NEWS ROUND-UP FOR THE MONTH OF AUGUST
Centre withdraws Personal Data Protection Bill, 2019. Minister of Communications and Electronics & Information Technology, Ashwini Vaishnaw said that keeping in mind the amendments, a bill that fits into a 'comprehensive legal framework' would be presented later.
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The Reserve Bank of India (RBI) is seeking feedback from the public and industry stakeholders for introducing a new framework for UPI and IMPS transaction charges aimed at boosting the efficiency, growth and acceptance of payment systems.
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The Finance Ministry has stated that UPI txns will not be charged to the consumers and there is no plan in the near future to make them chargeable either.
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Soon, Indians travelling to the UK will be able to use their UPI apps & RuPay Cards for payment in stores there. NPCI has signed an MoU with PayXpert for Acceptance Of UPI, RuPay Cards In UK.
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https://inc42.com/buzz/npci-partners-payxpert-for-acceptance-of-upi-rupay-cards-in-uk/
NPCI has directed the payment apps to stop charging platform fees for the Bharat Bill Payment System (BBPS) payments. NPCI's directive comes days after a discussion paper was released by RBI related to such charges.
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UPI clocked 6.6 billion transactions worth Rs 10.73 trillion in August, data released by the National Payments Corporation of India (NPCI) showed. The UPI transactions grew 4.6% in volume terms and 1% in value terms on a month on month basis.
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The IT Ministry of the Government of India has clarified that there are no plans to ban entry level smartphones (costing less than Rs. 12,000) from Chinese brands.
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Many Chinese digital loan apps were indulging in predatory lending not abiding by the regulatory norms and causing much distress to unsuspecting customers. The RBI & Enforcement Directorate has cracked down on many such apps and banned them.