Mumbai: Self-regulation will go a long way in avoiding conflicts with the Reserve Bank of India, and foster trust between the regulator and fintech firms, said experts, amid escalating tensions between the central bank and certain industry stakeholders, sparked by RBI’s actions against Paytm Payments Bank. Mumbai: Self-regulation will go a long way in avoiding …
The Reserve Bank of India (RBI) will conduct a special audit for regulatory breaches by the IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) as it has initiated the process for appointment of auditors. The central bank has floated two separate tenders for appointment of auditors for special audits of the two non-banking finance …
KV Mugundan, a shareholder of Tamilnad Mercantile Bank (TMB), has filed an appeal to the Madras High Court to direct the Reserve Bank of India (RBI) to immediately clear any one of the names from the panel for appointment of MD & CEO of TMB. S Krishnan resigned as Managing Director and Chief Executive Officer …
NEW DELHI :Robust investment activity and strong private consumption demand will drive the Indian economy in FY25 amid sluggish global growth, the finance ministry on Friday said in its economic review for February. However, challenges such as the impact of the ongoing crisis in the Red Sea and rising crude oil prices loom over the …
The recent hyperactivity at both India’s banking regulator and the securities watchdog has caught the market by surprise. Commercial lenders have taken a rap for hiding their bad loans in private-credit funds. Investment banks are under the scanner for pushing initial public offerings past the finish line by funding mule accounts. A homegrown payments pioneer …
The Reserve Bank of India (RBI), on Tuesday, released its monthly bulletin for March 2024 which highlighted India’s GDP growth – state of the economy, pandemic-induced Policy Stimulus and Inflation and seasonality in key economic indicators. The central bank said in its monthly bulletin that the pace of global economic growth is waning, as even …
Paytm app will keep running even after March 15. Paytm, a major player in India’s fintech scene, is facing a setback as its banking arm, Paytm Payments Bank Ltd (PPBL), is stopping key services from today. This comes after the Reserve Bank of India imposed restrictions on the bank, citing serious rule violations. Customers relying on …
Days after a request from the Reserve Bank of India (RBI), the National Payment Council of India (NPCI) Thursday granted approval to Paytm to participate in UPI as a third-party application provider (TPAP). YES Bank will act as the merchant-acquiring bank for existing and new UPI merchants for the handle ‘@Paytm’, NPCI said in a …
RBI monetary penalty: These penalties were enforced following a statutory inspection conducted by RBI to evaluate the financial positions of the respective institutions. The RBI’s objective in imposing penalties is to ensure that banks and financial institutions adhere to regulatory standards, fostering transparency, and safeguarding the interests of customers. Updated Mar 13, 2024 | 10:08 …
After barring Visa from undertaking certain commercial business-to-business (B2B) credit card transactions, the Reserve Bank of India is now seen cracking down on peer-to-peer (P2P) credit card payments made via third-party service providers, sources told businessline. This comes after the central bank has found instances of retail customers using credit cards to pay rent and …