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CIC Urged RBI To Make Payments Banks as a Members

21Aug By AdityaNo Comments

News

CIC Urged RBI To Make Payments Banks as a Members

Ahead of the commercial launch of payments banks, credit information companies (CICs) have urged RBI to ensure these newbies in the banking space become their members and share data on the transactions. "Payments banks will not be into lending, but the transactions which they undertake will help understand borrowers. Therefore, we have requested the RBI to make them our members," Experian Credit Information Company Managing Director Mohan Jayaraman said. He said RBI has been receptive to the idea and has shown its willingness for the demand, but the changes cannot happen overnight as it will require amendments to the Credit Information Companies (Regulation) Act. Jayaraman further said even though payments banks will not be lending themselves, the data they share will help analyse bor...

24Jun By Press Trust of IndiaNo Comments

News

RBI Guidelines for Payments Systems

RBI today released its framework for Payment and Settlement Systems, with a view to moving towards "less-cash" society and ensuring access of mobile banking services to even basic phone users. The Vision-2018 reiterates commitment of RBI to encourage greater use of electronic payments by all sections of society so as to achieve a "less-cash" society, RBI said. "The policy efforts will also focus on ensuring that access to mobile banking services is seamlessly provided to the large number of users of non-smartphone handsets in multiple languages," it said. Leveraging on 5Cs-- Coverage, Convenience, Confidence, Convergence, Cost-- Vision-2018 focuses on responsive regulation, robust infrastructure, effective supervision and customer centricity, it said. "Building a robust payments infrast...

19Jun By AdityaNo Comments

INDIA

Raghuram Rajan Leaving Not a Good Sign For Indian Economy: ASSOCHAM

The ASSOCHAM has said at a time when a tumultuous global economy posed several risks to India along with the banks grappling with an unprecedented challenge of mounting non-performing assets, the decision of Reserve Bank of India (RBI) Governor Raghuram Rajan to not continue with his current post after the end of his tenure was unfortunate. "While it is the institutions which are paramount, individuals provide leadership and a quality leadership makes all the difference. That is what Dr Rajan has done to the RBI. Over the last three years, he provided a new dimension to entire approach of the central bank with a global perspective, yet keeping intact, the unique advantages of the Indian economy and eco system," ASSOCHAM Secretary General D. S. Rawat said. He expressed hope that Rajan was...

What Industrialists Said After Raghuram Rajans Decision Over 2nd Term

18Jun By AnkitaNo Comments

INDIA, News

What Industrialists Said After Raghuram Rajans Decision Over 2nd Term

Top industry leaders today said RBI Governor Raghuram Rajans decision not to take a second term will be "nation's loss" as he brought economic stability and enhanced Indias credibility on the world stage. India Inc led by Anand Mahindra, Deepak Parekh, NR Narayana Murthy, Kiran Mazumdar-Shaw, Mohandas Pai hoped that Rajan's successor will continue with the good work he did although industry chambers CII and FICCI declined to comment. Reacting to the development, Mahindra & Mahindra Chairman Anand Mahindra said he was "saddened" to hear about Rajan's decision to opt for academia at the end of his current term. "In my travels around the world and encounters with leading overseas businessmen, it became clear that during his tenure he greatly enhanced the credibility and bankabilit...

18Jun By Press Trust of IndiaNo Comments

INDIA

India’s RBI Chief Raghuram Rajan Resigns, Industry Terms it Nations Loss

Buffeted by political attacks coupled with unending speculation over his continuance, RBI Governor Raghuram Rajan today said no to a second term in the post, a surprise decision the industry and opposition parties termed as nations loss. Ruling that his work on containing inflation and cleaning up books of the banks was "yet to be completed", Rajan said, "While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016." Speculation has been rife over whether Rajan, former IMF Chief Economist known to have predicted the 2008 global financial crisis, would get a second term after BJP leader Subramanian Swamy launched a no...

MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time

16Jun By NitishNo Comments

News

MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time

MobiKwik, the largest independent mobile payments company in India has launched eKYC for its users. eKYC is RBI approved, paperless process for fulfilling KYC requirements that will allow MobiKwik users to upgrade their wallet with Aadhaar card in real time. Once a user requests eKYC on the app, a company representative will reach the user's location within 30 minutes and do real time wallet upgrade. "This launch further simplifies the wallet experience for our users and they can now avail benefits of a KYC account within half an hour," said Chief Operating Officer MobiKwik, Mrinal Sinha. UIDAI's e-KYC service enables KYC process to be performed electronically with explicit authorization by resident. As part of the e-KYC process, the resident authorizes UIDAI (through Aadhaar auth...

Rajans Reappointment Should Not be of Medias Interest: PM Modi

27May By Press Trust of IndiaNo Comments

INDIA

Rajans Reappointment Should Not be of Medias Interest: PM Modi

Prime Minister Narendra Modi has said the issue of reappointment of RBI Governor Raghuram Rajan was an administrative subject and it should not be an issue of interest of the media, in his first comments in the wake of continuing attack on the top economist in recent months. "I dont think this administrative subject should be an issue of interest to the media," Modi said. "Besides, it will come up only in September," he told The Wall Street Journal, referring to the three-year term of Rajan which ends in September. "Do you support the reappointment of Mr Rajan, the central bank governor?" the Prime Minister was asked. As an outspoken RBI Governor, Rajan has expressed his views on host of issues, including intolerance and has even described India as one-eyed king in the land of ...

Exclusive: Dilip Shanghvi, IDFC Bank Withdraw From Payments Bank

20May By PriyankaNo Comments

News

Exclusive: Dilip Shanghvi, IDFC Bank Withdraw From Payments Bank

Telenor Financial Services, IDFC Bank and Sun Pharma's Dilip Shanghvi have decided to withdraw their licence to set up a payments bank. They are the second applicant to withdraw from the licence after Cholamandalam group pulled out of payments banks race a couple of months back. In a joint press statement, the partners said: "Dilip Shanghvi, IDFC Bank and Telenor Financial Services jointly agree to withdraw plans to establish a payments bank venture and consequently the payment bank licence will not be pursued." Last September, Dilip Shanghvi, Chairman of Sun Pharma, as lead applicant along with Telenor Financial Services and IDFC Bank, was granted in-principle licence by Reserve Bank to form a payments bank. "Following the mutual decision to withdraw from setting up a payments bank,...

United Payments System To Make Mobile Wallets Redundant: Report

9May By Press Trust of IndiaNo Comments

News

United Payments System To Make Mobile Wallets Redundant: Report

Ongoing push by the Reserve Bank of India to revolutionize banking through the Unified Payments Interface (UPI) will leave mobile wallets redundant, as mobile banking has jumped over three-fold in February from the year-ago period, according to a report. The report by city-based Centrum Broking stated that mobile wallet services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI. "Mobile banking has taken the country by storm, growing by 212 per cent growth in value terms in February 2016 over the same period in 2015 and by 131 per cent in volume." "If the UPI adoption continues mobile wallets like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant," a Cen...

Save Your Children From ‘Useless’ Degrees – RBI’s Raghuram Rajan

8May By AnkitaNo Comments

INDIA

Save Your Children From ‘Useless’ Degrees – RBI’s Raghuram Rajan

Reserve Bank of India governor Raghuram Rajan said on Saturday that efforts should be made to make quality higher education affordable and cautioned students to be careful of “unscrupulous schools” that left alumni with high debt and “useless degrees”. Speaking at the convocation ceremony of Shiv Nadar University, Rajan said while banks must be careful to ensure that student loans were repaid in full, there needed to be concessions for those who fell upon bad times or opted for public service jobs. “We have to be careful that student loans are repaid in full by those who have the means, while they are forgiven in part for those who fall on bad times or those who take low-paying public service jobs,” Rajan said. Banks’ bad loans have become a politically sensitive issue after l...

India’s First Cash Giving App ‘CASHe’ Launched

3Apr By AnkitaNo Comments

News

India’s First Cash Giving App ‘CASHe’ Launched

Tslc Pte Ltd., a fin-tech company promoted by serial entrepreneur and private equity investor V. Raman Kumar, today announced the launch of its all new mobile-only lending platform - CASHe, providing users a personalized experience to borrow cash anytime, anywhere within minutes. CASHe was launched in Mumbai at a glittering ceremony today with Bollywood's rising star Arjun Kapoor unveiling the product. "CASHe is the ideal platform for consumers to take control of their short term finances", said V Raman Kumar, Chairman of TSLC PTE LTD. "Today's young professionals have different aspirations and needs not very well addressed by the present banking system. We are simplifying their borrowing experience with CASHe. With this new smart phone platform we will be providing immediate cash loan...