Reserve Bank of India

As part of their Policy Review meetings, Reserve Bank of India has asked all payment firms, payment companies, wallets and any provider of digital payments to store their data locally. They have 6 months to comply with this new rule.

Between April 2016 and March 2017, Indian banks reported a total of 12,533 cases of frauds, all across the country. These findings were shared by  Institutional Investor Advisory Services, which is a proxy advisory firm. The total loss…

RBI has informed the nation that Jio Payments Bank is now live. The banking operations under Jio Payments Bank would be a 70:30 venture between Reliance and State Bank of India, which will provide backend support for banking operations.

The Central Bureau of Investigation has exposed yet another bank fraud worth Rs 824.15 crores against the Chennai-based jewellery chain Kanishk Gold Pvt Ltd. after State Bank of India (SBI) filed a complaint against Kanishk Gold of cheating…

Union minister of information and broadcasting Smriti Irani has once again emphasised on the fact that online content and media, including news, has to be regulated. An increasing number of fake news and inflammatory content triggering…

ACI Worldwide has released a report which is pretty bullish on the future of Digital India. The findings of the report predict that by 2025, four out of five transactions in India would be digital, and total consolidated digital…

The mobile wallet users of Paytm, MobiKwik, Freecharge, Amazon Pay, PhonePe, OLA Money and others will not be able to use their mobile wallets to transact from now if the KYC is incomplete. As per the new RBI guidelines, the digital wallets…

For the telecom industry, the month has begun on a sad note. India’s 6th largest telecom company Aircel has finally filed for bankruptcy, as they unable to cope with the mounting debt of Rs 17,479 crore. SBI, India’s largest bank has the…

In case any mobile wallet like Paytm user hasn’t completed the KYC or Know Your Customer process, then the money remaining in the wallet shall be left immobilized. This was as per the strict KYC rules formulated by RBI last year.

In October last year, Reserve Bank of India had issued strict guidelines for digital wallet operators in India and gave them a deadline of year-end to comply with KYC norms for all users. The deadline was later extended until February 28.