-The Hindu Business Line PhonePe - ZestMoney deal to set precedence for fintechs to explore backdoor entry into the lending business Despite three months of engagement and continued discussions with the banking regulator, fintechs may not have cracked the code yet to operate as non-bank lenders. Highly placed sources say the Reserve Bank of India is reluctant to issue non-bank finance company or NBFC licences to fintechs. PhonePe, Razorpay, BharatPe, Khatabook, OkCredit and...
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Banks suppressing alerts on suspect dealings: RBI probe-Josy Joseph
-The Times of India NEW DELHI: An investigation by the Reserve Bank of India (RBI) into allegations of money laundering by private banks has found large-scale violations ranging from huge cash deposits without PAN to dummy numbers. The probe report, a copy of which is available with TOI, shows that three private players - HDFC Bank, ICICI Bank and Axis Bank - had also hugely suppressed alerts generated by their system on...
More »The fall of Saradha group revives old ghosts of ponzi schemes going bust -Atmadip Ray
-The Economic Times For many, it is a sense of deja vu. Fifteen years ago, the government and India's financial regulators came under fire after hundreds of crores were cleaned up by a few individuals and entities from gullible investors, who were promised fabulous returns from plantation schemes. In the uproar that followed, the government and the regulators sought to palm off the responsibility of regulation of such schemes on each...
More »Private banks reluctant about rural lending -Dinesh Unnikrishnan
-Live Mint Experts say private banks achieve lending obligations by buying out loans from non-banking entities Most private banks in India have not been able to meet the needs of farmers although they are expanding their rural and semi-urban branch network. This is why the Reserve Bank of India (RBI) is insisting that at least one-fourth of the branches of the new banks that will be given a licence must be located...
More »The Guv keeps the bar high -KT Jagannathan
-The Hindu It took nearly three years for the Reserve Bank of India (RBI) to give a final shape to the government’s decision to let more players in the private sector banking field. That by itself offers a clue to the divide in thinking between the fiscal and monetary managers of the Indian economy. When it did come out with guidelines for “Licensing of New Banks in the Private Sector”, the...
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