Ajinkya Kawale

All stories by Ajinkya Kawale

WazirX Breach: 'Recovering Stolen Crypto Is Hard'

WazirX Breach: 'Recovering Stolen Crypto Is Hard'

Rediff.com2 days ago

'A lot of them are converted to other tokens, and since crypto is dealt with internationally, it can go to any exchange in any country.'

'Banks must be prepared for providing UPI credit'

'Banks must be prepared for providing UPI credit'

Rediff.com5 days ago

'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'

WazirX Loses $234 Million In Security Breach

WazirX Loses $234 Million In Security Breach

Rediff.com5 days ago

The swindled amount is nearly half of WazirX's total assets.

Zomato withdraws NBFC application, says no plans to pursue lending

Zomato withdraws NBFC application, says no plans to pursue lending

Rediff.com3 Jul 2024

Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future. "There is no material impact on the revenue/operations of the company and this disclosure is being made voluntarily," the Gurgaon-based company said in a regulatory filing on Tuesday.

Credit Card Payments Will Be Blocked On Apps

Credit Card Payments Will Be Blocked On Apps

Rediff.com1 Jul 2024

Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.

Back to basics: Paytm's focus is payments and distribution

Back to basics: Paytm's focus is payments and distribution

Rediff.com14 Jun 2024

Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know said.

Valuations, access to capital spur fintechs' homecoming

Valuations, access to capital spur fintechs' homecoming

Rediff.com4 Jun 2024

Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?

BharatPe, PhonePe amicably settle trademark disputes over 'Pe' suffix

BharatPe, PhonePe amicably settle trademark disputes over 'Pe' suffix

Rediff.com27 May 2024

Financial technology (fintech) firms PhonePe and BharatPe announced on Sunday that they have settled long-standing legal disputes regarding the use of the trademark with the suffix 'Pe' in their brand names. The settlement concludes five-year-long legal disputes across multiple courts. Both companies have decided to withdraw all opposition against each other in the Trade Marks Registry.

Crypto firms bank on fair play as Binance logs into FIU-IND

Crypto firms bank on fair play as Binance logs into FIU-IND

Rediff.com20 May 2024

The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.

Who Will Taste Grapes Of Wrath In Nashik?

Who Will Taste Grapes Of Wrath In Nashik?

Rediff.com19 May 2024

'During times of adversity, a brick becomes better than a stone. That is how I look at the election season.'

UPI credit line: NPCI may go easy on interchange fee

UPI credit line: NPCI may go easy on interchange fee

Rediff.com8 May 2024

To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction. Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction.

Fintechs Push For Easier KYC

Fintechs Push For Easier KYC

Rediff.com3 May 2024

'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'

RBI restrains commercial card payments by a network

RBI restrains commercial card payments by a network

Rediff.com16 Feb 2024

The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.

Paytm shock: Fintech cos wary as frequent regulatory actions hurt sentiment

Paytm shock: Fintech cos wary as frequent regulatory actions hurt sentiment

Rediff.com13 Feb 2024

Following the Reserve Bank of India's (RBI's) action against Paytm Payments Bank, participants in the fintech ecosystem have turned their attention to giving priority to compliance with regulatory norms. Fintech industry players say the episode will ensure adherence to such measures. Executives Business Standard spoke to said companies should have clarity on their requirements.

Fintechs boost hiring, strengthen leadership

Fintechs boost hiring, strengthen leadership

Rediff.com8 Feb 2024

In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.

Paytm: What's working and what's next?

Paytm: What's working and what's next?

Rediff.com7 Feb 2024

The Reserve Bank of India (RBI) has barred Paytm Payments Bank from most operations, including taking deposits and fund transfers with effect from March 1, 2024. The curbs on the bank come amid several alleged failures such as violations of know-your-customer (KYC) norms. Under such a scenario, here's what works for customers using Paytm Payments Bank, according to the company.

Paytm denies any Enforcement Directorate probe into money laundering

Paytm denies any Enforcement Directorate probe into money laundering

Rediff.com5 Feb 2024

One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.

Why Fog Grounds Flights?

Why Fog Grounds Flights?

Rediff.com16 Jan 2024

The phenomenon of fog is largely Delhi-centric. 'Airlines may think that we only have conditions of extreme fog on a few days every year, and spending a pilot's time and the airline's money on training can add up to its expenses.' 'So, they may prefer holding it for a few days.'

Indian crypto firms welcome US SEC approval for bitcoin ETF

Indian crypto firms welcome US SEC approval for bitcoin ETF

Rediff.com12 Jan 2024

The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.

Tour operators in Maldives feel the heat as row escalates

Tour operators in Maldives feel the heat as row escalates

Rediff.com10 Jan 2024

The diplomatic rift between India and Maldives, coupled with the suspension of flight bookings on one of India's major travel portals, has sent jitters down the spine of tour operators in the island nation. The Maldivian Association of Travel Agents and Tour Operators (MATATO), a forum for travel agents, has stressed that the Indian market is important to the success of tourism in Maldives.

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