Latest news with #IMPS
New Indian Express
2 days ago
- Business
- New Indian Express
T Wallet clocks 16 lakh registered users in 8 years
HYDERABAD: India's first state-managed digital wallet, T Wallet has recorded 16 lakh registered users and processed over four crore transactions in its eight-year journey since its launch in 2017, the state government's Electronic Service Delivery (ESD) wing under the ITE&C Department announced on Thursday. Introduced during the 2016 demonetisation, T Wallet continues to drive digital payments across the state. The wallet enables a range of services, including Immediate Payment Service (IMPS)-based real-time bank transfers, utility bill payments, service fee payments, and merchant transactions. T Wallet is integrated with MeeSeva's 4,500 plus centres and 11,000 plus fair price shops, ensuring accessibility in remote and rural areas, with options for citizens to use it via mobile app, web, or assisted services for those without mobile access. Launched on June 1, 2017, T Wallet was a pioneering response to the 2016 demonetisation, aiming to promote cashless transactions in Telangana. Its flagship IMPS feature allows direct bank account transfers, setting it apart from traditional wallets that rely on peer-to-peer transactions or UPI and offering 24/7 availability for seamless banking integration. The ITE&C department emphasised T Wallet's role in enhancing financial inclusion, particularly in underserved regions, with its growth over eight years underscoring its importance as a state-led digital payment solution for Telangana's citizens.
Time of India
5 days ago
- Business
- Time of India
Man loses Rs 21 lakh in investment fraud
Mangaluru: A man allegedly lost Rs 21.7 lakh in an online investment scam. In a complaint, he said that he came across a Facebook profile in Sept 2024 under the name Raveena Roy, who claimed to be an MBA graduate and an investment consultant. She allegedly promoted lucrative schemes in gold trading and deposit plans, convincing the complainant to invest. The accused later shared two WhatsApp numbers and directed the complainant to a link for an app. Trusting the app to be genuine, he shared personal details, including his mail ID, mobile number, and Aadhaar card details, and registered on the platform. Through the app's customer support, the complainant was given multiple bank account numbers and IFSC codes for depositing money. Between Oct 3, 2024, and April 25, this year, he allegedly transferred a total of Rs 21.7 lakh via NEFT and IMPS to different accounts linked to the accused. The complainant was initially able to withdraw a small amount. However, when he requested to withdraw the remaining funds, he was asked to pay additional tax. This raised doubts, and upon closer scrutiny, he realised he had been defrauded. CEN Crime police registered a case and are investigating.
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Business Standard
01-06-2025
- Business
- Business Standard
UPI numbers hit all-time high in May, cross Rs 25 trn for the first time
Transactions on the Unified Payments Interface (UPI) touched an all-time high of 18.68 billion in volume and ₹25.14 trillion in value in May, the National Payments Corporation of India (NPCI) data revealed on Sunday. The May numbers were up 4 per cent in volume and 5 per cent in value, compared to 17.89 billion and ₹23.95 trillion, respectively in April. The transaction volume also reflects a 33 per cent year-on-year (Y-o-Y) jump, while the value was up 23 per cent. The previous record numbers were in March 2025, when the digital payment system clocked 18.3 billion in volume and ₹24.77 trillion in value. The number of daily transactions too increased from 596 million in April to 602 million in May this year, leading to a rise in value from Rs 79,831 crore in April to Rs 81,106 crore in May. There were 464 million Immediate Payment Service (IMPS) transactions in May, up 3 per cent from 449 million in April. IMPS transactions also climbed 3 per cent in value terms from ₹6.22 trillion in April to ₹6.41 trillion in May. This was seen at 462 million in volume and ₹6.67 trillion in value in March. The numbers in May were down by 17 per cent in volume and up by 6 per cent in value compared to the same period in 2024. The number of daily transactions dipped from 14.98 million to 14.96 million between April and May this year, leading to a drop in daily value from ₹20,722 crore to ₹20,673 crore. On the other hand, the number of FASTag transactions increased by 5 per cent to 404 million in volume during the month under review versus 383 million in April. The value also zoomed 4 per cent to ₹7,087 crore, compared to ₹6,801 crore in April. In March, this was seen at 379 million and Rs 6,800 crore, respectively. The May FASTag numbers were 16 per cent up in volume and 20 per cent in value versus the same month in 2024. The number of daily transactions increased from 12.75 million to 13.05 million, raising the value to around ₹229 crore from ₹227 crore during the same period. During the month under review, the Aadhaar Enabled Payment System (AePS) also jumped 11 per cent to 105 million transactions from 95 million in April. The value of transactions during May this year was ₹28,703 crore, up 8 per cent compared to ₹26,618 crore in April. The number of daily transactions was 3.37 million in volume and ₹926 crore in value, up from 3.18 million and ₹887 crore, respectively in April. AePS saw a 16 per cent increase in volume and 23 per cent in value compared to May 2024.
Indian Express
25-05-2025
- Indian Express
‘Digital arrest', Rs 1.15 cr fraud: ED searches 10 locations in and outside Gujarat
The Ahmedabad Zonal office of the Enforcement Directorate (ED) on Sunday said it conducted search operations at 10 locations in Gujarat's Ahmedabad, Surat and other locations in Andhra Pradesh in a case involvng M/s Quality Fruit Traders and others, on May 23. The searches were based on a case of 'digital arrest' registered by the Cyber Crime Police Station, Ahmedabad City, against unknown persons under relevant sections of the IPC and the IT Act, for allegedly defrauding the complainant for Rs 1.15 crore. The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA). ED said that during probe, it was revealed that the said amount of Rs 1.15 crore was subsequently transferred to bogus bank accounts maintained in the name of M/s Quality Fruit Traders and M/s Shivam Charitable Trust. The trail revealed that the money was immediately transferred out to multiple other bank accounts across India. Amounts of around Rs 5-10 lakh each were tranferred to these accounts through various modes such as RTGS, UPI & IMPS. Subsequently, either cash was withdrawn or the amounts were further transferred through IMPS to various parties. The search operations resulted in the recovery and seizure of various allegedly 'incriminating digital records', substantial information about various Hawala operations and other documents, along with a seizure of around Rs 3 lakh in bank accounts. Further investigation is in progress.
Time of India
24-05-2025
- Business
- Time of India
Bank holiday today: Are banks shut on May 24, what RBI calender says
Banks across the country will remain closed today, on May 24, in observance of the fourth Saturday of the month. According to the Reserve Bank of India's (RBI) official calendar, banks remain shut on every second and fourth Saturday. Customers can verify whether banks are open or closed by checking the RBI's official website. This holiday applies to all banks regulated by the RBI nationwide. Physical branch services such as cash deposits and withdrawals, account openings, cheque clearances, loan processing, approvals requiring manual intervention, and other documentation-related services will not be available today. However, digital banking services remain operational. Customers can continue to use mobile banking apps, ATMs, and electronic payment systems like NEFT, RTGS, and IMPS to pay bills, transfer money, and carry out other transactions without interruption. The RBI calendar also specifies regional bank holidays. Apart from weekends, upcoming holidays in May are: May 26 on the occasion of the birthday of Nazrul Islam: Observed in Tripura May 29 on the occasion of Maharana Pratap Jayanti: Observed in Himachal Pradesh Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
