5:10 PM
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One97 Communications' Paytm stock surged 5% to Rs 370.70 on the BSE following NPCI's approval as TPAP for UPI transactions. Major banks like YES Bank are involved, marking a pivotal moment for Paytm's operations and future collaborations.
1:10 PM
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RBI bans PPBL from new services after March 15. NHAI advises new FASTag before deadline to avoid charges. Users must close accounts, avoid penalties. Unable to transfer balance, must request refund from bank.
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6:10 PM
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RBI imposes restrictions on Paytm Payments Bank, halting fresh deposits. FAQs detail post-March 15 services, including withdrawals, refunds, and cashbacks. Auto deductions info provided, suggesting alternative arrangements before the deadline.
6:10 PM
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Paytm Payments Bank cuts 20% of staff due to RBI deadline and compliance issues. Share price plunges 54%. Staff express frustration over layoffs despite earlier assurances. Bank adjusts staff based on appraisal cycle.
5:10 AM
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9:10 PM
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The RBI has imposed penalties on Bank of India, Bandhan Bank, and Indostar Capital Finance Ltd for non-compliance with regulatory norms. Bank of India was fined for violating directions on interest rates, customer service, and Credit Information Companies Rules, 2006. Bandhan Bank and Indostar Capital Finance Ltd were penalized for non-compliance with certain directions.
5:10 PM
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The Financial Stability and Development Council (FSDC) has proposed a uniform KYC system to simplify the process of submitting KYC details. The system aims to make KYC records easily shareable and promote digitalisation while addressing privacy and security concerns. Finance Minister Nirmala Sitharaman plans to adopt a risk-based approach for KYC.
6:10 AM
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RBI's integrated ombudsman has recorded a decline in the volume of grievances from regulated entities in FY23. Grievances dropped to 2.35 lakh in FY23 - a nearly 39% reduction from the 3.8 lakh recorded in FY21. This marks the second year in a row with a significant decrease in complaints, following last year's drop to 3 lakh.
3:10 PM
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Banking in India may shift to a Monday to Friday schedule, closing on Saturdays and Sundays. This decision is subject to government approval. The new work hours may extend from 9:45 AM to 5:30 PM, with a 17% annual salary increase for bank employees.
1:10 PM
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The RBI tightens scrutiny on co-branded credit cards to prevent unauthorized entry. Non-banking finance companies seek approval but only a few banks are permitted. Swiggy, Tata Neu, ICICI Bank, and HDFC Bank issue credit cards through co-branding arrangements. B2B vendor payments totaling Rs 30,000 crore per month have been halted. The total number of credit cards is 99.
8:10 AM
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AU Small Finance Bank aims to become a universal bank by merging with Fincare Small Finance Bank. The bank wants to showcase its ability to manage complex issues of merger, ensure product availability, customer service, and offerings, with a business mix crossing Rs 1.8 lakh crore.
4:10 PM
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The Supreme Court is set to hear application filed by State Bank of India (SBI) on Monday, seeking extension till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. A five-judge Constitution bench, led by Chief Justice DY Chandrachud, will hear the petitions on Monday.
11:10 AM
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The popularity of remote work in the US has led to empty office buildings and concerns over property loans and bank failures. Office vacancy rates have risen, affecting the commercial real estate sector. Oxford Economics warns of a domino effect, and Fed Governor Michelle Bowman highlights the long-term problem if people don't return to offices.
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