Banking Daily News: 5th AUG 2023

India's Card Payments Boom: $728B by 2027

India's card payments market is projected to surpass $728 billion by 2027, as reported by GlobalData forecasts. This substantial growth reflects a notable increase in card-based transactions, signaling a growing dependence on electronic payment methods across the country.

Key Facts:

• India's card payments market set to exceed $728 billion by 2027 (GlobalData).
• Indicates a significant rise in card-based transactions in the country.
• Highlights the increasing reliance on electronic payment methods.

Vivad se Vishwas II: Government's Contractual Dispute Solution

The Indian government has launched "Vivad se Vishwas II - (Contractual Disputes)" to resolve pending contractual disputes involving government and its undertakings. The scheme provides standardized terms and graded settlement options based on dispute pendency levels. Eligible cases with arbitral awards until January 31, 2023, and court awards until April 30, 2023, can participate, with the deadline for claim submissions set on October 31, 2023.

Key Points:

• "Vivad se Vishwas II - (Contractual Disputes)" introduced by Indian government.
• Aims to settle pending contractual disputes involving government and its undertakings.
• Offers standardized terms and graded settlement options based on dispute pendency.
• Eligible cases with arbitral awards until January 31, 2023, and court awards until April 30, 2023, can participate.
• Last date for claim submissions is October 31, 2023.

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