RBI

Peer-to-peer lending companies such as Liquiloans, Lendbox, and Faircent are putting the brakes on their instant withdrawal products. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ SC stay on fact-checking unit hailed■ Flipkart’s new payout policy■ Laptop import management to be reviewedP2P lending platforms to stop ‘liquid funds’ as RBI peers into business Peer-to-peer lending startups are bringing one of their most attractive products to a halt from March 31 — a fallout of the increased…

In a concerted attempt at self-regulation, a grouping of the country’s peer-to-peer (P2P) lending platforms has asked its members — including Liquiloans, Lendbox and Faircent — to stop offering instant withdrawal products to customers after March 31, people aware of the move said.Following the industry-level decision, Matrix Partners-backed Liquiloans has written to its business partners informing them it would pause the liquid scheme option for all new lenders.Elevate Your Tech Prowess with High-Value Skill…

Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations.The license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), after Paytm Payments Bank ceases operations by March 15, following regulatory action due to non-compliance with certain…

BharatPe ex-managing director Ashneer Grover has written a letter to the Reserve Bank of India accusing BharatPe board chairman Rajnish Kumar of allocating equity shares in the company to himself worth hundreds of crores since joining the company’s board.He has also alleged that Kumar hiked his salary for his services to Rs 1.5 crore per year, three times compared to his initial fees at the time of joining the board in October 2021.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian…

The Reserve Bank of India’s strict scrutiny of cobranded credit cards – a sector that has seen strong growth recently – in recent times is aimed at preventing backdoor entry into the highly regulated credit card industry, people aware of the situation told ET.The central bank wants to strengthen regulations on cobranded credit cards, they said.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMITMIT…

Ashneer Grover, cofounder and former managing director of BharatPe, has written to the Reserve Bank of India (RBI), asking the banking regulator to initiate an investigation into the shareholding of the Peak XV-backed company. BharatPe is a joint-venture partner in Unity Small Finance Bank with the Centrum group.Grover said in a letter dated March 6, addressed to RBI governor Shaktikanta Das, that BharatPe has deliberately “defrauded” the regulator by bringing back Bhavik Koladiya, who was convicted of a wire fraud in the…

The Reserve Bank of India’s latest diktat to banks and card schemes like Visa and Mastercard to refrain from entering into exclusive arrangements could disrupt long-term symbiotic relationships between these two sectors.The directive is also set to disrupt the way banks undertake their credit card businesses and the commercials of those deals, according to senior bankers in the know.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in…

The central bank’s latest diktat barring exclusive deals between banks and card companies could disrupt their mutually beneficial partnerships. More on this in today’s ETtech Morning Dispatch.Also in the letter:■ Celebrities warned not to promote gambling■ Govt’s AI missive not legally sound■ ETtech Done Deals RBI diktat to banks, credit card companies set to upend long-term integrations The Reserve Bank of India has continued with its actions on digital payments and the larger tech-enabled finserv sector with the…

Sankalp Phartiyal / Bloomberg: NPCI data: UPI transactions processed by Paytm fell 14% to $19.9B from January 2024 after RBI curbs, while PhonePe rose nearly 7% and Google GPay rose almost 6% — - Paytm loses usage even before any disruption to its systems — Services of Walmart, Google capitalize on Paytm's troubles Sankalp Phartiyal / Bloomberg: NPCI data: UPI transactions processed by Paytm fell 14% to $19.9B from January 2024 after RBI curbs, while PhonePe rose nearly 7% and Google…

The central bank's regulatory action against Paytm Payments Bank on January 31 impacted One 97 Communication-run Paytm’s UPI payments business in February which registered a 7.6% fall in transactions over the previous month.According to data shared by National Payments Corporation of India (NPCI), Paytm reported around 1.3 billion transactions on UPI, a 7.6% drop from 1.4 billion in January. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For…