Daily News

Image

RBI allows interoperability between PPIs like wallets for UPI payments

The Reserve Bank of India (RBI) allowed interoperability of prepaid payment instruments (PPIs) for Unified Payments Interface (UPI) transactions through third party application providers (TPAPs). Currently, UPI payments are interoperable such that a user can use any TPAP to transfer funds.

Did you Know

Image

RBI allows interoperability between PPIs like wallets for UPI payments

Transactions between PPIs, such as digital wallets, can only be conducted within the payments system provided by the wallet issuer. Essentially, a user can transfer or receive funds through UPI in their PPI wallet using services from applications that have not issued the payment instrument, making it interoperable.

Did you Know

Image

RBI allows interoperability between PPIs like wallets for UPI payments

Under the revised instructions, the RBI has said that issuers of PPIs would enable their full-KYC users to make UPI payments by linking such payment instruments to respective UPI handles. However, PPI issuers acting in the capacity of a payment service provider (PSP) will not onboard customers of any bank or any other PPI issuer.

Did you Know

Image

RBI allows interoperability between PPIs like wallets for UPI payments

Full-KYC PPI users can now be discovered on third party UPI applications such as PhonePe, Google Pay, and Paytm, facilitated by issuers of these payment instruments, which could be banks or non-banks. These TPAPs can enable the linkage between PPIs and their PSP UPI handles.

Did you Know

Image

RBI allows interoperability between PPIs like wallets for UPI payments

PPIs are instruments that facilitate purchase of goods and services, financial services, and remittances, among other use cases, against the value loaded onto them via payment applications. At present, there are over 1.14 billion PPI wallets issued by banks and non-banks cumulatively, RBI data shows.

Did you Know

Image

RBI allows interoperability between PPIs like wallets for UPI payments

The RBI classifies PPIs into 2 categories: Small PPIs and Full-KYC PPIs. The latest notification from the regulator concerns full-KYC PPIs, which are issued by banks and non-banks only after completing requisite KYC of the PPI holder.

Did you Know

Image

RBI allows interoperability between PPIs like wallets for UPI payments

With the latest guidelines, users who choose to link their PPIs to other TPAPs will have the option to pick multiple applications for their transactions. PhonePe, MobiKwik, and Ola are the top three non-bank PPI players, whereas Paytm Payments Bank, Airtel Payments Bank, and HDFC Bank are the largest PPI players that are banks.

Did you Know

Image

Current account deficit narrows to at $11.2 bn in July-September: RBI

India's current account deficit moderated slightly from a year earlier in the July-September quarter, the central bank. The current account deficit stood at $11.2 billion, or 1.2 per cent of GDP in the reporting quarter, compared with a revised deficit of $11.3 billion or 1.3 per cent of GDP in the same quarter a year ago, the Reserve Bank of India (RBI).

Did you Know

Image

Current account deficit narrows to at $11.2 bn in July-September: RBI

India's foreign exchange reserves fell for a third consecutive week and stood at a more-than-seven-month low of $644.39 billion as of Dec. 20, data from the Reserve Bank of India (RBI). The reserves declined by $8.5 billion in the reporting week, logging their biggest weekly fall in over a month. They had declined by a total of $5.2 billion in the prior two weeks.

Did you Know

Image

Health insurance claims rejection up 19.10% in FY24: IRDAI report

India’s insurance companies rejected 11 per cent of health claims and had 6 per cent pending as of March 2024, according to the industry regulator’s annual report. Health policy claims worth Rs 26,000 crore were disallowed and "repudiated" by insurers in the year ending March 2024, marking a 19.10 per cent increase from the year before.

Did you Know

Image

Health insurance claims rejection up 19.10% in FY24: IRDAI report

The rejection amount was Rs 21,861 crore in the year ending March 2023, according to the Insurance Regulatory and Development Authority of India (IRDAI). A claim is rejected or disallowed when an insurance company refuses to process it due to specific issues with its validity.

Did you Know

Image

Health insurance claims rejection up 19.10% in FY24: IRDAI report

This means the insurer has not yet evaluated the claim for coverage but has rejected it outright due to errors or discrepancies in the policyholder’s documentation, terms, or procedures. On the other hand, claim repudiation occurs when the insurer denies the claim after a review, determining that it does not meet the terms and conditions of the policy.

Did you Know

Image

Health insurance claims rejection up 19.10% in FY24: IRDAI report

Insurance penetration:

The report highlighted that overall insurance penetration in India declined for the second consecutive year in 2023-24, dropping to 3.7 per cent. This marks a decrease from 4 per cent in 2022-23 and 4.2 per cent in 2021-22 during the pandemic.

Did you Know

Image

Health insurance claims rejection up 19.10% in FY24: IRDAI report

Settlement ratios: -

Public sector insurers had a settlement ratio of 103.38 per cent in 2023-24, indicating that they paid out more than they collected in premiums. In contrast, private insurers maintained a ratio of 88.71 per cent, while standalone health insurers struggled with a low ratio of only 64.71 per cent.

Did you Know

Image

Health insurance claims rejection up 19.10% in FY24: IRDAI report

Death claim ratio:

Life insurance companies paid Rs 48,512 crore in death claims for the year ending March 2024, an increase from Rs 46,380 crore in the previous year. Rs 28,868 crore was paid for individual policies and Rs 19,644 crore for group policies.

Did you Know

Image

US releases new form for H-1B filing for foreign workers

The US released a revised edition of Form I-129, the petition for a non-immigrant worker, in alignment with the newly announced H-1B and H-2 modernisation final rules. The H-1B non-immigrant visa category enables US organisations to temporarily hire foreign professionals for roles classified as “specialty occupations”.

Did you Know

Image

US releases new form for H-1B filing for foreign workers

These positions typically require a bachelor’s degree or higher (or an equivalent qualification) in a specific field. The visa is widely used for careers in technology, software development, engineering, healthcare, education, academia, and business and financial services.

Did you Know

Image

US releases new form for H-1B filing for foreign workers

The updated version of Form I-129 will replace the form issued on April 1, 2024, with no grace period provided to ensure the implementation of the final rules. Starting January 17, 2025, the USCIS will reject any petitions submitted using the previous version of the form.

Did you Know

Image

US releases new form for H-1B filing for foreign workers

The revised Form I-129 applies to petitions for various non-immigrant worker categories, including:

H-1B, H-2A, H-2B, H-3: Temporary workers and trainees.

L-1: Intracompany transferees.

O-1, O-2: Individuals with extraordinary abilities and their assistants.

P categories: Artists, athletes, and entertainers.

Q-1, R-1: Cultural exchange visitors and religious workers.

Did you Know

Image

US releases new form for H-1B filing for foreign workers

Candidates filing the I-129 form on paper by mail must note that:

USCIS will accept the April 2024 version received before January 17, 2025.

USCIS will reject the I-129 form if the candidate uses the old version on or after January 17, 2025.

Candidates must use the updated version of the I-129 only after January 17, 2025.

Did you Know

Image

ICICI Prudential Rural Opportunities Fund launched

ICICI Prudential Mutual Fund launched the ICICI Prudential Rural Opportunities Fund, an open-ended equity scheme following Rural and allied theme. It opens on 9 January 2025 and closes on 25. January 2025. The scheme will predominantly invest in sectors contributing to and benefiting from rural India's growth and development.

Did you Know

Image

ICICI Prudential Rural Opportunities Fund launched

Benchmark – Nifty Rural Index

The Nifty Rural Index aims to track the performance of stocks from the Nifty 500 Index, which represent the rural theme. The largest 75 stocks from eligible basic industries are selected based on 6 month average free-float market capitalization. Sankaran Naren and Priyanka Khandelwal will manage the scheme.

Did you Know

Image

ICICI Prudential Rural Opportunities Fund launched

Plans Available:

Direct Plan

Regular Plan

Growth Option

Income Distribution cum Capital Withdrawal (IDCW)

Investment Details:

Minimum Application Amount: ₹5,000 (plus in multiples of ₹1)

Minimum Additional Application Amount: ₹1,000 (plus in multiples of ₹1)

Minimum Redemption Amount: Any amount

Did you Know

Image

ICICI Prudential Rural Opportunities Fund launched

Entry Load:

Not applicable

Exit Load:

Less than 12 months: 1% of applicable NAV

More than 12 months: Nil

Investment Facilities:

SIP (Systematic Investment Plan)

SWP (Systematic Withdrawal Plan)

STP (Systematic Transfer Plan)

Did you Know

Image

Richard Parsons, prominent Black executive who led Citigroup, dies at 76

Richard Parsons, one of corporate America's most prominent Black executives who held top posts at Time Warner and Citigroup, died. He was 76. Parsons, a Brooklyn native who started college at 16, was named chairman of Citigroup in 2009. He steered Citigroup back to profit after financial turmoil from the subprime mortgage crisis, which upended the economy in 2007 and 2008.

Did you Know

Image

Richard Parsons, prominent Black executive who led Citigroup, dies at 76

Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness. In 2001, after AOL used its fortunes as the leading provider of Internet access in the US to buy Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman.

Did you Know

Image

NASA's Parker solar probe is 'safe' after historic closest approach to Sun

NASA’s Parker solar probe has created history after it made its closest-ever approach to the Sun, becoming the first man-made object to do so. NASA shared an update about the 'Parker Solar Probe' and stated that the spacecraft is "safe" and operating normally after completing the closest-ever approach to our home star.

Did you Know

Image

NASA's Parker solar probe is 'safe' after historic closest approach to Sun

The Nasa spacecraft ventured close to 3.8 million miles from the Sun's surface on December 24. The Parker Solar Probe travelled through the outer atmosphere or corona. The probe aims to reveal some secrets about the Sun’s intense heat and solar wind. The spacecraft is moving at a speed of 430,000 mph and withstood extreme temperatures of up to 1,800 degrees F.

Did you Know

Image

From hours to minutes': India’s first fast charger SST technology unveiled

Lotus Wireless Technologies (LWT) India, in collaboration with the Austrian Institute of Technology (AIT), has developed India's first commercial-scale Medium Voltage Solid State Transformer (SST) technology. The innovation aims to support applications such as megawatt-scale medium voltage input superfast chargers for electric vehicles (EVs).

Did you Know

Image

From hours to minutes': India’s first fast charger SST technology unveiled

LWT demonstrated the SST technology at their Autonagar, Aganampudi plant recently. Dr. Friederich Kupzog, Head of Energy at AIT, Vienna, inaugurated the Power Electronics (PE) lab. Dr. Kupzog emphasized the significance of the technology.

Did you Know

Image

Vijayveer Sidhu wins Men’s 25m rapid fire Pistol title at 67th National Championship

Punjab’s Vijayveer Sidhu beat fellow Olympian Gurpreet Singh of Army Marksmanship Unit to clinch his maiden men’s 25m rapid-fire pistol (RFP) title at the on-going 67th National Shooting Championship Competitions (NSCC) for pistol events.

Did you Know

Image

Vijayveer Sidhu wins Men’s 25m rapid fire Pistol title at 67th National Championship

Taking aim at the Dr Karni Singh Shooting Range (DKSSR) Finals Hall, Paris Olympian Vijayveer got the better of Rio Olympian Gurpreet 28-25 in the title round. Air Force’s Shivam Shukla finished third with a score of 23.

Did you Know

Image

MoU Signed Between National e-Governance Division and Indian Ports Association aims to drive digital transformation in India

The National e-Governance Division (NeGD) and the Indian Ports Association (IPA) have signed a landmark Memorandum of Understanding (MoU) in New Delhi on December 24, 2024. This strategic partnership aims to drive digital transformation in India’s maritime sector by integrating NeGD’s technological expertise with IPA’s in-depth insights into the maritime sector.

Did you Know

Image

MoU Signed Between National e-Governance Division and Indian Ports Association aims to drive digital transformation in India

This initiative reflects a joint commitment to creating a smarter, technology-driven maritime digital ecosystem by fostering seamless integration and stakeholder collaboration. Through this partnership, both NeGD and IPA aim to address longstanding challenges such as fragmented logistics systems, outdated operational practices, and insufficient digital infrastructure.

Did you Know

Image

Northeast Frontier Railway signs MoU with IRCON for maintenance of electrification infrastructure

For the first time in Indian Railways, Northeast Frontier Railway has embarked upon an initiative for the maintenance of electrification infrastructure including Overhead Equipment's (OHE) & Power Supply Installation (PSI) by tying up with IRCON International Limited through a Memorandum of Understanding (MoU), officials said.

Did you Know

Image

Northeast Frontier Railway signs MoU with IRCON for maintenance of electrification infrastructure

This MoU was signed on Thursday between the General Manager, of Northeast Frontier Railway Chetan Kumar Shrivastava & Chief Managing Director, IRCON H M Gupta. IRCON is a reputed organisation well known for undertaking challenging infrastructure projects, especially in difficult terrains in India and abroad since 1976.

Did you Know

Image

Country records highest-ever coal production in the year 2023-24.

India has witnessed the highest-ever coal production in 2023-24 years. The all-India coal production in the year 2023-24 was 997.826 Million tonnes (MT) compared to 893.191 Million tonnes in the year 2022-23 with a growth of about 11.71 percent. The Ministry of Coal in a statement said that the country has supplied about 963.11 MT of coal till the 15th of December.

Did you Know

Image

Country records highest-ever coal production in the year 2023-24.

During the Calendar Year 2024 (up to 15th December 2024 from January 2024), the country has produced about 988.32 MT(Provisional) of coal as compared to about 918.02 MT (Provisional) coal during the same period of last year with a growth of about 7.66%.

Did you Know

Image

Rajasthan govt announces policy for the manufactured sand industry

Rajasthan has announced a new policy that will support the manufactured sand industry as the state seeks to strengthen sustainable construction and infrastructure. M-sand is produced by crushing rocks or quarry stones. The policy called M-Sand 2024 will help sustainable development by ensuring environmental protection, fostering economic growth and supporting communities.

Did you Know

Image

Rajasthan govt announces policy for the manufactured sand industry

The policy aims to increase M-sand production to 30 MT annually by 2028-29. It will utilise the “existing overburden” in mining areas to promote sustainable and eco-friendly mining. The government will promote recycling of sand in construction and use demolition waste in construction. The amount will be increased to 50 per cent in a phased manner by 2028-29.

Did you Know

Image

'Exercise Surya Kiran': 300 Indian Army personnel depart for Nepal

The Indian Army contingent comprising 334 personnel departed for Nepal to participate in 18th edition of Battalion Level Joint Military Exercise SURYA KIRAN. The exercise will be conducted in Saljhandi, Nepal from 31st December 2024 to 13th January 2025. It is an annual training event conducted alternatively in the two countries.

Did you Know

Image

'Exercise Surya Kiran': 300 Indian Army personnel depart for Nepal

The Indian Army contingent is being led by a Battalion from the 11th Gorkha Rifles. The Nepal Army contingent will be represented by Srijung Battalion. The aim of Exercise SURYA KIRAN is to enhance interoperability in jungle warfare, counter terrorism operations in mountains, and Humanitarian Assistance and Disaster Relief under United Nations Charter.

Did you Know