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India's stay-at-home order hits Bharat where it hurts the most

Movement of migrant workers back to their homes has plunged domestic remittances by 80% in 2 weeks.

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04 April, 2020, 10:02 AM IST

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UPI crosses 100 crore transactions in March despite COVID-19 lockdown and Yes Bank crisis

Nearly all digital channels operated by NPCI such as UPI, IMPS, Fastag and Aadhar Enabled Payment System (AePS) recorded reduced traffic in March; only BBPS bucks the trend and posts higher volumes.

Govt takes steps to keep banks running

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  • The merger of United Bank of India (UBI) and Oriental Bank of Commerce (OBC) with Punjab National Bank has made it the second-largest state-owned bank.

    Several service providers have replaced QR stickers powered by Yes Bank with stickers from other banks.

    Banks are likely to face significant defaults in payment and miss internal targets as more and more states announce lockdowns in the wake of the coronavirus pandemic, senior officials of a number of lenders said on Tuesday.

    RBI on Thursday night superseded the Yes Bank board and imposed a moratorium for a month as its financials deteriorated. The regulatory action follows an extended period of inability of the bank management to raise funds. The bank has deployed more than 90,000 points of sale machines, 8.27 lakh credit cards and 28.5 lakh debit cards, as per latest RBI data.

    "Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!," Paytm Payments Bank tweeted. PhonePe shot back to say that Paytm Payments Bank platform is not seamlessly scalable otherwise the company would have themselves approached it.

    Curbs on Yes Bank caused massive outages in the operations of leading UPI players. The National Payments Corporation of India (NPCI) has asked payment service providers on its popular payments platform UPI to adopt a multibank model in a bid to ensure “full resilience” of the country’s payments ecosystem.

    New loans, project appraisals, negotiations for fresh terms for existing loans will have to wait.

    The merger of PNB with OBC and UBI has created the country's second largest state-owned bank with Rs 7.7 lakh crore advances. OBC chief executive Mukesh Kumar Jain, who is now in PNB will be retiring in July. UBI chief executive Ashok Kumar Pradhan will be retiring at the end of May from PNB.

    Most Indians are hassled by long queues at ticket counters, toll plazas, bus stops, petrol pumps and even at parking stations to purchase tickets; taking the wallet out, counting the currency, and more often than not getting the due back because the person at the counter doesn’t have the ‘change.’

    "We have decided to pass on the full benefit of the recent RBI's policy rate cut of 75 bps to our borrowers covered under external benchmark-linked product of repo-linked lending rate (RLLR)," PNB said in a statement.

    “Wherever in the world MDR has been reduced to the levels where it makes it uneconomical for the acquirer or issuer to participate in the natural business of electronic payments, you tend to lose the momentum. It’s a balancing act,” he said in a telephonic interview.

    WhatsApp Pay has been running a pilot with 1 million users for nearly two years. It has yet to receive permission to do a full rollout with all its 400 million Indian users because it has not yet completed storing all data within the country’s borders. CASC said that, according to RBI’s affidavit to Supreme Court in November, WhatsApp had not yet fully complied with the rules.

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