RBI

At the extraordinary general meeting on Friday, Byju’s investors voted to remove founder and CEO Byju Raveendran. This and more in today’s ETtech Top 5.Also in this letter: ■ Razorpay CEO on 'reverse flip'■ ETtech Deals Digest■ Nvidia’s stock gain eclipses RILByju's EGM: Investors vote to oust founder from board, edtech says resolutions ‘invalid’ Byju's shareholders at the Friday extraordinary general meeting (EGM) voted on and passed resolutions for removal of the edtech firm’s founder Byju…

The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP).If approved, this would allow Paytm to continue processing payments via India's popular unified payments interface (UPI), but will need a set of newly identified banks to back the app.The NPCI should facilitate four to five banks, with an ability to process high volumes of UPI payments, to act as…

Entrepreneurs and startups should comply with the rules and laws, irrespective of their size, scale and growth momentum, minister of state for electronics and information technology Rajeev Chandrasekhar said on Monday.“I have seen entrepreneurs beginning to trespass because the momentum of entrepreneurship takes them beyond what the regulators have allowed them to do at that particular point in time…even if you are a hard-charging, successful, innovative entrepreneur, you cannot live in denial of the reality that there…

PhonePe cofounder and CEO Sameer Nigam said Monday that the Walmart-owned payments platform expects to gain a proportionate share from any potential decline in beleaguered rival Paytm’s user base. Nigam’s comments come amid intensifying competition among major players in the payments space after theReserve Bank of India’s (RBI) regulatory action against Paytm Payments Bank.“If there is a loss, I think we will get a proportionate share. But if I say we won’t get any of them, then you will call me a hypocrite, and if I say…

Merchant-led digital payments provider Mswipe Technologies on Monday said that it has been granted payment aggregator (PA) licence by the Reserve Bank of India (RBI).This comes after the company received an in-principle nod from the central bank to operate as a PA in August 2022.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD…

The Reserve Bank of India’s efforts to implement the programmability and offline functionality of the central bank digital currency (CBDC) are going to drive the next fintech wave, said National Payments Corporation of India (NPCI) managing director Dilip Asbe.He was speaking at a panel discussion with Jay Kotak, co-head of Kotak811, and MN Srinivasu, co-founder of Bill Desk, at the Mumbai Tech Week on Sunday.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive…

The United Payments Interface (UPI) would not have been possible to build if the National Payments Corporation of India (NPCI) were not based in Mumbai, MD and CEO Dilip Asbe said on Sunday at the Mumbai Tech Week.“I don't think it would have been possible to build it (UPI) if it was not in Mumbai because RBI is based out of here and any such infrastructure requires a marathon effort,” Asbe said during a panel discussion with Jay Kotak, co-head of Kotak811 and MN Srinivasu, cofounder and director of Bill Desk.Elevate Your…

Image Source : PAYTM Paytm transfers Nodal account to Axis Bank Paytm, a financial services company announced to shift of its nodal account to Axis Bank, which was previously used with the Paytm Payments Bank Ltd (PPBL), in a bid to maintain seamless merchant settlements as before. In a regulatory filing with the stock exchanges, the company said that the new…

India's banking regulator doesn't intend to impose drastic measures on the country's fintech sector, a senior official said, weeks after it stunned investors by abruptly suspending much of the operations of Paytm Payments Bank, founded by high-flying billionaire Vijay Shekhar Sharma.There are “no harsher measures coming on fintech,” P. Vasudevan, an executive director in charge of enforcement at the Reserve Bank of India, said on Friday. The central bank would be happy to see self-regulation for the sector, but expected…

The Reserve Bank of India (RBI) Friday extended the deadline on ordinary banking services for the customers of Paytm Payments Bank (PPBL) to March 15, but it didn’t ease any of the earlier announced curbs that were set to be deployed on March 1 on the entity part-owned by One97 Communications.The banking regulator, which had said during its monetary policy review meeting on February 8 that it would soon come out with clarifications on the curbs originally announced on January 31, said Friday that customers using PPBL…