RBI fines Amazon Pay’s India unit $374,000
The central bank claims Amazon Pay India didn’t comply with “certain provisions” of KYC and PPI directions.
RBI
Singapore and India link up PayNow and UPI for real-time cross-border payments
The MAS and RBI will use a scalable cloud-based infrastructure to manage future increases in remittance volumes.
RBI launches pilot for digital rupee wholesale CBDC
The use case of this pilot is the “settlement of secondary market transactions in government securities”, RBI says.
India’s RBI gives financial firms deadline to comply with new digital lending rules
The RBI says that the new rules will be applicable to both existing and new customers.
FinTech Futures: Top five stories of the week – 26 August 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Reserve Bank of India lifts ban on Mastercard onboarding new customers
RBI had imposed a ban on Mastercard in July 2021 for non-compliance.
Reserve Bank of India plans CBDC trials by 2022
India’s central bank is still being “extremely careful” about its tests.
India’s central bank to stop digital platforms from storing card details
It will affect players as large as Amazon, Google, and Flipkart.
India’s central bank says there are no curbs for banks to serve crypto traders
“No such prohibition exists” for banks, says regulator.
Elevator Ventures invest in RegTech platform kompany.com
kompany combines AI, robotic process automation and blockchain technology.
Swift gives short shrift over RBI penalties to Indian banks
It says the failures lie with automated payment processes at the banks.
Reserve Bank of India fines three banks for compliance fails
Axis, UCO and Syndicate Bank found to be at fault.
Judgement day arrives for payments in India
Nation gets ombudsman to help with users’ complaints.
Top fintech stories this week – 14 December 2018
Catch up on FinTech Futures’ top five fintech stories of the week – all in one place!
Reserve Bank of India’s governor quits for personal reasons
Tensions with the finance ministry are rumoured to lie behind the departure.
India’s central bank shortlists five vendors for data project
The Reserve Bank of India (RBI) keen to harness the power of big data.
RBI says no to Yes Bank CEO staying on
The forced exit is a result of lack of compliance.
India’s central bank puts a stop to cryptocurrencies
Reserve Bank of India ushers in a new reality for virtual currencies.
India’s central bank issues Swift ultimatum for core banking
With a deadline of 30 April 2018.
India consolidates bill payment system
Reserve Bank of India (RBI), the country’s central bank and regulator, has given National Payments Corporation of India (NPCI) the go-ahead to consolidate payment of local utility and services bills.
Reserve Bank of India unleashes account number portability
Reserve Bank of India (RBI), the country’s central bank and regulator, has asked banks in the country to work towards implementing a system that allows users to port their account from one bank to another, without changing the account number.
India seeks to avoid ATM tears from WannaCry ransomware
The Reserve Bank of India (RBI) is telling the nation’s banks to operate their ATM networks only after the machines receive a Windows update to protect them from the WannaCry ransomware affecting systems across the globe. The computer malware has spread across 150 countries and takes over users’ files with a demand of $300 to […]
RBI investigates blockchain for financial applications in India
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
How can RBI’s latest guidelines help Indian banks combat cybercrime?
Rising cybercrime in India is no secret. According to a report by Symantec, India now ranks third in the world, after the US and China, as a source of malicious activity. In fact, the National Crime Records Bureau data reveals that in the three years up to 2013, registered cases of cyber crime were up 350%, from 966 to 4356. Dubious distinctions both, and give banks and the financial sector in India cause for worry.
XBRL in India’s regulatory reporting: today and tomorrow
Where is India with the adoption of the eXtensible Business Reporting Language (XBRL) so far, and what is the outlook for the future?
Reserve Bank of India to tackle fintech regulations
The Reserve Bank of India (RBI) has put together an inter-regulatory working group (WG) to study the entire gamut of regulatory issues relating to fintech and digital banking in India. The move is designed to help facilitate their development and is the latest in a long list of technological advances in the country. Aside from […]
