RBI

The Reserve Bank of India has issued a list of frequently asked questions (FAQs) to allay customers' fears after it restricted operations of Paytm Payments Bank (PPBL) citing compliance issues.The regulator also extended the deadline for customers to make deposits and credit transactions in the bank till March 15. In a detailed document, the RBI elaborated on what this move means for customers using Paytm Payments Bank for receiving salaries, paying EMIs and more.Elevate Your Tech Prowess with High-Value Skill…

The Reserve Bank of India granted a two-week deadline extension to the customers of Paytm Payments Bank (PPBL) but it has not eased any of the basic banking curbs on the payments bank. This and more in today's ETtech Top 5. Also in this letter:■ ETtech Deals Digest■ Nasscom chief on AI regulation■ Wearable devices market grows 34% in 2023 RBI extends deadline for Paytm Payments Bank to stop transactions The RBI on Friday gave a 15-day extension till March 15, 2024, to Paytm Payments Bank Ltd (PPBL) to stop…

India’s central bank has extended the deadline for some business restrictions on Paytm’s Payments Bank to March 15 in “larger public interest,” dashing hopes of any major concessions but allowing extra time to comply. The Reserve Bank of India (RBI) said on Friday that Paytm Payments Bank will be barred from accepting deposits and facilitating credit transactions from March 15. The order initially had set a deadline of February 29. The extension follows curbs last month that wiped 55% from…

In one of the latest regulatory actions on the fintech sector, the Reserve Bank of India has put usage of cards for B2B payments on hold until further notice. ET wrote on February 14, that card schemes like Visa and Mastercard along with banks have been asked to halt vendor, supplier and other such payments made via commercial credit cards. These transactions are facilitated by fintech startups like EnKash, Paymate and others who have stopped it as well. Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Digital payments major Paytm, which is run by One 97 Communications, has seen a stagnation in Unified Payments Interface payments originating from its payments bank over the last six months.Data shared by the National Payments Corporation of India shows that from August 2023, payments originating from Paytm’s own UPI address started falling.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitMITMIT Technology Leadership and…

Image Source : FILE Representational Image India is considering replacing mobile one-time-passwords (OTPs) with new technology to combat digital scams. OTPs are used for verifying digital payments but have been exploited by scammers. The Reserve Bank of India (RBI) aims to enhance security by adopting authentication apps or biometric sensors on smartphones, which would…

Indian non-bank lenders are looking at options other than Paytm for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said.Paytm's banking unit on January 31 was hit by a central bank order to wind down its business due to persistent non-compliance with rules and a day later Paytm said it would not be originating loans for "maybe a couple of weeks" to resolve operational challenges.If Paytm's lending…

Brokerage firm Macquarie has downgraded Paytm to ‘underperform’ and sharply cut its target price to Rs 275 from Rs 650 citing a serious risk of customer exodus which “significantly jeopardises its monetisation and business model”.The downgrade comes in the wake of the recent regulatory action on Paytm Payments Bank by the Reserve Bank of India. In a January 31 order, the RBI barred Paytm Payments Bank from offering banking services after February.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

RBI governor Shaktikanta Das has said there's "hardly any room" for any review of the regulatory action against Paytm Payments Bank. This and more in today’s ETtech Top 5.Also in this letter:■ Zomato hits fresh 52-week high■ A new frontier for Indian consumer electronics■ Navi Finserv to raise Rs 600 croreHardly room to review action against Paytm Payments Bank: RBI Guv Reserve Bank of India governor Shaktikanta Das on Monday said there is “hardly any room for review” of the central bank’s decision against…

Image Source : PAYTM Can you use Paytm wallet after February 29? Paytm has been facing RBI restrictions in the country which has been impacting the services of the mobile wallet. The Reserve Bank of India (RBI) has reportedly imposed restrictions on Paytm Payments Bank due to "persistent non-compliance" with the regulatory guidelines. The measures, effective from…