Reserve Bank of India

PB Fintech, the promoter of Policy Bazaar, on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary to carry on the business of payment aggregator. The subsidiary called 'PB Pay Private Limited' would carry on the business of payment aggregator' domestic and/or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both, the company said in a regulatory filing. Elevate Your Tech…

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…

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…

Some Indian payment firms and aggregators appear to be stragglers in comparison with banks on meeting know-your-customer (KYC) norms. Compliance faultlines remain even as the broader fintech industry is in the spotlight after the central bank ban on Paytm Payments Bank.Large payment companies are approaching KYC more as a security checklist — perhaps for cost considerations — than a monitorable mandate by the Reserve Bank of India (RBI), multiple industry insiders told ET. “RBI does not distinguish between banks and…

Amazon Pay has received a payment aggregator licence from the Reserve Bank of India (RBI). This and more in today’s ETtech Top 5.Also in this letter:■ Adani-Uber EV fleet partnership ■ ETtech Done Deals■ Carmakers tap influencersAmazon Pay secures payment aggregator licence from RBI Amazon Pay, the digital payments arm of ecommerce major Amazon India, has received a payment aggregator (PA) licence from the Reserve Bank of India (RBI).It now joins the likes of Zomato, Google Pay, Zoho and others to become…

Finance Minister Nirmala Sitharaman has asked regulators to hold monthly meetings with startups and fintech firms to address their issues and concerns while emphasising strict regulatory compliance.Sitharaman met startup and fintech stakeholders on Monday along with senior government officials.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech,…

Paytm Payments Bank has told the Enforcement Directorate (ED) that it does not possess the licence required for outward foreign remittances and hence the question of it violating Fema does not arise, people in the know told ET. The federal agency last week wrote to the Reserve Bank of India (RBI) to verify this claim, they said.The 'AD-II' licence issued by the RBI is mandatory for companies to make foreign remittances.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIT DelhiIITD…

The Reserve Bank of India is pushing for the wider adoption of an open-source credit disbursal platform similar to the Unified Payments Interface for digital payments, to make it easier for farmers and owners of small businesses to access credit.While disbursal of consumer loans through a digital interface has become common, farmers and people who run small businesses still need to queue up at their local bank branches and the land records department for days to access agriculture loans and take Kisan credit cards.Elevate…

Elevation Capital, the largest institutional shareholder in One 97 Communications-- owner of digital payments brand Paytm-- is staring at a massive erosion in the worth of its holding, amid a free-fall in the shares of the beleaguered company following the regulatory ban on its payment bank operations that comes into effect on March 15.The Ravi Adusumalli-led fund’s 15% stake in One 97, which was valued at about Rs 6,100 crore when the post-IPO lock-in expired in November 2022, had shrunk by nearly 40% to Rs 3,800 crore…