Banking in India

The number of professionals who are connected to the IRIS service in order to accept direct payments from their clients has increased to 550,000, but only 84,700, or 15.4% of them, have made at least one transaction.

National Bank and Alpha Bank are reducing commissions in selected categories of transactions.

The reductions also include the charges for direct remittances - i.e. those executed in real time - for which both National and Alpha announced the commission reduction up to a certain amount.

Use of the IRIS direct payment system soared during 2024, according to the Economy and Finance Ministry, with one in every two citizens with an activated web banking account - more than 3 million users - having linked their accounts to the system.

The deadline for linking the professional accounts of freelance professionals and entrepreneurs with the IRIS instant payments system has been extended until August 31.

The deadline for linking the professional accounts of freelance professionals and entrepreneurs with the IRIS instant payments system has been extended until August 31.

Breaking through the inaccessible of the bank deposit boxes

Over 90% of bank payments were made via internet and mobile banking in 2022, highlighting the dominance of electronic networks in daily transactions, which have almost completely replaced cash transactions at the counter, but also a significant part of transactions at ATMs.

Interbank transactions traded through the DIAS SA network marked a record high, in 2021, reaching 330 million, with an annual increase of 13%.

This is an increase that is directly linked to the much-needed shift of consumers to digital banking tools due to the pandemic.

The Department of Posts (DoP) and India Post Payments Bank (IPPB) have virtually unveiled a new digital payment app 'DakPay', an official statement said here on Tuesday.