6:10 AM
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RBI clarifies that while Paytm Payments Bank functions will cease, UPI payments will continue for non-PPBL customers. Paytm app, QR codes, and other services will also work for non-PPBL accounts. Fastag holders and Paytm transit card users have specific guidelines to follow.
2:10 AM
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The government has increased the authorised capital of Food Corporation of India (FCI) from Rs 10,000 crore to Rs 21,000 crore through a notification. This move will help FCI reduce its borrowings from banks and save approximately Rs 750 crore annually. FCI is responsible for procurement of foodgrains from farmers, stocking and distribution under the PDS.
6:10 AM
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A day after the RBI instructed payment networks Visa and Mastercard to stop enabling business credit card issuances by fintech aggregators, the central bank stated on Thursday that there were other violations, including payments made to illegal merchants. RBI said that a card network had an arrangement that enabled businesses to make card payments through certain intermediaries, to entities that do not accept card payments.
7:10 AM
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RBI has asked Visa and Mastercard to stop facilitating business credit card issues by fintech aggregators. These aggregators are regulated and licensed by RBI. The central bank is concerned about KYC norms and usage limitations of business credit cards issued by non-banks. Small businesses can continue to avail credit lines with banks.
6:10 AM
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In the central bank's first meeting with bank heads since July 2023, RBI Governor Shaktikanta Das discussed the issue of outlier growth in the personal loans market, as well as exposure to NBFCs. In November, RBI increased risk weights on unsecured personal loans and lending to NBFCs in an effort to limit bank credit to these areas.
5:10 AM
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Senior officials from Paytm have appeared before the Enforcement Directorate in connection with suspected irregularities reported by the Reserve Bank of India lately. The regulator had prohibited the payments bank from receiving customer deposits after February 29. ED has asked Paytm executives to come again with certain documents sought by the probe team.
9:10 PM
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Paymart India's Virtual ATM service benefits banks by reducing operational costs through the elimination of traditional ATMs and creating revenue opportunities for affiliated shopkeepers.
5:10 PM
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The Reserve Bank of India (RBI) has directed card networks like Visa and Mastercard to suspend card-based commercial payments made by corporations and small enterprises. Transactions at possible unauthorized business outlets accepting card payments have been temporarily halted. The reason behind this directive is unclear, but it is believed to be related to concerns about non-KYC-ed merchants accepting card payments.
2:10 PM
Blogger
Paytm share price today: Shares of One 97 Communications, the parent company of Paytm, have dropped by up to 9% on the Bombay Stock Exchange due to the shift of kirana stores away from the 'Paytm Karo' campaign and the RBI's unwavering position on Paytm Payments Bank.
12:10 AM
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1:10 PM
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The National Payments Corporation of India (NPCI) is in advanced discussions with banks in the US to establish a real-time payment linkage between the two countries. NPCI aims to build on the success of its unified payments interface (UPI) ecosystem.
12:10 PM
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MSCI included five new Indian companies in its Global Standard index and excluded 66 Chinese companies. GMR Airports Infrastructure was reclassified to the mid-cap segment from the small-cap category. Punjab National Bank and Union Bank of India were included in the large-cap segment, with Bharat Heavy Electricals and NMDC in the mid-cap category.
6:10 AM
Blogger
The Reserve Bank of India (RBI) on Monday ruled out a reconsideration of its decision to put severe restrictions on Paytm Payments Bank's activity and stated that it will release thorough FAQs this week as part of its efforts to provide customers with a hassle-free experience. The governor said that FAQs will address several of the concerns that consumers may have.
8:10 PM
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Standard Chartered Easemytrip Credit Card offers discounts on domestic and international hotel and flight bookings through EaseMyTrip. Earn reward points on various categories and get complimentary lounge visits.
7:10 PM
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Receive information about your EPF contribution and balance by sending an SMS to 7738299899. Ensure your UAN is linked to your bank account, Aadhaar, and PAN. Send 'UAN EPFOHO ENG' for English or 'EPFOHO UAN MAR' for Marathi.
3:10 PM
Blogger
Public sector banks in India are gaining recognition from investors as their improved asset quality and profitability lead to outperformance compared to private banks. In the past month, State Bank of India saw a 15% increase, Punjab National Bank rose by 26.82%, and Canara Bank gained 23.5%. Union Bank and Bank of Baroda also experienced gains of over 13% and 15% respectively. This shift in investor perception reflects the stronger profitability of public sector banks compared to their private counterparts.
6:10 PM
Blogger
Days after Reserve Bank of India's (RBI) big crack down on Paytm's Payments Bank, sources said on Sunday that government is now examining foreign direct investments from China in the fintech company's payment aggregator subsidiary.According to a PTI report, government is inspecting Chinese investments into Paytm Payments Services Ltd (PPSL), which has applied for licence with RBI to operate as a payment aggregator.
1:10 PM
Blogger
Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Life Insurance Corporation of India (LIC) and SBI were the gainers. They collectively added Rs 2,18,598.29 crore in market capitalisation.
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