Global Gold Market: The global supply and demand for gold set the foundation for its price worldwide. Economic uncertainties, political tensions, and natural disasters can all affect gold’s value.
Indian Rupee Value: The Indian rupee’s value against other currencies, particularly the US dollar, has a direct impact on gold prices in India. A stronger rupee makes gold cheaper, while a weaker rupee makes it more expensive.
Import Duty: India imposes an import duty on gold, which affects its domestic price. Changes in import duty rates can significantly impact the cost of gold in the country.
Demand and Supply: India has a high demand for gold for jewelry, investment, and religious purposes. Any fluctuations in demand or supply can influence the gold price.
Seasonality: Gold prices in India tend to rise during festivals and wedding seasons due to increased demand for jewelry.

Live Gold Price in India

To obtain the latest and most accurate gold price in India, you can refer to reliable sources such as:

Bullion Associations: The Bombay Bullion Association (BBA) and the All India Gem and Jewellery Domestic Council (GJC) publish live gold prices on their websites.
Banks and Financial Institutions: Banks like the State Bank of India (SBI) and HDFC Bank offer live gold price updates through their online platforms.
Jewelry Retailers: Many jewelry retailers, such as Tanishq and Kalyan Jewellers, display live gold prices on their websites and in-store.

Gold Price Trends

Historical data and market analysis provide insights into gold price trends in India. Over the past few decades, gold prices have generally exhibited an upward trend, with occasional corrections and fluctuations. Factors such as economic growth, inflation, and political stability influence these trends.

Implications of Gold Price Changes

Changes in gold prices have significant implications for:

• Investors: Gold is considered a safe haven asset, and its price appreciation can benefit investors looking for long-term returns.
• Jewelry Industry: Gold price fluctuations directly impact the jewelry industry, as consumers adjust their purchases based on affordability.
• Central Banks: Central banks hold gold reserves as a part of their financial strategies, and changes in gold prices can affect their foreign exchange reserves.
• Overall Economy: Gold is a key component of India’s forex reserves and its price movements can influence the country’s economic stability.

Understanding the India gold price/rate live is crucial for investors, businesses, and individuals alike. By staying informed about the factors influencing gold prices and monitoring live updates, you can make informed decisions and navigate the complexities of the gold market. Whether you’re considering investing in gold or simply curious about its value, this guide provides a comprehensive resource to stay up-to-date with the latest trends and implications.

Paying land tax online is a convenient and easy way to fulfill your obligation. This blog post will provide a step-by-step guide on how to pay land tax Kerala online.

Step 1: Gather Required Information

Before you begin the online payment process, you will need to gather the following information:

• Land tax assessment number
• District
• Village
• Block
• Survey number
• Owner’s name

Step 2: Visit the Kerala Treasury Online Payment Portal

Visit the Kerala Treasury Online Payment Portal at Click Here

Step 3: Select ‘Land Tax’

On the homepage, click on the ‘Land Tax’ tab.

Step 4: Fill in the Details

Enter the following details in the provided fields:

• District
• Village
• Block
• Survey number
• Owner’s name
• Year of assessment (for which you wish to pay)

Step 5: Verify Details

Click on the ‘Verify’ button to check if the entered details are correct. If there are any errors, correct them and click ‘Verify’ again.

Step 6: Select Payment Method

Once the details are verified, you will be presented with a list of payment methods. Select your preferred payment method, such as net banking, credit/debit card, or UPI.

Step 7: Make Payment

Enter the required payment information and follow the prompts to complete the transaction.

Step 8: Print Receipt

After successful payment, a receipt will be generated. Print or save the receipt for your records.

Additional Information

You can pay land tax for multiple years in a single transaction.
You can also view your land tax details and previous payments on the portal.
If you encounter any issues during the online payment process, you can contact the Kerala Treasury Helpdesk at 0471-2331177.

Paying land tax Kerala online is a convenient and efficient way to fulfill your obligation. By following the steps outlined in this blog post, you can easily pay your land tax without the need to visit a government office. Remember to keep your receipt for future reference.

Get ready for significant changes in the Indian banking landscape, as new rules will come into effect from May 1, 2024. These rules will impact various aspects of your financial transactions and even your kitchen. Here’s a comprehensive guide to the upcoming changes:

Revised Cash Withdrawal Limit:

The Reserve Bank of India (RBI) has increased the cash withdrawal limit from ATMs using a debit card to Rs. 10,000 per transaction. This is a significant increase from the current limit of Rs. 5,000.

Revised Minimum Balance Requirement:

Several banks have revised their minimum balance requirements for savings and current accounts. Failure to maintain the required balance will result in penalty charges. Contact your bank to check the revised minimum balance requirement.

Increased Credit Card Processing Fees:

The RBI has allowed banks to increase the processing fees charged on credit card transactions. This means you may have to pay higher fees when using your credit card for purchases.

Enhanced Security for Online Transactions:

To enhance the security of online transactions, banks are implementing additional authentication protocols. This may involve receiving an OTP (One-Time Password) or using a mobile banking app for verification.

New LPG Cylinder Rules:

From May 1, 2024, the government will implement new rules for LPG (Liquefied Petroleum Gas) cylinder distribution. Individuals will be eligible for only 9 subsidized LPG cylinders per year. Additional cylinders will be available at market price.

Stricter KYC Norms:

Banks will be required to conduct more stringent KYC (Know Your Customer) checks to prevent financial fraud. This may involve submitting additional documents and undergoing video verification.

Reduced Insurance Premium for Senior Citizens:

Senior citizens aged 60 years and above will be eligible for reduced insurance premiums on term life insurance policies and health insurance policies.

Changes in Pension Rules:

The government has announced changes in pension rules for employees of the Employees’ Provident Fund Organization (EPFO). The minimum pensionable salary has been revised, and the maximum pension amount has been increased.

New Rules for Mutual Funds:

The Securities and Exchange Board of India (SEBI) has introduced new rules for mutual funds. These rules aim to enhance transparency and investor protection.

Revised Income Tax Slabs:

The government may consider revising the income tax slabs in the upcoming Union Budget. This could impact your tax liability and take-home salary.

Stay Informed and Compliant:

It’s crucial to stay informed about these new banking rules to avoid any inconvenience or financial penalties. Contact your bank or visit their website for more details. By complying with these regulations, you can ensure the safety and efficiency of your financial transactions.

Heart disease remains the leading cause of death worldwide, with heart attacks accounting for a significant proportion of these fatalities. However, by adopting a proactive approach and following a comprehensive battle plan, we can significantly reduce our risk of heart attacks and maintain heart health. Here’s the 5 ‘S’ battle plan to combat heart attacks

Stop Smoking

Smoking is a major risk factor for heart attacks. The chemicals in cigarettes damage the lining of blood vessels, leading to inflammation and plaque buildup. Quitting smoking is the single most important step you can take to protect your heart.

Stabilize Blood Pressure

High blood pressure puts strain on the heart and blood vessels, increasing the risk of heart attacks. Regular blood pressure monitoring and adherence to prescribed medications, if necessary, are crucial to maintaining a healthy blood pressure.

Screen for Cholesterol

High cholesterol levels can lead to the buildup of plaque in arteries, obstructing blood flow to the heart. Regular cholesterol screening and managing cholesterol levels with diet, exercise, or medication can significantly reduce heart attack risk.

Stay Active

Regular exercise strengthens the heart and improves blood circulation. Aim for at least 150 minutes of moderate-intensity exercise or 75 minutes of vigorous-intensity exercise per week.

Seek Medical Attention Promptly

Recognizing and responding to heart attack symptoms promptly is vital. If you experience chest pain, pressure, or discomfort, shortness of breath, or pain radiating to the jaw, neck, or arm, seek emergency medical attention immediately.

Additional Tips

• Maintain a Healthy Diet Focus on consuming fruits, vegetables, whole grains, and lean protein. Limit processed foods, sugary drinks, and unhealthy fats.
• Manage Stress Chronic stress can contribute to high blood pressure and inflammation, increasing heart attack risk. Find healthy ways to manage stress, such as exercise, meditation, or yoga.
• Get Enough Sleep Sleep deprivation can lead to increased inflammation and hormonal imbalances that raise heart attack risk. Aim for 7-9 hours of quality sleep each night.
• Limit Alcohol Consumption Excessive alcohol consumption can raise blood pressure and damage the heart. Moderate alcohol intake is recommended, but avoid heavy drinking.

By implementing the 5 ‘S’ battle plan and adopting these additional healthy habits, you can significantly reduce your risk of heart attacks and maintain a healthy heart for years to come. Remember, prevention is key, and it’s never too late to make a positive impact on your heart health.

Drinking excessive amounts of water can dilute sodium levels to the extent that the brain begins to rapidly swell with the excess fluid leading to confusion, seizures and coma.
This happened in the 1995 case of Leah Betts, who died shortly after her 18th birthday after taking an ecstasy tablet and subsequently drinking seven litres of water within 90 minutes.

Research studies have since identified ecstasy as a known risk factor for hyponatraemia for reasons that are still not fully understood.

According to David Rowlands, professor of nutrition at Massey University, New Zealand, one of the populations most at risk of hyponatraemia are endurance athletes such as ultra-marathon runners and Ironman triathletes.

“There have been some cases in some ultra-endurance sports where hyponatremia has been caused by large volumes of water or diluted sports drinks being consumed, more than six to eight litres of fluid,” he says.

“It used to be a problem at the Hawaii Ironman event, but I think they’ve gotten on top of that now with awareness and provision of more sodium-containing drinks at the aid stations.”

So, what are the safe limits for water consumption, and should we keep tabs on how much we’re drinking when it comes to other common beverages such as coffee or energy drinks?

What’s the healthy limit on water?

According to the US Centers for Disease and Control, you should not drink more than 1500 ml of water or other fluids, such as sports drinks, within an hour.

This works out as a limit of approximately six glasses or three 500ml bottles of Evian.

John Speakman, a biology professor at the University of Aberdeen, says that usually this would be difficult to exceed in practice because the body’s natural thirst and satiety reflexes would prevent you from drinking that much.

Cases tend to happen when people have either become excessively dehydrated through drinking alcohol or being outside in hot weather for many hours, or are already vulnerable because they are taking diuretic medicines for high blood pressure, which remove sodium from the blood.

“It’s difficult to over hydrate, you have to drink a lot of water,” says Speakman. “If people are drinking slightly more than they need on average, it’s not a big issue.”

But what about the minimum drinking requirements?

While most of us have heard of the eight glasses of water per day rule, an idea that goes back to the 1940s, this has only ever been based on relatively flimsy scientific evidence.

Last year, Speakman and an international consortium of scientists published far more precise estimates. “What we found was that in your mid-20s, men require about 1.5-1.8 litres per day, or six to eight glasses,” says Speakman.

“A woman in her mid-20s requires around 1.3 to 1.4 litres, so five to six glasses. This declines a little over the course of life and by the time you’re in your 70s and 80s, you only need around 1.2 litres per day because you’re less active.”

However if you exercise regularly in hot temperatures then your daily fluid requirements can be more than two litres.

The pros and cons of coffee

Research has increasingly shown that coffee can be good for us. But just as with water, it’s advisable not to have too much. Experts at Nutritank, which provides medical education to healthcare professionals on food, nutrition and lifestyle medicine, says that UK guidelines recommend no more than 200mg caffeine (two and a half cups on average) in one sitting, and not more than 500mg (five medium-sized cups) per day.

“Higher intakes of caffeine can increase anxiety, restlessness and cause gastrointestinal disturbances,” says Dr Ally Jaffee, NHS doctor and co-founder of Nutritank.

The NHS advise pregnant women against having more than two and a half cups of coffee per day, while some individuals are far more sensitive than others to the effects of caffeine, due to genetic variations.

“Drinking too much caffeinated coffee can cause heart palpitations for some individuals, in which case it’s best to avoid caffeine,” says Alice Benskin, nutrition education lead at Nutritank.

Benskin says that for people who are already living with high blood pressure, keeping caffeine consumption to a minimum is advisable, due to its blood pressure elevating effects.”

Keep fizzy drinks to a minimum

In 2022, Coca-Cola followed by Pepsi Max topped the lists of sales in UK convenience stores, but while they are among our favourite beverages, nutritionists advise us to stay away from fizzy drinks as much as possible.

“Fizzy drinks are not helpful for our health in any way, the science is very clear on this,” says Federica Amati, medical scientist and nutritionist at Zoe, the personalised health company.

“They either contain added sugar and are a cause of increased dental cavities, increased risk of obesity and Type 2 diabetes, or they are sweetened with artificial sweeteners, which have also been linked to increased metabolic disease risk and a negative impact on the gut microbiome.”

While you would have to be consuming between 12 and 36 cans of Diet Coke per day to exceed the World Health Organization’s safety limit for the artificial sweetener Aspartame, Amati says that numerous studies have linked regular consumption of fizzy drinks to health concerns. She points to a 2022 study in the European Journal of Nutrition, where Norwegian scientists identified an association between consuming sugary or artificially sweetened carbonated beverages during pregnancy, with an increased risk of childhood ADHD. “Whilst the occasional can of pop is nothing to worry about, making them a regular staple in our diet is best avoided,” she says.

Watch out for energy drinks

Nutrition experts are even more damning on energy drinks, with Nutritank pointing to research that has linked them with an increased risk of obesity, diabetes, cardiovascular disease, mental illness and sleep disorders.

“Energy drinks should be avoided entirely, as there is no safe recommended intake or limit,” says Benskin. “Some energy drinks contain as much as 505mg of caffeine per can, as well as added sugar and other additives.”

While these drinks are particularly popular with professions who work long hours or night shifts as a way of maintaining alertness and staying awake, they have been associated with poorer sleep quality.

“Research demonstrated that nurses who consumed energy drinks had poorer sleep quality and fewer sleep hours, compared with caffeine-only consumers and non-caffeine consumers,” says Benskin.

The problem with orange juice

While drinking orange juice might seem like a healthy choice, recently updated government guidelines have recommended keeping daily intake of fruit juices to a minimum.

“It’s important to remember that orange juice has high quantities of sugar,” says Nikita Patel, associate medical director and GP at Vitality.

Patel says that some commercial juice products also include added sugar, which lowers the nutritional value and causes spikes in blood sugar levels and a subsequent energy crash.

Patel explains that when fruits like oranges or apples are converted into juice, a lot of the fibre content, which is found in the fruit’s pulp, is removed. As a result, when you drink juice, you absorb the sugar at a much faster rate, which is less healthy for your body. Instead, rather than consuming shop-bought juice, doctors often recommend making it yourself, or simply just eating the whole fruit.

“Freshly squeezed or homemade orange juice is generally better than shop-bought versions, mostly because it retains more of the nutrients, pulp and fibre of the fruit,” says Patel.

“What’s more, it doesn’t contain added preservatives or sugars that processed juices are made up of.”

Recommended Daily Water Intake

The amount of water you should drink each day depends on several factors, including:

Activity level: People who engage in strenuous activity need to drink more water to replenish lost fluids.
Climate: Those living in hot, humid climates typically require more water than those in cooler, drier climates.
Body size: Larger individuals generally need to drink more water than smaller individuals.

Based on these factors, the following guidelines provide a reasonable estimate of daily water intake:

Women: 2-2.5 litres (8-10 cups)
Men: 2.5-3 litres (10-12 cups)

Does Tea Count?

While tea contains some water, it is not considered a direct substitute for plain water. The caffeine in tea can have a diuretic effect, meaning it may cause your body to lose fluids more quickly. However, studies have shown that the overall hydrating effect of tea is similar to that of water.

Other Considerations

Listen to your body: Thirst is a natural signal that your body needs water. Pay attention to your thirst cues and drink when you feel thirsty.
Choose water over sugary drinks: Sugary drinks like soda and juice can contribute to dehydration.
Consider fluid-rich foods: Fruits and vegetables, such as watermelon and cucumber, can help you meet your water needs.
Avoid excess alcohol: Alcohol can dehydrate the body.
Certain medical conditions: People with certain medical conditions, such as kidney disease or heart failure, may have specific fluid restrictions. Always consult with a healthcare professional for personalized advice.

Aiming for the recommended daily water intake guidelines helps maintain hydration and supports overall health. While tea can contribute to your fluid intake, it is important to remember that it is not a direct substitute for plain water. By listening to your body, choosing water over sugary drinks, and considering other fluid-rich sources, you can ensure you are properly hydrated and functioning optimally.

1. Deepika Padukone

Deepika Padukone has established herself as one of the most successful and influential actresses in Bollywood. With a net worth estimated at around $45 million, she has starred in numerous blockbuster films and is a sought-after brand ambassador for several top companies.

2. Priyanka Chopra Jonas

Priyanka Chopra Jonas has made a significant mark not only in Bollywood but also in Hollywood. With a net worth of approximately $43 million, she has starred in both Indian and international films and is also a successful singer and producer.

3. Katrina Kaif

Katrina Kaif is known for her stunning beauty and versatile acting skills. Her net worth is estimated to be around $38 million, making her one of the highest-paid actresses in Bollywood. She has appeared in several major films and is a popular choice for endorsements.

4. Alia Bhatt

Alia Bhatt is a rising star in Bollywood who has quickly gained recognition for her talent and charisma. With a net worth of approximately $35 million, she has become one of the most sought-after actresses in the industry and has won numerous awards for her performances.

5. Kareena Kapoor Khan

Kareena Kapoor Khan is a veteran actress who has starred in over 60 films. Her net worth is estimated to be around $32 million. She is known for her iconic roles and is considered one of the most stylish and influential actresses in Bollywood.

6. Anushka Sharma

Anushka Sharma is not only an actress but also a successful producer and entrepreneur. Her net worth is estimated to be around $30 million. She has starred in several critically acclaimed films and is also known for her philanthropic work.

7. Sonam Kapoor

Sonam Kapoor is known for her fashion sense and her roles in both mainstream and independent films. Her net worth is estimated to be around $28 million. She is also a brand ambassador for several luxury brands.

8. Shraddha Kapoor

Shraddha Kapoor is a popular actress who has starred in several successful films. Her net worth is estimated to be around $25 million. She is known for her versatile acting skills and her ability to connect with audiences.

9. Kiara Advani

Kiara Advani is a rising star in Bollywood who has quickly gained recognition for her performances. Her net worth is estimated to be around $23 million. She has appeared in several major films and is considered one of the most promising actresses in the industry.

10. Janhvi Kapoor

Janhvi Kapoor is the daughter of the late actress Sridevi. She has made a promising start in Bollywood and her net worth is estimated to be around $20 million. She is known for her acting skills and her resemblance to her mother.

The Bollywood film industry continues to grow, and with it, the wealth of its actresses. These top actresses are not only successful in their careers but also have significant influence in the entertainment industry and beyond. Their net worth is a testament to their talent, hard work, and the increasing popularity of Bollywood worldwide.

1. Nayanthara

Estimated Net Worth: INR 200 Crore

Nayanthara, fondly known as ‘Lady Superstar,’ reigns supreme as the wealthiest South Indian actress. With her exceptional acting prowess and wide-ranging filmography, she has become one of the most sought-after actresses in the industry. Her earnings stem from her high-profile movie deals, brand endorsements, and investments.

2. Samantha Ruth Prabhu

Estimated Net Worth: INR 150 Crore

Samantha Ruth Prabhu has made a remarkable name for herself through her versatility and powerful performances. Her net worth has soared in recent years, thanks to her blockbuster movies, lucrative endorsements, and various business ventures.

3. Rashmika Mandanna:

Estimated Net Worth: INR 120 Crore

Rashmika Mandanna, often referred to as the ‘National Crush,’ has become a sensation across India. Her charm and acting skills have earned her a massive fan following, which has translated into hefty paychecks and endorsement deals.

4. Pooja Hegde:

Estimated Net Worth: INR 100 Crore

Pooja Hegde has established herself as a leading lady in both Telugu and Hindi cinema. Her beauty and charisma have made her a sought-after choice for commercials and brand campaigns, contributing significantly to her wealth.

5. Trisha Krishnan:

Estimated Net Worth: INR 80 Crore

Trisha Krishnan, a veteran actress in the Tamil film industry, continues to command respect and admiration. Her long-standing career and consistent success have allowed her to accumulate a substantial net worth.

6. Anushka Shetty:

Estimated Net Worth: INR 75 Crore

Anushka Shetty is known for her powerful performances and iconic roles. Her earnings come from her movie salaries, as well as her successful clothing line and other business ventures.

7. Keerthy Suresh:

Estimated Net Worth: INR 60 Crore

Keerthy Suresh has won accolades for her exceptional acting abilities and versatility. Her net worth has grown steadily over the years, fueled by her high-profile projects and endorsement deals.

8. Tamannaah Bhatia:

Estimated Net Worth: INR 55 Crore

Tamannaah Bhatia has made a mark in both Telugu and Hindi cinema. Her diverse portfolio of roles and numerous brand endorsements have contributed to her financial success.

9. Sai Pallavi:

Estimated Net Worth: INR 50 Crore

Sai Pallavi has emerged as a rising star in South Indian cinema. Her natural talent and ability to connect with audiences have earned her a loyal fan base and a rapidly growing net worth.

10. Mehreen Pirzada:

Estimated Net Worth: INR 45 Crore

Mehreen Pirzada has made a name for herself in Telugu and Tamil cinema. Her earnings come primarily from her movie salaries and endorsements, as well as investments in various businesses.

The wealth of these actresses is a testament to their talent, hard work, and the immense popularity of South Indian cinema. As the industry continues to grow and evolve, it is likely that these actresses will continue to dominate the rankings of the richest South Indian actresses in the years to come.

1. HDFC Bank Regalia Credit Card

Key Features:

• Welcome bonus of 20,000 bonus points worth INR 2,000
• 4 reward points per INR 150 spent on dining, movies, and online shopping
• Up to 10% cashback on dining and movie transactions
• Complimentary access to airport lounges and priority boarding

2. SBI Card Elite

Key Features:

• Welcome bonus of 10,000 bonus points worth INR 5,000
• 10 reward points per INR 100 spent on dining, groceries, and fuel
• Up to 5% cashback on online shopping and bill payments
• Complimentary insurance coverage and concierge services

3. ICICI Bank Sapphiro Credit Card

Key Features:

• Welcome bonus of 75,000 bonus points worth INR 7,500
• 5 reward points per INR 100 spent on dining, travel, and entertainment
• Up to 15% cashback on dining and travel transactions
• Complimentary access to airport lounges and golf courses

4. Axis Bank Magnus Credit Card

Key Features:

• Welcome bonus of 50,000 bonus points worth INR 5,000
• 2.5 reward points per INR 150 spent on all purchases
• Up to 10% cashback on dining and movie transactions
• Complimentary insurance coverage and concierge services

5. Citi PremierMiles Credit Card

Key Features:

• Welcome bonus of 10,000 bonus miles worth INR 10,000
• 1 mile per INR 125 spent on all purchases
• Unlimited access to airport lounges
• Global concierge services and travel assistance

6. American Express Platinum Travel Credit Card

Key Features:

• Welcome bonus of 100,000 bonus points worth INR 10,000
• 5 reward points per INR 100 spent on travel and dining
• Complimentary access to airport lounges worldwide
• Global concierge services and travel assistance

7. HSBC Premier Mastercard Credit Cards

Key Features:

• Welcome bonus of 20,000 bonus points worth INR 2,000
• 2 reward points per INR 150 spent on all purchases
• Up to 5% cashback on dining and travel transactions
• Complimentary insurance coverage and concierge services

Factors to Consider When Choosing a Credit Card:

1. Fees and charges: Annual fees, late payment fees, and other charges can significantly impact the overall cost of using a credit card.
2. Interest rates: The interest rate charged on outstanding balances can add up quickly, so it’s important to choose a card with a low APR.
3. Rewards and benefits: Credit cards offer a wide range of rewards, such as cashback, points, and travel miles. Choose a card that aligns with your spending habits and lifestyle.
4. Credit limit: The credit limit determines the maximum amount of money you can borrow on the card. Ensure that the limit is sufficient for your needs.
5. Customer service: Responsive and helpful customer support is essential for resolving any issues or queries related to your credit card.

Choosing the best credit card in India for 2024 depends on your individual needs and preferences. By considering the factors discussed above, you can select a card that provides you with the optimal combination of rewards, benefits, and value. Remember to use your credit card responsibly and pay your bills on time to avoid unnecessary debt and maintain a good credit score.

FAQ

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.