On 21 October 2024, PB Fintech announced that its wholly-owned subsidiary, PB Financial Account Aggregators Private Ltd, had received a "Certificate of Registration" (CoR) from the Reserve Bank of India (RBI) to begin operating as an "Account Aggregator." Subject to the RBI-mandated restrictions outlined in the
According to sources familiar with the matter, banks have compiled a comprehensive list of over 3,000 companies implicated in fraud, which they intend to share and update in real time in response to an upsurge in financial scams. Legal professionals, construction workers, and gold loan evaluators are among those
On 26 August 2024, Shaktikanta Das, governor of the Reserve Bank of India (RBI), stated that the bank is considering a nationwide launch of a technological platform dubbed the Unified Lending Interface (ULI) to expedite the distribution of loans, particularly to smaller borrowers and those residing in rural areas. At
In response to the announcement that it has formed a subsidiary to market financial goods, Jio Financial Services Ltd.'s stock increased by more than 1.6% in Friday's early trades, August 16. In a stock filing on August 15, JFSL shared the news that the company
With just over four months to go until the deadline, industry insiders have expressed doubts about the proposed 30% market share cap in the Unified Payments Interface (UPI) category, according to multiple media sources. Multiple newcomers to UPI have been informed, informally, that the limit is not going to be
Slice, a unicorn in the financial technology industry, has been granted permission by the National Company Law Tribunal (NCLT) to merge with North East Small Finance Bank (NESFB). Both businesses made the announcement that they would be merging in October of 2023. In March of the previous year, Slice paid
To combat the problem of unlicensed actors in the digital lending industry, the Reserve Bank of India (RBI) suggested the establishment of a public registry for digital lending applications (DLAs) during its third committee meeting every six months for FY24-25. More and more people are worried about predatory lending, and
According to a media agency, several prominent fintech companies have decided to participate in the digital currency pilot program run by the Indian central bank. These companies include Google Pay, PhonePe, Cred, Mobikwik, and AmazonPay. According to sources who spoke with the news agency, the corporations will accomplish this by
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Following a "scrutiny" of "select NBFC-P2P companies" from June to September 2023, the Reserve Bank of India (RBI) discovered "multiple violations" of the regulations established in October 2017, when the licensing standards were published, to welcome these companies to the Indian financial market. It
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The Indian government has taken a bold step towards boosting the country's gold reserves. The Reserve Bank of India (RBI) has been granted the authority to import gold without the burden of customs duty and the Agriculture Infrastructure and Development Cess (AIDC). Traditionally revered in Indian culture as
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Paytm company has become the talk of the town these days as RBI is cracking down on its business operations. Those in the know say that the Reserve Bank of India's technical audit exposed accounting and supervisory issues caused by data and money traffic flows between the highly
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In an effort to control the unchecked expansion of unsecured consumer lending, the Reserve Bank of India (RBI) recently issued a notification. The directive increases the risk weight for consumer credit exposure of banks and non-banking financial companies (NBFCs), potentially impacting fintech players. Industry experts suggest that these lending institutions