Monday, March 10

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Decoding RBI’s Draft Guidelines for Payment Aggregators
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Fintech, Goverment Notice/Circulars, Payments, Regtech

Decoding RBI’s Draft Guidelines for Payment Aggregators

The Reserve Bank of India (RBI) has recently unveiled draft guidelines for payment aggregators (PAs), and industry experts believe that these regulations are both pivotal and timely. Let’s delve into the details and understand why these guidelines are significant. Boosting the PA Ecosystem and Enhancing Trust The proposed regulations aim to bolster the PA ecosystem, improve digital trust, and promote ethical practices. Here are the key takeaways: Level Playing Field: The guidelines ensure a level playing field by defining PAs as entities that onboard merchants and facilitate payment aggregation for goods and services. This includes both online and physical point-of-sale (PoS) payment modes. Notably, the updated definition now includes physical PoS payment providers w...
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Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24
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Banking, Finance, Payments

Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24

In a remarkable achievement, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has witnessed tremendous growth in the financial year 2024, with the opening of 3.3 crore new bank accounts. This surge in account openings has propelled the cumulative tally to a staggering 519.5 million accounts. Furthermore, the cash level in these accounts has risen by an impressive Rs 36,000 crore, indicating a substantial increase in financial activity and savings among the unbanked population. Pradhan Mantri Jan Dhan Yojana (PMJDY) The total balance across the Jan Dhan accounts has reached a significant milestone of Rs 2,34,997 crore, reflecting the growing confidence of individuals in the banking system. Comparing the figures to the previous year, the total balance has shown a robust growth from Rs 1,98,844 c...
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Review of Draft circular by RBI “Amendments to PA (2)”
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Goverment Notice/Circulars, Blog, Fintech, Payments, Review

Review of Draft circular by RBI “Amendments to PA (2)”

Here’s a concise summary based on the draft circular for Payment Aggregators (PAs) issued by the Reserve Bank of India (RBI): Objective: The circular aims to introduce amendments to the Payment Aggregators (PA) framework. Some Key Points of the draft circular: Risk Management: PAs must implement robust risk management practices, including monitoring and mitigating risks associated with transactions. Merchant Onboarding: PAs should ensure thorough due diligence while onboarding merchants. Transaction Limits: PAs must set transaction limits for merchants based on their risk profiles. Escrow Account: PAs must maintain an escrow account with a scheduled commercial bank. Security Measures: PAs should enhance security measures to prevent unauthorized access and fraud. ...
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BharatPe’s Bold Move: Nalin Negi Appointed as CEO
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Fintech, Payments

BharatPe’s Bold Move: Nalin Negi Appointed as CEO

BharatPe, a prominent payments startup, has recently announced the elevation of Nalin Negi as its Chief Executive Officer (CEO). This move comes as a testament to Negi's exceptional leadership skills and his significant contributions to the company since joining as the Chief Financial Officer (CFO) in 2022. Negi had been serving as the interim CEO since January 2023, following the departure of former CEO Suhail Sameer. With this appointment, BharatPe aims to further strengthen its position as India's leading fintech company. Negi's Background and Accomplishments: Before joining BharatPe, Nalin Negi held the position of CFO at SBI Card for over 10 years, where he played a pivotal role in leading the credit card giant towards its successful initial public offering (IPO) in March 2020. With...
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Regulatory Shift Ahead: RBI Considers Licensing Framework for POS Players, Implications for Pine Labs, Paytm, and More, April’24
3 Comments
Fintech, Payments

Regulatory Shift Ahead: RBI Considers Licensing Framework for POS Players, Implications for Pine Labs, Paytm, and More, April’24

The Reserve Bank of India (RBI) is reportedly contemplating the implementation of a licensing framework for point-of-sale (POS) operators. This move is expected to have significant implications for major players in the industry, including Pine Labs, Paytm, MSwipe, and BharatPe. The objective behind this proposed measure is to ensure operational consistency and create a level playing field between online and offline payment operators. However, if licences become mandatory, it raises questions about the eligibility . Read more at: https://bfsi.economictimes.indiatimes.com/news/policy/rbi-may-bring-licensing-regime-for-pos-players-impact-pine-labs-paytm-among-others/109328779?utm_source=top_story&utm_medium=homepage   Current Scenario While existing regulated entities such as ...
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Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive
2 Comments
Regtech, Banking, Cyber Crime, Payments

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

In a significant victory against cyber frauds, Haryana police have successfully recovered Rs 70 lakh that was defrauded from a senior HR executive. The victim, identified as Sanjay Jain, fell victim to a sophisticated online scam orchestrated by cyber fraudsters. This incident highlights the growing threat of cyber frauds and the importance of robust cybersecurity measures to protect individuals and organizations. The Cyber Fraud: Sanjay Jain, a resident of Sector 47 in Gurgaon, reported the incident to the police on February 16. He disclosed that he had lost Rs 1 crore to cyber con artists who lured him through an investment link shared on WhatsApp. The fraudsters posed as representatives of a reputed financial services firm and enticed Jain with promises of high returns on investments ...
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Fintech Funding Trends: A Closer Look at Q1 2024
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Economics, Finance, Fintech

Fintech Funding Trends: A Closer Look at Q1 2024

The first quarter of 2024 has been a rollercoaster ride for the fintech industry. Amidst regulatory changes, economic shifts, and investor caution, fintech funding dynamics have undergone significant transformations. In this article, we delve into the numbers, dissect the trends, and explore what lies ahead for fintech startups. Decline in Year-on-Year Fintech Funding According to the Fintech India report released by data intelligence platform Tracxn, funding during the January-March quarter dried up year on year across various stages: Seed Stage: A staggering 77% decline, with funding plummeting to $9.9 million. Early Stage: A 42% drop, resulting in $147 million. Late Stage: A substantial 60% fall, leaving $394 million on the table compared to ...
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Small Finance Bank License: RBI denied licenses 2 more entities
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Banking, BFSI, Lending, Microfinance, Payments

Small Finance Bank License: RBI denied licenses 2 more entities

In a recent development, the Reserve Bank of India (RBI) has turned down two more applications for (SFB) Small Finance Bank licenses, as reported by Moneycontrol. This decision marks a continuation of the stringent scrutiny exercised by the central bank in granting licenses for SFBs. Background of Bank Licenses The central bank had received a total of 12 applications for both small finance bank licenses and universal bank licenses. These applications were submitted by various entities aiming to set up financial institutions that cater to specific segments of the population. The RBI's decision comes amidst the backdrop of a rigorous evaluation process that assesses various aspects including financial stability, governance structures, and business models. With the Indian banking s...
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Revolut India: Unlocking New Payment Horizons with RBI’s PPI License
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Banking, Fintech, Payments

Revolut India: Unlocking New Payment Horizons with RBI’s PPI License

In a significant development, Revolut India has secured an in-principle approval from the Reserve Bank of India (RBI) for issuing Prepaid Payment Instruments (PPI). This includes both prepaid cards and prepaid wallets, positioning Revolut as a formidable player in the domestic payments market. Revolut India: Empowering Indian Consumers With this approval, Revolut India gains the ability to operate as a domestic player in the payments ecosystem. But what does this mean for Indian consumers? Let’s delve into the details: International and Domestic Solutions: Revolut India can now offer Indian consumers a comprehensive suite of payment solutions—both international and domestic—all within a single platform. Whether you’re making cross-border transactions or handling loca...
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Hidden Fees and Deceptive Tactics: UPI Users Beware!
1 Comment
Fintech, Finance

Hidden Fees and Deceptive Tactics: UPI Users Beware!

Digital payments especially UPI have seamlessly integrated into the daily lives of millions of Indians. From paying street vendors to making local store purchases, recharging phones, and booking tickets, UPI (Unified Payments Interface) apps have become an integral part of our financial transactions. However, beneath the convenience lies a web of manipulative practices that exploit unsuspecting users. The Dark Patterns Unveiled : UPI payments The Central Consumer Protection Authority (CCPA) has identified 13 types of dark patterns employed by UPI payment apps. These patterns are designed to mislead users, violate consumer rights, and maximize profits for the platforms. Let’s delve into these deceptive tactics: False Urgency: Creating a sense of urgency to prompt hast...
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