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RBI Fines ICICI, Axis, 3 Other Key Banks Over Lack Of Regulatory Compliances
A penalty of Rs 31.80 lakh was imposed on Bank of Maharashtra for non-compliance with certain directions on KYC.
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EBA Establishes Stricter Oversight for Firms Handling Crypto-Assets and Payments: Details
The European Banking Authority (EBA) has directed payment service providers to screen all firms seeking to register their businesses in EU member states. Additionally, EU lawmakers have mandated that virtual digital asset service providers (VASPs) conduct comprehensive due diligence, including detailed risk assessments.
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Paytm Gets Approval from NPCI to Enroll New UPI Users
Paytm has said that it has received approval from the country's payments authority to onboard new unified payment interface (UPI) users. The NPCI's approval comes after Paytm submitted a request earlier in August this year.
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Private Banks in Taiwan Seek to Explore Virtual Asset Custody Business, FSC Shows Support
During a recent press conference, Hu Zehua, an official from the Financial Supervisory Commission (FSC), announced that the regulatory body is open to allowing financial institutions to participate in trials for virtual asset custody services. The FSC aims to have a draft of a new law outlining compliance requirements ready by the end of this year.
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Axis Bank, HDFC Bank Fined 2.91 Crore For Deficiencies In Regulatory Compliance
The RBI said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions.
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Brazil’s CBDC Pilot Reportedly Delayed to 2025 Due to Lack of Privacy Safeguards: Details
Brazil has reportedly postponed the pilot of its Drex CDBC to 2025 as the central bank feels, blockchain privacy solutions are insufficient. The regulator is looking to prevent financial inconvenience to Brazilian nationals. The CBDC is expected to finetune the country’s financial compliance, banking, and tax secrecy regulations.
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Paytm Terminates Some Ties With Troubled Payments Bank Unit
Payments firm Paytm on Friday cut some ties with its payments bank unit, which India's banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month.
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Paytm To Form Advisory Committee On Regulatory Matters Amid RBI Clampdown
Paytm will form an advisory committee on compliance and regulatory matters, the payments firm said on Friday, a week after India's central bank ordered its banking affiliate to wind down.
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India Exim Bank Hiring Compliance Officer, Salary Rs 29 Lakh
The job is invited on contractual basis and is based out of Mumbai.
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Mastercard Plans to Expand Crypto Payment Card Programme With New Tie-Ups
Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company's head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. Microsoft has already partnered with Binance that allow users to make payments in traditional currencie...
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Amazon Pay India Faces Penalty of Over Rs. 3.06 Crore by RBI for Non-Compliance
The Reserve Bank of India on Friday said it has imposed a penalty of over Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. "It was observed that the entity was non-compliant with the directions issued by RBI on KYC re...
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RBI Unlikely to Extend Card Tokenisation Deadline Despite Payment Failures, Revenue Losses, Bankers Say
The Reserve Bank of India (RBI) is unlikely to extend the deadline for businesses to use card tokenisation, a layer of security for credit card data, according to bankers and merchants. Smaller merchants have demanded a delayed deadline, but the RBI has not provided any indication that it would extend the compliance date. The central bank first int...
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BNY Mellon Ropes in Blockchain Analysis Firm Chainalysis to Monitor User Transactions
Blockchain data platform Chainalysis recently announced that the company has joined hands with the Bank of New York Mellon Corporation (BNY Mellon), to provide a suite of compliance software and help the custodian bank track, record, and make use of the data surrounding crypto assets.
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Officials Waiting For "Political Call" On Telecom Crisis, Say Sources
Four days after the Supreme Court pulled up mobile operators over non-payment of lakhs of crores in pending dues, telecom ministry officials said on Tuesdaythat they are awaiting an approval from the top to invoke bank guarantees in compliance with the verdict, hinting at a political call that could decide the fate of India's crisis-hit mobile carr...
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RBI Asked to File Compliance Report on WhatsApp Payments
The Supreme Court has granted six weeks’ time to the Reserve Bank of India (RBI) to file a report whether WhatsApp had complied with norms for launching its payment services.
-
RBI Fines ICICI, Axis, 3 Other Key Banks Over Lack Of Regulatory Compliances
A penalty of Rs 31.80 lakh was imposed on Bank of Maharashtra for non-compliance with certain directions on KYC.
-
EBA Establishes Stricter Oversight for Firms Handling Crypto-Assets and Payments: Details
The European Banking Authority (EBA) has directed payment service providers to screen all firms seeking to register their businesses in EU member states. Additionally, EU lawmakers have mandated that virtual digital asset service providers (VASPs) conduct comprehensive due diligence, including detailed risk assessments.
-
Paytm Gets Approval from NPCI to Enroll New UPI Users
Paytm has said that it has received approval from the country's payments authority to onboard new unified payment interface (UPI) users. The NPCI's approval comes after Paytm submitted a request earlier in August this year.
-
Private Banks in Taiwan Seek to Explore Virtual Asset Custody Business, FSC Shows Support
During a recent press conference, Hu Zehua, an official from the Financial Supervisory Commission (FSC), announced that the regulatory body is open to allowing financial institutions to participate in trials for virtual asset custody services. The FSC aims to have a draft of a new law outlining compliance requirements ready by the end of this year.
-
Axis Bank, HDFC Bank Fined 2.91 Crore For Deficiencies In Regulatory Compliance
The RBI said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions.
-
Brazil’s CBDC Pilot Reportedly Delayed to 2025 Due to Lack of Privacy Safeguards: Details
Brazil has reportedly postponed the pilot of its Drex CDBC to 2025 as the central bank feels, blockchain privacy solutions are insufficient. The regulator is looking to prevent financial inconvenience to Brazilian nationals. The CBDC is expected to finetune the country’s financial compliance, banking, and tax secrecy regulations.
-
Paytm Terminates Some Ties With Troubled Payments Bank Unit
Payments firm Paytm on Friday cut some ties with its payments bank unit, which India's banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month.
-
Paytm To Form Advisory Committee On Regulatory Matters Amid RBI Clampdown
Paytm will form an advisory committee on compliance and regulatory matters, the payments firm said on Friday, a week after India's central bank ordered its banking affiliate to wind down.
-
India Exim Bank Hiring Compliance Officer, Salary Rs 29 Lakh
The job is invited on contractual basis and is based out of Mumbai.
-
Mastercard Plans to Expand Crypto Payment Card Programme With New Tie-Ups
Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company's head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. Microsoft has already partnered with Binance that allow users to make payments in traditional currencie...
-
Amazon Pay India Faces Penalty of Over Rs. 3.06 Crore by RBI for Non-Compliance
The Reserve Bank of India on Friday said it has imposed a penalty of over Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. "It was observed that the entity was non-compliant with the directions issued by RBI on KYC re...
-
RBI Unlikely to Extend Card Tokenisation Deadline Despite Payment Failures, Revenue Losses, Bankers Say
The Reserve Bank of India (RBI) is unlikely to extend the deadline for businesses to use card tokenisation, a layer of security for credit card data, according to bankers and merchants. Smaller merchants have demanded a delayed deadline, but the RBI has not provided any indication that it would extend the compliance date. The central bank first int...
-
BNY Mellon Ropes in Blockchain Analysis Firm Chainalysis to Monitor User Transactions
Blockchain data platform Chainalysis recently announced that the company has joined hands with the Bank of New York Mellon Corporation (BNY Mellon), to provide a suite of compliance software and help the custodian bank track, record, and make use of the data surrounding crypto assets.
-
Officials Waiting For "Political Call" On Telecom Crisis, Say Sources
Four days after the Supreme Court pulled up mobile operators over non-payment of lakhs of crores in pending dues, telecom ministry officials said on Tuesdaythat they are awaiting an approval from the top to invoke bank guarantees in compliance with the verdict, hinting at a political call that could decide the fate of India's crisis-hit mobile carr...
-
RBI Asked to File Compliance Report on WhatsApp Payments
The Supreme Court has granted six weeks’ time to the Reserve Bank of India (RBI) to file a report whether WhatsApp had complied with norms for launching its payment services.
