Reserve Bank of India
20:41
Showing posts with label freecharge. Show all posts
Showing posts with label freecharge. Show all posts
Thursday, 13 June 2019
Friday, 11 May 2018
Tuesday, 13 March 2018
State Bank of India
21:35
Non-Maintenance of Minimum average balance with no penalty -State Bank Of India
Non-Maintenance of Minimum average balance with no penalty -State Bank Of India
SBI reduces penalty for non-maintenance of minimum average balance; here's how to calculate it
Can you remember life before debit cards? Neither can we! Unfortunately, all that swiping makes it easy to breach the minimum average balance requirement that some bank accounts insist on. If fact, banks make a pretty penny from our collective forgetfulness.
Take State Bank of India (SBI) for example. The country's largest lender had reintroduced the monthly average balance (MAB) charges last April after a gap of six years, charging up to Rs 100 as penalty. Over the following eight months, the bank netted nearly Rs 1,772 crore - 12 percent more than its profits for the second quarter of the current fiscal - from customers for non-maintenance of MAB. Other government banks that were already collecting amounts in excess of Rs 50 crore as penalty from customers for falling below their minimum average balance requirements included Punjab National Bank, Canara Bank and IDBI Bank. Meanwhile, private banks like ICICI and HDFC Bank impose a far-steeper fine of up to Rs 600.
Thursday, 13 July 2017
withdrawal of amount
08:59
REVISION IN SERVICE CHARGES w.e.f 01-07-2017
REVISION IN SERVICE CHARGES w.e.f 01-07-2017
State Bank Of India
Revision in Service Charges w.e.f 01-07-2017
Source:SBI
Wednesday, 14 June 2017
wallet business
07:38
State Bank Of India:Revised Charges For the Various type of Transactions
State Bank Of India:Revised Charges For the Various type of Transactions
SBI Free ATM Withdrawal Limits, Debit Card And Cheque Book Charges
India's biggest bank SBI has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. 25 for every ATM withdrawal.
State Bank of India or SBI has revised its charges on various services like ATM withdrawal, cash transactions, issuance of cheque books, exchange of soiled notes and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India's biggest bank has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. 25 for every ATM withdrawal. SBI's app - State Bank Buddy - enables its customers to withdraw cash from ATMs using the bank's mobile wallet. However, savings bank accounts will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metros and 10 free transactions in non-metros (five at SBI ATMs and three at ATMs of other banks), the public sector lender added.
The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. State Bank of India's basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to start saving without any burden of charges or fees, according to the bank's website. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account.
SBI has also revised charges for other services for its customers, from June 1. Here are the key changes:
Cash withdrawal: Customers with a Basic Savings Bank Deposit will get four free withdrawals (including ATM) in a month, after which withdrawals will be charged - at Rs. 50 plus service tax at an SBI branch and at Rs. 20 plus service tax at other bank ATMs.
Charges on ATM cards: SBI said that issuance of new debit cards will be charged from June 1 and only the RuPay Classic Card will be issued for free.
Online transfer: Online fund transfer through IMPS will now be charged Rs. 5 plus service tax for amounts of up to Rs. 1 lakh; Rs. 15 plus service tax for above Rs. 1 lakh and up to Rs. 2 lakh, and Rs. 25 plus service tax for amounts above Rs. 2 lakh and up to Rs. 5 lakh.
Cheque book: From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs. 30 plus service tax for a 10-leaf cheque book, Rs. 75 with service tax for a 25-leaf cheque book and Rs. 150 plus service tax for a 50-leaf cheque book.
Exchange of soiled notes: SBI said exchanging up to 20 soiled notes or for value up to Rs. 5,000 will not attract any charges. However, more than 20 pieces of soiled notes will attract a charge of Rs. 2 per piece or Rs. 5 per Rs. 1,000 plus service tax whichever is higher on the entire tender, the bank said. For example, for 25 pieces of Rs. 500, which is equal to Rs. 12,500, the charges will be Rs. 2 per piece (Rs. 50 plus service tax) or Rs. 5 per Rs. 1,000 (Rs. 62.50 plus service tax). The amount charged will be Rs. 62.50 plus service tax.
Cash transaction through banking correspondents: SBI said cash deposits of up to Rs. 10,000 (in multiples of 100) through banking correspondents will be charged at 0.25 per cent of the value with a minimum of Rs. 2 and maximum of Rs. 8 plus service tax. Cash withdrawal of up to Rs. 2,000 (in multiples of 100) through the same channel will be charged at Rs. 2.50 per cent of the transaction value (minimum of Rs. 6) plus service tax.
Source:NDTV
State Bank of India
07:14
HDFC Bank, SBI to start charging for P2P payments on UPI
HDFC Bank, SBI to start charging for P2P payments on UPI
Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform.
Country's largest lender State Bank of India has come out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be effective July 10.
"So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards Person to Person (P2P) transactions for UPI and IMPS," National Payments Corporation of India's chief operating officer Dilip Asbe said in a statement.
A senior NPCI official explained that worldover, charges are levied for such transactions and added that in case of UPI at merchant transactions it is the merchant who pays while for P2P, it is the sender who has to pay.
On the transaction fees front, the critical aspect to be examined is whether there are enough number of transactions happening on UPI which establish a maturity of the platform and also the reasonableness of charges, the official added.
The UPI platform is averaging around one crore transactions with a value of Rs 2,900 crore per month, the NPCI official said, adding the number of transactions needs to be at least 2-3 crore per month for the charges to set in.
The NPCI official said there may be a review on the subject, saying there can be a meeting with bankers which can be called in the next two months to assess the situation.
It was, however, not immediately clear if the P2P transactions on the BHIM App launched by Prime Minister Narendra Modi, will also be chargeable.
When contacted, SBI's deputy managing director Manju Agarwal acknowledged that the bank has put out a circular on UPI charges on its website, but promised to withdraw it soon.
"We are not charging for UPI transactions. The circular will be removed," she said.
An HDFC Bank spokesperson was not reachable for comment, but a senior official pointed out that the charges are applicable from July 10 and there may be a review based on the outcome of such a meeting with NPCI.
SBI is charging Rs 5 per transaction of up to Rs 1 lakh, Rs 15 for transactions between Rs 1-2 lakh and Rs 25 for those between Rs 2 lakh and Rs 5 lakh, while HDFC Bank is proposing Rs 3 for transactions of up to Rs 25,000 and Rs 5 for those between Rs 25,000 and Rs 1 lakh.Billed as a game changing platform in the Indian banking space, UPI was launched in April 2015 and operationalised in August same year.
Source:Business Standard
Sunday, 14 May 2017
State Bank of India
08:55
SBI to charge Rs 25 charge for every ATM withdrawal? No, that's not true
SBI to charge Rs 25 charge for every ATM withdrawal? No, that's not true
An SBI official has clarified that the bank will not charge Rs 25 per transaction on cash withdrawals contrary to a circular the bank had earlier issued. The official has said that the notification was specifically for SBI mobile wallet (called Buddy) users.
The bank plans to issue a fresh circular soon making the clarification. "SBI will send a fresh notification by evening today to clarify the same. There will not be additional service charges, and existing rates will continue on withdrawals from ATM," the official told Business Today on condition of anonymity.
ATM charges, are set by the RBI, and uniform for all banks. Rules mandate at least three fee transactions per month from ATMs of other banks and five from ATMs of own bank in metro cities. Banks charge Rs 20 per financial transaction and Rs.9.55, including tax, for every non-financial one beyond this limit.
Earlier today, in a vague circular, the SBI announced a charge of Rs 25 per transaction on cash withdrawals. The circular titled 'revision in service charges additions/ modifications: wef 01/06/2017' said Rs 25 per transaction would apply on cash out through ATM.
The same circular went on to add that beyond four withdrawals, the bank would charge Rs 50 plus service tax at branch, Rs. 20 plus service tax at other bank ATMs and Rs 10 plus service tax at SBI Bank ATMs on Basic Savings Bank Deposit Accounts (BSBDA).
Also, if a BSBDA customer wanted to issue a cheque book, w.e.f June 1, he/she would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque book.
The order further stated that customers also have to pay charges over exchanging of old and sullied notes above Rs 5,000.
Cash deposit through banking correspondent of up to Rs 10,000 (in multiples of 100) would be charged at 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax.
Further, cash withdrawal through banking correspondent of up to Rs 2,000 (multiples of 100) would be charged at 2.50 per cent of the transaction value (minimum of Rs 6) plus service tax.
Also, if a customer wanted to issue a cheque book, w.e.f June 1, he/she would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque book.
Source:Business Today
Wednesday, 12 April 2017
volume of transactions
18:22
Charges on digital transactions
Charges on digital transactions
Digital financial transactions are a part of the Government’s strategy to create histories of transactions, including the associated credit, and thereby enable small and micro enterprises to access formal credit, improve tax compliance, and mainstream financial savings into the banking system, which will help mobilise such savings for economic growth.
All payment systems including currency entail costs, which are borne among transacting parties and payment service providers, and the cost structures of various systems differ. Payment systems also differ in the advantages they offer to transacting parties. E.g., digital transactions can be made without having to access cash, and they offer an opportunity to make payments anytime and from anywhere, without loss of interest income. Transacting parties select a payment system not only on the basis of cost but keeping in mind such advantages as well.
State Bank of India has apprised that three cash deposit transactions at branches are available to savings bank accountholders free of charge. Thereafter, a charge of Rs. 50 plus service tax per transaction is to be levied. In addition to the free cash deposit transactions at branches, accountholders can also deposit cash using ATM/debit card, into the card-linked account, at cash points (Cash Deposit Machines / Cash Recyclers), any number of times, free of charge.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha on 11.04.2017.
Source:PIBNEWS
payment banks
07:36
General Terms and Conditions for Airtel Payments Bank Limited
General Terms and Conditions for Airtel Payments Bank Limited
(erstwhile known as Airtel MCommerce Services Ltd.)
As an Account holder of Airtel Payments Bank Ltd (hereinafter referred to as the “Bank”), the Customer is subject to the below Terms and Conditions (T&C). Any changes to the T&C will be available on the website www.airtel.in/bank the use of Bank services by the Customer is subject to the acceptance of the Terms and Conditions. By enrolling for the Bank services, the Customer acknowledges that the Customer has read, understood and agrees to be bound by these Terms and Conditions.
1. DEFINITIONS
“Account” refers to the Customer’s savings account or Airtel money wallet or any other type of account so designated by the Bank to be eligible account(s) for the operations
"Airtel Payments Bank Limited" is a company incorporated under the Companies Act, 2013 with its registered office at Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110070, India.
“Banking Points” shall mean and include business correspondent agents.
"Charge(s)" or "Service Charge" shall mean the charges which the Bank may levy upon the Customer in consideration for the Bank services.
"Customer" shall mean an individual person who has registered with the Bank for availing its services and has accepted all applicable terms and conditions of the Bank and owns a compatible mobile phone that supports Bank services.
“Customer ID”/ “Mobile number” shall be the ten digit mobile phone number of the Customer to be used for Account login.
"Enrollment Form" shall mean the form to be completed by the Customer along with necessary supporting documents, as required by the Bank.
"KYC" stands for Know Your Customer and refers to the various norms, rules, laws and statutes issued by RBI from time to time under which Bank is required to procure personal identification details and proof of address documents from the Customer as may be required from time to time for availing and / or continuation of the Bank services.
"mPIN" shall mean the 4 digit secret numeric password used to secure Bank Account, without knowledge of which the Bank Account may not be operable.
"“Instruction”/ “Instruction(s)” means any request or instruction that is received from the Customer by the Bank through any Banking access channel.
“SMS Password (OTP)” refers to one time 6 digit pass code that would be sent to a Customer’s mobile number registered with the Bank.
"USSD" means Unstructured Supplementary Services Data and refers to a method of accessing and using the Bank Account, i.e. by dialing a specified short code from the mobile number registered with the Bank.
2. INTERPRETATION
All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms & Conditions.
3. DOCUMENTATION
The collection, verification, audit and maintenance of correct and updated Customer information is a continuous process and Bank reserves the right, at any time, to take steps necessary to ensure compliance with all relevant and applicable KYC requirements. Bank reserves the right to discontinue services/ reject applications for Bank services at any time if there are discrepancies in information and/or documentation provided by the Customer at the time of Bank Account opening.
Any information, provided to the Bank with the intention of taking its services, shall vest with the Bank, and may be used by the Bank, for any purpose consistent with any applicable law or regulation, at its discretion.
If the particulars provided by the Customer in the KYC documents do not match with details mentioned in the Enrollment Form, then Bank has the right to call for additional documents to the satisfaction of the Bank as per the extant KYC guidelines.
4. GENERAL CONDITIONS OF BANK SERVICE
For an Airtel customer his/her mobile number shall be his/her Bank account number. For non Airtel customers his/her account number shall be a ten digit sequential number provided by the Bank. Notwithstanding anything, once Bank allots a mobile number as an account number to a Customer it is not subject to change in any case including a customer availing mobile number portability services or changing his mobile number and the same shall not be reassigned to any other Customer even if he/she possess the same mobile number.
The Customer may avail Bank services by approaching Banking Points and through Internet Banking as well. The list of Banking Points, any limits pertaining to the Account and methods of crediting Bank Account are subject to change as per discretion of Bank without any prior intimation to the Customer.
The savings account balance shall not exceed INR 1,00,000/-(Rupees One Lakh) at any given time.
Bank reserves the right to take appropriate actions in relation to such Customers who maintain balance of more than Rs.1,00,000 for a continuous period as determined by the Bank from time to time. Bank shall endeavor to inform the Customer in case his/her Account balance exceeds Rs. 1,00,000. Any transaction leading to Account balance exceeding Rs. 1,00,000 shall fail in its entirety.
The Bank would consider acceding to the fund transfers requests of the Customer within or external to the Bank, preferably through immediate payment service (IMPS) and resort to other modes only when IMPS is unavailable on best efforts basis.
The Bank shall reserve the right to close / temporarily block the Account of any Customer if:
The Customer is violating the AML and PMLA guidelines
The Customer does not furnish necessary re-KYC documents when required to do so based on the risk assessment made by the Bank
The Customer fails to adhere to any of the terms & conditions of the Bank and / or any of the regulatory requirements.
The Bank Account is being used for any unlawful or suspicious activity which is inconsistent with any of the Banking practice.
Directions to the effect is received from the law enforcement authorities, regulatory authorities, etc.
Bank shall provide its services on best effort basis. Further Bank reserves the right to suspend/discontinue any of the Bank services at any time, for any cause, including, but not limited, to the following:
To combat potential fraud, sabotage, willful destruction, threat to national security or for any other force majeure reasons ;
For any suspected violation of the rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of the Terms and Conditions mentioned herein.
The Customer is permitted to maintain and operate only one Bank Account.
Bank does not sponsor any particular product or any business unrelated to banking and any payment for purchase of goods and services by using the Bank’s services will be confined to payment arrangement with such entities or its subsidiaries/associates/principal.
5. BANK CHARGES
The Customer shall pay the Service Charges prescribed by the Bank that may be changed, amended, increased, modified or reduced at the Bank’s discretion, from time to time with prior intimation to the Customer in an upfront manner. For schedule of Service Charges please refer company website (www.airtel.in/bank).
Friday, 7 April 2017
retail business
07:58
Govt Should Remove Transaction Charges on e-Payments: Traders
Govt Should Remove Transaction Charges on e-Payments: Traders
New Delhi: The government should remove transaction charges on e-payments for the faster adoption of digital payments in the country, the Confederation of All India Traders (CAIT) said on Thursday.
"Transaction charges are one of the major deterrents in the adoption of digital payments in the country. It is urgently required for the government to do away with the transaction charges so that neither the traders nor the consumers are burdened," CAIT National President B.C. Bhartia said in a statement.
"On the other hand, the government may levy a nominal ATM usage surcharge in order to discourage people to withdraw cash from ATMs and motivate them to pay directly by cards," Bhartia added.
The CAIT said the government should subsidise transaction charges levied on e-payments to the banks directly for faster adoption of digital payments.
The confederation also called for the implementation of the drafted proposal floated by the government in August 2015 for incentivising traders who are willing to accept digital payments.
"The incentive could be in form of either tax benefits or waiver of transaction costs which would result into encouraging traders to embrace e-payments system," the statement said.
The confederation had organised a conference on "Digital Payments-Importance & Adoption for future business India" here extending support to the government's mission of increased digital payment adoption in the wake of fast approaching Goods and Services Tax (GST) regime.
"CAIT also announced its partnership with HDFC Bank to provide banking solutions to trading fraternity and help them achieve maximised business growth and expansion by way of championing into digital business operations," the statement said.
The CAIT launched a national campaign this year in association with the Ministry of Electronics and Information Technology (MeitY) to persuade non-corporate business sector for amplified adoption of Digital Payments, it added.
Source:URL
Source:URL
Tuesday, 14 March 2017
Monday, 6 March 2017
Friday, 11 March 2016
Reserve Bank of India
07:41
Grant of EDF Waiver for Export of Goods Free of Cost
Grant of EDF Waiver for Export of Goods Free of Cost
RBI/2015-16/332
A.P. (DIR Series) Circular No.53
March 03, 2016
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Grant of EDF Waiver for Export of Goods Free of Cost
Attention of Authorised Dealers is invited to A.P. (DIR Series) Circular No. 94 dated April 26, 2003 in terms of which GR waiver to exporters for export of goods free of cost had been enabled. The facility had been extended to the Status Holders vide para 2.52.1 of Handbook of Procedures- Vol-I of Foreign Trade Policy 2004-2009, in terms of which Status Holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs 10 lakh or 2% of average annual export realization during preceding three licensing years, whichever is higher.
2. Government of India vide amendment Notification No. 9/2015-2020 dated June 4, 2015, has notified that the Status Holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs 10 lakh or 2% of average annual export realization during preceding three licensing years whichever is lower. AD Category – I banks may, therefore, consider requests from Status Holder exporters for grant of Export Declaration Form (EDF) waiver, for export of goods free of cost based on the revised norm.
3. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.
4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.
Yours faithfully,
(A. K. Pandey)
Chief General Manager
Source:Reserve Bank Of India
Saturday, 14 November 2015
wallet business
18:55
Ola money to compete with Paytm, Freecharge
Ola money to compete with Paytm, Freecharge
BENGALURU: Taxi-hailing service provider Ola has launched a dedicated mobile payments app, Ola Money, putting it in direct competition with Paytm and Freecharge, among others. Valued at $5 billion, Ola started life as a cab aggregator. But it has been diversifying aggressively into new business segments over the past year — such as grocery delivery, and online food delivery via Ola Cafe — even as it has added autos and buses to its platform.
Ola's new mobile payments business is powered by ZipCash where the SoftBank-backed company has invested about Rs 5 crore for a minority stake, sources told TOI. At present, Ola Money will allow users single-point access across multiple brands and use cases.
It can be used for mobile phone recharges across all operators as well as for sending money to friends and family. A senior official of the company said the company had opened the platform in August to third-party merchants and gained decent traction, resulting in a dedicated app by Ola.
"We are in an advanced stage of talks with leading players in segments such as travel and entertainment, where repeat usage is higher. We are live with about 50 merchants now and will continue to add more," said Rushil Goel, head of Ola Money. According to him, half of transactions on Ola's cab platform is occurring via Ola Money. Ola has about 2,50,000 cabs and 75,000 auto rickshaws on its platform in over 100 cities.
"The average amount of money being kept in our wallet is higher than that of competitors, which is a good sign," Goel claimed.
Top Comment
Backed by heavyweight investors like DST Global, SoftBank and China's largest taxi aggregator app Didi Kuaidi, among others, Ola is fighting a bitter battle with Uber in India, which is fast catching up with the local player.
The Alibaba-backed Paytm became one of the first movers in the mobile payments sector locally. Earlier this year, the SoftBank-backed Snapdeal acquired Freecharge to enter the crowded market. Higher transaction rates and relatively cheaper customer acquisition costs are some of the key reasons behind major e-commerce companies betting on this space.
Source:TOI
Thursday, 17 September 2015
yes bank
20:12
Free Charge Partners Yes Bank, Fino PayTech to Launch Wallet Solution
FreeCharge Partners Yes Bank, Fino PayTech to Launch Wallet Solution
Snapdeal-owned mobile transactions platform FreeCharge announced its foray into the wallets space in Bengaluru on Tuesday.
Free Charge has partnered with Yes Bank and payment bank licensee Fino PayTech to launch the service, which will go live in a few weeks. The company claims that its wallet is able to reduce checkout times to under 10 seconds.
"At Snapdeal we are building an ecosystem that powers billions of digital commerce transactions. With the launch of the FreeCharge Digital Wallet, we will now play an even more intrinsic role in our customers' lives," Kunal Bahl, CEO and co-founder, Snapdeal said.
Kunal Shah, CEO and co-founder, FreeCharge, said that the wallet was equipped with state of the art technology and a robust partner network, "making it a truly game-changing service that will bring value to consumers and our partners in the ecosystem."
FreeCharge said that its platform has 27 million registered users making more than 5 transactions per month per user, 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards, with combined with GMV of over $4 billion (roughly Rs. 26,543 crores). Over 90 percent of its transactions are from mobile devices, accounting for a volume of over 200 million transactions annually.
Anand Chandrasekharan, Chief Product Officer at Snapdeal compared the synergy between the two firms to eBay and PayPal, Taobao and Alipay.
While FreeCharge already has a credit-based wallet-like feature in its app called 'FreeCharge Credits', that gets credited when a transaction is unsuccessful. By partnering with a payment bank licensee, FreeCharge can integrate the wallet with savings bank accounts via IMPS and NEFT transfers and issue ATM and debit cards.
Flipkart is reportedly planning to launch a payment service on its mobile apps in the next three months, and had paid around Rs. 45.4 crores to acquire a majority stake in payments firm FX Mart, which owns a prepaid license issued by Reserve Bank of India (RBI).
Cab aggregator Ola had announced plans to integrate its mobile wallet with Oyo Rooms, Lenskart, Saavn, among other startups.
According to Tracxn, some of the top top funded players in the mobile wallets space are Paytm, which has raised $585 million (roughly Rs. 3881 crores); MobiKwik, which has raised $30.25 million (roughly Rs. 197 crores); PayMate, which has raised $14 million (roughly Rs. 91 crores); MoneyOnMobile, which has raised $10 million (roughly Rs. 65 crores), and CitrusPay, which raised $7.5 million (roughly Rs. 48 crores).S
Source :BankingUpdates.
