innovationinbanking

  RBI Imposes Penalty on NABFINS Limited: Upholding Financial Regulation in Microfinance          Reserve Bank of India usually conducts statutory inspections of various institutions regulated by it.          The Audit Report forms the basis for further action by RBI wherever required.          The same was followed in case of NABFINS Ltd too. In a recent development, the Reserve Bank of India (RBI) has wielded its regulatory authority by imposing a monetary penalty of ₹10 lakh on NABFINS Limited, a notable microfinance institution headquartered in Bengaluru. This subsidiary of NABARD, the apex development and financial institution in India, faced sanctions for its non-compliance with certain provisions of the Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.   The monetary penalty, imposed under the provisions of the Reserve Bank of India Act, 1934, comes as a consequence of a tho

Revolutionizing Metro Travel: ONDC Mobility, Yaary, Metro Day Pass Appeal Let me start off with a Disclaimer: I am in no way related to ONDC or Yaary. The bottom line is Safe ePayments. Digital Ticketing in Metro Trains offers multiple opportunities for Safe ePayments.   ONDC Mobility, spearheaded by Mr. Nitin Nair under the guidance of ONDC CEO Mr. T. Koshy, is at the forefront of revolutionizing mobility journeys on the ONDC platform. With successful onboarding experiences witnessed with Chennai Metro and Kochi Metro, the integral role played by Yaary as the technical integrator for these metros cannot be overstated.   As we glance across India, it's evident that numerous cities are gearing up with their own Metro Networks. The presence of metros is already felt in major cities, promising the spread of the joy of metro travel across the nation in the coming years. However, to embark on a metro journey, one fundamental requirement remains non-negotiable: the Ride Access Token, av

  With reference to my earlier blog post, highlighting 3 New features for UPI CRED it accounts, forgot to tag CRED !!! Link to my earlier blog estate is @ https://prashantnepayments.blogspot.com/2024/04/npci-circular-upi-members-introduction.html   In a way, CRED will be the forerunner to introduce at least a couple of new features.   In the rapidly evolving landscape of digital payments, staying abreast of innovative features is key to enhancing user experiences. Recently, I highlighted three exciting new features for UPI CRED it accounts, shedding light on how these advancements could potentially align with the capabilities of the CRED UPI App. Let's explore why the CRED UPI App might be at the forefront of rolling out these transformative features.   **3 New Features for UPI CRED it Accounts** Before delving into why CRED could lead the charge, let's revisit the three features poised to revolutionize UPI CRED it transactions:   **1. EMI Facilit

  Dear innovators of the financial landscape,   As we stand on the brink of tomorrow, a profound shift awaits us in the way we conduct financial transactions. Prepare yourselves for the implementation of a modest surcharge of INR 11 on every cash transaction processed through banking channels. Before you dismiss this as a mere April Fools' prank, let me assure you – this is a strategic initiative aimed at catalyzing the transition towards digital transactions and strengthening our economic infrastructure.   Effective from tomorrow onward, every cash transaction conducted through banking channels will incur a nominal surcharge of INR 11. However, here's the twist – this surcharge won't simply disappear into oblivion. Instead, it will be meticulously pooled into a lottery fund, where rewards await those who embrace the digital realm of transactions.   But the significance of this initiative extends beyond mere transactions; it's about empowerment.

Empowering India: RBI's Mission Har Payment Digital Sparks Nationwide Optimism The volumes of digital payments vs non-digital payments is on the increase, but we have to still to go a long way in the journey of "Har Payment Digital" My vote is for ‘LessCash Payments’ and not ‘CashLess Payments;   In a resounding affirmation of India's digital trajectory, the Reserve Bank of India (RBI) made a landmark announcement on March 6, 2023. With great enthusiasm, the RBI unveiled Mission "Har Payment Digital," signaling a transformative leap towards a vibrant and inclusive digital economy. A Digital Renaissance: RBI's Visionary Mission Har Payment Digital Ignites Hope Across India The launch coincided with the inauguration of Digital Payments Awareness Week (DPAW) 2023, a momentous occasion aimed at igniting a nationwide dialogue on the profound benefits of embracing digital payment solutions. At the helm of this endeavor, the Governor of the Re