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RBI to link FX-Retail patform with Bharat Connect for wider access

YourStory

YourStory · 8m ago

RBI to link FX-Retail patform with Bharat Connect for wider access

The Reserve Bank of India (RBI) is integrating its FX-Retail platform with Bharat Connect to enhance accessibility. The platform, introduced in 2019, offers competitive foreign exchange rates through online access. With the integration, users can now register and transact directly through mobile apps, internet banking, and other payment interfaces supported by banks and non-bank operators integrated with Bharat Connect. Initially, the pilot program will enable individuals and sole proprietors to buy US dollars using the Indian rupee. The RBI plans to gradually expand the platform to include additional foreign exchange transactions for a wider range of users.

Related News

RBI to remain 'agile & proactive' in policy action amid evolving global situation: RBI Governor

YourStory

YourStory · 3m ago

RBI to remain 'agile & proactive' in policy action amid evolving global situation: RBI Governor

Amid global uncertainties, RBI Governor Sanjay Malhotra stresses the need for the central bank to remain "agile and proactive" in its policy actions. While acknowledging India's economic resilience, he warns of potential risks from an unpredictable global environment. The RBI plans to continue monitoring economic conditions and adapt promptly. Although inflation projections have improved, uncertainties and weather disturbances pose risks. Malhotra also highlights stable Indian financial markets and future plans to expand access to FX Retail.

RBI hikes rate caps on diaspora's foreign currency deposits to attract flows

YourStory

YourStory · 8m ago

RBI hikes rate caps on diaspora's foreign currency deposits to attract flows

The Reserve Bank of India (RBI) has raised the interest rate caps on foreign currency deposits of the Indian diaspora, aiming to attract more capital flows amidst pressure on the rupee. The move comes as the rupee has hit all-time lows against the dollar, and the RBI seeks to stabilize the currency through forex reserves. Banks now have the option to raise fresh Foreign Currency Non-Resident Bank deposits of 1 to 3 years maturity at higher interest rates. The relaxation is valid until March 31, 2022. The RBI also announced the expansion of the Forex-Retail platform through linkages with Bharat Connect.

RBI To Roll Out Mobile App For Retail Investors To Invest In Govt Securities

Inc42 · 1y ago

RBI To Roll Out Mobile App For Retail Investors To Invest In Govt Securities

The Reserve Bank of India (RBI) has announced the launch of a mobile application for retail investors to participate in government securities (G-Secs) market. The RBI Retail Direct Scheme, launched in November 2021, aims to provide convenience to retail investors and deepen the G-Sec market. The mobile app will streamline access to the Retail Direct portal, enhancing convenience and fostering deeper engagement with the G-Secs market. Additionally, the RBI has proposed allowing cash deposits through UPI in cash deposit machines and enabling UPI payments from prepaid payment instruments (PPI) wallets through third-party UPI apps, aiming to increase customer convenience and digital payment adoption.

How D2C brands are racing to own the last mile - BusinessToday

Business Today

Business Today · 1m ago

How D2C brands are racing to own the last mile - BusinessToday

The rise of direct-to-consumer (D2C) brands, alongside quick commerce, is transforming India's retail landscape post-pandemic. Initially focused on bypassing traditional retail to connect directly with customers and utilize first-party data, D2C strategy has now evolved into a race for speed. The competitive edge today lies not just in direct consumer access but in achieving faster delivery, highlighting a dynamic shift in retail priorities.

Credit cards dominate bill payments on Bharat Connect

Economic Times

Economic Times · 6m ago

Credit cards dominate bill payments on Bharat Connect

Credit card bill payments dominate Bharat Connect, an NPCI Bharat Billpay platform, accounting for 64% of transaction value. Electricity and loan payments follow at 13% each. While electricity payments lead in transaction numbers at 28%, credit card payments and Fastag recharges are also significant. Regulatory changes have shifted third-party credit card bill payments to Bharat Connect. In December, Cred processed Rs 32,736 crore, surpassing BillDesk and PhonePe, despite PhonePe leading in transaction numbers.

PhonePe's Pincode goes live in ten cities

Economic Times

Economic Times · 2y ago

PhonePe's Pincode goes live in ten cities

Pincode, an Indian social commerce startup, has expanded its services to ten cities across the country. The platform enables small businesses and individuals to set up online stores and sell products through social media platforms. By entering their pincode, customers can access the nearest Pincode store and make purchases. The expansion reflects Pincode's aim to connect local sellers with a wider customer base.

PayMate Partners NBBL To Streamline B2B Transactions For MSMEs & Corporates

Inc42 · 11m ago

PayMate Partners NBBL To Streamline B2B Transactions For MSMEs & Corporates

PayMate and NPCI Bharat BillPay have joined forces to introduce PayMate BBPS-B2B, a platform offering customers access to multiple lenders, competitive financing rates, and various financing options. Additionally, the platform will connect customers to a nationwide network of verified businesses, facilitating faster background checks and enhancing security and efficiency.

NPCI's Bharat BillPay spots a big opening in education fee payments

Economic Times

Economic Times · 5m ago

NPCI's Bharat BillPay spots a big opening in education fee payments

NPCI Bharat BillPay is focusing on digitizing fee payments in India's education sector, targeting schools and colleges to streamline the payment process through its Bharat Connect platform. Despite initial slow uptake, government mandates have increased participation, particularly among central and private institutions. Bharat Connect aims to simplify and make institutional collections efficient, allowing payments via popular apps like Google Pay. They plan to integrate all universities and significantly increase transaction volume by the year’s end.

RBI Working On Offline CBDCs To Boost Retail Volumes: Governor

Inc42 · 1y ago

RBI Working On Offline CBDCs To Boost Retail Volumes: Governor

The Reserve Bank of India (RBI) is working on making its central bank digital currency (CBDC) offline-compatible and introducing value-added services to promote financial inclusion. The Governor of RBI, Shaktikanta Das, stated that they are also looking to connect payment systems like the Unified Payments Interface (UPI) with the CBDC. The CBDC pilot for retail transactions started in December 2022 and achieved the target of 10 lakh (1 million) transactions per day by December 2023. The RBI is also conducting trials for CBDC use in the government securities market and the interbank call money market. Concerns about disintermediation risks to banks have been addressed by making the CBDC non-remunerative and non-interest bearing.

RBI Governor Launches Fintech Repository

Inc42 · 1y ago

RBI Governor Launches Fintech Repository

The Indian central bank, Reserve Bank of India (RBI), has announced the establishment of a fintech repository to provide easy access to information on the country's fintech sector and startups. The RBI has also introduced a related repository called EmTech for regulated entities like banks and non-banking financial companies (NBFCs). Additionally, the RBI governor, Shaktikanta Das, unveiled the PRAVAAH portal and the Retail Direct Mobile App during the same announcement.

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