Monday, November 18

Tag: rbi

Veritas Finance Receives 23 crore funding from Belgium Firm
2Apr By Sheldan RungasamyNo Comments
FUNDING

Veritas Finance Receives 23 crore funding from Belgium Firm

Veritas Finance, a Non-Banking Financial Company (NBFC) based in Chennai received Rs 23 Crore as in debt financing from Incofin Investment Management which is a fund manager company based in Belgium. The NBFC first allotted 230 Non-Convertible Debentures (NCDs) worth Rs 10 lakhs each on March 26, 2018. So far, Veritas Finance raised over Rs 268.8 Crore from a group of investors that include CDC Group, Swiss Fund, AAV Sarl and Lok Capital in equity and debt financing. Incofin Investment Management is a company that manages funds and investments in developing countries motivated in promoting inclusive progress. The company relies on investors that include leading development funds, banks, insurance companies, pension funds, high net worth and retail investors. The firm is famous for in...
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Airtel Payments Bank Receives 5 Crore Fine From RBI
10Mar By Sheldan RungasamyNo Comments
INDIA

Airtel Payments Bank Receives 5 Crore Fine From RBI

Airtel Payments Bank is seeing red this week after the Reserve Bank of India imposed a Rs 5 Cr penalty on the company for violation of operating guidelines and Know Your Customer (KYC) norms. After receiving several complaints and media reports asserting that the bank had opened customer accounts without the explicit consent of the customers, the RBI conducted an administrative visit to the bank on November 20-22, 2017. The fine was later imposed after RBI inspected the banks documents related to the opening of accounts. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited (the bank) for contravening the ?Operating Guidelines for Payments Banks and directions issued by RBI on Know Your Customer (KYC) norms...
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India sees growth rebound as businesses adjust to GST
1Dec By reutersNo Comments
INDIA

India sees growth rebound as businesses adjust to GST

India’s economic growth rebounded in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax. Data released on Thursday showing faster growth could help Prime Minister Narendra Modi, who has been facing criticism over the hasty July launch of a goods and services tax (GST). The tax was aimed at transforming India’s 29 states into a single customs union but it has hit millions of small businesses due to complex rules and technical glitches.  Gross domestic product grew 6.3 percent in July-September, its fastest pace in three quarters, compared with 7.5 percent a year earlier, the data showed. Analysts polled by Reuters had forecast annual growth of 6.4 percent in the q...
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Mobile Wallets Will Become Strong Players: Paytm Official
27Oct By Press Trust of IndiaNo Comments
ANALYSIS

Mobile Wallets Will Become Strong Players: Paytm Official

Mobile wallets will become strong players in the financial ecosystem as the RBI guidelines on prepaid instruments will allow more features like unlimited transfer of funds between a bank account and a wallet, a top official of Paytm Payments Bank said. Paytm Payments Bank MD-CEO Renu Satti said the RBI guidelines released this month will enable mobile wallets to gain access to more functionalities like unlimited transfer of funds between a bank account and a wallet and higher limit of up to Rs 1 lakh for money transfer to beneficiary accounts. She added that as part of Paytm Payments Bank, customers get the convenience of wallets and can earn interest on their deposits by transferring money from the wallet to their payments bank account. "This will further strengthen the value propo...
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RBI To Issue Rs 200 Notes: FinMin
23Aug By Press Trust of IndiaNo Comments
BUSINESS, INDIA

RBI To Issue Rs 200 Notes: FinMin

The government today gave its go-ahead to the Reserve Bank to issue Rs 200 notes that will ease pressure on lower-denomination currency bills. The finance ministry, in a notification, said that on the recommendations of the Central Board of Directors of the RBI, "the central government hereby specifies the denomination of banknotes of the value of two hundred rupees". The new Rs 200 notes are likely to be in circulation shortly. According to sources, the exercise of printing Rs 200 denomination notes is being undertaken to further improve the currency situation in the country. Following the demonetisation on November 9 last year, the Reserve Bank had introduced Rs 2,000 notes and also issued a new Rs 500 notes with additional security features. ALSO READ   Alibaba...
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Paytm Seeks RBI Licence to Start Mutual Fund Service
21Jun By PriyankaNo Comments
News

Paytm Seeks RBI Licence to Start Mutual Fund Service

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers. According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services. When contacted, Paytm declined to comment. The primary objective of a money market fund is to invest in short-term securities. The Alibaba and SoftBank-backed company had, last month, started its payments bank operations in the country and aims to garner 500 million customers by 2020. The company has earmarked an initial investment of Rs 400 crore to build its banking network over two years. Also, it launched Digital Gold in April this year...
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Kotak Mahindra Banks Promoter Uday Kotak Sold His Shares
22May By AnkitaNo Comments
BUSINESS

Kotak Mahindra Banks Promoter Uday Kotak Sold His Shares

Kotak Mahindra Banks promoter Uday Kotak today sold 1.8 crore shares of the private sector lender for a little over Rs 1,687 crore, bringing down his stake to below 30 per cent to meet the RBI directive. The shares were purchased by several entities, including Canadian pension fund Caisse de Depot et Placement du Quebec and Fidelity Funds. According to bulk deal data available with the BSE, Uday Kotak, Vice Chairman and Managing Director, sold a total of 1.8 crore shares, amounting to 0.95 per cent stake of the bank. The shares were offloaded on an average price of Rs 937.35, valuing the transaction at Rs 1,687.23 crore, the data showed. Following the transaction, Kotaks personal stake in the bank declined to 29.79 per cent from 30.74 per cent. Earlier in March, Kotak had so...
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Indian Finance Ministry Receives Over 38,000 Mails on Black Money Email id
16Apr By AdityaNo Comments
INDIA

Indian Finance Ministry Receives Over 38,000 Mails on Black Money Email id

The email address launched by the Finance Ministry for getting tips about black money received over 38,000 emails, but only 16 per cent of them were forwarded for further inquiry, CBDT said in a reply to an RTI query earlier this month. Jitendra Ghadge, a city-based Right To Information activist, had asked for information about response to the email address 'blackmoneyinfo@incometax.gov.in', launched last December. The Central Board of Direct Taxes said in its reply dated April 7 that 38,068 emails were received, and 6,050 or about 16 per cent of them were forwarded to the respective Director Generals Of Income Tax (Investigation) for further inquiry. The remaining 32,018 emails were closed without any action, it said. To Ghadge's query about number of "false" emails received, ...
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RBI Launches App For Android, iOS Platforms
11Mar By NitishNo Comments
INDIA

RBI Launches App For Android, iOS Platforms

The Reserve Bank of India today formally launched a mobile application version of its website on Android and iOS platforms. The application can be downloaded from the Play Store/App Store, using the keyword 'Reserve Bank of India'. To start with, the most accessed sections of the website press releases, IFSC/ MICR codes, bank holidays and current rates including policy rates and reference rate of four major currencies have been made available on the app. "There is a dynamic window on the top of the landing page of the app which alternatingly displays three public awareness messages - the new design currency notes of Rs 2,000 and Rs 500 denominations as well as RBI's message on KYC under the 'RBI Kehta Hai' series," the central bank said. On clicking on any of these, the user ca...
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India Lays Foundation For a Fintech Revolution
18Sep By reutersNo Comments
BLOGS

India Lays Foundation For a Fintech Revolution

India is setting a new global standard in fintech. A new instant online payments system, tied to national biometric identity data, launched in recent weeks. Together with an explosion in smartphone usage, this could help the world’s fastest-growing large economy skip traditional financial infrastructure like cash machines, debit cards and point-of-sales machines – speeding up a move to a cashless economy. The so-called “Unified Payment Interface” is unlike anything available in China or the United States. It enables secure, real-time transfers from one person to another, or to a company. UPI enables individuals and businesses to manage money held across multiple accounts at various banks through a single mobile application – and not one that necessarily belongs to the customer’s own ban...
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Paytm Plans to Open Multi-Format Physical Touch Points Soon
17Sep By Press Trust of IndiaNo Comments
News

Paytm Plans to Open Multi-Format Physical Touch Points Soon

Mobile payment firm Paytm, which has remained restricted to the digital format this far, will soon have physical branches and touch points, a top company official said today. "We will have physical touch points in various formats. We have submitted a 12 months business plan," Paytm Payment Bank VP Ruchita Taneja Aggarwal said on the sidelines of a CII organised banking event here. She said that these physical touch points have become necessary after Paytm forayed into payment bank business and received the regulators nod. "We are waiting for the final license from RBI, but we expect to start payment bank operations by Diwali," Aggarwal said. With payment bank license, Paytm would be able to give interest on wallet balance to those who upgrade their accounts to savings bank, but Agg...
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