All 'grameen dak sevaks' in rural post offices will be given handheld devices by March 2017.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India in 2015 for setting up a payments bank.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
More than five lakh aspirants will take the exam on January 7 and 8, 2017.
Fino Payments Bank (Fino) has become the first such entity to get an in-principle approval from the Reserve Bank of India (RBI) to transition into a small finance bank (SFB).
Fino Payments Bank asserts its compliance with GST regulations following the arrest of its MD and CEO, Rishi Gupta, by the Directorate General of GST Intelligence (DGGI). The bank clarifies that the investigation pertains to program managers associated with multiple banks and not the bank's own GST compliance.
The vertical will be based out of Bengaluru.
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
The board is likely to take up the matter this month.
India Post may be keen to apply for payment bank licence.
According to sources, the postal bank will tie up with other banks and financial companies to offer products like loans, mutual funds, and insurance policies to its customers.
The Payments Council of India has confirmed that Unified Payments Interface (UPI) services will continue to be free for consumers and small merchants, despite a recent Lok Sabha Bill. This clarification addresses concerns about potential charges, emphasising that while a sustainable financial model for UPI infrastructure is being developed, transaction charges will not be passed on to users or small businesses.
Phishing sites mimicked SBI, ICICI Bank and Axis Bank to steal card details and OTPs.
The Lok Sabha has passed a Bill to amend the Payment and Settlement Systems Act, 2007, authorising the government to permit banks and service providers to levy charges on UPI and other electronic payment modes. This move aims to create a sustainable revenue model for the digital payments ecosystem, shifting from the current exemption of UPI transactions from such charges.
RBI Governor Sanjay Malhotra stated it is "premature" to discuss the implementation of Merchant Discount Rate (MDR) for digital payments, advising a "wait-and-watch" approach. He emphasised that investment in public payment infrastructure is necessary and someone must bear the cost, whether through taxes or MDR. The government is currently working on amendments to relevant statutes, and the RBI is focused on strengthening this infrastructure.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
Bank fraud is no longer just an external cyber threat -- insiders with legitimate access can exploit banking systems, trusted credentials and institutional blind spots to quietly siphon money.
The incident involved compromise of an employee's email account, resulting in unauthorised access to certain data.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
While payments banks surely lose money, their operating ratios were looking better in 2017-18 compared to the year before. This implies that as customer volumes start picking up, the business models may perk up too, says R Jagannathan.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
HDFC Bank's board has imposed a monetary penalty of Rs 1 lakh each on its Managing Director and CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and Group Head (Retail Assets) Arvind Vohra for divergence from RBI directions in the Maharashtra State Road Development Corporation (MSRDC) case.
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
For millions of Indians, this number has become one of the most important financial indicators. It can influence not only whether a bank approves a loan but also the interest rate you pay, the credit limit you receive and, in some cases, how quickly your application is processed.
It's not about how much you earn -- it's about how you borrow and repay.
Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), and the board of the bank has been reconstituted. The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank. PPBL has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, Paytm said in a regulatory filing on Monday.
The highest number of frauds was reported under the card, Internet, and digital payments categories in FY24 and FY25. 'Advances' accounted for the largest share (85.5 per cent) in FY26.
IRCTC is expanding its payments arm, IRCTC Payments, to handle transactions across its ticketing platform and tap government clients, aiming to scale its annual payment processing to approximately 1 trillion.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
RBI says polymer notes have a significantly longer lifespan, potentially reducing printing costs and replacement frequency.
Under bullet repayment, the principal remains outstanding and unpaid interest raises the liability over time. This makes the LTV ratio more vulnerable to a sharp fall in gold prices.
The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.
Mobile payments pioneer Paytm reported significant growth in its UPI payments business for Q1 FY27, driven by app simplification, AI investments, and a focus on attracting Gen Z customers. The company saw a 45% year-on-year increase in Consumer UPI Gross Transaction Value and a rise of 60 lakh in Monthly Transacting Users, outpacing the industry. Paytm's strategy prioritises customer retention and product innovation, leading to a profitable quarter with strong revenue and EBITDA growth, further supported by AI-led operational efficiencies and an India-focused language model.
Following regulatory action against Paytm Payments Bank Ltd (PPBL), Paytm strategically separated its core operations, a move praised by analysts for preserving business continuity and governance. This separation has enabled Paytm to sustain growth and improve profitability.
'...A new challenge has emerged in the form of Mythos.'
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
Abhijeet Dipke, founder of the Cockroach Janta Party (CJP), has called for the PM CARES Fund, which holds over Rs 8,452 crore, to be used to improve infrastructure in rural schools and build more than 1,000 new high-tech schools, highlighting the dire conditions faced by children.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
