The Reserve Bank of India (RBI) raised the UPI Lite wallet limit from INR 2,000 to INR 5,000 in an effort to further boost the nation's adoption of digital payments. On December 4, the central bank also declared that the offline transaction limit for the UPI
The Reserve Bank of India (RBI) has announced the updated Foreign Exchange Management Regulations, 2024, to make it easier for startups to conduct business. The November 19 modifications open the door for the updated FX rules to incorporate the Department for Promotion of Industry and Internal Trade's (DPIIT)
The National Payment Corporation of India (NPCI) has certified Phi Commerce, a fintech digital payment company, to provide UPI Switch to its business clients, mainly to maintain high transaction volumes. Phi Commerce will be able to onboard enterprise customers more quickly thanks to UPI Switch, which will cut down on
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