Reserve Bank of India

RBI bars Kotak Bank from adding new online customers and credit cards

India’s central bank on Wednesday ordered Kotak Mahindra Bank to immediately cease onboarding new customers via its online and mobile banking channels and to stop issuing fresh credit cards, cit

Fintech CRED secures in-principle approval for payment aggregator license

CRED has received the in-principle approval for a payment aggregator license in a boost to the Indian fintech startup that could help it better serve its customers and launch new products and experime

Paytm wallet and FASTag products will cease to exist, Bernstein says

India’s central bank has extended the deadline for some business restrictions on Paytm’s Payments Bank to March 15 in “larger public interest,” dashing hopes of any major conce

Macquarie cuts Paytm target on ‘serious risk of exodus of customers’

Macquarie dramatically cut its 12-month price target on One97 Communications, the parent company of digital payments firm Paytm, citing risks of customers leaving the platform in the wake of heighten

Indian central bank defends ‘proportionate’ action on Paytm

India’s central bank said Thursday it takes supervisory actions and imposes business restrictions only after “persistent non-compliance” with rules, its first comment after a clampdo

India’s Paytm is in flux

Shares of Paytm plunged 10% on Monday, the third consecutive session of declines, touching an all-time low of 438.35 Indian rupees (or $5.28) after the RBI’s clampdown last week looks to have ha

India weighs more penalties on Paytm, including revoking payments bank license

The Reserve Bank of India (RBI) is discussing more penalties on Paytm Payments Bank and may reach a decision within days, two sources familiar with the matter told TechCrunch, as troubles mount for th

India orders Paytm Payments Bank to halt business

The Reserve Bank of India (RBI) widened its curbs on Paytm’s Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services, inclu

India widens regulatory grip over tech firms

In 2023, India introduced a series of regulations and tweaked policies that borrowed from Europe’s antitrust approach and Chinese-style government surveillance, alarming executives and investors

Indian central bank tightening consumer loans curb to impact startups

India’s central bank has enforced several measures to cool down high growth in consumer credit in a move that will impact consumer spending and many startups in the South Asian market, industr

Mastercard CFO says India’s UPI ‘incredibly painful experience’ for ecosystem participants

India’s UPI is “fantastic at many levels” but remains an “incredibly painful experience” for ecosystem participants, Mastercard’s CFO said at a recent conference, u

India’s central bank abandons UPI rival project

India’s central bank has halted its plans for a high-profile project intended to rival the nation’s dominant payment system, Unified Payments Interface. The project had attracted significa

India’s central bank slaps penalty on Amazon’s payments unit

India’s central bank has slapped Amazon Pay’s India unit with a fine of over $373,300 for non-compliance with local guidelines surrounding know your customer and prepaid payment instrument

India to spend $320 million to promote homegrown payments network

India will spend nearly $320 million to promote cards on RuPay and for low-value UPI transactions, the latest in a series of moves by New Delhi to fuel the growth of its homegrown payments network. Ne

India central bank chief warns crypto will cause the next financial crisis if permitted to grow

The Indian central bank’s governor said on Wednesday that it’s not at war with crypto, but warned that private cryptocurrencies will cause the next financial crisis unless its usage is prohibited.

India to pilot retail digital currency on December 1

India will undertake the first pilot for retail digital currency on December 1, the central bank said Tuesday, extending the test to evaluate the creation and distribution of the e-rupee in the South

Predatory loan apps in India rake in huge fees, and are driving some users to suicide

On a clear afternoon, Laxmi (name changed) was sitting in her office in Gujarat, India, when she received a message from her distant relative, saying that they received some of her “morphed&#822

India toughens digital lending rules to provide greater transparency, control to consumers

The Reserve Bank of India has published guidelines that it intends to enforce for digital lending firms, recommending more transparency and control to customers as the South Asian nation’s central b

Indian fintechs request central bank to treat full-KYC PPI same as bank account to survive crackdown

Payments giants and fintech startups in India on Saturday requested the central bank to treat widely used prepaid payment instruments on par with bank accounts for customers who have undertaken certai

India’s central bank cracks down on fintech startups

For nearly all fintech startups, lending has long been the end game. A notice from India’s central bank this week has thrown a wrench into the ecosystem, scrutinizing just who all can lend. The Rese
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