Latest news with #UPI-linked
Time of India
2 days ago
- Business
- Time of India
Street vendors to get credit cards, bigger loans
The PM SVANidhi scheme is being revamped to provide street vendors with higher subsidised loans and credit cards with a limit of Rs 30,000, facilitated by banks, ToI reported on May 30. The revamped scheme, which will soon be presented to the Cabinet for approval, aims to extend subsidised loans to street vendors from rural areas migrating to cities. This initiative builds upon the success of the original scheme launched in 2020, which provided respite from high-interest informal sector loans to over 68 lakh street vendors, ToI's report (by Dipak K Das) said. The revamped PM SVANidhi scheme is set to offer enhanced financial support to street vendors. Banks are coming on board to provide credit cards with a limit of Rs 30,000. These credit cards will be issued to street vendors who have successfully repaid the initial three tranches of subsidised loans, which were Rs 10,000, Rs 20,000, and Rs 50,000. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The scheme's expansion includes extending subsidised loans to street vendors from rural areas who move to cities for their livelihood. Sources indicate that an additional Rs 10,000 will be included as part of the enhanced loan amount. The credit card facility is designed to provide street vendors with better credit ratings access to more rolling capital for their businesses. The repayment norms for these credit cards will be determined by the banks. In her Budget speech, FM Nirmala Sitharaman highlighted the impact of the original scheme. Live Events "Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support," she added. The original PM SVANidhi scheme was launched in 2020 during the Covid-19 pandemic. It aimed to provide financial relief to street vendors who were often reliant on high-interest informal sector loans. The scheme has already benefited more than 68 lakh street vendors. The revamped scheme seeks to build upon this foundation by offering increased loan amounts and access to formal credit through UPI-linked credit cards. This initiative is expected to provide street vendors with greater financial stability and opportunities for business growth. The involvement of banks in the scheme is crucial for ensuring its effective implementation and outreach. The provision of credit cards will enable street vendors to manage their working capital more efficiently. The credit card facility will allow street vendors with a better credit rating to have access to more rolling capital for business, with the repayment norms being decided by banks. This access to formal credit can help them reduce their dependence on informal sources of financing, which often come with exorbitant interest rates. The inclusion of rural street vendors in the revamped scheme is a significant step towards ensuring that the benefits of the program reach a wider population. Street vendors who migrate from rural areas to cities often face unique challenges in accessing financial services. By extending the scheme to this group, the government aims to provide them with the support they need to establish and grow their businesses in urban areas.
Time of India
3 days ago
- Business
- Time of India
Higher loans, credit cards coming street vendors' way
Higher loans, credit cards coming street vendors' way NEW DELHI: With the contours of the revamped PM SVANidhi scheme having been finalised, street vendors will be getting higher subsidised loans, as well as credit cards with a limit of Rs 30,000, on account of banks coming on board. The credit cards will be issued by banks to street vendors who have repaid the earlier three tranches of subsidised loans, of Rs 10,000, Rs 20,000 and Rs 50,000. TOI has learnt that the revamped scheme will soon be placed before Cabinet for approval. Sources said the subsidised loans will now also be granted to street vendors from rural areas who migrate to cities to make a living. Though the housing and urban affairs ministry did not respond to queries, sources said an additional Rs 10,000 would be provided as part of the enhanced loan amount. Sources said the credit card facility will allow street vendors with a better credit rating to have access to more rolling capital for business, with the repayment norms being decided by banks. In her Budget speech, FM Nirmala Sitharaman had said the scheme launched in 2020, during the Covid-19 pandemic, has provided more than 68 lakh street vendors with respite from high-interest informal sector loans. "Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support," she added. 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
19-05-2025
- Business
- Time of India
Paytm rolls out ‘Hide Payment' feature to hide select transitions from payment history: Here's how to use the feature
Paytm has introduced a new privacy feature which will enable users to hide some of the select transactions from their payment history. The Hide Payment feature allow users to privately hide and unhide selected transactions from their payment history, offering greater control over how their records are displayed while keeping all transactions securely accessible whenever needed. Whether it's a surprise gift, a late-night food order, a pharmacy visit, or a personal purchase from a local shop, 'Hide Payment' helps keep such transactions private or simply out of view. 'Our focus has always been on understanding what our customers need, and that continues to guide our mobile payment innovations. With 'Hide Payment', we're enabling individuals to hide and unhide transactions while maintaining privacy. It's a thoughtful addition that brings more control and comfort to everyday payments,' said the company. How to hide transitions in Paytm To hide a transaction: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo 1. Open the Paytm app and go to "Balance & History." 2. Swipe left on the payment you wish to hide. 3. When the option appears, tap on "Hide." 4. Confirm by selecting "Yes" on the confirmation prompt. 5. The payment will now be hidden from your payment history. How to unhide transactions in Paytm To unhide a transaction: Open the Paytm app and go to the "Balance & History" section. Tap the three-dot icon next to 'Payment History'. Select "View Hidden Payments" from the menu. Enter your mobile handset's access PIN or provide biometric (finger/face) verification to view the hidden payment Swipe left on the transaction you wish to unhide, then tap on "Unhide". The transaction will now be visible again in your payment history. Recently, the company introduced the QR Widget for quick access to scan and pay, along with options to check UPI-linked bank account balance and download UPI statements in Excel and PDF formats directly from the app. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
07-05-2025
- Time of India
Spa-based sex rackets go mobile to evade cops in Vijayawada
Vijayawada: Prostitution rackets operating under the guise of spa centres in Vijayawada have cevolved their tactics to stay ahead of police monitoring. Organisers now set up temporary spa units inside hotels, shifting locations every 7–10 days to avoid detection. This mobile approach allows discreet operations across key areas such as Governorpet, Gandhi Nagar, Moghalrajpuram, Patamata, and Guru Nanak maintain secrecy, traffickers have abandoned traditional calls, relying instead on WhatsApp for client communication — making tracking more difficult. Locations are shared only after confirmation, and payments are processed via QR codes instead of UPI-linked transactions, ensuring greater digital anonymity.A recent police raid in Machavaram exposed one such operation, revealing a full-fledged spa setup used for illicit activities. Authorities arrested alleged organiser Pallepogu Kumar Raja, a customer, and rescued four women from north Indian states. Investigations indicate that Raja, formerly a manager at a reputed spa run by Bhargav, branched out independently, frequently booking multiple rooms in hotels to create the illusion of a legitimate management, reportedly enticed by high rental returns, allegedly aided the operations. Raja also posed as a media professional to book rooms without suspicion. His network's reliance on rotating locations, encrypted communication, and digital payments has made detection more NTR district police are intensifying surveillance and intelligence efforts to dismantle these illicit networks. Authorities have urged hotel operators to remain vigilant and report suspicious activities as investigations continue.
Mint
03-05-2025
- Business
- Mint
Mint Explainer: UPI Circle's vast potential beyond family and friends
The newly introduced UPI Circle feature expands the reach of UPI to those without a bank account, such as minors, allowing inter-connected payments within trusted groups. The National Payments Corporation of India ( NPCI ) rolled out UPI Circle on its BHIM app a few months ago and opened it up for private payments platforms such as PhonePe and Google Pay last month. Mint gives a lowdown on UPI Circle and what it means for users. This new feature allows users to create a 'circle' on a UPI platform and authorise payments on behalf of family, friends or other people. It also enables such people in the primary user's 'circle' to generate their own UPI ID even without a linked bank account. A primary UPI user can add up to five dependent users to their 'circle', authorising them to transact from the primary user's UPI account within specified limits. The primary user will have real-time oversight of these transactions. 'UPI Circle enhances the way we share and manage our money and supports a more interconnected society," said Lalitha Nataraj, managing director and chief executive officer, NPCI BHIM Services Ltd, adding that the feature makes digital payments more useful, accessible and inclusive. A UPI Circle transaction mainly involves three parties. One is the primary user or UPI account holder who delegates the UPI authentication for another user to make payments. The secondary user is a person added to the primary user's UPI Circle so they can make UPI payments through the primary user's UPI-linked bank account. The third party is the recipient individual or merchant that initiates a payment with the secondary user and receives the payment from the account of the primary user. Cash is still predominantly used for payments in India, especially for small value transactions. While UPI has enhanced the usability of and access to digital payments, it requires a user to link a bank account with their UPI ID to make transactions. UPI Circle addresses users who are still dependent on cash for their daily payment needs as they may not be managing money through their own bank account. According to NPCI, around 6% of UPI users make a large number of transactions because they also make transactions on behalf of other users. Also read | How India pays online: UPI leads with 65% share, EMIs make up 20%—in charts UPI Circle allows a primary user to authorize payments for secondary users from anywhere, while retaining control over the transactions. A primary user can choose 'full delegation' to allow secondary users to make payments themselves within a specified limit, or choose the 'partial delegation' option to authorise every UPI transaction initiated by a secondary user in real time. It offers a simplified use case for shared expenses and allows users to create 'payment circles', which streamlines day-to-day financial transactions. Currently, only partial delegation has been launched under UPI Circle whereas full delegation is in the works. Without the need for an individual bank account, UPI Circle is seen opening up secure online payment solutions for those with limited access to digital financial services. It is seen extending the ease and convenience of digital payments to those who are underbanked and new to the ecosystem by enabling a secondary user to make transactions from a primary user's account with minimum intervention while ensuring risk mitigation. The feature allows a primary user to review payment requests, track the expenses of a secondary user, get secure access to detailed payment records within each circle, and unlink access from their UPI Circle. Enhanced security protocols, seamless integration with UPI platforms, and clearly defined responsibilities and permissions for primary and secondary users are meant to ensure that transactions are secure and reliable. Also read | Get set for UPI access to one's provident fund Banking technology company Zeta, in a post, said UPI Circle addresses a major gap in digital payments by providing the ability to delegate transactions securely and seamlessly—something that was only possible through cash till now. Use cases of the new feature could include a parent providing expenses to their minor kids, authorising payments on behalf of older parents or senior family members who may be wary of digital payments, or individuals who may want to delegate household chores and expenses. It can also be used by business owners, especially small business owners, to delegate payments to staff, or for corporate expenses such as for fuel, tolls, or vendor payments. UPI Circle opens avenues for financial platforms to increase volumes by capturing transactions that would otherwise be cash-based. It could also drive innovation as payments platforms look to develop new products and services tailored to delegated payment scenarios. Also read | What is UPI Meta? NPCI may plan new feature to streamline online payments
