Airtel Payments Bank Unveils NCMC Debit, Prepaid Cards

Airtel Payments Bank is revolutionizing financial management with the introduction of innovative NCMC (National Common Mobility Cards)-enabled debit and prepaid cards. This initiative, launched in collaboration with the National Payments Corporation of India (NPCI), offers a comprehensive solution that merges traditional debit/prepaid functionalities with the advantages of NCMC technology. Unifying Transactions and Simplifying Travel Say […]

RBI Introduces New ARC Guidelines Effective April 24, 2024

The Reserve Bank of India (RBI) has ushered in a new era for Asset Reconstruction Companies (ARCs) in India. Effective April 24, 2024, a comprehensive set of guidelines aims to strengthen the regulatory oversight of ARCs, enhance their financial stability, and ultimately, improve their effectiveness in tackling the challenge of non-performing assets (NPAs) in the […]

Fairfax Invests Rs 500 Crore in IIFL Finance: Sources

In a move that could signal a revival, a subsidiary of Canadian investment giant Fairfax Financial Holdings has provided a much-needed Rs 500 crore shot in the arm to IIFL Finance. This financial aid comes after a challenging period for IIFL, which was hit hard by a Reserve Bank of India (RBI) ban on offering […]

Jio, Blackrock Launch Wealth & Brokerage JV

Continuing their strategic partnership in the Indian financial sector, Jio Financial Services, a subsidiary of Reliance Industries, and BlackRock, the world’s largest asset manager, have announced a new joint venture (JV) to establish wealth management and broking businesses in India. This move signifies Jio’s ambition to transform itself into a comprehensive financial services powerhouse, while […]

RBI Places Restrictions on Pratapgarh Co-op Bank

In a move to safeguard depositors and ensure financial stability, the Reserve Bank of India (RBI) imposed significant restrictions on the National Urban Co-operative Bank Ltd., located in Pratapgarh, Uttar Pradesh, on April 15, 2024. This decisive action by the RBI stems from concerns over the bank’s deteriorating financial health. Limited Account Access for Customers […]

India Post Bank Introduces AePS Service Fees

India Post Payments Bank (IPPB) introduced service charges for Aadhaar Enabled Payment System (AePS) transactions in June 2022. This article details the revised charges, services offered through AePS, and additional functionalities like NEFT/RTGS transactions for IPPB customers. Understanding AePS and Its Services AePS, a bank-led model, allows users to conduct various financial transactions at Point […]

Neobank Revolut India: PPI License Approval by RBI

Global fintech giant Revolut has received a significant boost for its Indian ambitions. The Reserve Bank of India (RBI) has granted Revolut India in-principle approval to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets. This approval marks a crucial step for Revolut’s domestic foray, allowing it to offer a broader spectrum of financial […]

Amazon Pay to Introduce UPI Credit

The Indian digital payments industry is bracing for a shakeup as Amazon Pay, the financial services arm of e-commerce giant Amazon, gears up to offer credit on the Unified Payments Interface (UPI). This strategic move, reported in December 2023, signifies Amazon Pay’s intent to capitalize on the burgeoning UPI credit market and potentially revolutionize how […]

Vodafone Idea’s Rs 18,000-cr FPO: Offer Opens April 18

Vodafone Idea Limited (VIL), the telecom operator grappling with a mountain of debt, has rolled the dice on a bold strategy to raise capital and recapture its market position. The company announced a record-breaking follow-on public offering (FPO) of Rs 18,000 crore, the largest ever witnessed in the Indian stock market. This ambitious move marks […]

RBI Rejects 2 Applicants for Small Finance Bank

The Reserve Bank of India (RBI) continues to demonstrate its selective approach in issuing small finance bank (SFB) licenses under the on-tap licensing policy. On April 12, 2024, the RBI announced the rejection of applications submitted by Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS) and Tally Solutions Private Limited for SFB licenses. This […]