Reliance Communications Ltd. (RCOM) announced in a regulatory filing on July 1 that the State Bank of India (SBI) had labelled the loan account of RCOM as "fraud" and was taking steps to submit the identity of the company's former director, Anil Dhirubhai Ambani, to the
Four significant public sector banks have changed their lending rates in response to the Reserve Bank of India's (RBI) recent move to lower the repo rate by 50 basis points, which reflects the central bank's monetary easing stance. In the face of persistent difficulties, the action
According to a media source, Sumitomo Mitsui Banking Corporation (SMBC) plans to apply for a licence from the Reserve Bank of India (RBI) to run a fully owned subsidiary in India. The action is a component of the Japanese conglomerate's strategy to take over Yes Bank. Before State
The Reserve Bank of India (RBI) has given PayPal Payments Pvt Ltd (PayPal), the Indian division of PayPal Holdings Inc., in-principle permission to function as a Payment AggregatorCrossBorderExports (PA-CB-E). According to a statement from the company, this is a significant turning point in PayPal's activities in India and
The RBI declared that it would keep excess liquidity in the system after the monetary policy committee unanimously decided to lower interest rates. Further, the committee also changed the policy stance to one that is more accommodating.
The MPC reduced the repo rate from 6.5% to 6.25% during its most recent meeting in February 2025, which was the first rate drop since 2020.
A mobile application developed by the Reserve Bank of India (RBI) will provide users with access to over 11,000 distinct sets of economic data about the Indian economy. The RBIDATA app allows users to download statistics for analysis and includes information on data source, unit of measurement, frequency, and
In order to resolve a case with SEBI about alleged violations of the standards for the technical fault framework, Paytm Money, the wealthtech subsidiary of Paytm, has paid a fine of INR 45.50 lakh. The market's watchdog stated in a settlement decision that it had sent Paytm
According to the Reserve Bank of India (RBI), Kotak Mahindra Bank is now free to continue issuing new credit cards and onboarding new clients online after restrictions were removed. This follows the RBI's decision in April of last year to stop Kotak Mahindra Bank from accepting new clients
Citing governance issues and payment defaults, the Reserve Bank of India (RBI) replaced the board of Aviom India Housing Finance on 27th January. Ram Kumar, a former Chief General Manager (CGM) of Punjab National Bank, was named administrator. In addition to applying to the National Company Law Tribunal (NCLT), New
Sanjay Malhotra, governor of the Reserve Bank of India (RBI), has counselled banks to set up strong and proactive procedures to stop the nation's growing number of digital frauds. In order to reduce the risks associated with information technology (IT) and cybersecurity, the governor of the RBI also
Quick commerce and e-commerce are fuelling private consumption in the nation, according to the Reserve Bank of India (RBI). According to the central bank's monthly report, e-commerce and q-commerce are driving the economy's recovery in private final consumption. The central bank went on to say that
On January 7, Nagaraju Maddirala, secretary of the Department of Financial Services (DFS), urged fintech companies to "consistently" provide creative solutions to the financial services sector while "strictly" adhering to rules. He said this while presiding over a conference in New Delhi with cofounders and senior
A draft bill that seeks to outlaw unregulated lending practices in the nation has been put out for public comment by the finance ministry. The draft measure, which is titled "Banning of Unregulated Lending Activities" (BULA), will be available for public comment until February 13, 2025. All organisations
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