[ad_1]
Under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase, as per a statement.

Mumbai: The Reserve Bank of India (RBI) approved a new offline retail payments product developed by HDFC Bank and Crunchfish AB. This product will allow banks and other financial institutions to offer offline payment options to their customers. The new product is expected to boost financial inclusion and make it easier for people to make payments without needing an internet connection, as per a news report covered by PTI.
What’s Retail Payments’ of Regulatory Sandbox (RS)
Under the ‘On Tap’ application facility for the theme ‘Retail Payments’ of the Regulatory Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase, as per a statement.
The RBI, in the statement, said the product “may be considered for adoption by regulated entities, subject to compliance with applicable regulatory requirements.”.
The product ‘Offline Retail Payments‘ provides the capability for customers and merchants to transact in offline mode, it said.
“It is implemented as a trusted application that uses certified virtual secure elements as well as public Key Infrastructure,” the RBI said, providing details about the product. The solution aims to boost adoption of digital payments in areas with no or low networks by enabling transactions without the need to have a network connection.
RBI Issues Warning On Loan Waiver Ads; Here’s What You Should Know
The Reserve Bank of India (RBI) has issued a warning against deceptive loan waiver advertisements that lure borrowers with false promises of debt cancellation. Reports have emerged of unauthorized entities charging fees for issuing “debt waiver certificates” despite lacking the legal authority to do so. These entities aggressively promote their scams through print and social media platforms. The RBI urges the public to be cautious and avoid falling victim to these misleading campaigns. They advise anyone encountering such offers to report them immediately to law enforcement agencies.
“It has also come to our notice that in certain locations, campaigns are being run by a few persons, which undermines the efforts of banks in enforcing their rights over the securities charged to them. Such entities are misrepresenting that dues to financial institutions, including banks, need not be repaid.