HDFC Bank is “talking” to its longstanding partner Paytm as the fintech tries to find a way out of the current restrictions placed by RBI
Paytm is in exploratory talks to sell wallets business; Jio Financial Services and HDFC Bank are leading contenders.
After RBI’s punitive order, Paytm is working with other banks to make changes in the backend for continuity of UPI services.
Confederation of All India Traders issues cautionary advisory to traders to switch from Paytm to other payment options for business-related transactions following RBI curbs on Paytm wallet and bank operations.
RBI bars Paytm Payments Bank from taking fresh deposits and credit transactions across its services; to come into effect from 29 February.
Zomato Payments has received authorisation from RBI to operate as an online payment aggregator.
Fintech self-regulatory organisation would ensure adherence to industry standards and facilitate a transparent communication channel with RBI, as per the draft norms.
After almost a year of freeze, Razorpay and Cashfree can onboard new merchants; they receive the final authorisation from RBI to operate as payment aggregators.
Union Bank of India has tapped Accenture to provide a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.
Bank of Maharashtra has appointed Pradeep Kumar Srivastava as chief technology officer; he has spent over 28 years in the IT sector.
Indian fintech industry is estimated to generate revenue of $200 bn by 2030; could potentially contribute to 13% of global fintech industry revenue, RBI Governor Shaktikanta Das said.
Canara Bank customers will be able to scan merchant UPI QR codes using the app and make the payment through digital currency.
HDFC Bank has also activated an interoperable UPI QR code with the e-rupee platform.
Flipkart’s e-commerce platform, which has 450 million customers, will be distributing Axis Bank’s personal loans of up to Rs 5 lakh which can be repaid in up to three years.
The tie-up will help finance technological advancements in manufacturing and services sectors in line with the spirit of Atmanirbhar Bharat.
