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 Continue Reading
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
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
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
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
The retail digital rupee will be introduced on December 1, 2022, as the Reserve Bank of India (RBI) said today. Eight banks have been chosen by the central bank to take part in this trial in stages. A digital token that stands in for legal cash will be used to represent the retail digital rupee. […]Continue Reading
The RBI said on Friday that India’s foreign exchange holdings decreased by USD 3.847 billion to USD 524.52 billion for the week ending October 21. Since July 2020, this is the lowest level. The aggregate reserves have been falling for several months now, falling by USD 4.50 billion to USD 528.37 billion in the preceding […]Continue Reading
In an effort to test digital currency in India, the Reserve Bank of India announced today that it will shortly start a trial rollout of the digital rupee, or e-Rupee, for particular use cases. In a concept note on Central Bank Digital Currency, the central bank stated, “As the range and scope of such pilot […]Continue Reading
The Reserve Bank of India increased its benchmark lending rate by 50 basis points to 5.90%, a three-year high spurred by high inflation, aggressive monetary policies worldwide, and market volatility. The monetary policy committee (MPC), which is made up of three members from the RBI and three outside members, hiked the key lending rate, also […]Continue Reading
The Reserve Bank of India increased its benchmark lending rate by 50 basis points on Friday, bringing it to pre-pandemic levels of 5.40 percent. This was the third consecutive increase to the rate, which was raised to combat this year’s persistently high inflation. The monetary policy committee (MPC) increased the benchmark lending rate, often known […]Continue Reading