BHIM App : 10 Important Things To Know About The BHIM App

The Prime Minister launched the Bharat Interface for Money (BHIM) app for Android and iOS devices at the Digi Dhan Mela event in New Delhi.

Here are ten things you need to know about the BHIM app:

1. What is BHIM:

Bharat Interface for Money (BHIM) is an initiative to enable cashless payments through your mobile phone. BHIM is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts. BHIM is developed by the National Payment Corporation of India (NPCI).

2. How it works:

One has to register a bank account with BHIM, and set a UPI PIN for the bank account. Your mobile number is your payment address (PA), and you can simply start transacting. If your mobile number is already registered with UPI, you are good to go.

3. How to send or receive money:

One can send money to or receive money through a mobile number or payment address. Money can also be sent to non UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required. One can check your bank balance and transactions details on the go. You can create a custom payment address in addition to your phone number. You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display. Thus BHIM will act as a rival to Mobikwik and Paytm.

4. Transaction Limits:

BHIM accepts a maximum of Rs 10,000 per transaction and Rs 20,000 limit within 24 hours. It supports Hindi and English currently.

5. Compatible OS:

Bharat Interface for Money app is currently available on Android (Version 8 and above) and iOS mobiles (Version 5 and above).

6. Essentials for BHIM:

To start using Bharat Interface for Money one needs to have a Smartphone, Internet access, an Indian bank account that supports UPI payments and a mobile number linked to the bank account.

7. How to setup a BHIM PIN:

One can set your UPI PIN by going to Main Menu -Bank Set UPI-PIN for the selected account.

8. Bank support:

Currently, Bharat Interface for Money supports linking of one bank only. At the time of account set-up, one can link a preferred bank account as the default account. In case you want to link another bank account, you can go to Main menu, choose Bank Accounts and select your default account. Any money that is transferred to you using your mobile number or payment address will be credited into your default account.

9. Mixed customer reviews:

While some people have praised the user interface, few are complaining of time taken to process a command. Sreenath Menon said - “Errors - Unable to add bank accounts..Sometimes it's showing transaction declined message even before linking the bank.” Sanjay Swamy: The best #UPI app - simple and does one thing well - send & receive money. Great work!

10. Charges for BHIM:

There are no charges for making transaction through Bharat Interface for Money. However banks might levy a nominal charge as UPI or IMPS transfer fee.

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Will Be Reduced to 46 Percent Tax on Cashless Business | Relief To Small Businesses

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Relief To Small Businesses

Finance Minister Arun Jaitley has given great relief to small businesses. Cashless traded small businesses will pay 30 per cent less tax. They come under the business, whose annual turnover is Rs 2 crore. They will get tax benefit on cashless business. He said that an estimated 2 million in business profit will be 12 million. So now instead of 8 per cent to 6 per cent of their projected profit will be considered. 

Earlier in the budget for 2016-17 was announced that the annual turnover of 2 million small businesses is that they will be treated as income of 8 per cent is. That would be considered taxable. But if the business will trade cashless 6 per cent on an annual turnover of 2 million will be treated as income. Now they will have to pay tax on this income.

Adequate measures to promote digital payment

He said that since the digital payment Notbandi substantial step has been taken for the promotion. Isatemal debit and credit cards has increased, while more people are using E-Wallet.

Cash with RBI

Finance Minist Notbandi Arun Jaitley said that we were prepared to take. There was a day when the banks did not have enough money. He said the central bank has sufficient cash. Soon the situation will normalize. 

Axis Bank will take action in case

He said that after Notbandi involved in illegal activities by banks to take action against bank officials said. Finance Minister Arun Jaitley said the old notes, which he deposited in one bank, give someone every day, if there is doubt.

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Important News About Digital Payments By RBI

With an aim to encourage individuals to adopt digital payment systems, Reserve Bank of India today said banks and issuers of Prepaid Payment Instrument (PPI) will not temporarily levy any charges on customers for transactions upto Rs 1,000 settled on the Immediate Payment Service (IMPS), USSD-based mobile application and Unified Payment Interface (UPI) systems.

The above measures will come into effect from January 1 and will be applicable till March 31. In the interim, the RBI will facilitate a review of the charges under these channels by the concerned stakeholders.

"Following the withdrawal of legal tender characteristics of existing Rs 500 and Rs 1,000 bank notes the government has been taking several measures in consultation with various stakeholders to incentivise greater adoption of digital payments by large sections of the society,” it said.

Also, the banking regulator has capped the Merchant Discount Rates (MDR) on debit card transactions unto Rs 1,000 at 0.25 percent of the transaction value.

For transactions above Rs 1,000 and up to Rs 2,000, MDR will be capped at 0.5 percent of the transaction value. This, too, will be a temporary measure to be effective January 1 to March 31.

Earlier, banks were advised to cap the MDR for debit card transactions at 0.75 percent for transactions upto Rs 2,000 and 1 percent over Rs 2,000.

RBI said these measures are being taken in order to facilitate wider acceptance of card payments including debit card transactions, and payments made to the Government.

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After Rajan Who? RBI Governor May Be Declared Today

As Raghuram Rajan's exit date (September 4) nears, speculation about his successor has been doing the rounds for the last few weeks.

Recent rumors from the Finance Ministry suggest that the announcement of RBI's new governor is likely to take place today.

Former deputy governor Subir Gokarn along with current deputy governor Urjit Patel are the front-runners for the post, sources say.

The other contenders that were set on the long list as potential governor candidate include: -

• Arvind Subramanian (Chief Economic Advisor )
• Arvind Panagariya (NITI Aayog Vice-Chairman)
• Rakesh Mohan (Former RBI Deputy Governor)
• Arundhati Bhattacharya (SBI Chairman)
• Shaktikanta Das (Economic Affairs Secretary)

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Bonds Extend Rally On Rising Demand, Call Rates Jump

Government bonds (G-Secs) continued their upsurge for the second straight day following sustained buying by market participants as well as foreign funds, while yields tumbled to three-year low.

The interbank call rates staged a smart rebound on the back of strong demand from borrowing banks owing to tight liquidity conditions in the banking system.

Government Bonds

The benchmark 7.59 percent government security maturing in 2029 climbed to Rs 102.6850 as compared to Rs 102.49 yesterday, while its yield dropped to 7.26 percent from 7.28 percent.

The 7.59 percent government security maturing in 2026 rose to Rs 102.89 from Rs 102.7350, while yield declined to 7.16 percent from 7.19 percent.

The 7.88 percent government security maturing in 2030 firmed up to Rs 105.29 compared to Rs 105.01, while yield slumped to 7.26 percent from Rs 7.29 percent.

The 7.61 percent government security maturing in 2030, the 7.68 percent government security maturing in 2023 and the 7.72 percent government security maturing in 2025 were also quoted higher at Rs 103.34, Rs 102.94 and Rs 103.2050, respectively.

The overnight borrowing rate finished sharply higher at 6.90 percent, recovering from Thursday's close of 6.05 percent.

It opened at 6.50 percent and hovered between 6.90 percent and 6.00 percent. The 3-day call money rate ended at 6.55 per cent after trading between 6.60 percent and 6.15 percent during the trade.

Meanwhile, the Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 34.95 billion in 8-bids at a three-day repo auction at a fixed rate of 6.50 percent this evening.

It sold securities worth Rs 79.90 billion from 29-bids at the overnight reverse repo auction at a fixed rate of 6.00 percent late yesterday.

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How India Prepared To Improve Its Doing-Biz Ranking This Year

India has been working hard to up its ranking in terms of ease of doing business and a panel of experts involved in the process, in an interview to CNBC-TV18, give a lowdown on the initiatives taken so far.

A World Bank team will be meeting with Department of Industrial Policy and Promotion (DIPP) officials to take stock of the steps taken.

The World Bank carries out this exercise ever year for the purpose of ranking countries on their ease of doing business.

India's rank in the Doing Business Report 2016 improved to 130 from 134 in the previous year.

The procedures to start a business in Indiais now down to 7 from 14 earlier, says DIPP Secretary Ramesh Abhishek.

Abhishek sees healthy competition among states to perform well, adding, there are are now real time rankings to rank each state. He is hopeful of seeingmore foreign direct investment (FDI) flows in the defence space over the next couple of years, thanks to the increased opportunities now, and expects FDI in food processing also to take off.

On the corporate law front, Tapan Ray, Secretary of Corporate Affairs expects the National Company Law Tribunal (NCLT), a specialized institution for corporate justice, to be fully functional by December.

Satya Srinivas Joint Secretary of Customs pointed at the reduction in number of cargo clearance days. He says end to end clearance now takes only 4-5 days with only risk-prone cargos taking 8-9 days. Around 95-97 percent of documents are also now filed electronically, he says.

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RBI To Study Blockchain Technology To Curtail Paper Currency

Reserve Bank of India Deputy Governor H R Khan today said the central bank may soon set up a committee to study the use of 'Blockchain' technology to reduce the use of paper currency.

"Blockchain is one thing that has come out of Bitcoin which provides a lot of flexibility in terms of financial transactions. So, we need to study... how this Blockchain technology can be used in financial transactions where the entire data systems move to some more levels," Khan told reporters at an event organised by the Institute for Development and Research in Banking Technology (IDRBT).

"We have a group of officials from RBI, IDRBT and industry people which will look into this. There is a tremendous potential (in Blockchain technology)."

On Brexit, Khan said the impact will be short term and systems are in place to tackle the medium-term impact, if any.

"We are closely monitoring. Given our macro fundamentals, certainly we will be affected by what is happening globally. But... we are in a much better position to weather the storm. We are not in those earlier days of Fragile Five or Turbulent Tens," he said.

On the rupee volatility, Khan said RBI has USD 363 billion of Forex reserves and enough tools to handle volatility crisis.

RBI, the Deputy Governor said, is in discussions with telecom regulator Trai on issues such as tariff rates for mobile banking.

The central bank may soon come out with a Customer Liability Framework for credit and debit cards that will fix liability of a bank or a customer in the case of a fraud or unauthorized use, Khan added.

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