Tagged: reserve bank of india

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

Fintech Lenders in India are Trying to Implement RBI’s One-Time Loan Restructuring Scheme

Fintech lenders in India are reportedly looking for ways to implement the Reserve Bank of India’s (RBI) loan restructuring scheme. Non-bank Indian companies and online lending platforms are trying to rework their loan collection and overall business strategies, according to the ET, which cited sources… 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

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 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

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

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

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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