Tagged: rbi

Indian Fintech Paytm Explains How National Electronic Funds Transfer Aims to Promote Digital Transactions

NEFT or National Electronics Funds Transfer is a facility provided (in India) by nearly all the local banking institutions. As explained in a blog post by Fintech firm Paytm, NEFT is among the most preferred methods of making money transfers in India. Via NEFT, users… Read More

Indian Neobank Fi Adopts RBI Account Aggregator Framework

Neobank Fi announced this week it is one of the first fintech companies to adopt the Reserve Bank of India’s (RBI) Account Aggregator (AA) framework.  According to the regulations, companies must first obtain an RBI certificate of registration before operating as an account aggregator. Every… Read More

Biometrics Firm Fingerprint Cards AB and Seshaasai, a Smart Card Producer, to Provide Contactless Payment Cards in India, APAC

Biometrics firm, Fingerprint Cards AB, and Seshaasai, an established smart card manufacturer in India with a strong APAC presence, have entered into an agreement “to develop, launch, market, and sell” contactless biometric payment cards in India and the wider APAC region, according to a release…. Read More

SATYA MicroCapital, which Offers Credit Access to India’s Underbanked and Micro Enterprises, Acquires $18.17M in Capital

SATYA MicroCapital has reportedly acquired ₹135cr (appr. $18.17 million) in capital. The past year has been quite challenging for non-banking finance companies (NBFCs), especially when it comes to acquiring funds, because of the “liquidity crisis” in the sector following the Covid-19 outbreak. As mentioned in… Read More

Facebook Founder Saverin Turns India’s CoinDCX into its First Crypto Unicorn

Even as India continues to debate the legality of crypto, CoinDCX has turned into the country’s first crypto unicorn following a $90 million funding round led by Facebook Inc. co-founder Eduardo Saverin and B Capital Group. Existing investors, Coinbase Ventures, Polychain Capital, Block.one, and Jump… Read More

Payments Council of India Welcomes RBI’s Move to Permit Approved Non Bank Payment Providers to Participate in Centralized Payment Systems

Welcoming the Reserve Bank of India’s (RBI) move to permit authorized or approved non-bank payment system providers to take part in centralized payment systems (CPS), the Payments Council of India (PCI), the nation’s largest industry body for the non-banking digital payments ecosystem, has confirmed that… Read More

Reserve Bank of India Decides to Indefinitely Prevent Mastercard from Providing New Debit, Credit Cards to Locals

The Reserve Bank of India (RBI) revealed on Wednesday (July 14, 2021) that it has decided to indefinitely ban Mastercard Inc (NYSE: MA) from providing any new debit or credit cards to local clients for allegedly violating data storage guidelines. This move appears to be… Read More

Reserve Bank of India Governor: Local Fintech Startups May Compete with to Offer Digital Financial Services

Digital payments in India are being increasingly adopted by businesses and individual consumers. Online lending platforms are also becoming more popular in the country that’s home to around 1.5 billion residents. The Reserve Bank of India (RBI) has introduced several initiatives that are aimed at… Read More

Financial and Legal Experts in India Continue to Comment on Government’s Questionable Stance on Bitcoin and Wider Crypto Market Regulations

The Capital confirms that India has been going through a major regulatory process related to the nascent cryptocurrency markets. The Capital notes that the advancements in other areas of crypto such as the innovation in decentralized finance (DeFi) in the 21st century might have taken… Read More

Indian Government Officials to Take “Very Calibrated” Position on Regulating or Monitoring Bitcoin and Other Crypto Transactions

The Indian government may not completely ban (or attempt to) the use of decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). During a recent interview (conducted on March 5, 2021), India’s finance minister Nirmala Sitharaman clarified that she intends to support innovative crypto initiatives. #CNBCTV18IBLA… Read More

India Budget Allocates $200M+ for Digital Payments Adoption, as RBI Confirms Country Is World’s Largest Recipient of Remittances

Bengaluru-based Simpl, a company that aims to make money simple, so that people can “live well and do amazing things,” has noted that the recent India budget appears to be focusing on the “revival” of inclusive economic growth and an “expansionary fiscal policy that prioritized… Read More

Professionals in India Clarify that Bitcoin and Other Digital Currencies are Not Private, after Reports of Potential Government Ban on Cryptos

The Indian Parliament will reportedly be considering a government-supported bill that could place a ban on “private” cryptocurrencies during its upcoming budget session. Since the nation’s ruling party has control over both houses of Parliament, there’s a fairly good chance that the proposed bill could… Read More

Reserve Bank of India to Measure Growth and Adoption of Digital Payments in the Country by Using New Index

The Reserve Bank of India (RBI) has introduced a new index in order to measure the growth and adoption of digital payments in the country. The RBI revealed that virtual payments grew 2x in March 2020 when compared to March 2018. The index was created… Read More

AI and Machine Learning are Expected to Improve Fintech Apps in India, with Support from Regulators

The steady growth and adoption of Fintech services has helped in promoting greater financial inclusion in India. Emerging technologies like AI and machine learning (ML) are now expected to further promote the usage of Fintech apps in the $2.5 trillion economy, which should benefit consumers… Read More

Reserve Bank of India Releases New Cybersecurity Report which Outlines the Technology Vision for Local Banks

The Reserve Bank of India (RBI) has released a new report, titled “Technology Vision for Cybersecurity for Urban Co-operative Banks – 2020-2023.” The RBI notes that the document makes recommendations or suggestions on how to improve the nation’s cybersecurity infrastructure of its urban co-operative banking… Read More

Reserve Bank of India Is Reportedly Planning to use Infosys Co-Founder Nandan Nilekani’s Formula to Measure Effectiveness of Digital Payments

The Reserve Bank of India (RBI) is reportedly planning to use the Nandan Nilekani (Infosys co-founder) formula in order to measure the effectiveness of digital payments. Indian prime minister Narendra Modi’s administration has introduced the Digital India initiative which aims to determine the extent of… Read More

Bitcoin Is a “Speculative” Asset, Facebook led Libra Stablecoin or Payments System may be Useful for Transactions, Former RBI Governor Says

Bitcoin (BTC) and the controversial Facebook-led Libra stablecoin or payments project might  play a key role in a world where reserve banks are beginning to issue their own digital currencies or CBDCs, according to Raghuram Rajan, former governor at the Reserve Bank of India (RBI)…. Read More

Consumer Spending in India Is Significantly Lower due to COVID-19 related Uncertainty, UPI and Digital Payments Also Decline as Lockdowns Eased

The COVID-19 outbreak and nationwide lockdowns in India have forced many local residents to re-evaluate how they conduct business and manage their finances. An analysis performed by ETMoney reveals that the overall spend by India’s residents between March and June 2020 dropped by around 40%,… Read More

Reserve Bank of India is Working on Enabling Offline Digital Payments to Help Consumers in Rural Areas Join the Formal Economy

The Reserve Bank of India (RBI), the nation’s central bank that controls the issue and supply of the Indian rupee, is reportedly working on an offline digital transactions pilot, in order to get more consumers in rural areas, without internet connections, to adopt virtual payments…. Read More

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

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