RBI gives banks and NBFCs time until 30 November to put mechanisms in place to ensure that existing digital loans comply with the new lending guidelines.
Google has removed over 2,000 loan apps from India Play Store since January this year for violating terms, misrepresenting information, and questionable offline behaviour.
Called ‘Canara ai1 – The Banking Super App’, the app has over 250 features consisting of the banking needs of its customers.
SBI customers can now avail certain banking services from the lender using WhatsApp, which may come in handy for many as they will not have to download it or go to the ATM anymore.
Online payment gateways Razorpay, Stripe and Pine Labs have received approval from the RBI for a payment aggregator (PA) licence.
RBI imposes penalty of over Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions related to pre-paid payment instruments and KYC norms.
Describing cryptocurrencies as “clear danger”, RBI Governor Shaktikanta Das said anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.
Banks in discussions with Open Network for Digital Commerce to set up buyer platforms to let customers place orders for goods and services; govt-driven open solution aims to break dominance of e-commerce firms like Amazon and Flipkart.
RBI explores introduction of policy framework for digital banking, fintech and BigTech this fiscal as involvement of large technology companies in financial sector brings in systemic risks.
Union Bank of India will invest Rs 1,000 crore to upgrade its information technology platforms this fiscal as it seeks to ensure that at least 50% of its business originates via the digital route by FY2025.
The festival, which is on till April 13, has tech firms deliberating on how to bridge the technology gaps in public sector banks.
Paytm Payments Bank, which was banned last week by RBI from onboarding new customers, has denied media report accusing it of leaking data to Chinese firms.
RBI lifts restrictions imposed on HDFC Bank which had prevented the lender from launching any new initiatives planned under its Digital 2.0 programme.
Only Yono is envisaged as the next generation of Yono; this will make State Bank of India ready to launch a complete digital bank.
Reserve Bank of India has directed Paytm Payments Bank to stop taking on new customers with immediate effect, citing ‘material supervisory concerns’ observed in the bank.
