RBI, NRB Merge UPI, NPI for Global Money Transfers
The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have taken a major step towards enhancing financial connectivity between the two neighbouring countries. On February 15, 2024, the central banks of India and Nepal signed and exchanged the Terms of Reference for the integration of their fast payment systems, namely, the Unified Payments […]
Government’s Move Against Pesky Calls
Pesky calls and messages are a nuisance for many mobile phone users, who often receive unwanted and unsolicited commercial communications from various entities. The government has taken several steps to address this issue, including imposing penalties on violators, creating special units to track and disable the infrastructure of offenders, and forming a committee to draft […]
Informal Micro Enterprises Get Upto Rs 20 Lakh Loans
The government has launched a special scheme for Informal Micro Enterprises (IMEs) to provide them easy access to credit without collateral or third-party guarantee. The scheme is expected to empower individual entrepreneurs and create an inclusive, dynamic, and resilient economic ecosystem. What are Informal Micro Enterprises? Informal Micro Enterprises (IMEs) are small businesses that operate […]
OYO Dives into Sports Hospitality, Shortlists 100 Hotels
OYO, the hospitality and travel-tech firm, has announced its foray into sports hospitality business, shortlisting 100 hotels across 12 key cities to cater to large sports events. The company aims to provide end-to-end solutions for athletes, officials and spectators, including accommodation, transportation and food services. Why OYO is entering sports hospitality According to OYO, the […]
Banks, Fintechs Offer Zero Forex Cards to Young Indian Tourists
The problem of forex markup fees Traveling abroad is no longer a luxury for young Indian professionals, who are increasingly exploring new destinations and cultures. However, one of the biggest challenges they face is the high cost of foreign exchange transactions, which can eat into their travel budget. Typically, when you use a credit or […]
Rapido Targets Auto Drivers with No Commission
Rapido, a ride-hailing platform backed by Swiggy, has announced that it is extending its software-as-a-service (SaaS)-based zero commission model to its auto drivers. The company claims that this is the first time in India that such a model has been introduced for auto drivers, who usually have to pay around 15% commission per ride to […]
RBI Restricts Fintech Over KYC Concerns
The Reserve Bank of India (RBI) has taken strict measures to prevent fintech companies from issuing business credit cards to their customers, citing concerns over compliance with Know Your Customer (KYC) norms and usage limitations of such cards. What are business credit cards and why are they issued by Fintech? Business credit cards are different […]
LIC Increased Investment in SBI Cards & Payments
Life Insurance Corporation of India (LIC), the largest institutional investor in the country, has increased its stake in SBI Cards & Payments Services Limited, the second-largest credit card issuer in India. LIC acquired more than three lakh shares of SBI Cards through open market purchases on February 9, 2024, taking its shareholding from 4.99% to […]