December 29th, 2018
The Reserve Bank of India (RBI) would set up a compliance and tracking system portal to tackle the multiplication of cyber-fraud and seeks to establish a better redressal mechanism for consumers.
With digital transactions gaining traction, RBI’s customer-protection measures are seen as a bid to promote and improve...
December 20th, 2018
It had been reported that RBI had banned Paytm’s payments bank from opening new accounts and e-wallets in August. Want to know why? We have the answer.
RBI for the first time has disclosed the reasons behind the move. The four reasons! The apex financial authority of India said that the Noida-based company was...
December 3rd, 2018The Indian government and the Reserve Bank of India (RBI) are in talks to allow use of 'offline Aadhaar' that relies on QR codes. This would replace the biometric eKYC, for opening bank accounts, operating payment wallets and purchasing insurance covers.
This particular move is significant as it will also benefit financial technology...
December 3rd, 2018The popular messaging app Whatsapp which has drawn fire from the government over spread of fake messages on its platform, has written to the Reserve Bank of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India.
The company is waiting for a regulatory clearance to launch full-fledged...
November 7th, 2018The newly licensed payments bank based in Mumbai called Fino Payment Bank has been fined with an amount of Rs 1 crore by the Reserve Bank of India (RBI).
Following this move, the payments bank was required to stop all its account opening activities. The RBI found out that there were few accounts with the bank with deposits in excess...
September 17th, 2018PayU India has received a license from the Reserve Bank of India to operate its own non-banking financial company, a development that will provide a big boost to the fintech firm in growing its consumer credit business.
PayU India managing director Jitendra Gupta will head the new initiative. The NBFC, PayU Credit, which will be a...
August 1st, 2018Following observations made by the Reserve Bank of India, Paytm Payments Bank has ceased the enrolment of new customers on its platform. This happened on 20th June post audit by RBI, which made particular observations about the procedure the company follows in taking over new customers and its adherence to know-your-customer (KYC)...
July 25th, 2018The most convenient payment option Cash-on-delivery (Cod) provided by several online retailers such as Flipkart and Amazon may be a regulatory grey area as per the Reserve Bank of India's (RBI's) response to a Right to Information (RTI) query.
The RBI has said that e-commerce platforms are "not authorised" to collect money from...
July 6th, 2018P2P money lending marketplace Monexo Fintech plans to raise an amount of $5 million in form of equity. The company plans to invest these funds in IT and infrastructure, which require spontaneous capital addition in the initial stages of any online business.
Mukesh Bubna, the founder and CEO of the company said that they are looking...
June 27th, 2018US-based digital payment company MoneyOnMobile has plans to invest $6.2 Mn to boosts its Indian expansion plans, as informed by its chief executive officer, Harold Montgomery.
The announcement for fresh infusion plans has come right after the firm raised $5 Mn Series H funding from S7 Group.
MoneyOnMobile's chief executive officer...
