Tagged: reserve bank of india

Reserve Bank of India Claims It Will Take “Hands Off” Approach to Fintech Regulation

The Reserve Bank of India (RBI) claims that it aims to adopt a “hands-off” approach to regulating Fintech companies across a nation that’s home to around 1.5 billion consumers. In addition to taking a step back from aggressively monitoring Fintechs for now, the reserve bank… Read More

Nium, the Enabler of Real-Time Payments, Obtains In Principle Approval from RBI for Payment Licences

Nium, the enabler of real-time global payments, announces it has received in principle approval from the Reserve Bank of India for two payment licenses – the Prepaid Payment Instrument (PPI) License and the Payment Aggregator (PA) License. The two licenses will allow the global payments… Read More

Paytm Shares Crater as Reserve Bank of India Halts Deposits in Digital Wallet, New Accounts

Paytm, the operating name of One 97 Communications Limited (PAYTM.NS), shares cratered today as the Reserve Bank of India (RBI) decided to halt deposits in its digital wallet and accounts. Paytm describes itself as India’s most loved payments app. The company also operates Paytm Payments… Read More

India: Central Bank Governor Asserts Digital Lending Rules Boost Investor Confidence in Fintech

Reserve Bank of India (RBI) Governor Shaktikanta Das refuted claims that new digital lending guidelines would hinder fintech growth, asserting instead that investor confidence in the sector has risen since their implementation. Speaking at the Mint BFSI conclave in Mumbai, Das highlighted the positive impact… Read More

Indian Banks Will Stand at Pivotal Juncture in 2024, as Fintechs and NBFCs Support Financial Sector, Industry Professional Says

Jaya Vaidhyanathan, CEO, BCT Digital, recently shared key insights with CI that are focused around the banking sector and unsecured loans offered in India (along with the Reserve Bank of India’s recent policy decisions). Jaya from BCT Digital notes that as we enter 2024, the… Read More

Digital Transactions: Mastercard Now Supports CVC-less Payments for Tokenized Cards in India

Mastercard (NYSE: MA) recently announced the introduction of Cardholder Verification Code (CVC)-less online transactions “for its debit and credit cardholders who have tokenized their cards on merchant platforms.” The move aims to “reduce the checkout time and make virtual transactions hassle-free and more secure.” CVC… Read More

Reserve Bank of India (RBI) Is Reportedly Looking to Enhance Fintech-focused Regulations

The Reserve Bank of India (RBI) is reportedly working on a new regulatory framework that should be more “developmental” and conducive for financial technology or Fintech firms. This, according to a deputy governor of the reserve bank (as first reported by Reuters this past Friday)…. Read More

Central Bank of UAE, Reserve Bank of India to Support Innovation in Financial Services

The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) signed recently a Memorandum of Understanding (MoU) in Abu Dhabi, United Arab Emirates to enhance cooperation and jointly enable innovation in financial products and services. Under the MoU, the… Read More

Monetary Authority of Singapore, Reserve Bank of India Support Real-Time Payments

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) launched the linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI). This will “enable customers of participating financial institutions in Singapore and India [1] to send and receive funds between bank… Read More

Infibeam Avenues Receives RBI’s Approval for Payment Aggregator License

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and other applicable provisions/ regulations, if any, Infibeam are pleased to inform that the Reserve Bank of India has granted In-Principle Authorization to operate as a Payment Aggregator under the… Read More

Paytm Shares Fall to All-Time Low Following RBI’s Orders Preventing Fintech from Onboarding New Clients

The Reserve Bank of India (RBI) has reportedly instructed Paytm Payments Bank to stop onboarding new clients and to also hire an IT audit company while citing “supervisory concerns.” In an official statement, the RBI stated that Paytm Payments Bank should stop taking on new… Read More

Neeraj Khandelwal: Co-founder at CoinDCX Reveals How Platform Built Staking Capabilities for ETH 2.0

We recently connected with Neeraj Khandelwal, Co-founder of CoinDCX, one of India’s largest digital asset exchanges. As covered in August 2021, CoinDCX turned into India’s first crypto unicorn following a $90 million investment round led by Facebook Inc. co-founder Eduardo Saverin and B Capital Group… Read More

India’s Payments Fintech Paytm Introduces Tokenization Solution for Online Credit and Debit Card Transfers

In order to ensure the safety and security of the payment system, the Reserve Bank of India (RBI) has expanded the tokenization facility from an earlier version/framework to Card on File Tokenization (COFT). Virtual payments Fintech Paytm has now introduced a tokenization solution for online… Read More

Cashfree Payments Launches RBI-Compliant Tokenization Solution

Cashfree Payments, an Indian payments and API banking solutions company, this week launched Token Vault, a tokenized solution enabling merchants to save card network tokens, while staying compliant with Reserve Bank of India (RBI) guidelines. Token Vault also processes payments using tokenized cards as a… Read More

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

Singapore’s PayNow and India’s Unified Payments Interface to Connect Next Year

The Monetary Authority of Singapore (MAS) and the Reserve Bank of India today have announced their intent to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022. The goal is to provide instantaneous, low-cost fund transfers directly from one… 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

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

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