India’s financial regulator, the Reserve Bank of India (RBI), is intensifying oversight of fintech firms after inspections revealed lapses in customer due diligence. The RBI has increased meetings with executives and invested in better technology to monitor regulatory compliance. This comes after the central bank ordered Paytm to shut down its banking unit for persistent …
RBI ups scrutiny of fintechs with more inspections Read More »
Bitcoin was trading 0.3% lower at $51,814, while Ethereum was up 1.4% at $2,971. Meanwhile, the global cryptocurrency market cap fell 0.21% to around $1.97 trillion in the last 24 hours. Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu fell up to 6%. While Ethereum and Tron surged up to 2%.
Towards this step, Rajput will step down from the board of Mpower. He will be replaced in the board by Rob Partlow, Mpower’s previous CFO, who is retiring from full-time service, the student loan provider said in a statement. Rajput has served on Mpower’s board since 2020. He has about 25 years of experience in …
The launch of Bettapay aligns with the government’s recent directive urging employers to ensure that all wage payments to workers are made digitally, the company said.
The acquisition makes Signzy as one of the largest RegTech companies in the country providing advanced risk and compliance solutions to financial institutions.
According to a recent report by Growthpal, there has been a marginal decline in mergers and acquisitions in the fintech space in 2023, with lending leading the acquisitions with about 30 per cent, followed by payments and wealthtech. Here’s what the report revealed:
PhonePe expects to increase market share due to Paytm’s troubles. CEO Sameer Nigam emphasizes compliance and plans to attract rival customers. Paytm has shifted accounts to Axis Bank to continue operations after the RBI deadline. CEO Sameer Nigam without naming Paytm said that the company may capitalise where its competitors are at a loss.
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. 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 …
PayPal registers with FIU under anti-money laundering law Read More »
Union Minister Rajeev Chandrasekhar supports RBI’s measures against Paytm Payments Bank, emphasises legal compliance, warns about consequences of non-compliance and highlights the ‘genetic flaw’ of entrepreneurs and startups in the fintech sector operating in the digital economy. Contrary to the perception that the RBI’s action against PPBL has unsettled the fintech sector, Chandrasekhar disagreed, stating …
The scrip of crisis-hit fintech company surged 5 per cent each to Rs 376.45 and Rs 376.25 apiece — its upper circuit limit — on the BSE and NSE. The 30-share BSE Sensex benchmark gained 37.98 points or 0.05 per cent to 72,746.14, while NSE Nifty rose 3.05 points to 22,110.60.
