Mangaluru: Al-Ikhlas' MD arrested on charge of cheating Umrah aspirants

Bengaluru, Jan 16: Amping up the online payment experience for consumers, Razorpay, the leading full-stack financial services company, today launched a new product, Instant Refunds for businesses.

This new feature activates refunds and credits the customer's source account across payment methods such as credit card, net banking, and UPI within a minute of initiation.

India is one of the fastest-growing online retail markets today. About 71 per cent of internet users in the country purchase products online. Today, the refund process has two major pain points for both the end customer and the business.

First, a delay of five-seven business days for the customer in receiving the money because of multiple intermediaries like the acquiring bank, issuing bank and the networks (VISA/MasterCard/Rupay).

Second, the lack of transparency during the entire refund process for both the customer and the business. This long cycle of processing refunds is a significant problem with every popular payment method in the industry.

By issuing refunds instantly, Razorpay will help businesses retain their customers, build trust through an improved hassle-free payment experience and provide complete transparency on refunds to both the business and the end-user.

This new feature will also reduce the dependence on manpower as every refund issue on an average leads to ten service emails or calls from customer support teams.

"Instant Refunds are the new normal and central to great customer experience. A lot of consumers fail to use online payment methods as they feel getting refunds through an online platform is a very time-consuming task; hence they prefer CoD as the best alternative. Given the technological advancements being made in the fin-tech ecosystem, its fair for customers to expect refunds as fast as possible. A solution like Instant Refunds will not only help build consumer confidence in digital payments but also reduce losses for e-commerce companies where CoD has become an expensive option with more than 50 per cent online transactions made through cash", said Shashank Kumar, CTO & Co-founder of Razorpay.

"Our Instant Refunds feature ensures that the refund is processed at a 3600x faster pace than the normal expected time of five-seven business days. The team is focused on creating new technologies designed to make the entire payment lifecycle hassle-free. We believe this new feature will make customers experience a notch higher, help brands create a competitive advantage, and even make them more profitable", he added.

Razorpay's growth has been uphill, particularly in the last two years. With a 500 per cent growth in 2019, the company has been witnessing a healthy growth rate of 35 per cent month-on-month.

The company also recently launched its corporate credit cards for its partner businesses, RazorpayX current accounts, support for freelancers and homepreneurs, and acquired Opfin, a payroll and HR management software company.

Currently powering payments for over 800,000 businesses including the likes of Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony, and Oyo, the team plans to increase this count to 1,400,000 by this year. The full-stack financial solutions company expects a 4x growth in its revenue by the end of the next fiscal year.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

Bengaluru, Apr 28: Former Chief Minister Siddaramaiah on Tuesday demanded that the Karnataka government announce a "special package" for unorganised sector workers, street vendors and autorickshaw drivers, among others, all daily wagers whose lives are affected by the COVID-19 lockdown. "..a special package needs to be announced to this section of people, this is the demand," Siddaramaiah, who is also Leader of the Opposition in the state assembly, told reporters here.

Alleging that the government has failed to control the spread of coronavirus, he said it is the government's responsibility to take care of the basic needs of those from the unorganised sector, whose lives have been impacted by the lockdown. "It is the duty of the government and they should do it immediately. The package should also be announced. I will hold discussions with leaders of other opposition parties like JD(S), CPI, CPI(M) and BSP in this regard and also on trouble faced by farmers," he added. Alleging discrimination in supply of food packets and ration kits, Siddaramaiah said it was being supplied properly only in constituencies represented by BJP legislators.

"Politics is being played out in supply of food materials to the needy, keeping corporation elections in mind.... We don't want to do politics at this point in time as there is lockdown. If things continue to be the same after the lockdown ends, we will protest on the streets," he said.

Siddaramaiah on Tuesday interacted with representatives of auto rickshaw and cab drivers, street vendors, barbers, unorganised workers organisations, among others, to understand the difficulties faced by them during the lockdown and to know whether help from the government has reached them. He said most of them don't have work and it has become difficult for them to lead their normal lives.

They raised several issues like auto and cab drivers being unable to pay road tax and EMI, he said, adding that he would write a detailed letter to the Chief Minister in this regard The former Chief Minister pointed out that there is about 21 lakh registered organised workers, 1.32 crore lakh unorganised workers and also agriculture labourers in the state.

"Among organised workers only 12.5 of the 21 lakh are said to be getting Rs 2000, that too from the Employees Welfare Fund, while others could not get any money, citing reasons like they have not renewed it," he said.

On the other hand, unorganised sector workers don't get money and were also not getting proper food or ration kits, he alleged Though the labour department claimed that it was supplying one lakh food packets and 1.5 lakh ration kits, as also corporations, there were leakages and it was not reaching the beneficiaries properly, he said.

Bengaluru, June 23: A senior IAS officer allegedly, who had faced arrest in connection with I Monetary Advice (IMA) scam, today allegedly committed suicide by hanging himself at his residence in the city. 

The deceased is BM Vijay Shankar. He had been arrested by special investigation team (SIT) in the I Monetary Advice (IMA) case when he was deputy commissioner (DC) Urban Bengaluru. 

He had spent few days in the jail over his alleged involvement in the IMA scam and was released on bail. The IMA case is currently being probed by Central Bureau of Investigation.

Shankar was staying in Jayanagar near Ashoka Pillar along with his family members.

Shankar was accused of taking Rs 1.5 crore to approve a report on financial irregularities, and was accused of giving a clean chit to the main accused of IMA scam, Mohammed Mansoor Khan.

The incident came to light around 8 pm. It is alleged that Shankar ended his life around 7.00 pm, when he was alone in the house. Shankar was said to be under severe depression after his name surfaced in the scam, and his subsequent arrest.

However, the exact reason for his extreme step is yet to be identified. Tilak Nagar police have taken up the case of mysterious death under CrPc and are probing further. As of now the police officials have not found any death note. A senior officer said: "once we finish the procedures of investigating the spot his body will be shifted to Victoria hospital for post mortem. The report will find out exact cause of his death".

Police commissioner Bhaskar Rao said: "We have taken up the case of unnatural death with regard to Vijay Shankar's death. Further probe will reveal more details about it".