PayU Payments, a prominent player in the fintech sector, has achieved a significant milestone with the Reserve Bank of India (RBI) granting it approval to operate as a payment aggregator. This development marks a pivotal moment for PayU, coming after 15 months of discussions and initial challenges.
Read More »“India Sees Retail Inflation Dip to 10-Month Low of 4.85% in March”
India's retail inflation has hit a 10-month low, standing at 4.85% for the month of March 2024, compared to 5.09% in the previous month. This decline, below earlier predictions, marks a significant easing in inflationary pressures.
Read More »“RBI Imposes Penalties on IDFC First Bank and LIC Housing Finance for Regulatory Violations: Report”
The Reserve Bank of India (RBI) has taken strict regulatory action against IDFC First Bank and LIC Housing Finance, imposing penalties for non-compliance with certain norms. Additionally, the RBI has canceled the certificate of registration of four Non-Banking Financial Companies (NBFCs) and received voluntary surrenders from five other NBFCs.
Read More »RBI’s Latest Move: Cash Deposits in Banks via UPI
The Reserve Bank of India (RBI) has unveiled a significant initiative that will revolutionize banking transactions by enabling cash deposits through the popular Unified Payments Interface (UPI). This announcement was made during the first bi-monthly monetary policy of the current financial year by RBI Governor Shaktikanta Das.
Read More »“Paytm Dismisses Layoff Claims Amid RBI’s Payments Bank Action”
Paytm, the popular online payments platform, has refuted recent reports claiming a significant reduction in its workforce by 25-50%. The company has dismissed these reports as 'baseless' and clarified that it is currently engaged in its annual appraisal process, which is a routine practice and not indicative of layoffs.
Read More »RBI Instructs Agency Banks to Stay Operational on Sunday Prior to Holi
In a recent development, the Reserve Bank of India (RBI) has issued a directive instructing agency banks to remain open for public transactions on March 31, 2024, which falls on a Sunday. This decision comes in light of the upcoming holidays for Holi and Good Friday, ensuring continued access to banking services during this period.
Read More »“Fairfax India Offers $200 Million Liquidity Boost to IIFL Finance”
In response to recent regulatory constraints imposed by the Reserve Bank of India (RBI) on IIFL Finance, shareholder Fairfax India has stepped in to provide significant liquidity support. The move comes shortly after the RBI barred IIFL Finance from disbursing gold loans, citing supervisory concerns.
Read More »Paytm’s Vijay Shekhar Sharma Breaks Silence, Addresses Regulatory Setbacks and Future Plans
Vijay Shekhar Sharma, the founder of Paytm, India's leading digital payment platform, has made his first public statements since the Reserve Bank of India (RBI) took action against Paytm Payments Bank. Speaking at a financial technology conference in Tokyo, Sharma expressed confidence in overcoming regulatory setbacks and staging a comeback.
Read More »“RBI Discloses Sharp Decline in ₹2000 Banknote Circulation, Notes Remain Legal Tender”
The Reserve Bank of India (RBI) has unveiled a significant drop in the circulation of ₹2000 denomination banknotes since their withdrawal announcement on May 19, 2023. According to recent data released by the central bank, the total value of ₹2000 banknotes in circulation has dwindled from ₹3.56 lakh crore to a mere ₹8,470 crore by February 29, 2024, marking a substantial decrease.
Read More »Vijay Shekhar Sharma Steps Down as Chairman of Paytm Payments Bank Amid Regulatory Scrutiny
In a significant move within India's fintech landscape, Vijay Shekhar Sharma, the founder of Paytm, has relinquished his role as the part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL). This development comes as PPBL faces mounting pressure from regulatory authorities and a mandate to wind down its operations by March 15.
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