Tagged: rbi

PwC and Federation of Indian Chambers of Commerce & Industry Recommend that Banks, Fintechs Should Perform Video KYC Checks during COVID-19

A new report recommends that the Indian government should bring back subsidies for digital payments for transactions valued at less than INR 2,000 (appr. $26.50) and also implement Aadhaar-based electronic KYC checks for Fintechs, non-bank financial companies (NBFCs) and mutual funds. The report has been… Read More

“We Can’t Regulate Bitcoin” because it’s Regulated by Its Own Protocol, Indian Blockchain Professional Explains

Sidharth Sogani, a Certified Bitcoin Professional and CEO at CREBACO Global Inc, a credit rating firm for exchanges, blockchains and coin offerings, has argued that it’s clear the Indian government hasn’t figured out how Bitcoin (BTC) works. There’s a new proposal that aims to ban… Read More

New Crypto Ban Proposal in India Recommends Over $3 Million Fine and Up to 10 Years Prison Sentence for Entities Dealing in Virtual Currencies

Indian officials are reportedly considering passing a law that would ban the use of decentralized cryptocurrencies.  As reported by India’s Economic Times, the nation’s government might see a legal framework as being more effective than the Reserve Bank of India’s (RBI) blanket ban on crypto-assets…. Read More

Digital Payments: Reserve Bank of India Establishes $33 Million Fund to Support PoS Systems and Infrastructure

The Reserve Bank of India (RBI) noted on June 5, 2020, that it will be establishing a Payments Infrastructure Development Fund in order to promote digital payments adoptions across the nation, which is struggling to cope with the deadly COVID-19 outbreak. The RBI confirmed that… Read More

Digital Asset Exchange and Wallet Provider Zebpay to Use Chainalysis Blockchain Tools to Prevent Financial Crime

Zebpay, a digital currency wallet and exchange provider that began its relaunch in India earlier this year, will be working with blockchain security and analysis firm Chainalysis to monitor crypto-asset transactions performed across its platforms for Indian consumers. Chainalysis had already been providing its Know… Read More

Leading Indian Crypto Exchange CoinDCX Secures $2.5 Million in Additional Investments to Support Nationwide “TryCrypto” Campaign

  CoinDCX, one of India’s largest digital asset exchanges, has secured an additional $2.5 million in funding from several major blockchain investors, including Coinbase Ventures (the investment division of cryptocurrency exchange Coinbase) and Polychain Capital. The latest investment acquired by CoinDCX has come around two… Read More

Indian Fintech Lenders are Concerned About Poor Monetary Transmission by Banks and Capping of Interest Rates: Report

Indian Fintech firms that issue loans to SMEs have welcomed the government’s efforts to provide greater liquidity to the banking system. However, financial technology companies are concerned about the poor monetary transmission by local banks and the capping of interest rates. India’s non-bank lenders have… Read More

Sumit Gupta: Co-founder at CoinDCX Reveals How India’s Banks Have Responded to Crypto Businesses After Supreme Court Lifted RBI’s Banking Ban

  In March, it was reported that CoinDCX had secured $3 million in funding through a Series A investment round, led by Bitcoin Mercantile Exchange (BitMEX) operator, HDR Group. At that time, Sumit Gupta, co-founder and CEO at CoinDCX, said the crypto space in India was developing… Read More

Reserve Bank of India-licensed Paytm Payments Bank Surpasses $79 Million in Fixed Deposits

Paytm Payments Bank, a new type of bank, licensed by the Reserve Bank of India (RBI) as a payments service provider, recently revealed that it has surpassed INR 600 Crores (appr. $79.4 million) in fixed deposit (FD) accounts, which have been maintained through a partnership… Read More

WhatsApp Payments Plans to Penetrate India’s Lending Sector, Waiting for Regulatory Clearance

WhatsApp Payments, an in-chat payment feature that lets customers perform transfers through the messaging app to anyone in their contact list, has not achieved mainstream adoption in India. The UPI-based payments service lets users send and receive funds. It has been created by the National… Read More

Reserve Bank of India’s New Guidelines for Payment Aggregators May Increase Number of Digital Commerce Transactions

The Reserve Bank of India (RBI), the nation’s central bank, has announced that it will be lowering the capital requirements for payment aggregators. This move may further increase the number of digital transactions carried out in the country. The RBI noted in a statement published… Read More

Reserve Bank of India is Planning to Submit a Review Petition on Supreme Court’s Ruling to Lift Ban on Cryptocurrency Transactions

The Reserve Bank of India (RBI), the nation’s central bank, is getting ready to submit a review petition on the Supreme Court’s recent ruling regarding cryptocurrency transactions. According to the Economic Times, which cited sources familiar with the matter, the RBI is concerned the Court’s… Read More

Reserve Bank of India, RBI, is Establishing Three Departments to Oversee Fintech, Regtech, and Supervisory Tech Activities

India’s banking regulator, the Reserve Bank India (RBI), has issued an update regarding how it plans to regulate the country’s Fintech and regulatory technology, or Regtech, industry. The RBI is establishing three new divisions, which include one unit to regulate Fintech, another unit to oversee… Read More

CoinDCX Founders Respond to Supreme Court of India’s Ruling on Cryptocurrency

Earlier today, Crowdfund Insider reported on the Supreme Court of India’s ruling on cryptocurrency that removed restrictions on virtual currency transactions imposed in April 2018 by the Reserve Bank of India. The ban impeded banks from providing services to entities dealing with cryptocurrencies. Of course,… Read More

Landmark Cryptocurrency Ruling: Supreme Court of India Lifts Reserve Bank of India’s Ban on Virtual Currency Transactions

In a landmark ruling, the Supreme Court of India on March 4, 2020 officially removed the restrictions imposed by the Reserve Bank of India (RBI) on regulated commercial entities, which prohibited local banks and non-banking financial companies (NBFCs) from offering services to firms and individuals… Read More

Securities and Exchange Board of India Launches Regulatory Sandbox for Fintech Firms

India’s financial technology sector is expanding rapidly, which has led to SEBI, the nation’s financial market regulator, to launch a regulatory sandbox. The sandbox program will assist local Fintech firms with testing out new products and services with a small group of users before introducing… Read More

SBM Bank India Teams Up with Karbon to Launch Karbon Card, India’s First Corporate Credit Card for Startups

SBM Bank India recently confirmed that it has teamed up with Karbon in order to introduce the Karbon Card, which is notably one of the nation’s first corporate credit card designed specifically for startups or early-stage firms. All corporate credit cards issued will come with… Read More

Popular Crypto Exchange Zebpay Set to Relaunch in India After Shutting Down Due to Regulatory Pressure

Nearly 16 months after winding down its business operations in India, digital asset exchange Zebpay is reportedly set to resume offering services in the country. Zebpay was one of the most popular crypto exchanges in India. However, it had to shut down because of a… Read More

CBDC: India’s National Institute of Smart Government Suggests Issuing Central Bank Digital Rupee

  India-based non-for-profit organization, the National Institute for Smart Government (NISG), has reportedly proposed issuing a digital Indian rupee in its draft National Strategy on Blockchain. A central bank digital rupee, or CBDR, would be issued and managed on a permissioned (private) blockchain network, where… Read More

Reserve Bank of India to Allow Local Banks and Fintech Firms to Use Video Calls to Complete Know Your Customer Checks

Indian banking institutions and Fintech firms have reportedly been given the green light to use video calls, in order to carry out know-your-customer (KYC) compliance checks, after a recent ruling by the nation’s central bank. The updated rules and guidelines will allow regulated entities to… Read More

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