Paytm Current Affairs - 2019

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RBI imposes fines on PPIs for violating Regulatory Guidelines

Reserve Bank of India (RBI) imposed a monetary penalty on five Pre-Paid Payment Instrument (PPI) issuers which include Vodafone’s m-pesa and Phonepe, for violating its regulatory guidelines under provisions of Payment and Settlement Systems Act, 2007. Other facing Penalty includes, Western Union Financial Services Inc., MoneyGram Payment Systems Inc, (both are US firms) for for compounding of contravention and non-compliance of RBI guidelines and on Mobile Payments and Private and GI Technology.

About Pre-Paid Payment Instrument (PPIs)

  • PPIs are instruments which come with a preloaded value and in even with pre-defined purpose of payment.
  • PPIs facilitates financial services, inter-personal remittance transactions (like sending money to friend or a family member), purchase of goods and services (G&S), etc., against amount stored on such instruments.
  • Examples of PPIs: any smart cards (or chip card), magnetic stripe cards (or swipe card), internet accounts (like PayPal), internet wallets, mobile accounts, mobile wallets, paper vouchers (like travel and food vouchers) and any instruments used to access prepaid amount.
  • Three types of PPIs issued in India are:
  1. Closed System PPIs: are issued by an entity for facilitating purchase of G&S from that entity only and do not permit fund transfer or cash withdrawal. . They can be used only at specific locations. These do not require RBI approval. Ex- a brand specific gift card(Amazon/Pantaloons gift card).
  2. Semi-closed System PPIs: are issued by banks (approved by RBI) and non-banks (authorized by RBI) for purchase of G&S at merchant locations which have specific contract with issuer to accept PPIs as payment instruments. These are not restricted to a single entity and can be used for fund transfer. Ex- e-wallets like Oxigen, Mobikwik, PayTm.
  3. Open System PPIs: are issued only by banks (approved by RBI) and are used at any merchant for purchase of G&S and also for cash withdrawals at ATMs, Points of Sale (PoS) terminals and Business Correspondents (BCs). Ex- Vodafone mPesa.
  • Unlike open system PPI, closed and semi closed PPIs can be issued by NBFC and other entities who avail a license from RBI.
  • PPI issuer is an entity operating in a payment system who issues PPIs to individuals or organisations and uses money so collected to make payment to merchants.
  • PPI Holder is an individual or organisation who purchases PPI from PPI issuer and uses same for purchase of goods and services.

Month: Categories: Business, Economy & Banking

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Government launches E-Tribes India on e-commerce platforms

The Tribal Cooperative Marketing Development Federation of India, (TRIFED), under Ministry of Tribal Affairs has launched E-Tribes India banners on e-commerce platforms like Amazon, Snapdeal, Paytm & GeM.

It also launched TRIFED’s websites-www.tribesindia.com, www.trifed.in and Retail Inventory Software and M-commerce app as part of Digital India Initiative. TRIFED’s Handbook for Retail Trade and TRIFED’s quarterly magazine ‘Tribes Haat’ was also launched.

Key Facts

TRIFED has developed its own e-commerce (electronic commerce) website i.e., tribesindia.com for sale of all its products and app to tap m-commerce (mobile commerce) too. The purpose of going digital will help in expansion of tribal commerce and availability of tribal products over large area. It will result in reaping greater benefits for tribal artisans.

For this purpose, TRIFED has entered into agreements with e-commerce platforms like Amazon and Snapdeal who will offer their customers various tribal products and produce through their portals to facilitate online sale. Also, Tribes India products are available on Flipkart and Paytm too. On the request of Ministry of Tribal Affairs, Ministry of Commerce has also made provision for sale of tribal products through TRIFED on Government e-Marketplace (GeM).

Tribal Cooperative Marketing Development Federation of India Limited (TRIFED)

TRIFED is multi-State Cooperative Society under Ministry of Tribal Affairs. It was established in August 1987 by then Ministry of Welfare under Multi State Cooperative Societies Act 1984 (which has now been replaced by Multi-State Cooperative Societies Act, 2002). It is headquartered in New Delhi.

It aims at promoting and marketing tribal products, tribal art and crafts within t country and abroad by providing marketing support to tribal products through its network of retail outlets. It also organizes exhibitions like National Tribal Craft Expo called “Aadi Mahotsav” etc. to promote and market tribal products. It also facilitates participation of tribal artisans to enable them to interact directly with art lovers to assess market needs.

Month: Categories: National

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