Transactions via UPI, IMPS register marginal decline in Feb
Surabhi
Mumbai |
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Transactions on FASTags, Bharat BillPay climb new highs
Digital payments modes such as Unified Payments Interface, IMPS and AePS registered a marginal decline in February, but continued at robust levels.
BHIM UPI clocked 229 crore transactions worth ₹4.25-lakh crore in February this year, according to data released by the National Payments Corporation of India on Monday. In contrast, 230 crore transactions, worth ₹4.31-lakh crore, were processed through UPI in January 2021.
February 2021 was the first month that registered a drop in the volume and value of transactions on the UPI and IMPS platform since April 2020.
Fino Payments Bank says inclusion in commercial bank list to boost business prospects indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Fino Payments Bank on Wednesday said it will be able to improve its business prospects further as the RBI has included it in the category of a scheduled commercial bank. The Reserve Bank on Tuesday said it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934. The scheduled commercial bank, also called scheduled bank, status allows Fino to enhance its banking position in the treasury and participation in liquidity adjustment facility (LAF) window as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation, Fino said in a release.
ETtech Exclusive: NPCI bulks up for one billion transactions per day
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Hit by several snags of late, NPCI aims to finish IT upgrades of all four transaction channels UPI, IMPS, AePS and NACH amid a surge in digital payments.
ETtech
(Illustration: Rahul Awasthi/ETtech)
Mumbai: Anticipating online transactions to soon hit a billion a day, and having had to cope with processing snags recently, the National Payments Corporation of India (NPCI) is overhauling IT systems of all its key payment channels.
The Unified Payments Interface (UPI), Immediate Payment Service (IMPS), Aadhar Enabled Payment System (AePS) and National Automated Clearing House (NACH) have been identified for upgrades and overhauls, people close to the development told The Economic Times. They requested anonymity as these discussions are confidential.
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The National Payments Corporation of India (NPCI) is in the process of upgrading its IT system and several of its payments platforms by the end of March this year, in anticipation of a surge in transaction volumes going forward, the Economic Times reported. In the last few months, leading banks like HDFC Bank and State Bank of India faced system outages towards the end of last year, payments companies sitting on top of NPCI’s infrastructure also faced outages due to the high volume of digital payment transactions.