Paytm’s parent receives notice for FEMA violations

As is typical of many new age startups, one more notice for violations. The Enforcement Directorate (ED) has issued a show-cause notice to the parent company and two subsidiary companies of Paytm for allegedly violating provisions of the Foreign Exchange Management Act (FEMA). Notice is to the parent One 97 Communication limited (OCL), it’s managing … Read more

Angel One appoints a fintech veteran as CEO

Angel One Appoints Ambarish Kenghe (AK) as Group Chief Executive Officer AK is currently Vice President and General Manager at Google Pay APAC. He was instrumental in scaling Google Pay’s in India. He also had a key role in the launch of Chromecast and Google TV’s development. Before Google, AK had served as Chief Product … Read more

Government plans law to ban unregulated lending

The Centre has circulated a draft legislation to ban lending by unregulated entities, including by platforms, with violators facing imprisonment of up to seven years. Lenders, who harass and use unlawful means for recovery, face up to 10 years in jail, with those promoting such lending facing a term of up to five years. The … Read more

RBI’s digital leap: NBFCs likely to join the technology credit wave

The Reserve Bank of India (RBI) may grant non-banking financial companies (NBFCs) access to the public tech platform for frictionless credit (PTPFC). Earlier this week, RBI Governor Shaktikanta Das announced that the PTPFC would be rebranded as the Unified Lending Interface. He compared its potential impact on lending to the transformation brought by the Unified … Read more