Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
'With a very stable technology with limited functionalities, a large network has spanned out.'
The Chinese financial giant, which had invested in One 97 Communications since 2015, has seen a sharp decline of 45 per cent, or Rs 2,125 crore, in its stake value since the Reserve Bank of India (RBI) took action against Paytm Payments Bank on January 31. One 97 shares closed at Rs 422.6 a share on Monday. The Chinese company, however, had sold its stake worth Rs 8,293 crore in three tranches over one year.
Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.
Upcoming payment banks will lift lower income groups in distant villages.
While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
'We now understand things that we have to correct.'
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February. According to the latest data released by the Reserve Bank of India (RBI), September spending reached Rs 1.76 trillion, compared to Rs 1.42 trillion in the same period a year ago. In August 2024, credit card spending was Rs 1.68 trillion.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
More than three weeks have passed since the Reserve Bank of India's (RBI's) new guidelines on e-mandates for recurring payments came into effect but consumers are still taking to social media platforms to complain about the disruptions they are facing. This comes as most stakeholders in the ecosystem have not put in place systems in accordance with the new rules, resulting in many transactions not going through. Industry sources said most banks are still not ready, especially the smaller ones.
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
In a recent operation, Bihar Police busted a fraudulent scheme operating under the guise of 'All India Pregnant Job Service', which deceived men with promises of substantial payments for impregnating childless women.
Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
The Reserve Bank of India (RBI) will launch the Unified Lending Interface (ULI) nationwide in due course, aiming to transform India's lending sector, similar to how the Unified Payments Interface (UPI) revolutionised the payments ecosystem, Governor Shaktikanta Das said on Monday.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
The debt-ridden IL&FS group has discharged Rs 45,281 crore to its creditors as of March 2025, completing the resolution of its 197 entities, according to the latest status report affidavit filed before the insolvency appellate tribunal NCLAT. This is 18.9 per cent higher than Rs 38,082 crore, the amount of debt that stood resolved from the last status report filed by IL&FS six months before on October 28, 2024.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
Rajan has set March 2017 as the deadline for banks to clean up their balance sheets.
'The impact of CBDC on deposits and deposit insurance is largely unknown.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
Startups that became unicorns in 2024 took an average of nine years and six months to reach $1 billion valuation, reflecting the impact of a prolonged funding squeeze from PE/VC firms over the past few years.
The Indian rupee is likely to depreciate further against the US dollar through the end of 2024. This is due to the continued strengthening of the greenback, combined with the weakening of the Chinese yuan, which is expected to keep pressure on the Indian currency.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
Private sector banks reported the maximum number of frauds in 2022-2023.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
The Sebi board on Wednesday approved a series of measures, including stricter regulatory norms for SME IPOs, a comprehensive overhaul of investment banking regulations, and an expanded definition of Unpublished Price Sensitive Information (UPSI). Also, the board approved reforms to boost ease of doing business for Debenture Trustees, ESG rating providers, InvITs, REITs, and SM REITs.
Digital payments and financial company Paytm is looking to hive off its payment aggregator business into a new subsidiary Paytm Payments Services Limited, according to a notice sent to shareholders for approval. The company is seeking approval of the same from its shareholders through an extraordinary general meeting on September 23. "To consider and approve transfer of Payment Aggregator business to Paytm Payments Services Limited, a wholly owned subsidiary of the Company, to comply with Reserve Bank of India guidelines, being considered as sale of undertaking," the EGM notice issued on August 31 said.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
Four members of a gang have been arrested for kidnapping actor Mushtaq Mohammad Khan from the Delhi airport and holding him hostage in Bijnor, Uttar Pradesh. The gang was also plotting to abduct veteran actor Shakti Kapoor on the pretext of inviting him to an event. The gang members were involved in abducting film stars by sending advance payments and air tickets under the guise of event invitations. Police recovered Rs 1.04 lakh from their possession and are investigating whether the gang was involved in the kidnapping of other film stars. In a related development, Arjun, one of the kidnappers involved in comedian Sunil Pal's abduction, was shot and injured during an encounter with police in Meerut. Arjun, who was arrested on Saturday, attempted to escape while being escorted for a medical checkup by snatching the pistol of a sub-inspector. The police team retaliated, and Arjun was shot and injured in the exchange of fire.
