The company -- backed by VCs like Info Edge Ventures, Leo Capital, and Saison Capital -- said that over 100 corporate partners have partnered with OneBanc to improve compliance standards, increase employee engagement, and increase productivity.

"Many categories have been digitised which has resulted in increased spends from existing customers using their credit cards," said Rama Mohan Rao Amara, MD & CEO, SBI Card.

Unless banks and other payment system operators raise the capacity, best customer experience may not be realised, he said.The RBI has been giving a big push to digitisation and is on a mission to take the Indian model globally. It has already facilitated payments through the UPI interface with Singapore.

According to an analysis by credit data company Crif Highmark, the debt portfolio is led by property loans which rose 26 per cent on-year to Rs 7,88,827 crore or 29 per cent of the outstanding, and gold loans soared by 64 per cent to Rs 7,06,047 crore, or 42 per cent of the total, indicating the rising level of financial stress households are facing.

Since the launch of the UPI-Paynear collaboration 10 days ago, 120 inbound transactions from and 22 outbound transactions to Singapore have been processed, while in-bound UPI transactions have seen 30 users from 10 countries being on-boarded with 77 merchant payments made, Das told reporters here announcing the RBI's Digital Payments Awareness Week.

Both offers are with effect from March 5, 2023, and are valid for a limited period till March 31, 2023, BoB said in a statement.

As part of the changes, the company will launch a new brand and name in May this year. It also plans to merge its seven subsidiaries into the housing finance company to ensure a single-minded focus on mortgages for which it will seek court approvals in the first half of next fiscal.

The Reserve Bank of India on Friday imposed a Rs 5,000 cap on withdrawals by individual customers from Tamil Nadu-based Musiri Urban Co-operative Bank as part of several restrictions slapped on the lender due to its deteriorating financial condition.