ICICI Bank announced the launch of the country’s first ‘contact-less’ debit and credit cards, enabling its customers to make electronic payments by just waving the card near the merchant terminal in lieu of dipping or swiping it. These cards are based on the near field communication (NFC) technology which provides customers the improved convenience of speed, as these cards require significantly less time compared with traditional cards to complete a transaction. They also provide enhanced security as they remain in control of the customer.
Reliance Capital Asset Management Company has received government approval for the first-ever equity-oriented pension scheme giving tax benefits to investors. The government has notified Reliance Retirement Fund as a ‘Pension Fund’ under a relevant Section of the Income-Tax Act offering tax deductions to individuals for investments up to Rs1.5 lakh in a financial year. This is the first pension fund that offers an equity-oriented option, thereby enabling investors to earn competitive returns that can help beat inflation.