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News on Medial
RBI announces premature redemption calendar for SGBs issued from May 2017-March 2020
Money Control
·
11m ago
Medial
The Reserve Bank of India (RBI) has announced a calendar for the premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and March 2020. The central bank will process the redemption of 30 SGBs from October 11, 2024, to March 1, 2025. SGB holders can request premature redemption after a five-year holding period. They are advised to submit their redemption requests during specific periods through designated offices or platforms. SGBs are government-backed securities that offer investors a convenient way to invest in gold without physical ownership.
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Related News
30 Sovereign Gold Bonds coming up for premature redemption: Should you surrender or hold units?
Money Control
·
11m ago
Medial
Around 30 Sovereign Gold Bonds (SGB) are up for redemption between October 2024 and March 2025, with some eligible for premature redemption after completing five, six, and seven years. The RBI provides a premature exit window for SGB holders, exempting capital gains if tendered through this process. However, if the SGBs are sold on the stock exchange, the capital gains will be taxable. SGBs are government-backed gold bonds issued by the RBI and have a five-year lock-in period, with a flexible exit window at the end of the fifth, sixth, and seventh years.
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No new sovereign gold bonds? Check out the most liquid ones on the NSE
Money Control
·
11m ago
Medial
Sovereign Gold Bonds (SGBs) offer an appealing way to include gold in your portfolio without the need for physical storage. However, since February, no new SGBs have been issued. There are 67 SGB tranches available for trading in the secondary market, which were launched by the RBI starting in 2015. These bonds can be bought and sold through demat accounts and are listed and traded on the BSE and NSE. This provides investors with the option to invest in SGBs with different residual maturity to align with their investment goals.
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Stripe gets final RBI nod for payment aggregator business
Inc42
·
1y ago
Medial
Global fintech startup Stripe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator in India. Founded in 2010, Stripe offers a suite of fintech tools including billing and tax services. Zomato, a major foodtech company, also received approval from the RBI to operate as a payment aggregator. A total of 11 companies have received final approval from the RBI for online payment aggregator businesses. The regulatory framework for payment aggregators was introduced by the RBI in March 2020.
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India cenbank extends deadline for Paytm unit wind-down to March 15
Reuters
·
1y ago
Medial
India's central bank, the Reserve Bank of India (RBI), has extended the deadline for winding down operations of Paytm Payments Bank by 15 days to March 15. The RBI had previously ordered Paytm to cease accepting fresh deposits in its account and wallet from February 29 due to supervisory concerns. The extension aims to provide customers, including merchants, with more time to make alternative arrangements. After March 15, no further deposits or credit transactions will be allowed in customer accounts or wallets. The RBI has also issued a detailed FAQ on the impact of its order on Paytm Payments Bank.
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New rules for NSS, PPF, credit cards, insurance, share buyback tax structure and other financial changes that you must watch out for in October
Money Control
·
10m ago
Medial
- Retail loan borrowers will benefit from key facts statements (KFS) issued by banks, providing clarity on loan costs. - New rules for post office small saving schemes are in effect from October 1. - HDFC Infinia credit card reward redemption rules have been tightened. - Health insurance policies issued before new regulations will have reduced waiting period and easier claims from October 1. - Special surrender values for endowment policies have been introduced. - Mutual fund unit repurchases will be exempted from 20% TDS starting from October 1.
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Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
Paytm shares have seen a respite from their sharp fall following the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. The extension of the business restrictions deadline to 15 March and the announcement of shifting the nodal account to Axis Bank have provided some optimism to the company's shareholders. Since Friday, Paytm shares have gained 21.5%. This comes after the RBI issued a notification on 31 January barring Paytm Payments Bank from banking services, which caused concerns among investors and brokerages. Despite this, Bernstein maintains an 'outperform' rating and a PT of INR 600 for Paytm.
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RBI cautions banks on gold loan disbursals through fintech startups
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has issued a warning to banks about gold loans disbursed through fintech startups. The central bank expressed concerns over the evaluation process, particularly when gold is sourced through field agents. Major players like Rupeek, IndiaGold, and Oro Money are involved. The cautionary measures may involve temporary pausing of business to ensure compliance. The RBI's scrutiny follows recent regulatory action on IIFL Finance's gold loan business. Gold loans have seen significant growth, with retail gold loans reaching Rs 1 lakh crore in March 2024.
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Mintifi In Talks To Raise $100 Mn From OTPP, Bain Capital & Others In Fresh Funding
Inc42
·
11m ago
Medial
Mintifi, a B2B lending platform targeting small and medium enterprises (SMEs), has attracted at least 20 investors interested in participating in its $100 million funding round. The startup had previously raised $110 million in its Series D funding round led by Premji Invest in March 2020. Mintifi, founded in 2017, offers payment solutions, invoicing, and customized financing solutions for SMEs.
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Hacker Sriki Accused Of Stealing 60.6 Bitcoins Worth INR 1 Cr, Arrested
Inc42
·
1y ago
Medial
The Karnataka Police has arrested hacker Srikrishna alias Sriki for stealing Bitcoin worth INR 1 Cr in 2017. Sriki was accused of stealing 60.6 Bitcoins from a cryptocurrency exchange website in Tumakuru. He was arrested from a hotel in Bengaluru. Sriki is known for being involved in multiple cybercrime cases, including hacking Indian poker and online gaming websites. This is not his first arrest, as he was previously arrested in 2020 for a drug case. The Indian cryptocurrency ecosystem is under scrutiny by the government and RBI, with OKX recently suspending its services in the country.
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RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service providers (PA-P), which includes companies like Innoviti Payments, Pine Labs, and MSwipe. The draft rules state that these companies must apply for authorisation from the RBI by May 31, 2025. If they fail to obtain authorisation, they will have to cease their services. Additionally, payment aggregators must inform the regulator about their plan to seek authorisation within 60 days of the formal guidelines' issuance. The RBI has also introduced new guidelines for online payment firms, requiring them to monitor merchant activities and ensure compliance.
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