Reserve Bank of India

The Reserve Bank of India (RBI) is proposing expanding the reach of the popular Unified Payments Interface (UPI) digital payments system by allowing credit to be offered via pre-approved bank lines."This initiative will further encourage innovation," RBI governor Shaktikanta Das said on Thursday during the announcement of the central bank's monetary policy decision.UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. Its popularity…

Indian financial technology company Paytm Payments Services has received an extension from the country's banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday.Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday.Paytm Payments Services is a wholly owned subsidiary of One 97…

Indian financial technology company Paytm Payments Services Ltd has received an extension from the country's banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said. Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday. Paytm Payments Services Ltd is a wholly owned subsidiary of One 97…

Indian financial technology company Paytm Payments Services Ltd has received an extension from the country's banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday.Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday.Paytm Payments Services Ltd is a wholly owned subsidiary of One…

The growing popularity of digital payments in India is proving to be a blessing not only for the common man but also the cyber-conmen, as per the latest figures revealed by RBI under RTI.The RTI reply was given to Pune businessman Prafful P. Sarda, who had sought official details of all types of online-digital-cards frauds that Indian banks have suffered with invisible conmen duping lakhs of gullible customers since 2014."The RBI's reply was revealing and unnerving...Just as the digital economy is soaring, the fraudsters…

It took just a few days for Silicon Valley Bank from being one of the most sought-after financial institutions among startup founders and the tech community to bring shut down by US regulators.The crisis impacted Indian startups like cross-border SaaS firms and Y Combinator’s portfolio firms.Here are the top stories from the week to understand how the fallout of the bank affected the domestic startup ecosystem. Startups on the lookout for ways to move funds from SVBStartups with funds in SVB are finalising ways to…

SaveIN, which offers embedded finance for several healthcare treatments across a network of healthcare providers will focus on partnerships to expand its reach in the domain and is eyeing five times growth over the next year. Time for the consumerisation of healthcare has arrived, CEO Jitin Bhasin said adding SaveIN wants to "democratise how people access private healthcare." SaveIN, he said, is witnessing "hyperbolic growth", and wants to be on-demand, hyperlocal, discovered healthcare network that can be relied on. "We…

IPPB was incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100 per cent government of India equity under the Department of Posts.India Post Payments Bank (IPPB) wants to convert itself to a universal bank as the vast network of post office branches would help in achieving financial inclusion, its MD and CEO J Venkatramu said on Tuesday. He said when the IPPB started operations in 2018, 80 per cent of the transactions would happen in cash. However, with technology adoption,…

India's money laundering laws will apply to trade in cryptocurrencies, the federal government said in a notification dated March 7.The exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets and the transfer of digital assets will be covered under money laundering laws, the notification said.The safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will…

Tiger Global-backed fintech firm Slice has picked up a 5% stake in North East Small Finance Bank, multiple sources aware of the matter said, in what is possibly the first time a new-age fintech venture is investing in a bank.The investment amount currently is less than Rs 30 crore, the sources said.The move is an indication of the growing thrust by fintech firms to partner with licensed banks in India. Sources said Slice may also explore further investments in the bank but those discussions have yet to be finalised. An…