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What makes Indian fintech fast and furious, but also a little fraudulent?

Know-your-customer, or KYC, regulations aren't easy anywhere. But fintech adoption in India has done more than just open the floodgates to financial inclusion

Govt appoints non-executive chairmen in Bank of India, IOB, Uco Bank

Ex-LIC head MR Kumar appointed as non-exec chairman of Bank of India

FSDC meet discusses ways for simplification, digitisation of KYC process

Take more steps to curb illegal lending apps: FM

KYC compliance: Time consuming, repetitive but critical for your safety

Update your documents regularly so that you are able to fulfil KYC demands seamlessly

Reserve Bank bolsters oversight of fintech firms with more inspections

All the sources declined to be named as they were not authorised to speak to the media

India Inc must get its act together on capex: RBI's state of economy report

Unsecured loans rise despite higher risk weighting

Govt debt to GDP may fall in contrast to global trend: RBI report

Dismisses IMF's contention of ratio exceeding 100%

Asia will continue to stay on course with disinflation: RBI's Patra

Signs are pointing towards alignment with central bank targets, says RBI Deputy Governor Debabrata Patra

Flows into NRI deposits up 72.7% in April-December 2023: RBI Bulletin

Non-resident external (NRE) deposits were at $97.69 billion in December 2023, up from $96.79 billion in November and $94.46 billion at the end of December 2022

RBI becomes a net buyer of US dollar after four months in December

Forward book turned positive after two months

Net FDI into India down 55% to $9.69 billion in Apr-Dec 2023: RBI Bulletin

Receding inflation, dip in borrowing costs may support FDI in 2024

Outward remittances under LRS rise 20% to $24.80 billion in 9MFY24

The outflows under the scheme were mainly driven by the international travel segment, equity and debt investments, maintenance of close relatives, among others

Paytm Payments Bank, RBI controversy: How will it impact the customers

The company, part of One97 Communications, is a leader in Indian fintech and faces challenges of regulatory scrutiny and customer uncertainity

Expectations of fresh round of private capex to fuel growth: RBI Bulletin

The Indian economy continues to sustain the momentum achieved in the first half of 2023-24 and expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth, the Reserve Bank Bulletin said on Tuesday. "The likelihood of the global economy exhibiting stronger than expected growth in 2024 has brightened in recent months, with risks broadly balanced," said an article on 'State of the Economy' published in the bulletin. It further said the Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high frequency indicators. "Expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth," said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra. The central bank has projected the GDP growth for 2024-25 at 7 per cent. On inflation, it said consumer price inflation came off its November-December spikes in its January 2024 reading, while c

RBI net bought $2.07 billion in spot foreign exchange market in December

The RBI said it purchased $31.73 billion and sold $29.66 billion in the spot market. In November, it had sold a net $1.93 billion

Paytm fiasco: FM Sitharaman to meet heads of fintech firms next week

Amid the ongoing problem faced by leading fintech player Paytm, Finance Minister Nirmala Sitharaman has decided to meet heads of financial technology companies next week to persuade them to strictly follow regulatory norms. Paytm Payments Bank Ltd, an entity promoted by One97 Communications Ltd, faced regulatory actions by the Reserve Bank for failure to comply with host of regulatory norms, including Know Your Customer (KYC) guidelines. According to sources, Sitharaman will be meeting CEOs of fintech companies next week to hear their concerns and problems. However, sources said, she will impress upon them the need to abide by regulatory norms as they are dealing with money of individuals. The meeting is expected to see participation from senior officials of Reserve Bank, finance ministry, Department for Promotion of Industry and Internal Trade, among others. Last week, the RBI advised customers as well as merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to othe

Jefferies suspends Paytm coverage amid uncertainty; shares jump 5%

Shares of Paytm gain for the second straight session

Piyush Goyal confident of interest rate cut by RBI in coming months

Commerce and Industry Minister Piyush Goyal on Monday exuded confidence that the Reserve Bank will cut interest rates as inflation is under control. The RBI has been maintaining the benchmark interest rate at an elevated level of 6.5 per cent since February 2023. Goyal said that the economic fundamentals of the country are strong and inflation is under check. He said that the average inflation of 10 years in India is about 5 to 5.5 per cent. It was the best-performing decade and because of that, the interest rate came down "dramatically" and the central bank was strengthened and had the ability to bring down the interest rate. "Of-course in the last year and a half, post Ukraine-crisis, interest rates have again gone up by 250 basis points. But now that inflation is pretty much in control, I suspect we will soon see the reversal of the rate hikes starting in India, whether it happens in the next or the second monetary policy from now. I think it's only a matter of time," Goyal ...

Paytm app may face a permanent loss of integrated mobile wallet feature

RBI unlikely to issue new wallet licence due to previous track record: Sources

Not planning harsher rules to curb fintech, says RBI's P Vasudevan

There are "no harsher measures coming on fintech," P. Vasudevan, an executive director in charge of enforcement at the Reserve Bank of India, said on Friday