Jana Small Finance Bank, Dvara Money partner : Digital Banking
Jana Small Finance Bank Limited (Jana SFB) and Dvara Money (DM), a technology-driven financial solutions platform, have announced a strategic partnership to facilitate digital banking services for the Bharat segment. The collaboration will leverage DM’s Spark Money platform and Jana SFB’s technological capabilities to offer improved user experiences and UPI functionalities. Spark Money platform Spark […]
RBI updates Bharat Bill Payment System for Better Efficiency
The Reserve Bank of India (RBI) has introduced a new framework called the Bharat Bill Payment Systems Directions, 2024, to simplify and make the system of bill payments more seamless and enhance customer protection. The fresh directive is applicable to NPCI Bharat Bill Pay Limited (NBBL), a wholly owned subsidiary of National Payments Corporation of […]
ICICI Lombard: Now ICICI Bank’s Insurance Arm
ICICI Bank makes ICICI Lombard its subsidiary ICICI Bank, India’s second-largest private sector lender, has acquired an additional stake in ICICI Lombard General Insurance, making it a subsidiary company. The bank has bought 1.06 crore shares of the insurer for Rs 1,787 crore in two tranches through open market transactions. Here are the details of […]
XHelper App: China’s Silent Scam Network Exposed
XHelper is a malicious Android app that has been found to be the axis of a global money laundering network. It is used by Chinese cybercriminals to recruit and manage money mules in India, who are then used to transfer funds acquired through various scams, such as loan scams, e-commerce scams, illegal gambling apps, etc. […]
HDFC Life Provides Health Cover for Overseas Indian Students
HDFC Life International, a subsidiary of HDFC Life, one of India’s leading life insurance companies, has launched a comprehensive US Dollar Student Health Insurance Plan, under the plan name ‘Global Student Health Care’. The plan is designed for students who are presently pursuing higher education abroad or aspire to pursue higher international education in the […]
SEBI Streamlines Business and Compliance Reporting
The Securities and Exchange Board of India (SEBI) has issued several circulars to streamline business and compliance reporting for intermediaries in the securities market. These circulars aim to enhance transparency, reduce redundancies, and facilitate ease of doing business. Centralization of FATCA and CRS Certifications at KRAs : SEBI One of the circulars, SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12, dated February […]
RBI Article refuses IMF’s India Debt-GDP Ratio Claim
The Reserve Bank of India (RBI) has published an article in its monthly bulletin that rejects the International Monetary Fund’s (IMF) contention that India’s general government debt-GDP ratio could surpass 100% in the medium term due to the shocks caused by the COVID-19 pandemic and the subsequent fiscal stimulus. The article, titled ‘The Shape of […]
Bajaj Allianz Inaugurates New Office in Ayodhya, UP
Bajaj Allianz, one of the leading private insurance companies in India, has opened a new office in Ayodhya, Uttar Pradesh, to provide comprehensive insurance solutions to the customers in the city and nearby areas. The new office was inaugurated on 20th February 2024 by Mr. Tapan Singhel, MD and CEO of Bajaj Allianz General Insurance, […]
India’s FIU Registers PayPal Under Anti-Money Laundering Law
PayPal, the American online payments gateway service provider, has finally registered its operations with the Financial Intelligence Unit of India (FIU-IND), in compliance with the Prevention of Money Laundering Act (PMLA) and the Reserve Bank of India’s (RBI) recent regulatory framework governing cross-border payment aggregators (PA-CB) . This comes after a protracted legal battle between […]
Tech Mahindra 100% Acquisition of Orchid Cybertech for $3.27M
Tech Mahindra, one of the leading IT services companies in India, has announced that it has acquired 100% stake in Orchid Cybertech Services Inc (OCSI), a Philippines-based customer experience firm, for USD 3.27 million (over Rs 27 crore) in an all-cash deal. The acquisition will strengthen Tech Mahindra’s relationship with TPG Telecom, a major Australian […]