Mobile payments alone gathered close to $1.51 billion in the year 2017 through 13 rounds of funding, according to data compiled by Tracxn
In addition, he will have to move swiftly to control any damage that may have been caused to the bank's image and investor confidence due to the loan controversy
A group of lawyers and activists want India's privacy law to ensure that autonomy, dignity and privacy are safeguarded, and proposes a penalty provision of up to Rs 10 million for those found violating the code and a jail term extending up to three years or a combination of both. Mayank Jain reports.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
Betting as a function of pure luck is banned in the country, but games of skill with monetary stakes are not.
One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
National Payments Corporation of India is currently in the process of testing sound-based payments with three companies: PhonePe, ToneTag and UltraCash.
A large number of large and small businesses process EU data, have customers from the EU or have access to data of EU citizens in one way or another.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
Now, 83 per cent males and 77 per cent females have formal bank accounts but they are hardly using them
The project, anchored by National Highways Authority of India in partnership with National Payments Corporation of India, is gaining momentum, with big banks such as ICICI and non-bank entities like Paytm have also entered the arena.
While most banks in India store all this data on Indian servers in their core banking systems, the current directive addresses new-age payment and fintech companies operating in the space
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
Anthony Pompliano, general partner at Morgan Creek Capital Blockchain in the Silicon Valley, shares his views on cryptocurrencies with Mayank Jain in an email interview.
As yields on 10-year government bonds rose from 6.65% in April 2017 to around 7.50% now, liquidity pressures have increased the cost of funds for housing finance companies.
The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
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