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RBI orders Talkcharge Technologies to stop issuing prepaid wallets
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has ordered Talkcharge Technologies, an online platform for recharge and bill payments, to halt issuing prepaid wallets to customers. The RBI gave the company 45 days to return funds held by customers and cease offering the service. However, instead of returning funds, Talkcharge Technologies has reportedly asked users to return cashback received from the company, creating an impression that this is in compliance with the RBI's directions. The incident highlights increased scrutiny on due diligence in the fintech industry, with even regulated startups facing regulatory penalties.
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Halt Wallet Issuance, Refund Balances: RBI to TalkCharge
Inc42
·
1y ago
Medial
The Reserve Bank of India has once again directed payments platform TalkCharge Technologies to cease operation and issuance of its prepaid payment instruments and refund the remaining amount lying in these wallets to customers. Earlier this month, the central bank cracked down on the company for offering PPIs on its website and app without obtaining the requisite certificate of authorisation.
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Cashfree Gets RBI’s Prepaid Payment Instrument Licence
Inc42
·
9m ago
Medial
Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.
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RBI Proposes Direct UPI Payments From PPI Wallets
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has proposed allowing the linking of prepaid payment instruments (PPIs) like digital wallets through third-party Unified Payments Interface (UPI) applications. This move aims to provide more flexibility to PPI holders and benefit fintech startups such as Paytm, PhonePe, Freecharge, and MobiKwik. Additionally, the RBI has proposed enabling cash deposit facility through the use of UPI and allowing non-bank payment system operators to offer central bank digital currency (CBDC) wallets. The central bank also announced plans for a dedicated platform for retail investors to participate in government securities market.
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Neobank Revolut India gets in-principle nod for PPI license from RBI
Economic Times
·
1y ago
Medial
UK-based neobank Revolut India has received in-principle approval from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs), such as prepaid cards and wallets. This approval will allow Revolut India to offer international and domestic payment solutions on a single platform and strengthen its position in the Indian payments sector. Revolut plans to introduce a full suite of digital-first money management services for Indian customers, including payments and remittances, and has over 175,000 prospective customers on its waitlist. The app is currently in the testing phase and will be launched soon.
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RBI Allows Banks And Non-Banks To Issue PPIs For Public Transport, Industry Welcomes Move
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has allowed both banks and non-bank prepaid payment instrument (PPI) issuers to offer PPIs for public transport services. The move aims to provide convenience, speed, affordability, and safety in digital payments for commuters using transit services. The amendments come as a welcome step for the fintech sector, fostering the growth of India's digital payments infrastructure. The decision is expected to benefit allied startups in offering digital wallets and other services for transit payments. The move follows recent regulatory actions by the RBI in the fintech sector.
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'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das
OutlookIndia
·
1y ago
Medial
The Reserve Bank of India (RBI) Governor, Shaktikant Das, has stated that there is "hardly any room" for reviewing the action taken against Paytm Payments Bank (PPBL). Das emphasized that the RBI takes decisions after careful consideration and analysis. The RBI recently directed PPBL to stop onboarding new customers and accepting payments in customers' wallets, FASTags, and credit offerings. The central bank has also prohibited PPBL from taking deposits or credit transactions after February 29. PPBL faces strict action due to non-compliance and ongoing supervisory concerns.
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RBI To Roll Out Mobile App For Retail Investors To Invest In Govt Securities
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has announced the launch of a mobile application for retail investors to participate in government securities (G-Secs) market. The RBI Retail Direct Scheme, launched in November 2021, aims to provide convenience to retail investors and deepen the G-Sec market. The mobile app will streamline access to the Retail Direct portal, enhancing convenience and fostering deeper engagement with the G-Secs market. Additionally, the RBI has proposed allowing cash deposits through UPI in cash deposit machines and enabling UPI payments from prepaid payment instruments (PPI) wallets through third-party UPI apps, aiming to increase customer convenience and digital payment adoption.
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Paytm CEO in talks with RBI on regulatory concerns
VCCircle
·
1y ago
Medial
Paytm CEO Vijay Shekhar Sharma has held talks with the Reserve Bank of India (RBI) to discuss regulatory concerns, following the recent curbs imposed on its banking affiliate. Paytm Payments Bank was instructed by the central bank to stop accepting new deposits, leading to a loss of $2.5 billion for Paytm shareholders. The company is seeking clarity from the RBI regarding the transfer of licenses for its wallets business and Fastag service. Analysts expect Paytm to overcome the regulatory restrictions and successfully execute operational changes.
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No review of action against Paytm Payments Bank: RBI gov Shaktikanta Das
Livemint
·
1y ago
Medial
Reserve Bank of India (RBI) Governor Shaktikanta Das has stated that there will be no review of the central bank's action against Paytm Payments Bank Ltd. The RBI had directed the bank to stop accepting deposits or top-ups in customer accounts, wallets, and other instruments, citing non-compliance of regulations and supervisory concerns. Das emphasized that decisions against regulated entities are made after careful analysis and assessment. The RBI is expected to issue FAQs on the Paytm matter, focusing on customer and depositor interests. Das also expressed confidence in achieving the projected 7% GDP growth for FY25.
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RBI says clampdown on Paytm Payments Bank due to persistent non-compliance
VCCircle
·
1y ago
Medial
The Reserve Bank of India (RBI) has explained that its recent clampdown on Paytm Payments Bank was a result of the bank's persistent non-compliance with regulatory norms. The RBI had given Paytm Payments Bank sufficient time to comply before taking action. The central bank has ordered the bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and non-compliance with rules. Steps will be taken to minimize customer inconvenience, although specific measures have not been specified. Paytm shares fell by 10% following the RBI's comments.
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