RBI’s Decision: Credit Card Payments May Face Service Closure

The Reserve Bank of India (RBI) has issued a directive that could potentially lead to the closure of certain services related to credit card payments. This move has raised concerns among consumers and businesses alike.

In August 2022, RBI issued a circular prohibiting non-bank entities from storing payment data of customers. This includes card-on-file (CoF) data, which is the sensitive information stored by merchants to facilitate recurring payments on behalf of customers.

Impact on Services

The RBI’s directive affects services that rely on CoF data storage, such as:

Subscription-based services: Businesses that offer subscriptions, such as streaming services, online retailers, and gym memberships, may be unable to process recurring payments automatically.
Auto-pay services: Services that allow customers to set up automatic payments for bills, such as utilities, insurance, and rent, may be disrupted.
One-click payments: Merchants that offer one-click payment options for repeat purchases may no longer be able to do so.

Consequences for Consumers and Businesses

The closure of these services could have significant consequences for consumers and businesses:

Convenience: Consumers will lose the convenience of recurring payments and one-click purchases.
Security: The removal of CoF data storage may improve data security, but it could also lead to increased fraud risk as merchants will need to re-authenticate customers for each transaction.
Business revenue: Businesses that rely on subscription-based or auto-pay services may experience a loss of revenue.

RBI’s Rationale

RBI has stated that its decision is aimed at enhancing the security of payment systems and protecting customer data. The bank believes that storing CoF data by non-bank entities poses a potential risk to data breaches and fraud.

Alternative Solutions

Merchants and payment service providers are exploring alternative solutions to address the RBI’s directive. These include:

Tokenization: Tokenization involves replacing sensitive payment data with a unique token that can be used for transactions without exposing the underlying data.
Mandate-based payments: Merchants can obtain a mandate from customers to debit their accounts directly for recurring payments.
Dynamic linking: This involves creating a unique payment link for each transaction, eliminating the need for CoF data storage.

RBI’s decision to prohibit CoF data storage by non-bank entities has significant implications for credit card payments. While the directive aims to enhance security, it may also lead to the closure of certain services and inconvenience for consumers and businesses. Alternative solutions are being explored to mitigate the impact of the directive.

FD Rates : Most senior citizens consider it to be safest to invest their money in FD. There are two reasons for this, firstly the money i.e. the principal amount remains safe in it. Second, it has a fixed interest i.e. income. If you are also looking for the option of investing in three year FD, then here are the offers of some banks, which are offering maximum interest on three year FD. Here you can earn maximum interest of Rs 26,000 in three years by investing Rs 1 lakh.

Bank of Baroda

Bank of Baroda is offering interest at the rate of 7.75 percent on three-year FD. Among public sector banks, Bank of Baroda is giving the highest interest to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.26 lakh in three years.

Axis Bank

Axis Bank is offering interest at the rate of 7.60 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

State Bank of India (SBI)

State Bank of India (SBI) is giving 7.25 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer interest at the rate of 7 percent on three-year FD. The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Indian Bank

Indian Bank is giving interest at the rate of 6.75 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.22 lakh in three years.

Reserve Bank of India

Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), provides investment guarantee on FDs up to Rs 5 lakh. In simple words, it means that your investment up to Rs 5 lakh in fixed deposit is completely safe.

Now you can do UPI transactions through Aadhaar as well. Google Pay has announced the launch of a new Aadhaar based payment service for its users. With Google Pay’s Aadhaar based UPI service, users will now be able to set their PIN without a debit card. At present, this facility is available only for bank account holders. Google Pay said that the service of UPI based Aadhaar onboarding has been started to make payments easier for a large number of users.

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More than 400 million digital transactions happen every day in India.

According to a report, more than 400 million people transact digitally every day in India. In India, in many sectors like tourism, grocery and food delivery, more than 80 percent of the transactions are done online. According to this report, PhonePe, Google Pay, Paytm and Cred have more than 95 percent share in the UPI based payment market. The report also states that “the digital payments market is expected to grow from the current Rs 3,200 lakh crore to Rs 4,000 lakh crore by FY2026.”

UPI PIN will be set without debit card

With Google Pay’s Aadhaar-based UPI service, users will now be able to set their PIN without a debit card. At present, this facility is available only for bank account holders. Google Pay said that the service of UPI based Aadhaar onboarding has been started to make payments easier for a large number of users. So that financial inclusion can be increased across the country.

Learn how to use this service

In order to use Aadhaar based UPI, it is necessary for the users to have the same mobile number linked with their Aadhaar in their bank. After this, users will be able to select the option of debit card and Aadhaar based UPI on Google Pay. After this you have to enter the first 6 digits of your Aadhaar card. After this an OTP will come on your registered mobile number. After entering which you will have to set the UPI PIN.

UPI transactions rose 66.4 per cent year-on-year to 7.5 billion in February, data from the NPCI showed. Transactions on the platform witnessed a sizeable growth in March as well.

Pan Card has become the most important document for every financial work in today’s time. PAN is needed only in the bank or other transactions related to income tax return.

PAN card is also used for identification and financial transactions, but sometimes people make one or more PAN cards by mistake. This time in the budget, Finance Minister Sitharaman has also made a big announcement regarding the PAN card. In Budget 2023, the Finance Minister has given a new identity to the PAN card. He has said that now the use of PAN card will be common for all. Now you can use PAN card as a Common Identifier. Along with this, any business can also be started with PAN card only.

In such a situation, it is very important that your PAN card remains active. For this, PAN card holders are advised to link their Permanent Account Number (PAN) with Aadhaar card number by June 30, 2023. If you do not link your PAN with Aadhaar before this deadline, then your PAN card can also be deactivated. Along with this, you will also have to pay Rs 1,000 for linking PAN with Aadhaar.

These PAN card holders will have to pay Rs 10,000.

Further, if the person presents a PAN card, which is no longer valid, then under section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person pay Rs 10,000 as penalty. Will pay an amount of Rs.

Jail can also happen for these reasons.

Many times people make one or more PAN cards by mistake. Although these PAN cards are made only on the basis of correct identity and details, but before 2016 the Income Tax Department had received many complaints. In these complaints, it was revealed that he had more than two PAN cards.

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If you also have more than one PAN card, then it would be better for you to surrender them. The Income Tax Department says that if a person has more than one PAN card, then there is a minimum punishment of 6 months and a minimum fine of Rs 10,000. This punishment and fine can both increase.

This is how you can get the link online

• First of all go to the website of Income Tax.
• Enter the name, PAN number and Aadhaar number as given in the Aadhaar card.
• Tick ​​the square if only the year of birth is given in the Aadhaar card.
• Now enter the captcha code.
• Now click on the Link Aadhaar button,
• your PAN will be linked to Aadhaar.

This is how you can link through SMS,

you have to type UIDPAN on your phone. After this, write the 12 digit Aadhaar number. Then write the 10 digit PAN number. Now send the message mentioned in step 1 to 567678 or 56161.

How To Activate Inactive PAN An inactive PAN card can be activated. For this you have to do an SMS. You will have to go to the message box and enter the 10-digit PAN number from your registered mobile, then enter the 12-digit Aadhaar number by giving a space and send an SMS to 567678 or 56161.

 Do you think you are well versed with traffic rules? Actually, it is not possible for every person to know about all the rules in detail. In such a situation, many times people also become victims of wrong information.

The right way to avoid this is that whenever any new information reaches you, cross-verify it so that the authenticity of that information can be known. There is a lot of misleading information on the internet related to traffic rules, which is creating confusion among people.

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FD Rate: Bumper return on FD, only 750 days will get 9% interest here.

ATM Transaction: Keep this light in mind while withdrawing cash from ATM, otherwise your account will be empty!

Some people think that there is a rule to challan people riding a motorcycle wearing a half-sleeve shirt. Whereas, in reality there is no such rule. In the current Motor Vehicle Act, there is no provision for challaning those who ride bikes wearing half sleeve shirts. Its information has also been given by Union Transport Minister Nitin Gadkari himself. In a tweet in the year 2019, his office clarified in this regard that drivers wearing half-sleeved shirts are not challaned.

In a tweet from Nitin Gadkari’s office, it was written that ‘the new Motor Vehicles Act (which is in force and was brought in 2019) does not have a provision for challan for driving a vehicle wearing a half-sleeved shirt.’ Let us tell you that summer is about to come, in such a situation many people like to wear half sleeve shirts or T-shirts. In such a situation, if someone ever asks you to issue a challan for riding a bike wearing a half-sleeved shirt, then you can show them this tweet from Nitin Gadkari’s office.

अफवाहों से सावधान…!#TrafficFines #MotorVehicleAct pic.twitter.com/vd2gLu72i3

— Office Of Nitin Gadkari (@OfficeOfNG) September 25, 2019

Well, apart from this, we suggest that if you take a motor vehicle on the road, then you must follow the traffic rules. Wear seat belt while driving a car and wear a helmet while riding a bike. By doing this you will be able to protect yourself better. Also, do not overspending as it can be dangerous.

Reserve Bank of India: After the demonetisation news across the country, many types of news are coming out regarding currency notes. If you have also kept the notes deposited in your house, then a big information has come out from the Finance Minister.

 The repo rate was again raised by the Reserve Bank of India (RBI) by 25 basis points on February 8. Along with many large commercial and public banks, small finance banks have raised their fixed deposit (FD) rates in response to the hike in the repo rate. The interest rates on FDs under Rs 2 crore have risen in this order by Fincare Small Finance Bank.

Receives the highest rate of 8.71%

Following the increase in interest rates, Fin Care Small Finance Bank is now offering its regular customers on FDs of 750 days 8.11% percent.

This tiny financing bank also offers 8.71% interest for the same time period to its senior citizen clients. The raised new interest rates will be effective starting on February 13th, according to information obtained from the Fin Care Small Finance Bank’s official website.

Small Finance Bank’s new FD rates have increased.

 Safe ATM Transaction: In addition to online transactions, withdrawing money from ATMs is also not safe amidst increasing cases of cybercrime. As much as ATM has made the problem of withdrawing cash easier, it has also increased the difficulties more than that.

A little caution can save you from any untoward incident. Before withdrawing money from ATM, you should check that how safe is the machine from which you are withdrawing money. The biggest danger in ATM is due to card cloning. We will tell you how your details can be stolen…

Hackers steal the data of any customer from the card slot in the ATM machine. They put such a device in the card slot of the ATM machine, which scans the complete information of your card. After this, they steal data from Bluetooth or any other wireless device.

To gain complete access to your debit card, the hacker needs to have your PIN number. Hackers can track the pin number with a camera. To avoid this, whenever you enter your PIN number in the ATM, hide it with the other hand. So that his image does not go in the CCTV camera.

When you go to the ATM, check the card slot of the ATM machine carefully. If you feel that any tampering has been done in the ATM card slot or the slot is loose or there is any other problem then do not use it.

While putting the card in the card slot, pay attention to the light burning in it. If the green light is on in the slot then the ATM is safe. But if red or any other light is not burning in it, then do not use the ATM. This could be a sign of a glitch.

If you ever feel that you have fallen into the trap of hackers and the bank is also closed, then you should contact the police. By giving this information to the police as soon as possible, you can get fingerprints there. You can also see who has an active Bluetooth connection around you, making it easier to reach that person.

 FD Interest Rate: Now Bandhan Bank has increased the interest rates on its fixed deposits. Know how much this bank has increased.

Bandhan Bank FD Rates 2023: If you want to invest your hard-earned money wisely and get a fair return, you can choose the Bank FD Scheme. The fixed deposit interest rates of private sector Bandhan Bank were raised by 0.50 percent. Be aware of the bank’s growth.(ads1)

Senior citizens will get 8.5 percent interest

On Monday, Bandhan Bank announced that regular clients would now receive 8% interest on fixed deposits while senior people would receive 8.5 percent interest. After the interest rate was raised, senior people will now get interest on bank fixed deposits (FDs) with a period of 600 days at a rate of 8.5%, while other residents would receive interest at a rate of 8% annually. Similar to this, the interest rate on one-year fixed deposits has been raised to 7%. As a result, older persons will now be eligible for Bandhan Bank’s extra 0.5 percent interest rate. These new rates are in effect as of right now at the bank.

RBI had increased the repo rate

The Reserve Bank of India (RBI) convenes a meeting of the Monetary Policy Committee to determine the repo rate. The repo rate was raised by the RBI last year for 2022. As a result, banks raised their fixed deposit interest rates. Following this, banks also raised the interest rates on personal and house loans.

These banks also increased interest

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The interest rates on fixed deposits has already raised at IDFC FIRST Bank. In this bank, fixed deposits with terms ranging from 18 months to three years earn seniors 8% percent. The interest rates on its fixed-rate debt were also going up, according to the same Jana Small Finance Bank. On FDs with a duration of more than two years, Jana Bank is now offering interest rates of up to 8.10 percent. Senior folks are also receiving 8.80% interest on this FD at the same time.