State Bank of India has embarked on a drive to cut the Know Your Customer (KYC) process to a single one across its branches, a top official said on Tuesday.
Reserve Bank Governor Sanjay Malhotra on Wednesday exhorted the fledgling fintech ecosystem to focus on the underserved sections of the society to deepen financial inclusion. Speaking at the annual Global Fintech Fest in Mumbai, Malhotra accepted that serving the "privileged" will be a lucrative business, but urged the smaller companies to focus on the underserved.
The government on Wednesday approved two schemes worth Rs 45,000 crore to help exporters tide over the impact of high tariffs imposed by the US on Indian shipments.
About 85 per cent of the digital payment transactions take place through UPI in India, and the country can be a case study in inclusive, secure, and scalable Digital Public Platforms (DPPs), Reserve Bank Governor Sanjay Malhotra has said. He was speaking at a "High-Level Dialogue on Forging Economic Resilience through Digital Public Platforms" organised by RBI on the sidelines of the Annual Meetings of the World Bank and International Monetary Fund in Washington, DC on Tuesday.
What makes the Gen Z Mada movement in Madagascar significant is not only their use of digital tools but their ability to unify a disillusioned population around a shared vision of justice, transparency, and reform.
Concerned that they will not be able to comply with downlinking guidelines and cable laws, broadcasters and the cable industry have strongly opposed any move to govern Internet Protocol TV services through the Unified Access Service Licence agreement
SBI customers faced difficulties in accessing UPI and mobile banking services for more than four hours on Tuesday due to some "technical issues". The country's largest lender later said the technical issues have been fully resolved.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
CPGRAMS -- an online platform available to citizens 24x7 to lodge their grievances to public authorities on service delivery -- has existed for close to two decades. But it has never been this active, points out Tamal Bandyopadhyay.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
The department of telecommunication will soon write to companies, including Idea Cellular and Aircel to start landline operations.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
Reliance Infotel to be the biggest beneficiary.
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.
The department of telecommunications has referred the issue of using multiple technologies under a single unified access services licence to the Telecom Regulatory Authority of India.
The exercise is ostensibly for security reasons and to prevent misuse of the freedom of speech in cyberspace.
"We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion," says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere.
There is a need for real-time or near real-time credit reporting, instead of the current fortnightly system, to improve underwriting precision, enable timely reflection of borrower actions such as loan closures or repayments, and deliver a superior consumer experience, Deputy Governor of the Reserve Bank of India (RBI), M Rajeshwar Rao said on Wednesday.
Digipin promises to revolutionise location-based services in India with safeguards.
'The next decade will be even more transformative,' says Prime Minister Modi. 'We are moving from digital governance to global digital leadership.'
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
Liberalization and telecom reforms are known to be necessary to hasten growth in tele-density.
>The Indian Army still uses old British-era names and recruits soldiers based on caste or region, which hurts national unity, argues Colonel K Thammayya Udupa (retd).
To bring clarity, the department clearly defines terms such as promoter and competitor.
Confirming the development, Chairman Venugopal Dhoot said, "We will use the CDMA technology for mobile services in the country."
Bharti Televentures on Thursday announced plans to provide GSM services to six eastern and north-eastern states as well as to Andaman & Nicobar Islands, in two phases.
DoT has stated in an internal note that the 3G roaming agreements between these three companies are tantamount to their becoming mobile virtual network operators, something not allowed under the current policy.
The company's licences in 15 circles have been cancelled as a part of the court's verdict.
First things first: For those wondering if they need to reapply, the answer is no.
Shyam's application comes even as real estate major DLF Ltd confirmed on Wednesday that it will apply for telecom licences by Friday, the fourth real estate company to do so in the recent past.
Tech and startup industry bodies have again pushed back against calls by telecom operators to bring over-the-top (OTT) services under a licensing regime similar to telcos, and open them up to taxation. Ahead of public consultations on the issue later this week, the Internet & Mobile Association of India (IAMAI), Nasscom and the US India Strategic Partnership Forum (USISPF), among others, have written to the government arguing against such efforts.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
In stark contrast with the Telecom Regulatory Authority of India (Trai) recommendation that only Unified Access Service Licence (UASL) licence-holders should participate in 3G auctions, Communications Minister A Raja today suggested that foreign telecom companies, too, would be permitted to bid for 3G spectrum.
In a definite signal that mobile phone service providers are not going to lose their licences even after the scheduled end of their validity, the Department of Telecommunications has asked the Telecom Regulatory Authority of India to recommend terms and conditions for extending the licence periods forever.
Some 74 applications for these licences for mobile services are pending with the Department of Telecom.
Technology is rapidly reshaping industries that have long been rooted in tradition, driving a wave of innovation that is transforming everything from finance, banking, steel to manufacturing.
The ISPs had already made a presentation to telecom minister Kapil Sibal to request his help in such a process if the government did not want to continue with the current ISP regime.
'With a very stable technology with limited functionalities, a large network has spanned out.'
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