Search Result for : E Payment

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

The Dollar Business Bureau The Finance Ministry has made it mandatory for all the government departments to do payments through e-payment mode and not cash, for transactions above Rs.5,000. The finance ministry has given directions to all the departments for implementing the new order with immediate effect, an official statement said. “Any payment above Rs.5,000 to suppliers, contractors, grantee/loanee institutions etc., by government departments to be now made through e-payment,” it said. With Prime Minister Narendra Modi strongly supporting for a cashless economy in order to curb black money and weed out corruption, the recent decision by the ministry could be seen as a step in that direction. This is also a move forward for full digitisation of payments in government departments. Last month, in a sudden and bold move, the ...

The Dollar Business Bureau As part of the government’s ongoing efforts to shift towards cashless transactions, the Urban Development Ministry has asked all the 4,041 statutory urban local bodies to move to e-payments as early as possible. These towns and cities make up for around 75% of the 40 crore population in urban areas of the country. “The Government of India’s message to the officials of these 4,041 urban local bodies was conveyed by Rajiv Gauba, Secretary - Urban Development, through interactive video-conferencing. Senior officials of concerned states also participated during the half day long interaction on various aspects of ensuring cashless transactions,” said an official release on Sunday. The officials at State as well as city level were asked to encourage internet ...

The Dollar Business Bureau Paytm, Noida-based digital payments platform, is laying out a budget of Rs 350-500 cr to launch its payments bank. An executive revealed that the company is planning to launch the Payments Bank before Diwali in October. Shinjini Kumar, Paytm Payments Bank CEO, stated that the implementation of technology is time consuming, but the services will be rolled out before Diwali this year. Earlier, Vijay Shekhar Sharma, Paytm CEO, announced the plans to roll out the Bank in August. However, Kumar stated that the company is engaged in resolving new issues before the launch that was deferring the planned August launch. Kumar further stated that the members of the company involved in the new services are learning new things every day and ...

The Dollar Business Bureau The Reserve Bank of India (RBI) on Friday released the “Vision-2018” document with an aim to build best of class payments and settlement systems for a less-cash India and also to ensure the mobile banking service access to even the users of basic phones.  The Vision-2018 mainly leverages on 5Cs- cost, convergence, confidence, convenience, coverage. The focus of the document is also on improving the regulation and infrastructure in the country, and to reduce the cash transaction with the use of technology. The Vision-2018 focuses on robust infrastructure, responsive regulation, customer centricity and effective supervision, the RBI said in a statement. The banking regulatory body said the proposed new policy would be framed to focus on electronic payments which would influence ...

Sharath Chowdary Kotak Mahindra Bank is planning to increase its number of branches to 1400 in India by the end of this fiscal year from 1333 branches as on 31 March 2016. The bank had only 684 branches in the country at the end of FY 2015. Uday Kotak-led bank also aims at a 20 percent credit growth in FY 2017, the bank’s Senior Executive Vice President and Head - Branch Banking and Acquisition, Virat Diwanji told The Dollar Business. He said, “The corporate credit offtake was slow in the recent times. The bank has registered 14-15 percent credit growth in the previous year. As interest rates are being reduced, some green shoots are coming up in the economic growth of the country. This ...

The government places the highest importance towards the DBT mode of payments as the preferred mode for reaching out to the financially disadvantaged, says President of India Source: PTI President Pranab Mukherjee addressing the inaugural of the 40th Anniversary Celebrations of Indian Civil Accounts Service, in New Delhi on Tuesday   Asserting that the Direct Benefit Transfer (DBT) scheme ensures efficiency, President Pranab Mukherjee on Tuesday expressed hope that the government will include more welfare schemes in the e-payment mode in future. "The government places the highest importance towards the DBT mode of payments as the preferred mode for reaching out to the financially disadvantaged and excluded segments of our population," he said on the occasion of the 40th anniversary of the Indian ...