Page 143 - Rbi

RBI mulls revoking Paytm Payments Bank licence or superseding board

Action may come once pipeline transactions settled

RBI conducts two VRRR auctions in a single day for the first time

The central bank will conduct another overnight VRRR auction of Rs 50,000 crore on Wednesday

Paytm chief meets RBI for clarity on transferring wallet, FASTag biz

Regulator told Paytm Payments Bank last week to stop accepting new deposits in its accounts and digital wallets from March 1

No decision to introduce plastic notes: MoS finance to Rajya Sabha

Minister of State for Finance Pankaj Chaudhary on Tuesday said the government has taken no decision to introduce plastic notes. Efforts to enhance the durability and counterfeit resistance of the Indian banknotes is an ongoing process, he said in a written reply to the Rajya Sabha. As per the RBI Annual Report 2022-23, he said, "The total expenditure incurred on security printing stood at Rs 4,682.80 crore for 2022-23. No cost has been incurred on printing of plastic notes". "Government has taken no decision to introduce plastic notes in terms of section 25 of the Reserve Bank of India Act, 1934. Efforts to enhance the durability and counterfeit resistance of the Indian banknotes is an ongoing process," the minister said. In reply to another question, Chaudhary said trading illegal commodities using any kind of assets, including crypto assets, is a crime and is dealt with as per existing penal provisions. The Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT) provis

Explained: What's working and what next for Paytm Payments Bank?

Users on the Paytm app will be able to use UPI services, recharge, pay bills as well as use Paytm QR, Soundbox, card machine, movie bookings, and financial services

RBI imposes Rs 8.80 lakh fine on Power Finance Corp for norm violation

The PFC did not adhere to specific provisions of the RBI's directives on 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies

RBI cancels licence of Jai Prakash Narayan Nagari Sahakari Bank

The RBI has cancelled the licence of Jai Prakash Narayan Nagari Sahakari Bank Basmathnagar, Maharashtra, as the lender, with its present financial position, would be unable to pay its present depositors in full. The Commissioner for Co-operation and Registrar of Cooperative Societies, Maharashtra, has been requested to issue an order for winding up the bank and appoint a liquidator, the RBI said in a statement on Tuesday. On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the data submitted by the bank, about 99.78 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC, the Reserve Bank said. As of September 21, 2023, DICGC has already paid Rs 23.89 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank. Giving ...

MakeMyTrip, PolicyBazaar warn RBI of fintech hit after Paytm crackdown

There are concerns about the broader impact on India's fin-tech sector which the government says raised $5.6 billion in 2022, as digital payments and the use of smartphones and the internet boomed

FIU, ED seek report from RBI on action taken to bar Paytm's banking unit

The Enforcement Directorate and the Financial Intelligence Unit have asked the RBI to share its report on the recent action taken to bar Paytm Payments Bank Ltd from accepting deposits or top-ups in customer accounts, official sources said on Tuesday. Federal agencies ED and FIU, tasked with checking violations under the Prevention of Money Laundering Act (PMLA), are already probing matters related to the payment gateway under provisions of the anti-money laundering law. Following the action of the Reserve Bank of India (RBI), Paytm has said it did no wrong and asserted that its brand owner company One97 Communications, founder and CEO Vijay Shekhar Sharma and Paytm Payments Bank Ltd (PPBL) are not being investigated for money laundering or foreign exchange violations. The Enforcement Directorate (ED) has asked the RBI to share its latest report so that it can analyse if it needs to initiate a probe against PPBL, a senior official told PTI. The agency has been probing Paytm and oth

State Bank to buy out SBI Capital Markets' stake in SBICAP Ventures

State Bank of India on Tuesday announced that it has got the approval of the executive committee of its central board to acquire a 100 per cent stake held by SBI Capital Markets in SBICAP Ventures. The lender said the cost of the acquisition is Rs 708 crore. "...executive committee of the central board of the bank has accorded final approval for acquiring 100 per cent stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd by State Bank of India," the country's largest lender said in a regulatory filing. The bank said that SBICAP Ventures is engaged in the business of asset and investment management having assets under management (AUM) to the tune of Rs 33,055 crore as of December 2023. The stake acquisition from SBI Capital Markets is for better governance, the lender said. The proposed transaction of acquisition is being done on an arm's length basis. The RBI and SEBI have also accorded their approvals, the lender said. According to the regulatory filing, the acquisition

Paytm CEO Vijay Shekhar, officials meet RBI to discuss regulatory concerns

Paytm has also been seeking clarity from the RBI regarding transfer of license for the wallets business and digital highway toll payment service Fastag, the source said

Startup founders write to PM, FM & RBI to review regulatory action on PPBL

Founders have called on the regulator to re-evaluate its directive and engage in dialogue with the fintech industry

HDFC Bank Group gets RBI approval to acquire 9.5% stake each in six banks

RBI's approval is valid for one year from the date of RBI's letter, i.e., till February 4, 2025

Jio Financial Services denies being in talks to acquire Paytm's wallet biz

Paytm news: Earlier, a media report had stated that JFSL and HDFC Bank were frontrunners to buy Paytm's wallet business

Paytm Payments Bank and RBI ban: What went wrong and the story so far

RBI Paytm Payments Bank news: After the ban announced on January 31, the shares of One97 Communications Ltd have fallen over 43% and are near their all-time low

TMS Ep623: RBI on Paytm, Hero E2W, investment strategy, Lakhpati Didi

What does RBI's move on Paytm mean for you? Can Hero ace the EV two-wheeler segment? What should be your investment strategy post Budget? Who are 'Lakhpati Didis'? All answers here

Run-up to MPC meeting: 'Time not ripe to signal monetary policy reversal'

Domestically, growth, especially in non-agricultural segments, is holding firm amid improved macro-financial stability

RBI conducts 4-day VRRR auction as overnight rates fall below repo

Banks parked Rs 18,750 crore at the auction against a notified amount of Rs 50,000 crore at a weighted average rate of 6.49 per cent

Slice announces public release of UPI first account product for everyone

/ -- slice, India's leading fintech startup, announces the public release of its highly anticipated UPI first account - slice account. After a successful three-month beta testing period, primarily available to its existing customer base, slice is now extending slice account services to all users. The slice account has witnessed overwhelming approval from the customers, who have quickly taken to its fast, integrated experience that combines user funds and digital payments within a single app infrastructure. Indulge in a fine payment experience: slice's UPI first account offers a UPI handle (@slice) and a virtual account. The customers can effortlessly add money in the virtual account and spend via UPI or card, or link any other bank accounts they want, enjoying a seamless and fast UPI payment experience. slice account simplifies the payment process by eliminating cross-selling and prioritising a user-friendly interface designed to save time. It includes autoload functionality for ..

RBI bars Paytm Payments Bank from carrying out transactions starting Feb 29

'Persistent non-compliance' by company, says order barring it from credit transactions or top-ups in customer accounts