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Uber welcomes currency note directive, but asks for the scrapping of two-factor authentication for low value transactions

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Uber welcomes currency note directive, but asks for the scrapping of two-factor authentication for low value transactions

Indian startups can now raise up to $3 million in foreign funds: RBI

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Indian startups can now raise up to $3 million in foreign funds: RBI

To help facilitate Prime Minister Narendra Modi s vision of a Digital India, the Reserve Bank of India (RBI) has announced that startups can now raise up to $3 million in a financial year via external commercial borrowings (ECBs). Startups in India will be permitted to raise the overseas funds in rupees or any other convertible foreign currency, or a combination of both. The move, hailed by entrepreneurs, will boost innovation and promote job creation.

Make payments banks share data on user behavior, credit information companies tell RBI

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Make payments banks share data on user behavior, credit information companies tell RBI

RBI Governor Raghuram Rajan urges banks to strengthen cyber security

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RBI Governor Raghuram Rajan urges banks to strengthen cyber security

In the wake of increased instances of cyber attacks, RBI Governor Raghuram Rajan has said Reserve Bank is improving its capabilities and also urged the lenders to strengthen their systems. "There have been cyber incidents in the recent past. I think it would be overly complacent for anyone of us to say we are well prepared to meet all cyber threats," he said at the annual Fibac event. "Too many access points are left unmonitored, too many people share passwords or have easily penetrated passwords, and too little surveillance is maintained of vendors and the software they create," he added.

Fino Paytech to launch payments bank in next six months

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Fino Paytech to launch payments bank in next six months

Fino Paytech, which has bagged Rs 250-crore investment from BPCL, is now looking for at least another round of fund infusion through stake sale before it launches the bank in about 6 months. Fino Paytech is the first oil marketer that has entered the Payments Bank market. In an interview to PTI, Fino's Managing Director and CEO Rishi Gupta said, "we will have at least one more stake sale, after which we will proceed ahead to launching the bank."

RBI Governor Raghuram Rajan backs UPI for transfer of funds between bank accounts

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RBI Governor Raghuram Rajan backs UPI for transfer of funds between bank accounts

Reliance Industries, SBI take a step forward on payments bank

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Reliance Industries, SBI take a step forward on payments bank

Raghuram Rajan says he is not perturbed by surrender of Payments Bank licences

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Raghuram Rajan says he is not perturbed by surrender of Payments Bank licences

RBI Governor Raghuram Rajan today said he is not "overly perturbed" by surrender of Payments Bank licences by some companies but indicated that there could be a mechanism to ensure that entities apply for licences after due diligence as there is a cost involved in vetting them. Three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- have decided to back out of the Payments Bank licencing.

RBI asks banks to implement cyber security policy

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RBI asks banks to implement cyber security policy

Now, Tech Mahindra also drops out from payments bank

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Now, Tech Mahindra also drops out from payments bank

RBI 'aggrieved' about payment bank licensees dropping out

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RBI 'aggrieved' about payment bank licensees dropping out

Bharti Airtel, Kotak joint venture gets payment bank license from RBI

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Bharti Airtel, Kotak joint venture gets payment bank license from RBI

Payments bank hold massive opportunity for IT firms: Nasscom

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Payments bank hold massive opportunity for IT firms: Nasscom

RBI license to 11 payment banks arbitrary: Subramanian Swamy

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RBI license to 11 payment banks arbitrary: Subramanian Swamy

Infosys launches solutions for small finance, payments banks

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Infosys launches solutions for small finance, payments banks

Payments banks will change banking habits: Arun Jaitley

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Payments banks will change banking habits: Arun Jaitley

Payments banks may ring in better days for insurers, mutual funds

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Payments banks may ring in better days for insurers, mutual funds

Union Bank open to partnerships for setting up payments bank

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Union Bank open to partnerships for setting up payments bank

North East and Central India to gain the most from payments banks: Crisil

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North East and Central India to gain the most from payments banks: Crisil

Payments bank licence to leverage Reliance Jio and retail business: RIL

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Payments bank licence to leverage Reliance Jio and retail business: RIL