The Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank, citing that the bank's affairs were conducted in a manner detrimental to the interests of the bank and its depositors, and its management was prejudicial to public interest.
Fino Payments Bank's MD and CEO, Rishi Gupta, has been arrested for violating Goods and Services Tax laws, prompting the appointment of Ketan Merchant as the interim head.
Jio Payments Bank introduces UPI-based cash withdrawals at business correspondent touchpoints, enhancing financial inclusion and simplifying access to cash for rural and semi-urban customers.
Fino Payments Bank asserts its compliance with GST regulations following the arrest of its MD and CEO, Rishi Gupta, by the Directorate General of GST Intelligence (DGGI). The bank clarifies that the investigation pertains to program managers associated with multiple banks and not the bank's own GST compliance.
Fino Payments Bank (Fino) has become the first such entity to get an in-principle approval from the Reserve Bank of India (RBI) to transition into a small finance bank (SFB).
HDFC Bank's shares experienced a dip on Wednesday after a newspaper report alleged that the bank made illegal payments to the Maharashtra State Road Development Corporation to secure large deposits, raising concerns about corporate governance.
Zelle, a major US peer-to-peer payment service, is set to launch in India by the end of this year, marking its first international expansion. The move aims to tap into India's large remittance market, offering a service similar to UPI but integrated with bank apps. Zelle also introduced ZelleUSD, a stablecoin for future global payment capabilities.
The Delhi Metro Rail Corporation has partnered with Airtel Payments Bank to launch co-branded RuPay National Common Mobility Cards (NCMC), enabling seamless payments across various transit networks nationwide.
IDFC First Bank has integrated with ICEGATE 2.0 to enable digital payment of customs duty, central excise, and service tax for its customers.
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
Fintech platform Decentro has received final approval for a Payment Service Provider (PSP) licence from the IFSCA at GIFT City, enhancing its cross-border payment capabilities.
'The transition from payment banks to SFBs is only permissible for banks not owned by corporate entities.'
India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism, linking India's UPI with Nepal's NPI. This system allows real-time money transfers via mobile banking, enhancing convenience for travellers and businesses, fostering financial inclusion, and strengthening economic ties between the two nations.
India's banking system liquidity has fallen into a deficit for the first time in nearly three months, prompting the Reserve Bank of India (RBI) to inject 1.41 trillion through a seven-day variable rate repo (VRR) auction to ease the temporary tightness.
Paytm, operated by One97 Communications, is not actively seeking a non-banking financial company (NBFC) licence, preferring partnership models for lending operations, according to its Group CFO.
DBS Bank India has launched a direct tax payment facility after authorisation from the Central Board of Direct Taxes (CBDT). Utkarsh Small Finance Bank partners with Mumbai Indians as banking partner for T20 League 2026.
The highest number of frauds was reported under the card, Internet, and digital payments categories in FY24 and FY25. 'Advances' accounted for the largest share (85.5 per cent) in FY26.
Deferred payment plans may come with a cost, which may not be immediately visible.
Fintech giant One97 Communications, which operates Paytm, has decided against applying for a Non-Banking Financial Company (NBFC) licence, favouring its existing partnership model.
ICICI Bank is seeking recoveries of at least 100 crore from fintech firms, alleging merchant misclassification of their business, a practice that has eroded the bank's interchange income. The dispute, lodged with global card network Visa, highlights growing discomfort among banks and intensified scrutiny from the Reserve Bank of India.
Reliance Industries Ltd reported a 12.5 per cent fall in its March quarter net profit, primarily impacted by the global energy crisis affecting its oil and chemicals business, while its consumer-facing Jio Platforms unit saw a 13 per cent increase in profit after tax.
Bernstein brokerage firm maintains 'Outperform' rating for Paytm, stating the PPBL licence cancellation will not impact Paytm's business and may open new regulatory opportunities.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
The Reserve Bank of India has approved a three-month extension for Keki Mistry as the interim chairman of HDFC Bank, continuing his tenure until September 18, 2026, or until a regular chairman is appointed.
Beleaguered Paytm Payments Bank's managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on Tuesday. Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI. "Surinder Chawla, managing director and CEO of PPBL, has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects.
The Reserve Bank of India (RBI) has proposed several measures to develop a more conducive framework for the long-term growth of Prepaid Payment Instruments (PPIs), including enhanced transaction security and clearer rules on refunds and grievance redressal.
IRCTC is expanding its payments arm, IRCTC Payments, to handle transactions across its ticketing platform and tap government clients, aiming to scale its annual payment processing to approximately 1 trillion.
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
Credit card transactions in India have surged over 2.6 times between 2021 and 2025, reaching 570 crore volumes and Rs 23.2 lakh crore in value, with private sector banks significantly increasing their market share, according to a recent RBI report.
A 20-year-old man was arrested for allegedly posing as an employee of a digital payment platform and duping shopkeepers in East Delhi by claiming to check defective sound boxes.
'...A new challenge has emerged in the form of Mythos.'
Fintech unicorn Razorpay has confidentially filed draft documents with SEBI for an Initial Public Offering, with market sources estimating the issue size between Rs 5,000-6,000 crore. This move comes as a rival firm, PhonePe, has paused its IPO plans.
Following regulatory action against Paytm Payments Bank Ltd (PPBL), Paytm strategically separated its core operations, a move praised by analysts for preserving business continuity and governance. This separation has enabled Paytm to sustain growth and improve profitability.
The Economic Offences Wing (EOW) of Odisha Police has arrested another person from Bhubaneswar for his alleged involvement in a bank loan fraud case worth Rs 6.88 crore.
Paytm (One 97 Communications Ltd) has stated that the Reserve Bank of India's action on Paytm Payments Bank Ltd (PPBL) has no financial or business impact on the company. The fintech firm clarified it has no material business arrangements or exposure with the banking entity, which operates independently.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
Global brokerage firm Jefferies has reiterated its 'Buy' rating on Paytm, stating that the company's growth engine and profitability will remain intact despite regulatory action on its associate entity Paytm Payments Bank Ltd (PPBL). The company has maintained its price target of Rs 1,350, implying an 18 per cent upside.
The Reserve Bank of India (RBI) has proposed new measures to combat financial fraud in digital payments, including lagged credit for authorised push payments and a 'kill switch' for users to disable all digital transactions.
LAMF allows investors to access liquidity while staying invested.
Two-factor authentication for all digital transactions, including UPI, is now mandatory in India, as per RBI guidelines, to enhance security and curb fraud.
