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The Reserve Bank of India (RBI) has recently made significant updates to its electronic mandate (e-mandate) framework, particularly focusing on enhancing the efficiency and convenience of toll payments through FASTTag. FASTTag, a system that leverages Radio Frequency Identification (RFID) technology, allows for seamless toll payments by automatically debiting the associated
Peer-to-peer (P2P) lending has emerged as a significant alternative to traditional banking channels in India, offering a platform for individuals to lend and borrow money directly without the intervention of banks. As the popularity of these platforms has grown, so too needs robust regulation to ensure transparency, fairness, and protection
In a significant move to further enhance the inclusivity and utility of the Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has introduced a groundbreaking feature known as “UPI Circle.” This initiative is designed to address the needs of users who remain dependent on cash for their
Introduction Businesses are often faced with the challenge of selecting the right solution to facilitate seamless transactions. Two common options that often come into consideration are payment gateways and payment aggregators. Although these terms are sometimes used interchangeably, they represent distinct entities with unique functionalities, advantages, and use cases. This
In a significant move towards enhancing the accuracy and timeliness of credit information, the Reserve Bank of India (RBI) has mandated a shift from the traditional monthly reporting of credit data to a fortnightly cycle. This new regulation, effective from January 1, 2025, requires Credit Institutions (CIs) to report credit
RBI Increases UPI Transaction Limit For Tax Payments The Reserve Bank of India (RBI) has recently increased the UPI transaction limit for tax payments from ₹1 lakh to ₹5 lakh. This decision aims to enhance the convenience and efficiency of digital payments, particularly for larger transactions, thus promoting the use
The Finance Bill, 2024, introduced several pivotal changes to the Goods and Services Tax (GST) law. Two significant amendments include mandatory Input Service Distributor (ISD) registration for multi-state companies and the imposition of penalties for unregistered machines in the manufacturing of pan masala, gutkha, and other tobacco products. Mandatory ISD
The Reserve Bank of India (RBI) has introduced new guidelines aimed at fortifying the security of the Aadhaar Enabled Payment System (AePS). These guidelines, issued through a draft circular on July 31, 2024, outline the due diligence required by banks to verify AePS touchpoint operators, alongside proposing new methods for
After facing flak from the public for not releasing data for June 2024, the Government of India has finally released the Goods and Service Tax (GST) Collection data for July 2024. The GST collection in July 2024 experienced a significant rise, showcasing a robust growth of 10.3% to over ₹1.82
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The most noteworthy aspects of our collaboration has been the ability to seamlessly onboard partners from all corners of India, for which our TAT has been reduced from multiple weeks to a few hours now.