A cash usage indicator (CUI) taking into account both physical and digital modes of payments indicates that the cash usage remains significant, but has been declining during the period under study, said the author Pradip Bhuyan from the Reserve Bank of India’s (RBI) department of currency management in a paper titled “Cash Usage Indicator for …
Use of cash still dominant, digital modes catching up Read More »
According to the letter, the approval is subject to adherence to all NPCI procedural guidelines and circulars issued from time to time, including guidelines and circulars issued specifically on risk management, brand guidelines for app and QR, multi-bank guidelines, TPAP market share and customer data.
This festive season, Equitas Small Finance Bank launched Selfe Loans, a mobile app that allows users to apply for secured loans without income proof, including loans against property, home loans, merchant overdrafts, and loans for new and used cars as well as commercial vehicles.
MobiKwik has partnered with RBI-regulated SFBs and NBFCs like Suryoday Small Finance Bank and Bajaj Finance, to roll out an instant fixed deposit (FD) product on their mobile app, with a return of about 9.5 per cent.
Cross-border payments has seen major shifts, including the rise of instant payment systems, the exploration of tokenised deposits and CBDCs, and the streamlining of correspondent banking relationships.
Paytm has received NPCI approval to onboard new UPI users, following regulatory guidelines, after RBI restrictions halted the process earlier. One97 Communications also reported a Rs 928.3 crore net profit.
One97 Communications, parent of Paytm, posted a net profit of Rs 928.3 crore for the quarter ending September 2024. The profit was bolstered by the sale of its entertainment ticketing business to Zomato. The company’s revenue from operations dropped 34.1 percent year on year. However, the revenue for payments and financial services showed sequential growth.
Paytm reported a consolidated profit of Rs 928.3 crore for the quarter ended September 2024, largely due to a one-time gain in its ticketing business with Zomato. The company aims to revive its customer base, expand merchant payment innovations, and increase financial services revenue while adopting a compliance-first approach after RBI action earlier this year.
The Indian government collaborates with fintech companies to develop a new AML system targeting local financial frauds. This initiative involves geotagging transactions, forming a suspicious registry, and quicker fraud recovery, complementing existing mechanisms like CFCFRMS and involving new regulatory and cybersecurity measures.
The company is leveraging diversified revenue streams, process automation, and cost efficiencies to solidify its market leadership and maintain profitability, according to its annual report for 2024.
