Fintech panel suggest changes to fixed deposits, other financial instruments

An inter-ministerial panel on fintech has suggested legislative changes be made to enable fixed deposits (FDs) and other financial instruments to be issued in dematerialised form as it is customer-friendly and secure. Continue Reading

Google Pay targets 12 million kirana stores, aims to empower merchants

According to director – product management, Google Pay, India, Ambarish Kenghe, more and more people are embracing Google Pay and the aim is to tap into the small and medium businesses (SMBs) and the neighbourhood kirana stores, thus empowering both the merchants and the consumers go digital in a seamless and secure way. Continue Reading

RBI forms working group to assess regulatory framework for CICs

The central bank said there is a need to strengthen the corporate governance framework of CICs. The six-member working group is to be headed by non-executive chairman, Central Bank of India, and former secretary, Ministry of Corporate Affairs, Tapan Ray. Continue Reading

RBI relaxes leverage ratio for banks to increase their loaning capacity

The leverage ratio stands reduced to four per cent for Domestic Systemically Important Banks (DSIBs) and 3.5 per cent for other banks effective from the quarter commencing 1 October, the Central bank said in a notification. Continue Reading

RBI plans incentives for lenders to take defaulters to bankruptcy court

The Reserve Bank of India (RBI) is planning to provide incentives to lenders to encourage them to take defaulting borrowers to the bankruptcy court, according to reports. Continue Reading

RBI cuts repo rate by 0.25 bps to 6%

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das today announced reduction of repo rates by 0.25 bps points to 6 per recent in its first bi-monthly monetary policy of 2019-20.
The move is expected to lead to reduction of lending rate by banks leading to lower EMI for housing, car loan and corporate borrowers. Continue Reading

Paytm Payments Bank resumes KYC process after RBI gives its nod

“PPBL has received a formal nod from the RBI to start onboarding new customers while resuming KYC for the bank as well as wallet customers starting from 31 December 2018,” PPBL said in its latest statement. Continue Reading