Big Financial Changes From August 1: THESE 6 Rules Will Change From Credit Card To UPI — Check Full List
- Bank balance checks limited to 50 times per day
- Linked account checks (via mobile number) capped at 25 per day
- AutoPay transactions allowed only in 3 fixed time slots
- Failed transaction status can be viewed only 3 times a day
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News18
9 hours ago
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Beware Of Loan App Scam: Mumbai Woman Repays More Than She Owes, Morphed Nudes Still Sent To Kin
The woman, from Kranti Nagar area in Jogeshwari West, downloaded 'Cash Loan' mobile app on July 20 after seeing an ad on Instagram A loan app firm allegedly harassed a 25-year-old woman in Mumbai and reportedly shared her morphed nude photographs with her relatives and friends, even as she handed over more money that what was borrowed. According to an NDTV report, the woman, from Kranti Nagar area in Jogeshwari West, downloaded 'Cash Loan' mobile app on July 20 after seeing an ad on Instagram. NDTV quoted police as saying that the woman applied for a loan of Rs 2,000, but received only Rs 1,300 for a period of six days. Even before the deadline ended, the woman allegedly started receiving threats from a person who introduced himself as an employee of the loan firm. The caller threatened to share her obscene photos on social media if she did not return the money, police said. The woman then sent Rs 1,000 twice to a person named 'Sandesh Kumar' via a payment app. An hour later, the woman's aunt called her to inform her that she had received a morphed nude photograph of the woman on WhatsApp. Within minutes, the same photograph was allegedly shared with two of the woman's friends from the same number. Some dos and don'ts: Use only apps regulated by the Reserve Bank of India (RBI) or listed on the RBI's registered NBFC/lender list. Prefer apps tied to well-known banks or NBFCs. Avoid apps not available on official app stores or shared via links on WhatsApp, SMS, or social media. Check reviews and ratings on Google Play Store or Apple App Store. Search the app's name online for complaints or scam reports. Understand all loan term. Read the interest rate, processing fees, repayment period, and penalty charges before agreeing. Ask for loan sanction letters or agreements in writing. Grant only necessary permissions (camera, contact, location). Apps asking for access to contacts or gallery are often red flags. Make sure the app has a clear data policy explaining what information it collects and how it's used. Make repayments on or before the due date to avoid penalty charges and credit score damage. Save all receipts, messages, emails, and transaction screenshots for reference or disputes. Never share bank passwords, UPI PINs, OTPs, or PAN/Aadhaar screenshots via WhatsApp or unsecured apps. If an app harasses you or threatens to call your contacts, report it to cybercrime portal on or RBI's Sachet Portal: With Agency Inputs view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hindustan Times
10 hours ago
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ICICI Bank to start charging Google Pay, PhonePe for UPI transactions from…
ICICI Bank has introduced a new fee structure for payment aggregators (PAs) processing Unified Payments Interface (UPI) transactions on merchant platforms. The change, effective from August 1, will impact platforms such as Google Pay, PhonePe, Mobikwik, and Razorpay. ICICI Bank will charge payment aggregators for UPI transactions from August 1.(MINT) New Fee Structure for Payment Aggregators Payment aggregators act as intermediaries between banks and merchants, handling the collection and settlement of payments. According to reports, ICICI Bank has informed PAs that those maintaining an escrow account with the bank will pay 2 basis points per transaction, capped at Rs. 6. For those without an escrow account at the bank, the fee will be 4 basis points, capped at Rs. 10 per transaction. Also read: No humans needed! Watch this robot replace its own battery and get back to work in seconds No charges will apply if UPI payments are directly settled into a merchant's ICICI Bank account, allowing the bank to benefit from holding these funds temporarily. Industry executives believe the move aligns with recent regulatory discussions on monetising UPI infrastructure. Private sector peers such as Yes Bank and Axis Bank already charge PAs for UPI payments. These three banks together handle a major share of UPI transactions for both payers and payees. Also read: Netflix quietly used AI for scenes in its new show: Here's why it could change what you see on screen Experts say the rapid growth of UPI, particularly in peer-to-merchant transactions, has increased infrastructure costs for banks. Since UPI transactions do not attract a merchant discount rate (MDR), banks earn little revenue from facilitating them. By introducing fees for PAs offers a way to offset operational expenses. Impact on Merchants and Customers Currently, banks also pay a fee to use the UPI switch. PAs recover costs from merchants through platform fees, convenience fees, and other charges, while customers remain exempt from direct UPI charges. Industry sources suggest PAs may pass these new costs to merchants or absorb them, depending on agreements in place. Also read: Samsung Galaxy S25 review: Flagship features in a handful package When customers pay via UPI on merchant platforms, the PA routes the transaction between the customer's bank and the merchant's bank. Often, the funds are first deposited into an escrow account managed by the PA before being transferred to the merchant. This setup ensures settlement security but may now attract additional costs due to ICICI Bank's new policy.
Economic Times
14 hours ago
- Economic Times
Is Bharat outpacing India in mutual fund growth?
In Agra, Shalab Bibhab was born into an illustrious family with a nine-decade legacy in real estate and education. His career began as an equity research analyst in Mumbai. However, he was called back to join his family business in Agra. In 2019, he started his own venture, motivated by the desire to secure his special child's financial future, particularly in light of her medical expenses. Today, he manages ₹1,650 crore in assets under management (AUM) in mutual funds. When he began, Agra was classified as a B-30 city, but it has since transitioned to a T-30, despite being a Tier-2 location. Shalab's story is no longer an anomaly; it's emblematic of a quiet transformation brewing in India's smaller towns and cities. Cities beyond the top 30 (B-30) are rewriting India's mutual fund narrative. Once considered passive spectators in financial markets, these regions are now emerging as active participants, driving a significant shift in the FY25, over 55% of all new SIP registrations came from B-30 locations—up from 48% just two years ago. These cities have added over 2.34 crore new SIP accounts, with a notable rise in direct plan investments, signaling growing financial confidence and share of B-30 assets under management (AUM) in the mutual fund industry has risen from 16% in December 2020 to 18% in March 2025. What's even more striking is the composition of these investments: over 80% of B-30 AUM is allocated to equity funds, compared to just 52% in the top 30 cities (T-30). Digital enablement: The proliferation of low-cost smartphones, Aadhaar-based eKYC, and UPI payments has made it incredibly easy to start an SIP—even in remote areas. Internet penetration has skyrocketed, with broadband connections growing by an astounding 1,452% between 2014 and 2024, according to the Ministry of education: Campaigns like "Mutual Funds Sahi Hai" have resonated deeply in smaller towns, where trust and clarity are paramount. Fund houses and the Association of Mutual Funds in India (AMFI) have stepped up efforts to demystify mutual funds, making them accessible to first-time investors. According to AMFI, the mutual fund industry's overall net AUM has reached an all-time high of ₹74.41 lakh shift: Sebi's decision to allow SIPs with investments as low as ₹250 has lowered the entry barrier, especially for young and first-time investors. The aspirations of Bharat are aligning with those of urban India. Whether it's planning for children's education, buying a home, or building a retirement corpus, SIPs offer a structured, low-risk route to achieve long-term goals. There's a noticeable shift away from traditional investments. Mutual funds, particularly equity funds, are increasingly seen as viable alternatives for wealth Investment Plans (SIPs) have become the entry point for millions of first-time investors, thanks to their disciplined, flexible, and accessible structure. In June 2025 alone, net inflows into equity mutual funds rose 24% month-on-month to ₹23,568 crore, according to AMFI data. Overall mutual fund inflows surged 67% month-on-month to ₹49,301 crore. What's even more exciting is the demographic shift—a majority of new SIP accounts are now being opened outside the top 30 cities. Persistency rates in SIPs from B-30 cities have also improved, suggesting that investors from these regions are not just participating—they are staying invested. This is a critical indicator of financial maturity and long-term wealth-building intent. The mutual fund industry in India is still in its nascent stages compared to developed markets. India's mutual fund AUM-to-GDP ratio is 19.9% as of March 2025, significantly lower than that of many developed economies. This gap underscores the immense growth potential. For B-30 cities, the opportunity is even more pronounced. With rising incomes, improving financial literacy, and increasing digital penetration, the next wave of mutual fund investors will likely come from these regions. However, challenges remain. Despite the progress, financial literacy levels in smaller towns are still lower than in metros. Misinformation and a lack of trust in financial products can deter potential investors. Additionally, while digital infrastructure has improved, tech challenges like inconsistent internet connectivity in remote areas can hinder seamless 2020 to 2025, mutual fund AUM from B-30 cities has grown at a compound annual growth rate (CAGR) of over 24%, with equity-specific AUM growing even faster. The trend is clear: Bharat is no longer just consuming financial knowledge—it is applying it with outlook for the mutual fund industry remains robust. Equity funds are expected to continue dominating inflows, driven by India's long-term growth story. Debt funds and ETFs are also gaining traction, offering diversification options to mutual fund companies, the focus must now shift to deepening engagement in B-30 cities. This includes tailored financial products, localized investor education programs, and leveraging technology to enhance mutual fund future is being shaped in smaller towns, not just skyscraper cities. The cities and towns once seen as peripheral are now setting the pace. For mutual fund companies, this is the moment to nurture, support, and deepen this shift—because the next 100 million investors will likely come not from the metros, but from the heart of Shalab aptly demonstrated, the aspirations of Bharat are no different from those of urban India. What's changing is the access, awareness, and confidence to act on those aspirations. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
