Sector: Fintech
Axis Bank open to partnering with Paytm for new business: CEO Amitabh Chaudhry
Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action against Paytm Payments Bank in Jan. Axis Bank MD & CEO Amitabh Chaudhry told reporters that any … Read more
Paytm taps ex-Sebi boss, others for advice
Paytm’s parent One 97 Communications Ltd on Friday said it has formed an advisory committee chaired by M. Damodaran, former chairman of the Securities and Exchange Board of India (Sebi). The committee will work with the One97 board on strengthening compliance and regulatory matters. The committee will also include M.M. Chitale, former president of the … Read more
‘ED probing Paytm and bank unit over forex violations’
‘ED probing Paytm and bank unit over forex violations’ Source link
RBI takes stringent action against Paytm Payments Bank
Paytm group is not new to RBI’s penal actions. Check Paytm’s track for details. Earlier in March 2022, RBI had stopped Paytm Payments Bank (PPB) from onboarding new customers due to certain material supervisory concerns. The regulator had then directed the bank to appoint a reputed external auditor to conduct a comprehensive audit of it’s … Read more
IMPS new money transfer rules: Soon, send up to Rs 5 lakh with mobile no. & bank name; add beneficiary, IFSC, account not needed
In a move to simplify and streamline bank account transfers, the National Payments Corporation of India (NPCI) is set to facilitate hassle-free fund transfers of up to Rs 5 lakh without the need to add a beneficiary, states an ET report. The revised Immediate Payment Service (IMPS) will soon allow users to make secure and … Read more
India reaffirms confidence in Aadhaar technology, slams Moody’s concerns
India has reassured confidence in Aadhaar technology after the US-based rating agency highlighted concerns about it like establishing authorisation and biometric reliability. The Unique Identification Authority of India (UIDAI) issued a strong rebuttal to Moody’s Investors Service by saying, “A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, … Read more
Fintech firms need to be self-regulated: Rabi Sankar
Self-regulation is the way to regulate fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. Speaking at the Global Fintech Fest on Tuesday, Sankar said that fintech companies are not strictly financial entities and, therefore, the current model of regulation may not apply to these companies. “Regulators and fintech firms … Read more