The board is likely to take up the matter this month.
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.
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.
Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday.
Maharashtra minister's announcement regarding the disbursement of financial aid under the Ladki Bahin Yojana before Makar Sankranti has triggered a controversy, with the Opposition alleging a violation of the Model Code of Conduct ahead of municipal elections. The State Election Commission has sought a report on the matter.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
'This will bring in a lot of net new users to UPI.'
The Gujarat Anti Terrorist Squad (ATS) has arrested a retired Army man and a woman for allegedly sharing sensitive information about military establishments and personnel with Pakistani agents.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
State debt is rising because revenues are disappointingly weak. Ten states have debt ratios exceeding 30 per cent. In 2023-2024, states were borrowing simply to meet day-to-day expenses, points out Debashis Basu.
The Indian rupee, swaying through multiple headwinds, tiding over global trade disruptions and massive foreign fund outlfows, is unlikely to arrest its descent until tariff impact overhangs, notwithstanding robust domestic macroeconomic tailwinds. The Reserve Bank of India (RBI), which sees the rupee's depreciation as a silver bullet to offset the tariff shock, expects the currency to find its stable course once India reaches a trade deal with its largest trading partner, the US.
The Enforcement Directorate on Thursday said it has restituted funds worth more than Rs 300 crore towards long-pending dues of the former workers of now defunct Kingfisher Airlines that was promoted by fugitive liquor baron Vijay Mallya.
Trai has ordered BFSI firms to move service and transaction calls to the 1600 series from 2026 to reduce spam, financial fraud, and rising digital arrest scams.
'Just like oral hygiene, cyber hygiene must become a daily habit,' says Beena Vaheed, executive director, Bank of Baroda. 'It is not enough to rely only on banks, companies, or the government. Each of us must play our part.'
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
The committee formed under the Life Insurance Council to review the commission structure in the life insurance sector has recommended capping distributor commissions or deferring them to ease acquisition costs. The recommendations will be sent to the insurance regulator -- Insurance Regulatory and Development Authority of India (Irdai).
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.
Post Office has 1,54,000 rural branches.
Users experienced difficulties with UPI payments due to technical issues in some banks' systems. NPCI stated that its systems are operational and it is working with banks to resolve the problems.
The CBI has filed a chargesheet against 17 people, including four Chinese nationals, and 58 companies for their alleged roles in a transnational cyber fraud network that siphoned off over Rs 1,000 crore.
People close to Shanghvi reveal he is known to make surprising moves both inside and outside the pharma industry.
India Post may be keen to apply for payment bank licence.
A 57-year-old woman in Bengaluru was allegedly defrauded of approximately Rs 32 crore in a 'digital arrest' scam. Posing as CBI officers, fraudsters coerced her into sharing financial details and making numerous bank transfers over six months.
Paytm (One 97 Communications Ltd), India's full-stack merchant payments leader serving MSMEs and enterprises, has launched a fully redesigned version of its flagship app, integrating artificial intelligence-driven features to streamline and personalise everyday transactions for its users.
Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
Draft guidelines for Small Banks and Payments Banks were issued by the RBI in July and comments were invited till August 28.
ICICI Bank on Wednesday said tax authorities have slapped a demand notice of Rs 49.11 crore on it for alleged short payment of GST.
The Bengaluru police have launched a probe into a cyber fraud case where hackers allegedly infiltrated the official email communication between city-based Group Pharmaceuticals and Dr Reddy's Laboratories, Hyderabad, successfully diverting a payment of Rs 2.16 crore to a fraudulent account.
rediffGURU T S Khurana answers readers' personal income tax queries
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
'The first time India has seen two consecutive blockbuster IPO years.'
Officials from both India and the US in the recent past have indicated that a "fair deal" will be concluded soon, with Indian officials holding that more formal rounds of talks are not needed.
Overall economic activity continued to hold up in November with demand conditions remaining robust, thanks to strengthening urban demand, but manufacturing and rural demand showed some signs of deceleration even as services remained strong, according to an article on the State of the Economy written by Reserve Bank of India (RBI) officials in the central bank's December bulletin.
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
The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.
Last August, RBI gave in-principle approval to 11 applicants.
Filing a belated return is far better than not filing at all.
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.
Banks and NBFCs are launching festival offers, including lower loan rates, cashback, EMI schemes and GST-linked benefits to tap rising demand ahead of Diwali
Companies are primarily using funds raised through fresh equity issuance to repay existing debt, followed by allocation for capital expenditure, according to a study by Bank of Baroda of over 200 filings with the market regulator between April and October 2025. The report stated that of these filings with the Securities and Exchange Board of India (Sebi) - covering both funds already raised in FY26 and future intent - 189 companies provided clear data on the purpose of the fund-raising.
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