Page 11 - Fintech

85% of Paytm wallet users unaffected, rest to link apps to banks: RBI Guv

As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension. The time given up to March 15 is sufficient and there is no need for further extension, he said, adding that 80-85 per cent Paytm wallets are linked to other banks, and the remaining 15 per cent have been advised to move on to other banks. He said that the RBI has taken action against a regulated entity, which in this case is PPBL and has nothing against Fintech companies. Instead, Das stressed that the RBI favours innovation in the financial ...

Paytm will overcome regulatory setbacks, says Vijay Shekhar Sharma

Despite the setbacks, Sharma said he values the role regulators play in creating a healthy environment for startups in India

JPMorgan Chase joins France's payments network CB to avoid Visa, Mastercard

For payments made locally in France, it's usually cheaper for merchants run them over Cartes Bancaires

Fairfax-backed Go Digit receives Sebi's approval to raise funds via IPO

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday. The approval came after the company's preliminary IPO papers were first filed in August 2022. Go Digit's proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issuance would be utilised for the augmentation of the company's capital base and maintenance of solvency levels and for general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. According to an update with the Sebi (Securities and Exchange Board of India) on Monday, the regulator gave its observation on March 1. In Sebi's parlance, obtaining ..

Best of BS Opinion: Fintech, age, central banking, Few gains at WTO & more

Here is the best of Business Standard's opinion pieces for today

Flipkart unveils its UPI handle to boost India's digital evolution

The service would be available to all users including Flipkart's over 500 million customers

Best of BS Opinion: Responsible innovation, Indonesia & Pakistan & more

Here is the best of Business Standard's opinion pieces for today

Diversity in India's ecosystem aids Razorpay's global forays, says CFO

The company eyes Indonesia, Vietnam, and the Philippines for expansion into South East Asia

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

EU council adopts euro instant payments rules to take on Visa, Mastercard

The Council added that the new rule would factor in countries outside of the euro-zone economic bloc

Vijay Shekhar Sharma steps down as chairman of Paytm Payments Bank

The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank

PhonePe's Indus Appstore surpasses 100,000 downloads in 3 days of launch

Indus Appstore -- the new Android-based made-in-India app store that is pitted against the might of Google's Play Store -- has surpassed 100,000 downloads in just three days of launch, according to a release on Monday. App developers, tech enthusiasts, and users have actively downloaded the app, recognising the potential impact of Indus Appstore on India's digital ecosystem, the release said. Last week, PhonePe, owned by Walmart Inc, had launched the mobile app marketplace -- Indus Appstore -- to challenge Google's Play Store and Apple's App Store. "Indus Appstore, India's revolutionary new Android-based app store from PhonePe, has achieved a significant milestone by surpassing 100,000 downloads in just three days of launch," it said. The "remarkable feat", the release said, underscores the Indian market's eagerness for a localised, inclusive, and developer-empowering alternative to existing app stores. Akash Dongre, Chief Product Officer and Co-Founder of Indus Appstore, said, "W

RBI's action on Paytm PB puts the spotlight on a few lingering issues

Should there be a revisit of the domestic-systemically important bank (D-SIB) framework, and is there a case for this to be widened to cover more kinds of regulated entities (REs)?

Decoded: Public tech platform for frictionless credit, demystified

The pilot of this platform, known as a Public Tech Platform for Frictionless Credit (PTPFC), commenced on August 17 last year

Fintech major Razorpay's latest offerings: PoS device, marketing stack

The Bengaluru-based fintech firm marked its foray into the marketing and growth solutions space as it launched Engage; a full-stack marketing growth suite

Fintech firms will go global with govt's clear thinking, says NPCI chief

NPCI chief Dilip Asbe explained that Indian fintech companies will have to take the lead to explain the country's payment standards to the world before exporting them globally

Angel One plans to raise Rs 2,000 cr to tap opportunities in fintech space

The stockbroker plans to move beyond equity and mutual funds and will offer distribution of credit and fixed-income products

Indian banks' rush for clients set for reckoning after Paytm fiasco

India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank

PayPal registers with FIU of India under anti-money laundering law

American online payments gateway service provider PayPal has registered its operations with the Financial Intelligence Unit of India, about six years after a protracted legal battle ensued between the two entities. Official sources told PTI that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU). PayPal has also appointed a principal officer, as stipulated under the anti-money laundering law, for conducting official communication with the FIU while the appointment of a director, as envisaged under the same law, is in process, they said. "PayPal has registered as a reporting entity with the Financial Intelligence Unit-India, in compliance with the Reserve Bank of India's recent regulatory framework governing cross-border payment aggregators (PA-CB), which is applicable to the PA-CB industry," a PayPal ...

'Capital One-Discover deal could hurt Visa, Mastercard dominance'

The all-stock deal would give Capital One access to Discover's network of payments processing and settlement services, potentially allowing it to cut its reliance on Visa and Mastercard