May 24, 2021
Some of the largest companies in the world are teaming up with local conglomerates to get a share of India’s fast-growing online payments ecosystem.
Four consortiums have submitted applications for the National Umbrella Entity (NUE) licenses, which will allow firms to build a real-time payment platform for India. These consortiums include companies such as Silicon Valley giants Facebook and Google, and India’s largest businesses like Reliance Industries, Tata Group, HDFC Bank, and ICICI Bank.
The Reserve Bank of India had invited applications for NUE licenses in August 2020. The new platforms will work as alternatives to the country’s only instant digital retail payment network, the United Payments Interface (UPI).
Bank fraud using AEPS, cheats UP man of Rs 30,000
By IANS |
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Fraud. (IANS Infographics). Image Source: IANS News
Lucknow, May 21 : A man was cheated of Rs 30,000 after unidentified persons withdrew the amount from his bank account using Aadhaar Enabled Payment System (AEPS).
The victim, Ajay Kumar Srivastava, a resident of Virat Khand, Gomti Nagar, said that he has an account in the Vinay Khand branch of a public sector bank. The miscreants withdrew Rs 10,000 on March 19, Rs 10,000 on May 8 and another Rs 10,000 on May 9 from my account. In the last two instances, the money was transferred on second Saturday and Sunday, both bank holidays, Srivastava said in his complaint to police.
The world has witnessed the steady progress of digitization starting back in the 1990s. Technologies like MICR, ATM, credit and debit cards were followed later by digital wallets, prepaid cards and recharge vouchers. The progression of these new technologies and innovations supported the growth of the payments industry. With the rise of fintechs, we have seen even more innovative solutions and methods to transact digitally through initiatives like UPI a first of its kind platform.
UPI, which stands for Unified Payments Interface, is a creation of the National Payment Corporation of India (NPCI), a Reserve Bank of India initiative. UPI allows for the transfer of money from one bank account to another instantly via an app on one s mobile device, 24 hours a day, seven days a week. Banks must be “UPI-enabled” for their customers to access the service through their own individual UPI IDs. It also allows UPI-member financial institutions to be a part of the NPCI and be integrated into
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Numerous complaints about Covid patients falling prey to cyber fraud, 8 FIRs filed: Delhi Police
The Delhi Police Monday said it has been receiving numerous complaints about Covid-19 patients falling prey to cybercriminals, and eight FIRs have been registered in this connection at CyPAD and different police stations. Delhi Police Commissioner SN Shrivastava Monday directed his officers to immediately put in place a comprehensive strategy to curb the spurt in cyber offences.
The police said in a statement that later a meeting of all district Cyber Crime Cells and Crime Branch was held, which was coordinated by the CyPAD or Cyber Prevention Awareness & Detection Center, the Delhi Policeâs nodal cybercrime unit.
113 FIRs lodged in connection with same
The police on Tuesday said they have arrested 100 persons and registered 113 FIRs in connection with COVID-related malpractices.
Delhi Police Public Relations Officer Chinmoy Biswal said out of 113 FIRs, 61 cases pertain to cheating and fraud in the name of providing COVID medicines or oxygen etc. while 52 cases pertain to black marketing, hoarding or overcharging.
The police said, in the last two days, they have identified 200 mobile numbers, 95 bank accounts, 33 UTR and 17 UPI/Wallet involved in this crime.
They said in coordination with the National Payment Corporation of India (NPCI) and I4C of MHA, they have managed to stop a few transactions as well.