Digital - NewNerve

RBI Bars Kotak Mahindra Bank From Onboarding New Customers Via Online, Mobile Banking

24Apr

By Ankit2 Comments

Banking, BFSI, Digital Lending, Goverment Notice/Circulars, NBFC, Regtech

RBI Bars Kotak Mahindra Bank From Onboarding New Customers Via Online, Mobile Banking

The Reserve Bank of India (RBI) has taken a decisive step by prohibiting Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels. Additionally, the bank is barred from issuing fresh credit cards. However, existing customers, including credit card holders, will continue to receive services from the bank. The regulatory action comes in response to significant concerns arising from the RBI’s IT examination of Kotak Mahindra Bank for the years 2022 and 2023. The central bank identified serious deficiencies and non-compliances in various critical areas: IT Inventory Management: The bank’s management of IT assets was found lacking. Patch and Change Management: Inadequate processes for managing software updates and changes. Us...

Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers

5Apr

By Ankit3 Comments

Banking, Fintech, Payments

Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers

A Boost for Paytm and Digital Payments? The Reserve Bank of India (RBI) has recently proposed a new policy that will allow Prepaid Payment Instruments (PPIs) to be linked through third-party UPI applications, enabling PPI wallet holders to make UPI payments more conveniently. This move is expected to enhance customer convenience and boost the adoption of digital payments for small value transactions. Currently, UPI payments from bank accounts can be made using a bank's UPI application or any third-party UPI application. However, PPI wallet holders can only make UPI transactions using the web or mobile application provided by the PPI issuer. By permitting the linking of PPIs through third-party UPI applications, the RBI aims to provide more flexibility to PPI wallet holders in...

Safeguard Your Digital Transactions using 8 Simple Techniques

27Mar

By AnkitNo Comments

Banking, Fintech, Payments

Safeguard Your Digital Transactions using 8 Simple Techniques

Safer Ways to Conduct Digital Transactions In an increasingly digital world, secure online transactions are essential to protect your financial information and personal data. Whether you’re shopping online, paying bills, or transferring money, following best practices ensures a safer experience. Here are some crucial steps to enhance the security of your digital transactions: 1. Use Unique Passwords Why? A strong password is your first line of defense against unauthorized access. What to Do: Create unique passwords for each online account. Avoid using easily guessable information like birthdays or common words. Combine uppercase and lowercase letters, numbers, and special characters. Consider using a reliable password manager to securely store your passwords. ...

RBI and Nepal Rastra Bank Collaborate for UPI-NPI Linkage to Boost Cross-Border Digital Payments

16Feb

By Ankit1 Comment

Blog

RBI and Nepal Rastra Bank Collaborate for UPI-NPI Linkage to Boost Cross-Border Digital Payments

RBI and Nepal Rastra Bank Sign Pact for UPI-NPI Linkage The Reserve Bank of India (RBI) and the Nepal Rastra Bank (NRB) have signed terms of reference to integrate their fast payment systems, India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI). This collaboration aims to streamline cross-border remittances between the two countries, enabling users of both systems to conduct instant, cost-effective fund transfers. After the signing of the terms of reference, the necessary systems will be implemented to interlink UPI and NPI. The formal launch of the UPI-NPI linkage will take place at a later date, as announced by the RBI. This integration between the RBI and NRB will deepen financial connectivity and reinforce the historical, cultural, an...