According to a statement from the central bank, the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.
Mumbai (Maharashtra)/ New Delhi [India], March 3 (ANI/BusinessWire India): Cyril Amarchand Mangaldas advised Kotak Mahindra Bank Limited (Kotak), in relation to the acquisition of Sonata Finance Private Limited (Sonata), a Non-Banking Finance Company - Micro Finance Institution registered wi
Pune (Maharashtra) [India], February 28 (ANI/NewsVoir): Many investors aim to deposit their money in safer options to stay away from the chances of facing excess loss. SEBI, in a survey, reported that about 95 per cent of Indians prefer to invest in Fixed Deposit schemes as they are not asso
During the press conference held jointly by the finance ministry and the Reserve Bank of India on the G20 Presidency and the outcome of the G20 meeting, the finance minister said, "Indian Presidency got strong support for all our priorities. I am grateful to the US Secretary Janet Yellen
Bengaluru (Karnataka) [India], February 24 (ANI/BusinessWire India): RBI's Deputy Governor (Rabi Sankar), Chief General Manager (P. Vasudevan), Nandan Nilekani and NPCI's MD & CEO (Dilip Asbe) have launched 'UPI One World' for foreign nationals visiting India. The launch was conducted
Delhi-NCR [India], February 21 (ANI/NewsVoir): The Reserve Bank of India (RBI) has announced a repo rate hike of 25 basis points taking the total interest rate to 6.5 per cent. The RBI's decision to raise the rate was driven by concerns about inflation. However, the developers feel that RBI
In what is a first-of-its-kind collaboration with another country, India and Singapore on Tuesday linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries.
Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon will launch the cross-border connectivity.
Designed by the National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022. It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance and history section, and not in t