Reserve Bank of India

The Reserve Bank of India has permitted authorised banks and non-banks to issue prepaid payment wallets for usage in public transport systems.In a notification issued today, the central bank amended its norms on issuance of prepaid wallets to allow special wallets to be issued for tickets in public transport systems.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Advanced Data…

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…

An investigation into possible foreign exchange violations at Patym Payments bank by India's financial crime fighting agency has not yet found any breaches, a government source directly aware of the matter said on Monday.Last week, India's Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a unit of One 97 Communications, popularly known as Paytm.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in…

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…

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…

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…

Hi, this is Pratik Bhakta in Bengaluru. The stringent action by the Reserve Bank of India (RBI) against Paytm Payments Bank could have a positive fallout. It can actually push One 97 Communications, which runs Paytm, to focus on what it does best — build distribution.It can also focus on technology and product development like it did with Soundbox — a desi way of reducing fraud and confirming merchant payments.With Paytm Payments Bank staring at an uncertain future, it all comes down to the Paytm app for founder Vijay…

India's state-run social security fund will halt claims made via Paytm Payments Bank accounts from Feb. 23, as the country's central bank imposed restrictions on the payments bank due to persistent irregularities, a government order said.The Employees' Provident Fund Organisation (EPFO) has asked its officers to refrain from accepting claims linked with accounts in Paytm Payments Bank, an associate of One 97 Communications, according to the order, which was reviewed by Reuters.The order was issued…

Image Source : FILE Representational Image Last week, the Reserve Bank of India (RBI) directed Paytm Payments Bank to stop accepting new deposits or top-ups in any customer accounts, wallets, or FASTags after February 29. The reason given was non-compliance with regulations. Since then, Paytm has been working to reassure its users. CEO Vijay Shekhar Sharma has…

BharatPe received a fresh notice from the Ministry of Corporate Affairs, seeking details from the digital payments company about its working and the proceedings it had initiated against cofounder Ashneer Grover, people in the know told ET.The ministry also asked questions over the findings in a status report filed by the Delhi Police’s Economic Offences Wing, which had investigated allegations of financial irregularities at the company, they said.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…