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
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
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
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 (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
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
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
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
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
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
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
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
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 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
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
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, 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
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
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
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
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