June 12, 2024
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Fairfax India to Provide $200 Million Liquidity Support to IIFL Finance Following RBI’s Gold Loan Sanction

In a significant development, IIFL Finance announced that Fairfax India, its shareholder, has committed to providing up to $200 million in liquidity support. This decision comes in the wake of the Reserve Bank of India (RBI) imposing a ban on IIFL Finance, preventing the company from sanctioning and disbursing gold loans due to supervisory concerns. […]Continue Reading
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Paytm Forms Strategic Partnership with Axis Bank to Ensure Merchant Transaction Continuity

In response to the Reserve Bank of India’s (RBI) directive, Paytm, a leading fintech player, has announced a strategic partnership with Axis Bank to guarantee uninterrupted merchant transaction services. The collaboration emerges amidst the operational curtailments imposed on Paytm Payments Bank by RBI, necessitating a transition of accounts to alternative banking Continue Reading
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RBI Intensifies Scrutiny on Banks Post-Paytm Payments Bank Lapses

In the wake of the Reserve Bank of India’s (RBI) recent crackdown on Paytm Payments Bank for regulatory failures, the Financial Intelligence Unit (FIU) has identified approximately 50,000 bank accounts across various banks lacking proper Know Your Customer (KYC) documentation, raising alarms over potential money laundering activities. According to a report by The Continue Reading
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Paytm Nears Acquisition of E-commerce Startup Bitsila Amid Payments Bank Crisis

In a strategic move to expand its e-commerce footprint, digital payments giant Paytm is reportedly in the advanced stages of acquiring Bengaluru-based startup Bitsila. The deal, as per a Moneycontrol report, is expected to close within the next week. Bitsila, established in 2020 by Dasharatham Bitla and Sooryah Pokkali, operates as a seller-side platform on […]Continue Reading
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RBI Proposes To Launch Code-Based Coin Vending Machine In 12 Cities

Shaktikanta Das, the governor of the Reserve Bank of India, announced on Wednesday that the institution would begin a pilot programme for QR code-based coin vending machines (QCVM) in 12 cities across the nation. Instead of physically presenting banknotes, these vending machines will issue coins in exchange for a debit to the customer’s account utilising […]Continue Reading