Banking

Financial Intelligence Unit Imposes ₹5.49 Crore Fine on Paytm Payments Bank

The Financial Intelligence Unit-India (FIU-IND) has levied a penalty of ₹5.49 crore on Paytm Payments Bank Ltd for violations of the Prevention of Money Laundering Act. The penalties are attributed to the bank's involvement in facilitating illegal activities, including online...

RBI Revamps BBPS Norms for Enhanced Efficiency

The Reserve Bank of India (RBI) has introduced a revised regulatory framework for the Bharat Bill Payment Systems (BBPS), effective April 1, 2024. This overhaul aims to streamline bill payments, foster wider participation, and bolster consumer protection measures in light...

Jana Small Finance Bank, Dvara Money partner for digital banking

Dvara Money, a leading fintech company, has announced a strategic partnership with Jana Small Finance Bank Limited (Jana SFB). This collaboration aims to harness the technological capabilities of Jana SFB and the innovative Spark Money platform by Dvara Money to...

Amazon Pay Receives Final RBI Approval as Payment Aggregator

Amazon Pay, the fintech arm of Amazon India, has secured a payment aggregator license from the Reserve Bank of India (RBI), joining a select group of authorized organizations in the country. Strengthened Distribution Channels The approval allows Amazon Pay to...

RBI Issues Master Direction to Ease Reporting Norms for REs

The Reserve Bank of India (RBI) has introduced a master direction aimed at simplifying reporting norms for regulated entities (REs). This initiative consolidates 20 existing instructions, streamlining processes for finance companies and others. The directive focuses on reducing compliance burden...

Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board

In a significant development, Vijay Shekhar Sharma, the Founder and CEO of Paytm, has resigned from his role as part-time non-executive chairman and board member of Paytm Payments Bank. This move comes amidst a restructuring of the bank's board in...

India Surpasses China as HSBC’s Third-Largest Profit Hub

In 2023, India surpassed China to become HSBC's third-largest profit hub, showcasing a remarkable surge in profitability. The fiscal year ending December 2023 saw India's profits soar by 25% to reach an impressive $1.5 billion. HSBC's annual report for the...

PayPal Registers with Finance Ministry’s Financial Intelligence Unit- India (FIU- IND) under anti-money laundering law

The legal battle between PayPal and the FIU commenced in March 2018 when the latter demanded registration as a reporting entity under the PMLA. Despite PayPal's resistance, the FIU imposed a penalty in December 2020, alleging non-cooperation and failure to...

RBI Grants Payment Aggregator License to Mswipe Technologies

Mswipe Technologies, a prominent player in India's digital payments sector, has been awarded a Payment Aggregator (PA) license by the Reserve Bank of India (RBI). This significant development follows the company's receipt of an in-principle approval earlier in 2022. Mswipe...

HDFC Bank Leads Profitability Rankings From April To December

HDFC Bank emerges as the most profitable company in the first nine months of the current fiscal year, with a net profit of Rs 44,300 crore. State Bank of India (SBI) and Indian Oil Corporation (IOC) follow closely, reporting profits...