Sibos 2024: Watch this space – record high remittances and the India growth story
India is fast emerging as a blueprint for players in the payments industry.
Reserve Bank of India
FinTech Futures: Top five news stories of the week – 30 August 2024
Our pick of the top fintech news stories this week includes FNZ, Stripe, Visa, and more.
RBI set to launch United Lending Interface to simplify access to credit for underserved borrowers
RBI governor Shri Shaktikanta Das says the ULI will launch “in due course”.
BIS readies for live implementation of Project Nexus in Asia
Institutions from India, Malaysia, the Philippines, Singapore, and Thailand will implement the project.
India’s RBI orders Kotak Mahindra Bank to cease onboarding new customers digitally
The bank will continue to provide services to its existing customers.
India’s RBI orders Paytm Payments Bank to halt banking services by end of February
The RBI attributes its order to “persistent non-compliances and continued material supervisory concerns in the bank”.
Reserve Bank of India outlines plans for new fintech repository and cloud facility for FS firms
The new measures also address “moral hazard issues” in lending and boost certain transaction limits.
Fintech unicorn Slice to merge with India’s North East Small Finance Bank
Its merger with NESFB will see Slice transition into a small finance bank.
AI-powered conversational payments to launch on India’s UPI
The tech will enable users to converse with an AI system to initiate and complete transactions.
Central banks of UAE and India partner for cross-border CBDC testing
The central banks will conduct joint proof of concept and pilots of bilateral CBDC cross-border transactions.
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.
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.
Indian government set to spend $320m to boost adoption of digital payments
The government hopes its plan will facilitate the development of “a robust digital payment ecosystem”.
2022: Top five crypto developments
FinTech Futures takes a look back at some of the year’s top crypto developments and stories.
FinTech Futures: Top five stories of the week – 4 November 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
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.
FinTech Futures: Top five stories of the week – 9 September 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
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.
Reserve Bank of India lifts onboarding restrictions on American Express
The RBI imposed restrictions on the US card issuer in May 2021, denying it the ability to onboard new customers.
The Reserve Bank of India wants to ban crypto, says India’s finance minister
The RBI believes cryptocurrencies have a “destabilising” effect on a country’s monetary and fiscal stability.
Reserve Bank of India lifts ban on Mastercard onboarding new customers
RBI had imposed a ban on Mastercard in July 2021 for non-compliance.
India confirms digital rupee CBDC to debut by 2023
The finance minister announced a raft of digital economy support measures in her Union Budget 2022-23 speech.
Indian government takes next step in banning cryptocurrencies
Scheduling of bill points to government’s stance despite speculation over rethink.
Major Indian banks launch Account Aggregator project
New programme aims to extend financial services to millions of new customers.
Reserve Bank of India plans CBDC trials by 2022
India’s central bank is still being “extremely careful” about its tests.
Reserve Bank of India blocks Mastercard from onboarding new domestic customers
RBI claims Mastercard Asia/Pacific has failed to comply with an earlier directive on data storage.
India’s central bank creates $66m digital payments infrastructure fund
RBI has made an initial seed contribution of $33 million (RS 250 crore).
RBI to build blockchain-based banking platform
The technology would be for banking officials’ use only.
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.
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.
