UPI dominates as India records 88 bn payment transactions, valued at Rs 150 tn in 2022.

UPI dominates as India records 88 bn payment transactions, valued at Rs 150 tn in 2022.

[ad_1] New Delhi: Led by Unified payments interface (UPI), payment modes like debit and credit cards, prepaid payment instruments – mobile and prepaid cards processed 87.92 billion transactions worth Rs 149.5 trillion in 2022, a report showed on Monday. The UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) are the most preferred payment modes among consumers with…

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Banks must record transactions of politically exposed persons: Centre

Banks must record transactions of politically exposed persons: Centre

[ad_1] Representational photo New Delhi: Centre has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEPs). The amendments, which came into effect from March 7 onwards, also mandate that financial institutions will also have to collect information…

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