Payments Banks

Fintech and enterprise technology firm Paramotor Digital Technology Ltd on Monday said it has entered into a co-branded partnership agreement with NSDL Payments Bank to issue prepaid cards across India. The partnership will support Paramotor's consumer spend management, digital gifting and rewards and loyalty platforms, including SpendPro, Yayyy.shop and RewardOn. The agreement is expected to enable Paramotor to offer industry-specific prepaid card programmes for enterprises and consumers across various use cases, the fintech firm said in a statement. The partnership will leverage NSDL Payments Bank's prepaid card issuance services and banking infrastructure to support secure, RBI-compliant prepaid payment solutions across payment networks. Rahul Anand, Promoter and Managing Director of Paramotor Digital Technology, said the agreement will strengthen the company's vertically integrated platforms. In May, Paramotor Digital filed draft papers with markets regulator Sebi through ...

Fino Payments Bank MD and CEO Rishi Gupta resigned after seeking voluntary early retirement amid a GST investigation linked to the gaming sector

The Reserve Bank of India (RBI) has cancelled the licence of Paytm Payments Bank, more than two years after the regulator imposed business curbs on the company over violations,

Final norms will come into effect from April 1, 2026

The previous increase was in April 2021, when the maximum end-of-day balance was raised from ₹1 lakh to ₹2 lakh

Credit card giant American Express also beat expectations for first-quarter profit last week

Payments banks can receive deposits of up to ~2 lakh per customer, but cannot lend

Paytm founder Vijay Shekhar Sharma owns 51 per cent of Paytm Payments Bank, while the remaining 49 per cent is owned by One97 Communications Ltd (OCL)

Payments banks and local area banks are kept out of the minimum WTD requirements

Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked all banks to prominently display its logo and QR code on their websites and internet banking portals by August 31 with a view to create awareness about the deposit insurance scheme. Deposits up to Rs 5 lakh in banks are insured by the DICGC. The scheme covers deposits in commercial banks, local area banks (LABs), payments banks (PBs), small finance banks (SFBs), regional rural banks (RRBs), and co-operative banks. In a circular, the Reserve Bank's subsidiary said deposit insurance plays an important role in protecting especially the small depositors, instill confidence in the banking system and maintain financial stability. "With a view to enhance the awareness about deposit insurance in a focused and sustained manner and in consultation with the RBI, it has been decided that all banks registered with DICGC shall henceforth display the logo of DICGC and QR code linked to the DICGC website prominently on their websi

Circular embraces all commercial banks, leaves out local area banks, RRBs and payments banks

UK-headquartered Winvesta, a neobank building cross-border banking and wealth management solutions, has launched a foreign payment collections system for Indian exporters.

The RBI has so far issued eight bank licensing guidelines to harmonise the rules and regulations

Its revenue during the reporting quarter was up by 35& YOY to Rs 242 crore from Rs 179 crore in the quarter ended September 2021

The IPO comprises a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders

Sandwiched between commercial banks and pure-play payments service providers, payments banks do not enjoy a level playing field

Industry sources said banks had made a case for increasing the limit to Rs 5 lakh in line with the hike in deposit insurance cover

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

The finance ministry has now made it clear that there is now no bar on the RBI's authorisation of private-sector banks to offer government business

In November last year, the RBI had said that Aditya Birla Idea Payments Bank was headed for liquidation after the company's application for voluntary winding up