PayU has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payments aggregator. With this approval, the digital financial services provider can start onboarding new merchants to its platform, PayU said in a Tuesday (April 23) press release emailed to PYMNTS. “This...
The Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI) to consider One97 Communications’ request to become a Third-Party Application Provider (TPAP) for the Unified Payments Interface (UPI) channel. The move is meant to enable continued operation of the Paytm app...
Raiffeisen Bank International (RBI) disclosed Thursday (Feb. 22) that it is being investigated by Austria’s financial regulator, FMA, over alleged anti-money laundering (AML) failures. The bank said in its annual report that the probe is specifically focused on the bank’s adherence to know-your-customer (KYC) rules, which are...
India’s banking regulator has made some high-profile enforcement moves in recent weeks. Last month, the Reserve Bank of India (RBI) ordered Paytm Payments Bank to halt its businesses after an audit uncovered “persistent non-compliances and continued material supervisory concerns.” More recently, the RBI has directed...
January 28, 2019
Barring any reprieve, Feb. 1 marks a sea change for India’s eCommerce sector. New rules may hobble giants like Amazon and Flipkart from offering discounts or investing in nascent marketplaces. Here’s why economic nationalism may trigger ripple effects no one will want.
July 13, 2017
Over the last 18 months, India has moved full-speed ahead from a nearly entirely cash-based society to one with ambitions of being totally cashless. The most public — and most famous...
May 30, 2024
According to a new report from the Reserve Bank of India (RBI), digital payments fraud in the country grew 14.57 billion rupees ($175 million) in the year ended March 2024 from a year ago. The rise in fraud comes as India increasingly embraces digital payments following the 2016 launch of its United Payments Interface (UPI), […]
April 23, 2024
PayU has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payments aggregator. With this approval, the digital financial services provider can start onboarding new merchants to...
February 23, 2024
The Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI) to consider One97 Communications’ request to become a Third-Party Application Provider (TPAP) for the Unified Payments...
February 22, 2024
Raiffeisen Bank International (RBI) disclosed Thursday (Feb. 22) that it is being investigated by Austria’s financial regulator, FMA, over alleged anti-money laundering (AML) failures. The bank said in its annual report that...
