Reserve Bank of India

The global economic crisis, which hit the companies' initial public offering (IPO) plans in India in 2022, continues to haunt the founders and CEOs and the first two months of the new year went completely dry as no public offering was launched amid recession fears.Although some IPOs appear to be in the offing this month, the mood among the companies, investors and the public is yet to be lifted after a dismal December.Forty Indian corporates raised Rs 59,412 crore through IPOs in calendar year (CY) 2022, half of the Rs…

The Reserve Bank of India (RBI) has imposed a penalty of Rs 3.06 crore on Amazon Pay (India) Pvt Ltd for non-compliance with certain provisions of the Prepaid Payment Instruments (PPIs) guidelines.RBI said in a statement on Friday that “it was observed that the entity was non-compliant with the directions issued by RBI on Know-Your-Customer (KYC) requirements.” Amazon Pay is the payments arm of ecommerce giant Amazon India and provides services such as mobile recharges, and bill payments. It also distributes insurance and…

Razorpay’s India entity’s net profit increased 19% to Rs 7.37 crore in the fiscal year ended March 31, 2022 (FY22), company filings sourced from business intelligence platform Tofler showed. Its net profit in FY21 was Rs 6.18 crore.Razorpay Software Pvt Ltd’s standalone revenue grew to Rs 1,485.6 crore in FY22, from Rs 844.6 crore in the previous fiscal year.Revenue through payment gateway and software maintenance services remained the key income generators.Revenue from operations for FY22 stood at Rs 1,481.1 crore.Both…

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India, which is currently holding the G20 Presidency, has tasked the International Monetary Fund and the Financial Stability Board (FSB) with jointly preparing a technical paper on crypto assets. The paper could be used to formulate a coordinated and comprehensive policy to regulate crypto assets. The G20 will draw up a universally acceptable international framework to regulate crypto assets and said that only a central bank backed monetary unit would qualify as a currency.“To complement the ongoing dialogue on the need…

A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks.India has said it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry said it had held a seminar for G20 member states to discuss how to come up with a common framework.Speaking to Reuters on the sidelines of the G20 meeting in…

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IPO-bound fintech platform BharatPe announced three key appointments, along with hiring Ambuj Bhalla as its Chief Information Security Officer (CISO), as it fights a legal battle with former Co-founder Ashneer Grover in the Delhi High Court.BharatPe also announced the appointment of Rahul Bhatia as Head of Internal Audit and Ravinder Oberoi as Head of Compliance."As we focus on getting IPO ready, it becomes essential for us to ensure that data privacy, cyber security, corporate governance and compliance are given the…

IPO-bound fintech platform BharatPe on Tuesday announced three key appointments, along with hiring Ambuj Bhalla as its chief information security officer (CISO), as it fights a legal battle with former cofounder Ashneer Grover in the Delhi High Court.BharatPe also announced the appointment of Rahul Bhatia as Head of Internal Audit and Ravinder Oberoi as Head of Compliance."As we focus on getting IPO ready, it becomes essential for us to ensure that data privacy, cyber security, corporate governance and compliance are…

India's financial system's resilience has been a key factor in supporting its superior macro outlook at a time when storm clouds gather over the global economy.In its annual report on trends and progress in banking, the Reserve Bank of India (RBI) noted that it is the resilience of the banking system that has enabled it to achieve healthy balance sheet growth on a broad-based acceleration in credit.Indian banks are future proofing their businesses by embracing digital technologies, such as Cloud, to improve their products…