Posts Tagged ‘RBI’
PFs Weigh in on India’s Latest Attempts to Boost Digital Transactions
As the government of India has pursued its vision of a cashless society, it has adopted policies intended to help stakeholders shift to digital payments. Most recently, it’s been tinkering with the economics of digital transactions, looking for that elusive sweet spot where the parties – retailers and banks alike – are incentivized to help drive the transition.
Read MoreIndia PF Paytm Gets Approval to Launch Payments Bank
Indian payment facilitator Paytm announced on Tuesday (Jan. 3) that the Reserve Bank of India has granted the company the final go-ahead to launch Paytm Payments Bank. Paytm was granted in-principle approval for the payments bank in 2015.
Read MoreMeet The New RBI Boss; Same As The Old Boss?
The change in governors of the Reserve Bank of India is no small news, as India is well known for its governmental help with the furtherance of technology in general and fintech in particular.
Under the outgoing governor, Raghuram Rajan, RBI decided to give 11 companies licenses to set up payment banks for the underserved population of the country and this is expected to give rise to an increase in the use of digital banks and wallets. RBI also recently put together a working group of RBI, banking and payments executives to study regulatory issues related to digital banking and fintech.
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