Mangaluru: Cops nab 6 near beach, thwart murder and robbery plots

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, Jan 8: Accusing the BJP of running a "fake news factory" at full potential, former chief minister Siddaramaiah on Tuesday said according to reports only Rs 669 crore of additional flood relief funds are being released by the Centre for the state as opposed to the ruling party's claim of Rs 1,869.85 crore.

Reacting to his attack, the State BJP unit, without clarifying on the actuals of the amount being released, said it believed in speaking the truth and not spreading lies.

Siddaramaiah, leader of the opposition in the state assembly, tweeted: "Reports from State govt officials tells that only Rs 669 crore of addl funds (sic) are released in 2nd instalment as opposed to the claim of Rs 1870 Cr by @BJP4Karnataka leaders. At a time when manufacturing industries are closing, BJP's fake news factory is running at full potential!!"

Calling BJP leaders "devotees of the God of lies," he said in another tweet that Prime Minister Narendra Modi released an additional Rs 669.85 crore moved by Chief Minister B S Yeddyurappa's plea, taking the total amount to Rs 1,869.85 crore. He said it was funny that they were attempting to depict the total relief amount as 1200+1869.85 equalling to Rs 3,069.85 crore.

Siddaramiahs tweet was in response to Karnataka BJPs tweet last night claiming that the High-Level Committee (HLC) Chaired by Union Home Minister Amit Shah has approved the release of Rs 1869.85 crore as central assistance to the state towards flood relief. This was in addition to Rs 1200 crore already released by the Centre in October 2019, the BJP unit had said.

On Monday, the HLC had approved additional central assistance to seven states affected by floods last year, from National Disaster Response Fund (NDRF), including Karnataka.

While a PIB release states that Rs 1869.85 crore was approved for Karnataka, according to sources in the state government the figure was inclusive of Rs 1,200 crore released in October. Earlier in the day, Chief Minister B S Yediyurappa while expressing confidence that more funds will be released in later stages, maintained that Rs 1869 crore has been released in addition to Rs 1,200 crore earlier, and thanked Prime Minister Narendra Modi.

"...funds will never be enough, they (central government) will release in stages, they have released such big amount- earlier Rs 1200 crore, now again Rs 1869 crore- I thank Prime Minister Narendra Modi for it," he told reporters here.

Revenue Minister R Ashoka said the state government will press for more funds in the days to come, and the state government will fulfil promises made to those hit by floods.

Karnataka faced two spells of unprecedented rains and floods last year, resulting in widespread damage to life and property, following which the state government had submitted a report to the centre claiming loss was to the tune of about Rs 38,000 crore.

Reacting to Siddaramaiah's attack of "fake news factory" against it, the state BJP tweeted "Ayyo @siddaramaiah Avare, We surrender to You as we are incapable of running Fake News Factory like You or @INCIndia.

We believe in speaking the Truth like Gandhiji, not spreading lies like Goebbels. Kannadigas still remember the "Lies Bhagya (a scheme)" you gave them as CM from 2013-18."

Bengaluru: The Secondary School Leaving Certificate (SSLC) examinations in Karnataka concluded on Friday with an overall average of about 98 per cent attendance amid the coronavirus scare. Chief Minister B S Yediyurappa congratulated the lakhs of students who appeared for the crucial exercise braving the coronavirus pandemic situation.

An average of about 98 per cent of 8.5 lakh odd enrolled students took the exams which began on June 25, after the government stuck to its decision to go ahead with them despite rising coronavirus cases but laid down a string of safety measures, including face masks and maintaining distancing by seating only one student a bench.

Examinations for all main subjects had been completed and alternative subjects such as music would take place on Saturday, Education department officials said.

"I heartily congratulate students who faced the examination even during the coronavirus pandemic," Mr Yediyurappa tweeted.

Expressing happiness over the successful completion of the examination, he greeted state Primary and Secondary Education Minister S Suresh Kumar, officers and employees of education department, health department, police and transport personnel.

"The exam is a proof that anything can be made possible if all the government departments work in tandem," Mr Kumar tweeted.

Later addressing a press conference, he said on Friday 98.10 per cent attendance was recorded compared to 98.76 for the same paper last year.

"Credit goes to children. First day, parents were scared and students were sceptical and there was a big challenge before us. But the children appearing for the exam instilled confidence. They came with masks, sanitisers and were careful about maintaining social distancing. Our children have set an example for others to follow," Mr Kumar said.

Lauding the students, parents and the government staff who made the exam possible ignoring the virus scare, Medical Education Minister Dr K Sudhakar said Karnataka has set an example by successfully conducting the examination.

The Karnataka Secondary Education Examination Board, which conducted the examination, faced various challenges. While protecting students from coronavirus infection was the top priority, transportation, security and convincing the parents to allow their children to take up the exam were the other factors it encountered.

According to sources in the department, the education officers had directed authorities of all the schools to call the parents and students to make sure that they appear for the examinations.

The Central Board of Secondary Education (CBSE) and boards of various neighbouring states either gave general promotion or decided to give marks to the students based on their performance in the earlier tests conducted by the schools.

The exams were conducted at a time when there was a sudden spurt in coronavirus cases in Karnataka, especially Bengaluru. Expressing apprehension, former chief minister and JD(S) leader H D Kumaraswamy had appealed to the government to postpone the examination but the government went ahead with its decision.