The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
Market observers also said the approvals depended a lot on the funds themselves, and the extent to which they followed the new norms introduced last year.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
The country's largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts. These customers will also be levied charges for cheque book beyond 10 leaves in a year. As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.
The RS allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks.
RBI has asked banks to 'allow self-certification; accept a certified copy of the document by mail/post' for account opening.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
The prime minister also suggested a single voters' list for Lok Sabha, assembly and panchayat polls, saying separate lists are a waste of resources.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Sources said the two Acts will be amended to provide for voluntary sharing of the 12-digit identification number for obtaining new mobile phone connections and for the opening of bank accounts.
Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions.
Private sector lender Axis Bank on Wednesday launched the country's first contactless wearable payment devices to allow customers make on-the-go transactions more conveniently. Announcing the 'Wear N Pay' wearable devices brand, Axis Bank said it is the first bank in India to offer such a service. The bank has partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform, it said in a release.
Finance Minister Nirmala Sitharaman on Tuesday said the government is working out a new Bill on cryptocurrency which will be placed in the ongoing session of Parliament after approval of the Union Cabinet. The ongoing winter session is scheduled to end on December 23. Replying to a series of questions in the Rajya Sabha, she said the new Bill takes into account the rapidly changing dimensions in virtual currency space, and incorporate features of the earlier Bill that could not be taken up.
The budget is a responsible and pragmatic one with announcement of several initiatives that should spur growth, says Sanjay Tripathy.
The Reserve Bank of India has imposed a monetary penalty of Rs 1 crore on Dhanlaxmi Bank Ltd for violation of its instructions.
Other measures being considered include relatively stringent KYC norms and a separate standard operating procedure for approval, renewal, and fresh investment from India's neighbouring countries.
Aadhaar authentication is an online real-time service and only responds with a yes or no.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
The RBI on Tuesday announced start of year-long public awareness and consumer protection campaign.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
Digital payments provider Paytm is all set to make its market debut as early as this year, with an aim to raise $3 billion (around Rs 22,000 crore). If successful, this could be the biggest initial public offering (IPO) by an Indian company, breaking Coal India's 2010 record of Rs 15,475 crore. According to media reports, the board of One97, parent company of Paytm, is all set to meet this Friday to formally approve the IPO plan.
The outbreak and lockdown have thrown up a number of challenges, such as layoffs, pay cuts and a general slowdown. Many subscribers after their unsuccessful attempts to use the scheme have taken to social media to voice their complaints, as the EPFO website and grievance portal suffer outages and its customer helpline remains unreachable.
The Supreme Court on Friday sought responses from the Centre and Twitter India on a plea seeking a mechanism for regulating content and advertisements spreading hatred through fake news and instigative messages via bogus accounts.
In DigiLocker, a user can get different government departments to issue documents in digital format. At present, there are 117 such issuers. You can get PAN, Aadhaar, vehicle fitness certificate, vehicle tax receipt, class ten and twelve mark sheets, driving licence, caste certificate, ration card, birth certificate, college degrees and diplomas, marriage certificate, and many more.
The government has initiated a series of measures, including allowing re-verification at subscribers' doorstep and One Time Password (OTP) based authentication of existing users, to make the entire exercise easier for telecom subscribers.
Paytm will look to raise up to $1.5 billion as part of primary share sale, leading up to its initial public offering (IPO), which is planned for November, a person familiar with the developments said. The company is looking to file its draft red herring prospectus (DRHP) by July, according to sources. According to this person, though the details of the listing are being worked out, Paytm may take the qualified institutional buyer (QIB) route to list and issue fresh equity to raise funds.
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
Finance ministry maintains that all KYC requirements will be followed.
The Reserve Bank on Tuesday announced a slew of measures, including a simplification of the stringent KYC (know-your-customer) norms, to make banking easier for the common man.
Customers with non-KYC accounts will be subject to stiff conditions imposed by the RBI on December 19 for deposit of
The Virtual ID, which would be a random 16-digit number, together with biometrics of the user would give any authorised agency limited details like name, address and photograph, which are enough for any verification.
Equities in India saw record FPI inflows of $16.8 billion in November and December, taking the benchmark indices to new highs.
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Sanjay Kumar Singh tells you what to watch out for when buying insurance and investing in MFs online.
Of the total Rs 63,288 crore invested through the route till July, Rs 52,356 crore was invested in equities, Rs 10,429 crore in debt, Rs 250 crore in the hybrid securities and Rs 190 crore in derivatives segment.
Limit your investment in cryptocurrencies and make sure you have current holdings in your own custody until regulatory cloud blows over, experts tell Sanjay Kumar Singh.
With equity and commodity exchanges allowed to enter each other's areas from October, brokerages are pump-priming their businesses to allow their clients seamless trading in commodities and equities.
'In the business of money, where you are regulated, the liability lies on the head of the acquirer.' 'It is not a good thing when you cannot spot the risks.'
Govt effort to curb black money in polls futile if identity of donors not known, says SC.
Political parties use fake social media accounts for self-promotion and image building and to tarnish the image of opponents and contesting candidates, especially during the elections, the plea said.
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