BUSINESS
Paytm's QR, Soundbox, and Card Machine to Remain Operational Post March 15; Nodal Accounts Transitioned to Axis Bank
This assurance comes hot on the heels of the Reserve Bank of India (RBI) releasing a set of Frequently Asked Questions (FAQs) confirming that Paytm's merchant payment devices will not be affected and will continue to function normally.
RBI Asks Paytm Payments Bank Customers to Shift Accounts to Other Banks by March 15
Customers of PPBL are encouraged to transfer their account balances, including savings, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, to alternative banks before March 15. The RBI emphasizes that withdrawals and utilization of balances from PPBL accounts will continue to be permitted without restrictions beyond this date.
Global mobility fintech startup Moove raises $10 mn to expand India footprint
According to a statement released by the startup, this funding round aims to leverage the momentum gained by completing over 4.2 million trips, a feat that has had a substantial impact on India's mobility landscape.
Reserve Bank Directs Visa and Mastercard to Halt Commercial Card Transactions
Visa has confirmed receipt of the communication from the regulator on February 8, while awaiting a response from Mastercard on the matter. This development closely follows the RBI's initiation of regulatory measures against Paytm Payments Bank.
Enforcement Directorate Questions Paytm Executives, Receives Documentation Regarding Recent RBI Measures
The central agency is currently in the preliminary stages of examining these documents as part of a potential formal investigation under the Foreign Exchange Management Act (FEMA), prompted by alleged irregularities flagged by the RBI.
Bihar Government Unveils Rs 2.79 Lakh Cr Budget with 'Highest' Growth Rate in Country Surpassing 10%
Deputy Chief Minister Samrat Choudhary, who also oversees the finance portfolio, proudly announced the government's success in uplifting 2.5 crore people from poverty in the preceding financial year, showcasing a commitment to overall development. Significant allocations were earmarked for various sectors, including education, health, rural development, welfare schemes, urban development, and strengthening of panchayati raj institutions.
India-UAE Collaboration: UPI RuPay Card Launched in Abu Dhabi by PM Modi and President Sheikh Mohamed bin Zayed Al Nahyan
President Nahyan initiated the service by swiping a card personalized with his name, symbolizing the commencement of this innovative financial service in the capital.
Reserve Bank to Release FAQs Addressing Paytm Payments Bank Measures
RBI Governor Shaktikanta Das emphasized the importance of addressing customer issues promptly, stating, “Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us.”
PM Modi Hails Launch of UPI Payment Services in Sri Lanka and Mauritius as Landmark Occasion
During a virtual ceremony attended by Prime Minister Modi, Mauritian Prime Minister Pravind Jugnauth, and Sri Lankan President Ranil Wickremesinghe, India's RuPay card services were also introduced in Mauritius.
Govt Analyzing Chinese FDI Influx into Paytm Payments Services: Report
PPSL initially applied for a license from the Reserve Bank of India (RBI) in November 2020 to operate as a payment aggregator, aligning with RBI's guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application, citing non-compliance with Press Note 3 under FDI regulations, prompting PPSL to resubmit its application.
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