Paytm Faces ED Scrutiny Over Fema Breaches
Paytm, India’s leading fintech company, is under investigation by the Enforcement Directorate (ED) for alleged violations of the Foreign Exchange Management Act (FEMA), according to media reports. The ED is probing whether Paytm and its associate Paytm Payments Bank (PPB) have misused foreign funds or facilitated illegal currency transactions. The scrutiny comes at a time […]
HDFC Life Ties Up with Lokmanya Society
HDFC Life, one of India’s leading insurers, has entered into a corporate agency tie-up with Lokmanya Multipurpose Cooperative Society, a prominent financial institution with over 200 branches across four states. The partnership will enable Lokmanya Society to distribute HDFC Life’s diverse range of life insurance products to its customers. About HDFC Life It is a […]
PM Modi UAE Visit: UPI, CBSE, and BAPS Highlights
PM Modi concluded his two-day official visit to the United Arab Emirates (UAE) on Wednesday, where he met with the top leadership of the country, addressed the World Government Summit in Dubai, inaugurated the first Hindu temple in Abu Dhabi and launched several initiatives to boost cooperation in various fields. Here are some of the […]
Bima Sugam: IRDAI’s New E-Marketplace for Insurance
Bima Sugam is an electronic insurance marketplace proposed by the Insurance Regulatory and Development Authority of India (IRDAI) to provide a one-stop online shop for all insurance policies. The IRDAI has released draft regulations for Bima Sugam, which aims to protect and empower policyholders’ interests, increase insurance penetration in India, and enhance availability, affordability, and […]
Paytm Rs 26,000 Cr Loss: The Aftermath of RBI Ban
Paytm Payments Bank Ltd (PPBL) has suffered a massive loss of Rs 26,000 crore after the Reserve Bank of India (RBI) banned it from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags after February 29, 2024. This action by the RBI, initiated on January 31, 2024, was based on a […]
RBI Instructions: Mastercard, Visa Stop Transactions
The Reserve Bank of India (RBI) has issued a surprise instruction to card networks like Visa and Mastercard to stop card-based commercial payments made by companies and small enterprises. The move is likely to affect fintech startups that process payments through commercial cards for business needs, such as paying vendors, suppliers and others. Why did […]
UPI and AANI Interlinked through India-UAE MoU
India and UAE have signed a memorandum of understanding (MoU) to interlink their instant payment platforms – UPI and AANI. This will enable seamless cross-border transactions between the two countries. What are UPI and AANI? UPI, or Unified Payments Interface, is a real-time payment system developed by the National Payments Corporation of India (NPCI) that […]
Paytm: OCL Investment Pending Govt Approval
Paytm, India’s leading fintech company, is facing a regulatory hurdle in its payment aggregator business. The company’s parent entity, One97 Communications Ltd (OCL), has not received the government’s approval for a downstream investment in its subsidiary, Paytm Payment Services Ltd (PPSL), which operates as a payment aggregator under the RBI guidelines. Paytm OCL investment: The […]
AIIMS New Delhi Gets SBI SMART Payment Card
Patients visiting the All India Institute of Medical Sciences (AIIMS), New Delhi, can now avail the benefits of a smart payment card that will enable them to make cashless transactions at the hospital. The AIIMS-SBI SMART Payment Card was launched by Union Health Minister Dr. Mansukh Mandaviya on Monday, February 12, 2024, in collaboration with […]
AePS Security: How RBI Plans to Combat Fraud
What is AePS Security and why is it popular? Aadhaar-enabled Payment System (AePS Security) is a biometric-based payment system that allows users to access their bank accounts using their Aadhaar number and fingerprint or iris scan. AePS enables users to perform basic banking transactions such as balance enquiry, cash withdrawal, cash deposit, fund transfer, and […]