Banking Daily News: 18th AUG 2023

I-PAY: IRCTC's New Payment Aggregator

IRCTC, India's railway catering and tourism giant, is striving for a Payment Aggregator license from RBI. This endeavor will streamline online business payments by circumventing individual payment integrations. To accommodate this move, IRCTC's payment gateway, I-PAY, will transition to a dedicated subsidiary. Despite an initial hiccup with the RBI, the company has made headway. With a promising 36% YoY transactional surge, I-PAY is poised for success. IRCTC’s public sector pedigree is expected to bolster its trustworthiness in this new avenue.

Key Facts:

• IRCTC seeks Payment Aggregator license from RBI.
• I-PAY to become a separate subsidiary.
• Initial application setbacks with RBI, now progressing.
• I-PAY reports a 36% YoY boost in transactions.
• IRCTC's public sector reputation could enhance trust in its payment services.

UDGAM: RBI's Unclaimed Deposit Tracker

RBI introduces UDGAM, a centralized web portal, to assist individuals in locating their unclaimed deposits across banks. This move is in response to the increasing amounts of unclaimed deposits. Users can search for and claim their unclaimed funds or reactivate deposit accounts. The portal's development is a collaborative effort between RBI's ReBIT, IFTAS, and several banks. As of now, data from seven banks are available, but more will be integrated by October 15, 2023.

Key Points:

• RBI unveils UDGAM for tracking unclaimed deposits.
• Portal addresses rising trend of unclaimed funds.
• Collaboration between ReBIT, IFTAS, and banks for portal development.
• Currently features details from seven banks.
• More banks to be included by October 15, 2023.

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