RBI, new regulation for Visa, MasterCard

RBI's strict action is increasing. After recently taking action against 'Paytm Payments' bank, now it is going to take strict action against companies issuing corporate cards or business cards.

New Regulation for Fintech Firms

As a result, fintech companies are in a quandary about their position.

RBI has directed Visa and MasterCard to stop accepting payments through commercial cards.

According to industry sources, the Reserve Bank has taken this step to stop card payments to merchants who do not comply with KYC rules.

Following RBI's intimation, Visa, MasterCard companies, KYCs have temporarily suspended their services to all non-compliant merchants and business outlets.

However, for this announcement to come Visa said that any pre-authorized transaction will be processed as per existing procedures.

Although the reasons for this action are not clear, it is said that the RBI has taken this decision with the aim of avoiding card payments to merchants who do not follow the KYC rules.

Even though bank accounts of such merchants have been opened in accordance with KYC rules, they may not be authorized to receive card payments.

How business cards are used

Business cards are used to pay for business trips and other expenses incurred by employees on behalf of the company, not from their own money, but through credit cards issued by the company. Also for other business purposes, transaction is done through it. Companies like 'Encash, Paymate' are providing such service.

In this regard, one of the founders of the financial technology company said,

Generally, before the advent of fintech companies, merchants used to transact their business from their bank account through netbanking RTGS, or through NetBanking. No card payment.

But after the arrival of financial technology companies, they started paying through business cards.

Fintech companies involved in making these types of payments have been advised to stop their activities until further notice.

Due to this, payment of rent etc. by traders will also be affected. Regulations on financial technology companies are also being tightened. Not so good for business growth.

Said this.

Comments

At one time, the tax rate in India was 97.50

Many feel that foreign countries tax the rich very heavily and India does not. But did you know that at one time India had to pay 97.50 percent of income tax? Indira Gandhi What is the historical tax rate in India Debates such as distribution of wealth and introduction of inheritance tax have arisen and are currently being discussed in a frenzy. But, in our country, 50 years ago, maximum tax was collected up to 97.50 percent. There was such a period in India. During Indira Gandhi's tenure as Prime Minister, income tax in India was as high as 97.50 percent. However, this collection came to an end shortly after. Indira Gandhi saw taxation as an important mechanism to balance income and wealth. Based on this, in February 1970, he presented the budget in Parliament and addressed it. Social welfare was the theme of the budget. Since the green revolution was taking place, various announcements related to the agriculture sector were included in the budget. A huge sum...

Why stock market investment tips don't work in india

It is said that proper research and analysis are necessary for direct investment in stocks. However, many investors seek tips that point to stocks that can be profitable. Stock market why stock market investment tips don't work properly Although they attract recommendations to buy or sell specific stocks, they can cause problems in practice. Especially now, with the influence of social media, stock recommendations are followed by many people. Let's look at the problems in investing in stocks based on tips. Stock Guidance: It is natural to be interested in knowing stocks that can win among thousands of stocks. But finding them is difficult. That is why many people believe that investment tips will answer this. These tips do not contain investment-related guidance. New Trends: Not only stocks, but also mutual fund schemes are given tips. These are like the technology sector is the future or the pharmaceutical sector is now safe. The basics of this strategy and th...

India will be the global gold price setting body

New Delhi: India is planning to become a gold price setter, the Chamber of Commerce of India said at a gold and gemstone conference. The industry said at the event, Gold price India will emerge as a country that sets gold prices India is a global gold price s etter. Instead, it should become a gold price setter. Domestic mining will help in this. Domestic production will meet 20 percent of the country's gold demand in the next decade. Due to insufficient domestic gold production and the lack of a gold banking system, we have to depend on the London market price. In the next 2-3 years, India will emerge as the world's jewelry hub. Gold and jewelry purchases should be honest and transparent. The Indian Standards Institution plays a key role in determining the quality of gold. Similarly, the OECD and London Bullion Market Association standards can also be adopted or equivalent standards can be developed. Similarly, the ban on the export of 24-carat gold from India h...

22k jewelers

Search This Blog