Banking

PayU Partners with NPCI to Introduce Credit Lines on UPI for Merchants

Fintech giant PayU has collaborated with the National Payments Corporation of India (NPCI) to introduce a groundbreaking feature called 'Credit Lines on UPI' for merchants. This integration, available within the PayU application, facilitates digital payments through pre-sanctioned credit lines, enhancing...

South Indian Bank Wins Best Technology Bank of the Year Award

South Indian Bank has clinched the esteemed title of Best Technology Bank of the Year Award at the 19th IBA Annual Banking Technology Conference, Expo, & Citations. The bank's remarkable achievements were acknowledged with a total of six prestigious awards,...

LIC Increases Stake in SBI Cards & Payments Services Limited

Life Insurance Corporation of India (LIC) has augmented its shareholding in SBI Cards & Payments Services Limited from 4.99% to 5.02% of the paid-up capital through open market purchases. This acquisition, completed on February 9, 2024, marks LIC’s increased ownership...

RBI Directs Visa and Mastercard to Halt Commercial Card Payments: Compliance Concerns

The Reserve Bank of India (RBI) has instructed Visa and Mastercard to cease card-based commercial payments by businesses, citing concerns over Know Your Customer (KYC) compliance. This directive extends to transactions made by both small and large enterprises, with a...

SBI-Flywire Partnership: Revolutionizing International Education Payments

Flywire Corporation, in collaboration with the State Bank of India (SBI), aims to modernize and digitize international education payments for Indian students. This partnership facilitates seamless transactions in Indian Rupees, ensuring compliance with the Liberalized Remittance Scheme (LRS) guidelines. Integration...

RBI to Introduce Offline Capability for E-Rupee Transactions

The Reserve Bank of India (RBI) announces the introduction of offline functionality for e-rupee transactions to facilitate payments in areas with poor or limited internet connectivity. This move aims to enhance accessibility and usability of the Central bank digital currency...

RBI Monetary Policy, Repo Rate Holds Steady at 6.5%

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has made a pivotal announcement, maintaining the repo rate at 6.5 per cent. This decision marks the sixth consecutive time the rate has remained unchanged, following closely on the heels...

RBI Grants Payment Aggregator Licences to Juspay, Zoho, and Decentro

The Reserve Bank of India (RBI) has recently granted final authorization to fintech firms Juspay and Decentro, along with software-as-a-service company Zoho, to operate as payment aggregators. This approval comes in the wake of stringent criteria set by the regulator...

Banking System Liquidity Deficit Shrinks to ₹1.40 Lakh Crore: RBI Data Analysis

The liquidity deficit in the banking system has significantly reduced to approximately ₹1.40 lakh crore as of February 4, down from a recent high of ₹3.46 lakh crore on January 24. This decline is attributed to increased government spending, as...

HDFC Bank Receives RBI Approval for Stake Acquisition in Six Banks

HDFC Bank and its affiliated companies have obtained approval from the Reserve Bank of India (RBI) to acquire stakes in six prominent banks. This approval, received on January 5, 2024, grants HDFC Bank and its group entities the authority to...