable in the fintech realm. Furthermore, Paytm's commitment to customer support and reasonable pricing has cultivated loyalty, underscoring the importance of putting users first. Lastly, offering a diverse range of payment options caters to varied preferences, expanding the user base. As NiVa aims to carve its niche, emulating Paytm's user-centric approach, technological prowess, and innovation in areas like security and payment diversity could be game-changers. In the fiercely competitive digital payments arena, learning from the industry leader may pave the way for NiVa's success. Vijay Shekhar Sharma Kudos to you and your team at PayTm !! #paytmkaro #fintech

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Exciting news for INDIA and GHANA to enhance their bilateral ties and digital payment systems. India and Ghana are set to link their instant payment systems, enabling seamless money transfers between the two countries within six months. This initiative will leverage India's UPI platform and Ghana's GHIPSS infrastructure. The move follows a recent Joint Trade Committee (JTC) meeting between Indian and Ghanaian officials. Discussions also explored potential collaborations in areas like digital transformation, local currency settlements, and leveraging the African Continental Free Trade Agreement (AfCFTA). This development strengthens India's expanding UPI footprint, already operational in France, UAE, and other nations. It also paves the way for settling bilateral trade payments in local currencies, reducing reliance on the US dollar. Kudos to National Payments Corporation Of India (NPCI) and NPCI International Payments Limited (NIPL) for the achievement. #Upi #india #Ghana #Ghipss #fintech #Digitalpayment source:https://lnkd.in/g4F97K56

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Amid RBI's tightening regulations, Payment Aggregators need a strategic pivot to maintain growth and security. Prioritizing strict oversight and security in these shifts is key to building trust and sustaining business momentum. As a Payment Aggregator, If you're seeking to enhance your monitoring capabilities and align with the new regulations, contact us! Our experts at BANKiQ are ready to assist you with tailored FRM and FRC solutions. https://lnkd.in/g7qANg5s  #BANKiQ #RBI #PaymentAggregators #PA #FRC #FRM #FraudRiskManagement #TimesofIndia #FraudRiskMonitoring

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Digital payments app Bharat Interface for Money (BHIM) will soon be available on the government-backed Open Network For Digital Commerce (ONDC) in a bid to increase its shares in the Unified Payment Interface (UPI) transactions 👇 The app will foray into the ecommerce space on ONDC via a separate division. With this, the users of the payments app would be able to shop for food and beverages, groceries, fashion, and apparel on the platform. The users of the app would be able to shop for food and beverages, groceries, and fashion on the platform, which is expected to boost BHIM’s UPI transactions. Launched in 2016 by the National Payments Corporation Of India (NPCI), BHIM is far behind in terms of UPI transactions compared to rivals like Google Pay, PhonePe and Paytm. To read more in detail, click here: https://lnkd.in/gZCitHtz #NCPI #BHIM #digitalpayments

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𝐏𝐫𝐨𝐭𝐞𝐜𝐭 𝐘𝐨𝐮𝐫 𝐃𝐚𝐭𝐚: 𝐒𝐚𝐲 𝐍𝐨 𝐭𝐨 𝐔𝐧𝐬𝐨𝐥𝐢𝐜𝐢𝐭𝐞𝐝 𝐋𝐨𝐚𝐧 𝐚𝐧𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐂𝐚𝐫𝐝 𝐎𝐟𝐟𝐞𝐫𝐬 Working in the lending industry one common observation I noticed that concerns the customers is that they face the barrage of promotional calls, SMS, and WhatsApp messages for loans and credit card offers. While some are aware of the option to add their numbers to the DND (Do Not Disturb) list, there's an important aspect that often goes unnoticed: companies often hold and even sell your data without your consent. But did you know you have the right to request the deletion of your data from these companies' databases? Most companies include a clause in their privacy policy stating that they will purge all customer data upon customer's request. Here's a simple step you can take to protect your data: 1. Identify the company sending you unwanted promotions. 2. Just do a simple web search "Grevience Redressal officer of XYZ Company/NBFC/Bank" 3. Draft a concise email to the grievance redressal officer of that company. 4. Request the deletion of your entire data from their database. By taking this step, you not only protect your personal information but also reduce the number of unsolicited communications you receive. Data protection is crucial in this digital age. Spread the word and ensure your data remains secure. #DataProtection #PrivacyRights #DigitalSafety #ConsumerRights #LendingIndustry #marketing #personalloan #creditcard

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Google Wallet is here, and it’s ready to shake up the digital payments in India. While Paytm faced its share of hurdles, Google’s entry signals intensified competition and underscores the significance of India’s digital payment market. Let the wallet wars begin! ⚔ #fintech #digitalpayments #wallet #PPI #payments #ecommerce #google #India #googlewallet

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As National Payments Corporation Of India (NPCI) Introduces Merchant Charges on UPI Credit Line Payment, some of the important Pointers are: From October 16, 2024, the National Payments Corporation of India (NPCI) will implement interchange fees on UPI payments made through pre-sanctioned credit lines offered by banks. This is a significant change that impacts both merchants and consumers. Here's a breakdown of what this means: 🔹1.2% interchange fee will apply to non-industry merchants for UPI credit line payments, while industry merchants will be charged between 0.50% to 1.10% based on their category. 🔹Small offline merchants will be exempt from these fees for transactions up to ₹2,000, ensuring that small-value transactions remain cost-free. 🔹Fee distribution: Acquirer banks will pay this interchange fee to the issuer banks, while the payer PSP bank and UPI apps (TPAP) will receive a small portion (0.04% to 0.05%) of the transaction amount. 🔹Customer-friendly option: UPI credit lines provide consumers with an easy and accessible alternative to cards for making purchases on credit, without the complex eligibility criteria. 🔹For merchants, these lower fees compared to other modes could encourage wider acceptance of UPI credit line payments, benefiting both customers and businesses by keeping extra charges minimal. 🔹Acquiring bank benefit: Merchant acquiring banks stand to increase their transaction volumes by encouraging merchants to adopt UPI credit lines, resulting in a higher number of digital transactions in QR/ Soundbox or MOPAD (multi Option Payment acceptance device) with minimal additional cost, boosting profitability and customer engagement 🔹While no charges will be levied on interest-bearing credit lines, there's still some ambiguity around interchange fees for these types of credit lines that may need further clarification. This move is expected to make UPI credit lines a more affordable, seamless, and widely accepted payment method, especially for merchants who have been hesitant to bear high MDR costs from credit cards. By lowering the cost burden, merchants can continue offering digital payment options without passing extra fees onto customers. As UPI continues to innovate and grow, this latest development showcases the potential for greater financial inclusion and ease of access to credit in the digital payments space. #NPCI #Fintech #UPICreditLine #MerchantServices #DigitalPayments #FinancialInclusion #MOPAD #QR #Soundbox #PaymentsInnovation #payments #UPI

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Ditch the PIN for Everyday Payments: Paytm Focuses on UPI Lite Wallet One97 Communications Limited , the company behind the popular fintech app Paytm, is shifting its focus to UPI Lite wallets for facilitating low-value transactions. This move caters to users who prefer the convenience of digital wallets for everyday purchases. Unlike traditional wallets, UPI Lite offers a streamlined experience with faster transactions. The key benefit? No PIN required! Users can make secure payments up to ₹500 each without entering a personal identification number. Designed for Everyday Convenience : Paytm's UPI Lite wallet caters specifically to small, frequent payments. Users can add up to ₹2,000 to their UPI Lite wallet twice a day, allowing a total of ₹4,000 in daily transactions. This makes it ideal for purchases like groceries,parking fees, and daily commute fares. UPI Lite enhances this experience by enabling faster transactions and keeping bank statements clutter-free. Important Distinction from Paytm Wallet: It's important to note that the Reserve Bank of India (RBI) has restricted Paytm Payments Bank from offering additional banking services. While users can still withdraw or transfer funds from their existing Paytm wallet, adding new funds is no longer possible. Here's where UPI Lite differs. It's a separate feature integrated within the Paytm app, specifically designed for processing small transactions. Activating and Using UPI Lite: Activating UPI Lite is a simple process. Within the Paytm app, users can click on the "UPI Lite Activate" icon on the homepage. After selecting the desired bank account and adding funds, users can authenticate with their MPIN to set up the UPI Lite account. Payments can then be made by scanning UPI QR codes or selecting contacts within the app. Several major banks,including Axis Bank, HDFC Bank, and State Bank of India already support Paytm's UPI Lite service. UPI Lite: A Growing Trend: Paytm's focus on UPI Lite reflects a growing trend within the Indian fintech space. Launched in 2022, UPI Lite is also offered by other major players like PhonePe, Google Pay, Navi, and Groww. This development comes alongside Paytm's recent foray into the ride-hailing space with autorickshaw services. The company is also undergoing a series of strategic shifts, including migrating its bill payment operations and transitioning its point-of-sale business and merchant settlement services to other partners. Ram Rastogi 🇮🇳 National Payments Corporation Of India (NPCI)

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