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
Prime Minister Narendra Modi on Friday during the keynote speech at a special session of Global Fintech Fest 2024 held in Mumbai said that there is festivity in economy and markets. PM further said that the fintech revolution is everywhere. He said there was a time when people used to get amazed by our cultural … Read more
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’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’ Source link
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
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 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