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
Jio Financial Service (JFS) had earlier planned to concentrate on unsecured lending. Now it has decided to shift focus towards secured loans, including leasing. (It has also set up a 100% leasing subsidiary to undertake lease operations) “Large opportunity in the secured lending space. Noticeable market reaction vis-à -vis unsecured lending leading to calibrated approach towards … Read more
The Reserve Bank of India (RBI) on Monday took another step to harmonize regulations applicable to mortgage financiers and other non-bank lenders, proposing higher liquid assets to back deposits at housing finance companies, smaller aggregate deposits as a proportion of their own capital, and allowing them to issue co-branded credit cards. These are part of … Read more
The Reserve Bank of India has decided to tighten the connected lending norms to prevent instances where persons in power who influence lending decisions have close connections with borrowers. The regulator has also decided to come out with a unified regulatory framework on connected lending for all the regulated entities to avoid gaps in regulation. … Read more
Rural fintech firm Navadhan has raised $5 million (about ₹40 crore) in a pre-Series A round led by Prime Venture Partners. Existing investors Gemba Capital and Varanium NexGen Fintech Fund also participated. The new funds will be used to enhance the company’s AceN tech platform, which connects small, rural businesses with NBFCs and banks, and … Read more
AU Small Finance Bank (AU) is acquiring Fincare Small Finance Bank (Fincare) in a 100% share swap transaction. Fincare is a rural microfinance focused business with 15+ years of experience Microfinance is 53.9% of advances, followed by 18.9% Small Business Loans, 14.2% Home Loans, 10.2% Gold Loans and 2.6% others It’s majorly focused on South … 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