Indian financial technology company Paytm Payments Services has received an extension from the country’s banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday. Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for…
The government will roll out digital credit service this year which will enable even small street vendors to avail credit from large banks, Telecom and IT Minister Ashwini Vaishnaw said on Thursday. Speaking at ‘Digital Payments Utsav’, Vaishnaw said it will be rolled out like UPI service and will be…
Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday. The Reserve Bank of India, which began piloting the central bank digital currency or e-rupee for…
To address potential financial stability risks and protect investors, it is important to arrive at a common approach to crypto assets, the Financial Stability Report released by RBI said on Thursday. In this context, various options are being considered internationally, it said. One option is to apply the same-risk-same-regulatory-outcome principle…
Reserve Bank Governor Shaktikanta Das on Wednesday warned that allowing private cryptocurrencies to grow can precipitate the next financial crisis. Speaking at the BFSI Insight Summit in Mumbai, Das also said the government and the central bank have been working in a coordinated manner to tame inflation and the Centre is…
The Reserve Bank of India (RBI) is expanding the use cases of its digital rupee CBDC. Starting December 1, the testing for the Indian CBDC for retail purposes will kickstart in select regions in the country. Built on blockchain, the digital rupee is a virtual representation of India’s fiat currency…
In recent days, the law enforcement agencies of India have been tracking and tracking risky loan apps that have been operating in the country unlawfully. Finance Minister Nirmala Sitharaman has taken notice of these fraudulent instant loan apps and has directed the Reserve Bank of India (RBI) to prepare a…
The Reserve Bank of India’s (RBI) Deputy Governor T Rabi Sankar has stated that the country’s upcoming Central Bank Digital Currency (CBDC) could be viewed as a tool that greatly reduces time and cost for cross-border transactions. Referring to the RBI’s ‘Digital Rupee’ project, which was announced in the Union…
Shaktikanta Das, the governor of the Reserve Bank of India has stated in an interview that the country’s central bank has rightly been cautioning against cryptocurrencies, following the collapse of Terra’s UST and LUNA. On May 15, RBI officials warned that with most cryptocurrencies denominated by the US dollar, it…
Cryptocurrencies can lead to “dollarisation” of a part of the economy which would be against India’s sovereign interest, top officials of the RBI have told a parliamentary panel, according to sources. Briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, top officials…
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