Category: CURRENT AFFAIRS
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RBI cracks down on P2P credit card payments
The Reserve Bank of India (RBI) is tightening regulations on peer-to-peer (P2P) credit card payments facilitated by third-party service providers, particularly fintech companies. This crackdown follows instances of retail customers using credit cards to pay rent and tuition fees through third-party apps. These apps act as intermediaries, allowing customers to…
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Investment in “Term Deposits” increased due to rising interest rates
Rising interest rates have led more people to opt for term savings plans, increasing their share in total bank deposits from 57.2% in March 2023 to 60.3% in December 2023, according to the Reserve Bank. Term deposits accounted for nearly 97.6% of total deposits from April to December 2023, while…
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Promoting Local Fintech Players
The report presented to Parliament by the Standing Committee on Communications and Information Technology on February 8 raises concerns about the dominance of foreign-owned fintech apps in the Indian ecosystem. It emphasizes promoting local players to balance the market. Despite the Unified Payments Interface (UPI) commanding a significant share of…
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Adani Group to borrow Rs 60000 crore
The Adani Group is arranging funds of ₹60,000 crore from a mix of Indian public and private sector banks, mainly led by the State Bank of India, to invest in various infrastructure projects including green hydrogen, a copper smelter unit, power, transmission, and road projects over five years. The consortium…
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Uttarakhand passed Uniform Civil Code
Uttarakhand passed the Uniform Civil Code (UCC) 2024 Bill, proposing a common law on marriage, divorce, inheritance, and live-in relationships for all citizens, except tribal communities. It aims to unify personal laws across religions, ban polygamy, set a minimum marriageable age, ensure equal rights for men and women, and grant…
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Paytm says “compliance first”
Vijay Shekhar Sharma, CEO of One97 Communications, prioritizes compliance amidst RBI restrictions on Paytm Payments Bank. Non-compliance is seen as a hindrance to growth. Paytm plans to collaborate with other banks and anticipates a Rs 300-500 crore impact on annual EBITDA. Operational adjustments will affect lending activities, with loan origination…
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RBI restrictions on Paytm Payment Bank
The Reserve Bank of India (RBI) has imposed restrictions on Paytm Payments Bank, barring it from accepting deposits or conducting transactions due to non-compliance with regulatory standards. This follows a previous ban on onboarding new customers. An audit report revealed consistent failure to meet requirements, prompting further restrictions while allowing…