PM Modi Asks Country to Embrace Electronic and Mobile Banking

PM Modi Asks Country to Embrace Electronic and Mobile Banking
The PM suggested that mobile should be used for the banking purposes
All statutory 4,041 urban local bodies urged to shift to e-payments
Cities and towns account for 75 percent of the 40 crore urban population
Giving a push for the country to go digital, Prime Minister Narendra Modi on Sunday appealed the people, particularly the youths, to embrace e-banking and mobile banking for cashless transactions.

“Time has come for everyone, particularly my young friends, to embrace e-banking, mobile banking and more such technology,” PM Modi said in a tweet before his ‘Mann Ki Baat’ radio address to the nation.

(Also see: Paytm Resumes PoS Service; Rules Out Rate War at Payments Bank)

The Prime Minister suggested that mobile should be used for the banking purposes.

“My mobile… My bank… My wallet,” Modi said.

The central government on November 8 demonetised old Rs. 500 and Rs. 1,000 notes to crack down on black money holders. The move led to a cash chaos in the country.
In the meanwhile, the central government has asked all statutory 4,041 urban local bodies to shift to e-payments at the earliest, an official said on Sunday.
The Urban Development Ministry said these cities and towns account for about 75 percent of the total 40 crore urban population in the country, according to a communique from the ministry .

(Also see: Government to Push for Activation of RuPay Debit Cards)

The government’s message to the officials of these urban local bodies was conveyed by Rajiv Gauba, Secretary, Urban Development, via interactive video-conference.

Senior officials from the states also participated during the half-day interaction on various aspects of ensuring cashless transactions.

Tags: Prime Minister, Narendra Modi, Demonetisation, E Banking, Mobile Banking, Mobile Wallet, Apps, India, Digital India, Internet


RBI operating on regulations to slash Fraud in electronic Transactions

RBI Working on Regulations to Curb Fraud in Electronic Transactions

The RBI is operating to put in location a regulatory framework to cope with customer criticism and legal responsibility troubles bobbing up out of frauds in electronic transactions, government stated Tuesday.

the matter is being further tested by way of the RBI to put in vicinity a regulatory framework for addressing purchaser criticism and legal responsibility problems springing up out of such frauds,” Minister of state for Finance Jayant Sinha stated during the query Hour within the Rajya Sabha.

He said the Banking Codes and standards Board of India (BCSBI) had in 2014 come out with arecommendation of proscribing the customer liabilities in case of frauds taking area via electronicchannels.

Replying to supplementaries, Sinha said there was too much of coins transaction in the Indian financial system.

“87 percentage transaction occurs in India in coins, which isn’t the case in different countries. so muchuse of coins transaction isn’t always proper…this will increase value of coping with exceptinconvenience,” he said and underlined authorities‘s committment to encourage cashless monetarytransactions.

The RBI in its ‘price machine imaginative and prescient document 2012-15′ for ushering in a less coinsfinancial system counseled drawing up of a policy framework setting up roles and obligations of banks and clients in electronic transactions to minimise fruads, restoration duties and 0 legal responsibilitysafety to increase client self belief.

The file had also advised drawing up a method for disincentivising utilization of cheques above a surethreshold restrict by way of clients and company which might also consist of prescribing a cut off limitfor cheques cleared thru clearing residence arrangements.

Sinha said a white paper became positioned with the aid of the department for public comments in 2013. “based totally at the reaction from the general public, the branch has no longer initiated any furthermovement“.

Sinha similarly said the government had pop out with a white paper on disincentivising paper cheques and sought public comments on it.

however, the comments had been not very encouraging. The charges levied for digital transactions operated by way of the financial institution are low and obvious,” he introduced.

Sinha in addition said that country wide payments organization of India (NPCI) has been given in-precept approval to be the Bharat invoice fee critical Unit (BBPCU) under Bharat invoice fee device(BBPS), an included bill payment device.

BBPS is an incorporated invoice payment machine to characteristic as a tiered structure for operatinginvoice fee system in India with a single emblem picture, presenting convenience of ‘each timeeverywhereinvoice price to clients.

the existing scope of BBPS will include application invoice bills consisting of strength, water, gasoline,phone and Direct-to-home (DTH).

we’re brining a revolution in virtual charge,” Sinha stated list numerous projects taken by using thegovernment to carry down the extent of coins transactions inside the united states. “when we’ve cash inmovement in financial system, we create a drag. If we move to digital, we will dispose of thosedifficulties,” he added.

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Tags: Cashless bills, India, internet, on line shopping, RBI

US house of Representatives Passes electronic mail privateness invoice

US House of Representatives Passes Email Privacy Bill

US lawmakers Wednesday authorized a bill to enhance privateness safety for email and other digitalcommunication, last key loopholes in virtual records protection.

by means of a vote of 419-0, the residence of Representatives permitted the degree that requires courtorders to access emails, text messages and statistics stored within the internet “cloud” for criminal and civil investigations.

consultant Bob Goodlatte said the passage confirmedvast consensus” that a 1986 law on electroniccommunications “is old and contains inadequate protections for americansprivacy.”

“The regulation sets forth a system to shield the privateness rights of customers and subscribers of pccommunity provider providers and governs requests to acquire saved content material, records ordifferent facts which incorporates saved emails, textual content or instant messages, files, motion pictures, or sound recordings saved in the cloud,” the lawmaker said.

The bill, which nonetheless have to skip the Senate and get White house approval, had assist from alarge coalition of era companies, civil liberties companies and change institutions.

the extent of bipartisan guide for this invoice is a mirrored image of public’s robust perception that thegovernment need to appreciate and defend privateness rights inside the digital age,” said Neema Singh Guliani of the american Civil Liberties Union.

“Now it is the Senate’s flip to bypass this crucial invoice and beef up it by which include a demand that the authorities inform human beings whilst it forces agencies to turn over their information.”

The invoice removes a provision in the 1986 law which stated that emails and different communicationsstored extra than a hundred and eighty days had been effectively abandoned, and that officers couldnot need a warrant to get entry to them.

cutting-edge vote is a clean, bipartisan sign that it’s time for federal regulation to recognize the realities of cutting-edge facts storage,” said Gary Shapiro, president of the customer era association, a exchangeorganization representing extra than 2,000 organizations.

Chris Calabrese of the center for Democracy and technology said the invoice modernizes privacy safety.

“With the upward push of cloud computing, our emails, snap shots and texts are saved with 0.33 parties,” he stated in a announcement.

in order for the law to maintain up with technology and customersaffordable expectation of privacy, that statistics need to be protected by using a seek warrant. it’s the equal constitutional general that protects the records we shop in our homes.”

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Tags: Apps, internet, privacy invoice