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Around Rs 60,000 crore of premium collections is done via digital mode and sees around 8 crore digital transactions
Another obstacle in the path of digital transactions is the fact that only 12-15% of the population are digitally literate
Tier-II and tier-III cities contributed 50% of total transaction, said the report
If you fail to pay your credit card bill on time, you may have to pay late payment charge of up to 60% per annum
The Reserve Bank Of India had introduced an Ombudsman Scheme for Digital transactions in 2019, under Section 18 of Payment and Settlement Systems Act
BharatPe recorded $830 million worth of transactions ($10 billion annualised) in March 2021
Although, mobile wallets do not have account numbers, but the prepaid instruments—mobile wallets—can become part of centralized payments systems: RTGS and NEFT
On the mobile app, you get information about all types of loans associated with Kotak Mahindra Bank and the facility to repay them
DigiLocker is a one-stop solution aimed at resolving your task of organising your documents digitally
RBI said it will allow cash withdrawal from digital wallets as well as non-bank entities via prepaid cards