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New law needed to protect cashless customers: Expert panel on digital payments
Business & Finance   Wednesday, December 28, 2016 IST
 
New law needed to protect cashless customers: Expert panel on digital payments

New law needed to protect cashless customers: Expert panel on digital payments

The government’s cashless payment push has to be desperately backed with legislative steps to guard customers and their information, permit open access payment systems and let the payments restrictive board perform severally of the depository financial institution of India’s central banking functions, the committee on digital payments diode by former Finance Secretary rattan Water aforesaid.

Stating that the drawbacks within the existing Payment and Settlement Systems Act of 2007 compel most of Asian nation to trust money transactions by proscribing the reach of digital payments, the panel has aforesaid a Bill should be introduced to amend the law at intervals a month, that is, within the coming back Budget session of Parliament.

The existing law specifies neither the aim of regulation the payments market and promoting competition, nor will it pay any attention to protective customers in digital payments. “With the rising variety of users of digital payment services, it's completely necessary to develop client confidence on digital payments (and) essential to own legislative safeguards to guard such customers,” the panel aforesaid.

The present law is additionally silent on information protection problems, that are getting additional relevant currently, the committee aforesaid, mooting a regime wherever customers shouldn’t be responsible for losses arising out of unauthorised transactions or system malfunction.

All payment service suppliers, as well as banks, should not solely stop prescribing access to different payment choices to permit Associate in a Nursing open-access system for digital payments, however conjointly disclose direct the terms and charges of their service whereas providing free regular account statements.

Though a sub-committee of the depository financial institution of Asian nation regulates payments, the Wall committee has aforesaid that banking needs micro-prudential regulation from the tally, whereas payments may be a separate, additional technology-business driven activity, thus each got to be viewed one by one.

A new Payments restrictive Board ought to be backed by law as freelance of tally and if there's any conflict between its policies and also the central bank’s policies or rules, the RBI’s call shall prevail, the committee instructed.



 
 
BSE Sensex touches new all-time high of 30,071.61
Business & Finance   Wednesday, December 28, 2016 IST
 
BSE Sensex touches new all-time high of 30,071.61

BSE Sensex touches new all-time high of 30,071.61

The BSE Sensex touched a new all-time high of 30,071.61 on Wednesday.

The 30-share index opened above the crucial psychological level of 30,000 on strong Asian cues. NSE Nifty also opened in the green, trading at a new level of 9,343.15. It, however, retreated after that.

BSE Sensex also came down from the new record level and was trading at 30,029.52, up 86.28 or 0.29% from the previous close. It hit an intraday low of 30,004.28.

The markets are buoyed by strength in the Asian markets that are on a gaining streak for the fifth day led by strength at the Wall Street. Nasdaq Composite hit and hit an all-time high on Tuesday while the Dow and S&P 500 brushed against recent peak as strong earnings underscored the health of corporate America, a Reuters report said.

The top gainers were Orient Bank up 5.63%, Andhra Bank 4.71%, Wipro 2.87%.



 
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