Latest news with #RahulJain
Yahoo
15-05-2025
- Business
- Yahoo
Indian IT firm Persistent Systems drops after report that key client UnitedHealth faces criminal probe
(Reuters) -Shares of Persistent Systems declined 3% on Thursday, the most among Indian IT services providers, after a media report said that key client UnitedHealth Group was under a criminal probe for possible Medicare fraud. The U.S. Department of Justice's healthcare-fraud unit is overseeing the criminal investigation, which focuses on UnitedHealth's Medicare Advantage business practices, the Wall Street Journal had reported. The company said it stood by the integrity of the program. UnitedHealth is one of Persistent Systems' top five clients and has an "over $100 million relationship" with the company, said Rahul Jain, an IT analyst at Dolat Capital. It was not clear how much of Persistent Systems' revenue is linked to UnitedHealth. The company did not respond to a Reuters email seeking comment. The stock was set for its worst day in one month and the biggest drag on the IT index, which was up 0.4%.
Reuters
15-05-2025
- Business
- Reuters
Indian IT firm Persistent Systems drops after report that key client UnitedHealth faces criminal probe
May 15 (Reuters) - Shares of Persistent Systems ( opens new tab declined 3% on Thursday, the most among Indian IT services providers, after a media report said that key client UnitedHealth Group (UNH.N), opens new tab was under a criminal probe for possible Medicare fraud. The U.S. Department of Justice's healthcare-fraud unit is overseeing the criminal investigation, which focuses on UnitedHealth's Medicare Advantage business practices, the Wall Street Journal had reported. The company said it stood by the integrity of the program. UnitedHealth is one of Persistent Systems' top five clients and has an "over $100 million relationship" with the company, said Rahul Jain, an IT analyst at Dolat Capital. It was not clear how much of Persistent Systems' revenue is linked to UnitedHealth. The company did not respond to a Reuters email seeking comment. The stock was set for its worst day in one month and the biggest drag on the IT index (.NIFTYIT), opens new tab, which was up 0.4%.
CNBC
05-05-2025
- Business
- CNBC
Indian financials set for a rebound as liquidity eases and NPL risks fade, says Goldman Sachs
Rahul Jain, Head of Asia Financials and India Equity Research at Goldman Sachs discusses the bank's upgraded 'optimistic' outlook for India's banking sector. He says Indian financials are set for a rebound as NPL concerns ease and profitability stabilizes. He adds that the Reserve Bank of India's recent supportive measures like improved liquidity are creating a more favorable environment. While household debt remains a wild card, he expects credit growth to stay healthy, supported by solid GDP growth.
Time of India
01-05-2025
- Business
- Time of India
UPI transactions to get faster from June 16 as NPCI cuts response time for banks and apps
Representative image Unified Payments Interface (UPI) transactions are set to become faster and more efficient starting June 16, 2025, as the National Payments Corporation of India ( NPCI ) has mandated a significant reduction in the response time for key UPI-related APIs. This move is aimed at enhancing user experience and ensuring quicker transaction processing across all banks and payment apps in the UPI ecosystem. According to a circular issued by NPCI, the response time for the most commonly used UPI APIs, such as Request Pay, Response Pay (covering debit and credit), and Check Transaction Status, has been reduced from the existing 30 seconds to 15 seconds and 10 seconds, respectively. These changes will be applicable to remitter banks, beneficiary banks, and Payment Service Providers (PSPs) like PhonePe and Paytm. NPCI said, 'The revisions are intended to improve the customer experience ,' and directed all member banks to ensure their systems are updated accordingly. It also emphasised that technical changes must not increase the technical decline (TD) rate beyond acceptable thresholds. These faster turnaround times are expected to benefit users, especially when they face delays or errors while making payments. For example, the time taken to reverse failed transactions or check payment status will now drop from 30 seconds to just 10 seconds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo This means users can get quicker clarity on whether their transaction has succeeded or failed. 'From a customer's standpoint, these changing rules around API rules and timing requirements will mean an incredibly easier and more reliable transaction experience,' Rohit Mahajan, Founder of Plutos ONE, was quoted saying by ET. He added that network or handshake failures, which account for 3–5% of peak-hour UPI transaction issues, would also be resolved faster under the new guidelines. Another key change is the reduced wait time for banks to trigger the first transaction status check. As per NPCI's revised communication, PSPs and acquiring banks can now initiate this check between 45 to 60 seconds after a transaction is initiated, instead of the earlier 90-second window. A maximum of three such checks can be made within two hours of the original transaction. While the new guidelines aim to reduce customer wait times, experts say that backend systems will need to ramp up their readiness. Rahul Jain, CFO of NTT DATA Payment Services India, was quoted by ET saying that India's UPI infrastructure is strong enough to support the reduced response times. However, failure to comply may attract financial penalties from NPCI depending on the severity and recurrence of the delays. The response time reduction will apply across debit and credit transactions, including for address validation (for both pay and collect requests), which will now have a maximum response time of 10 seconds. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
29-04-2025
- Business
- Time of India
Error-free UPI transactions: NPCI bans nicknames in UPI payments
NEW DELHI: In a significant move to enhance user safety and transparency in digital transactions, the (NPCI) has directed all Unified Payments Interface (UPI) applications to display only the 'ultimate beneficiary name', as recorded in the Core Banking System (CBS), during peer-to-peer (P2P) and peer-to-merchant (P2PM) transactions. Tired of too many ads? go ad free now In a circular dated April 24, 2025, the NPCI issued an addendum to its earlier guidelines, mandating UPI apps to ensure that only the bank-registered name of the recipient is shown on the transaction confirmation screen and in the transaction history. The directive must be fully implemented by June 30, 2025, failing which non-compliance action will follow. According to NPCI, the "ultimate beneficiary" is the person or entity receiving funds for services or goods provided. Going forward, names fetched directly from the Validate Address API – the same used to retrieve official bank names, will be the only ones shown to payers. Names derived from QR codes, contact lists, or user-defined labels will no longer be permitted. 'This change is being introduced to help customers verify they are sending money to the correct beneficiary and to reduce risks of misdirected payments,' NPCI stated in its communication to UPI ecosystem members. Many UPI apps currently allow users to modify payee display names or generate aliases, making it easier for fraudsters to impersonate trusted brands or individuals. Going forward, this loophole will be shut. NPCI has clearly instructed that apps must disable any feature that allows users to edit or customise beneficiary names within their interfaces. The circular comes amid growing concerns over rising UPI-based frauds, often caused by misleading display names that do not match official records. Tired of too many ads? go ad free now 'This step can drastically reduce accidental transfers and fraudulent transactions. Displaying only the bank-verified name adds a key layer of authentication,' said Rahul Jain, CFO at NTT DATA Payment Services India according to an ET report. The change will particularly impact small merchants who fall under the P2PM category, such as kirana store owners or street vendors, who often receive payments via QR codes embedded with non-official names. Once enforced, customers will be shown only the CBS-registered name, not the store's brand name or any custom label. 'This will bring much-needed clarity for users and reduce errors. It enhances trust and makes the payment ecosystem more secure,' said Atul Gupta, head of risk & compliance at Cashfree Payments. Despite some anticipated transition challenges for users accustomed to aliases or nicknames, experts believe the change is a step in the right direction. As Mukesh Chand, senior counsel at Economic Laws Practice, explained, 'It helps reduce anonymity and gives users more confidence before authorising a transaction.' By standardising the way beneficiary names are displayed, NPCI aims to make UPI payments safer, more transparent, and less prone to manipulation.
