The National Payments Corporation of India (NPCI) has granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars, according to the company. The move is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app. In March, the NPCI gave approval to Paytm to participate in UPI as a Third-Party Application Provider (TPAP).
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Under the title of "legal enforcement", states and Union Territories were directed to appoint officers solely responsible for discharging the functions of Child Marriage Prohibition Officers at the district level.
Finance Minister Nirmala Sitharman on Monday held a performance review meeting with heads of public sector banks and asked them to make concerted efforts to garner deposits. Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks. During deliberations on the deposit mobilisation, she said that while the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably, and asked banks to make concerted efforts to garner deposits by conducting special drives.
Competition Commission of India on Wednesday said it has approved the merger of the media assets of Reliance Industries and Walt Disney Co to create the country's largest media empire. The deal, announced six months ago, has been cleared by the CCI with certain modifications proposed by the two parties.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The latest ultimatum underlines the hardening of the government's stance on the issue of deepfakes and misinformation powered by AI, after the Centre categorically told platforms to crack down with urgency on doctored and manipulated videos rampantly being circulated on social media.
A trust deficit had been building between developers and their customers, with massive incidence of project delays and deviations. Compliance with Rera is an opportunity to revive buyers' confidence.
'Subjecting each such creative content to scrutiny will impose burdens on the OTT platforms and impact user experience.'
The swindled amount is nearly half of WazirX's total assets.
Digital transaction players are hurriedly drawing up a memorandum to be taken to the central bank in hope of having a few of the guidelines -- such as full Know Your Customer (KYC) compliance in 12 months -- overturned, reports Karan Choudhury
'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
The small finance bank model may still be testing the water some 10 years since its launch. According to banking experts, the regulator has taken a cautious approach in granting approvals. Unity Small Finance Bank was the last one to get a licence in the category in November 2021.
The IPO filing-to-approval lapsing ratio this year is the best in three years, underscoring the improvement in the IPO market's buoyancy.
Union Minister Rajeev Chandrasekhar on Tuesday met social media platforms to review progress made by them in tackling misinformation and deepfakes, and asserted that advisories will be issued in the next two days to ensure 100 per cent compliance by platforms.
'A mule operates someone else's account to transfer illegal money.'
Election Commission on Tuesday directed social media platform 'X' to 'immediately' take down an animated video shared by the Karnataka unit of the BJP related to the row over reservation for the Muslim community.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Traction for its specialty portfolio, a strong showing in the domestic market, and better regulatory compliance are positives for the country's largest pharmaceutical (pharma) company, Sun Pharmaceutical Industries. Given the triggers, some brokerages have increased their earnings per share estimates and target price for 2024-25 (FY25). This should sustain the momentum for the stock, which has been one of the major pharma gainers in 2023-24 (FY24), rising 57 per cent. It is currently trading at Rs 1,547 per share.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
Entities may be given about a year to tune their systems to comply with norms of Digital Personal Data Protection Act, 2023, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Wednesday. Speaking to reporters on the sidelines of consultation with the industry, Chandrasekhar said the Data Protection Board and guidelines for the eight rules, including consent management, will be put in place within a month. "Industry wants some more time for age-gating, different timelines for transition for different data fiduciaries.
Organisations are facing growing privacy concerns over the use of generative artificial intelligence (GenAI) while getting attractive returns from investments in privacy, according to Cisco's latest Data Privacy Benchmark Study. The findings highlight the responses from 2,600 privacy and security professionals across 12 geographies, said the annual review of key privacy issues impacting business. "Organisations see GenAI as a fundamentally different technology with novel challenges to consider," said Dev Stahlkopf, Cisco Chief Legal Officer.
Chief Justice of India D Y Chandrachud on Thursday advised market regulator SEBI and the Securities Appellate Tribunal (SAT) to exercise caution amid a significant surge in equity markets and pitched for more tribunal benches to ensure that the "backbone is stable". Inaugurating the new SAT premises here, CJI Chandrachud pitched for authorities to consider opening up new benches of the SAT given the higher workloads because of higher quantum of transactions and newer regulations.
Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
The government on Thursday tabled the Digital Personal Data Protection Bill 2023 in the Lok Sabha with an aim to protect the privacy of Indian citizens, while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
The State Bank of India told the Supreme Court on Thursday it has provided all details of the electoral bonds in its possession to the Election Commission.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
IT firm MphasiS on Monday said it will acquire US-based Digital Risk for $175 million (about Rs 960 crore), a move that will help it attain leadership position in the US mortgage services market.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
Adani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani's conglomerate, on Thursday reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company.
India is headed for general elections early next year, and the DIA is expected to be legislated only after the 2024 polls and the formation of the government.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
"India is the best market right now in the world with the digital initiatives the government has implemented
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
