Payment banks may not be viable option to attain financial inclusion.
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
A 72-year-old doctor in Mumbai was defrauded of 10,000 by cyber criminals posing as Mahanagar Gas Limited personnel who tricked him into downloading a malicious file.
A prolonged supply shock can transmit to lower incomes, and dampen confidence and sentiment, warns Aditi Nayar, chief economist, head-research and outreach, ICRA.
Noida Cyber Crime Police arrested four individuals in Sector 76 for allegedly defrauding foreign nationals through a tech support scam. The accused posed as technical support agents, falsely claiming hacking incidents to extort money from victims.
As India's biggest Unified Payments Interface (UPI) app PhonePe prepares to list, the updated draft red herring prospectus (DRHP) shows the impact of regulations on the business, and concentration of payments-linked revenue even as UPI lacks MDR (merchant discount rate).
'At the first sign of real trouble, that money will move. There will be a run.'
Several non-banking financial companies (NBFCs) are observing an increase in early-stage delinquencies within their micro, small and medium enterprises (MSME) loan portfolios, primarily driven by supply chain disruptions and escalating raw material costs exacerbated by the ongoing conflict in West Asia.
Delhi Police have dismantled a cyber fraud operation that swindled a railway employee out of approximately Rs 60,000 under the guise of an online lottery. The investigation led to multiple arrests and uncovered a network using fake identities to open bank accounts for illicit transactions.
A total of 41 companies had applied for the permit
Fraudsters in Thane, Maharashtra, allegedly duped 11 residents by promising low-cost housing under a government scheme and forging their credentials to open bank accounts for larger financial transactions.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
The board is likely to take up the matter this month.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
Markets regulator Sebi on Tuesday proposed introducing gift cards or gift prepaid payment instruments (PPIs) for investments in mutual funds to improve financial inclusion through onboarding of new investors in the space.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
Understand your travel insurance policy before travelling abroad this summer. This article outlines what travel insurance covers, including trip cancellations, missed connections, and medical emergencies, and what it excludes, such as war-related disruptions and pre-existing conditions.
Gurugram police have arrested two individuals, including a director of an infra firm, for allegedly defrauding investors through fake real estate projects linked to Dhirendra Shastri's 'Aparna Ashram' in Silokhera village.
Gurugram police have arrested two individuals, including a director of an infra firm, for allegedly defrauding investors through fake real estate projects connected to Dhirendra Shastri's 'Aparna Ashram'.
The State Election Commission (SEC) has barred the Maharashtra government from releasing the January instalment of the 'Ladki Bahin' scheme in advance, citing the enforcement of the model code of conduct for municipal elections. The decision follows complaints about the timing of the release, coinciding with upcoming municipal elections.
Life Insurance Corporation (LIC) has launched two new mobile applications, MyLIC for policyholders and Super Sales Saathi for its sales intermediaries, aiming to enhance digital agility and cater to the younger generation's needs. The apps, part of LIC's DIVE digital transformation platform, offer features like policy management, premium payments, and personalised recommendations.
Former Haryana deputy chief minister Dushyant Chautala has criticised the state government for failing to ensure proper crop procurement arrangements and timely compensation for farmers affected by unseasonal rain.
Brokerage firm Jefferies maintains a 'Buy' rating for Paytm, citing its dominant merchant payments platform and projected revenue growth.
The Reserve Bank of India (RBI) Governor Sanjay Malhotra is now confronting the classic growth-inflation tradeoff, a situation exacerbated by the West Asia war, which threatens to end the 'goldilocks period' of low inflation and robust growth.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
Kapil Chugh, accused of masterminding a Rs 1,825 crore GST refund fraud, has been arrested by DGGI officers upon his return from Dubai. He is alleged to have evaded investigation and is wanted in other economic criminal cases.
Rajasthan Police have dismantled a cyber fraud racket operating from a remote island in Dungarpur district, arresting 12 individuals involved in offering fake escort services and scamming victims across the country.
Delhi Police have arrested two individuals for allegedly defrauding a 25-year-old man of Rs 1.46 lakh through a fake online investment scheme. The accused lured the victim with promises of high returns for completing online tasks.
The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.
With duties at 15%, GST at 3%, and making charges running as high as 20% -- the gap between a smart purchase and a careless one can easily be Rs 30,000 to Rs 50,000 on every Rs 1 lakh invested. And most of that gap is entirely avoidable. Ramalingam Kalirajan explains the math.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
The Commercial Taxes Department has arrested Mohammed Tauqeer for his involvement in generating and routing fraudulent ITC across multiple states, unearthing a GST fraud worth Rs 410 crore.
Four individuals have been arrested for allegedly running a sophisticated cyber fraud operation, duping people with fake discounted air tickets across multiple cities. Police recovered a substantial amount of cash and luxury items from the accused.
"It is quite possible that the rates will remain low in the near to medium term, but that will depend on how conditions evolve," said RBI Governor Sanjay Malhotra.
ICICI Bank chief Chanda Kochhar on Wednesday said "disruption" will happen in the industry due to technology and not because of the entry of new entities in the market.
Even if there is an early agreement on a cessation of hostilities in West Asia, the price shock will not go away easily, points out A K Bhattacharya.
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