Shares of Edelweiss Financial Services fell by 17% on BSE to the day’s low of Rs 64 after the Reserve Bank of India (RBI) directed the company to cease and desist from acquiring financial assets. “The action is based on material concerns observed during the course of supervisory examinations, essentially arising out of the conduct … Read more
The crisis at Paytm Payments Bank has out strong focus on regulatory compliance in the county’s fintech segment. The strict RBI action against Paytm Payments Bank is said to have created worry among a certain section of fintechs. A group of startup founders had also written to Sitharaman, seeking reassessment of the stringent action. In … Read more
NEW DELHI: The recent regulatory action taken by the Reserve Bank of India (RBI) against Paytm Payments Bank has highlighted the significance of adhering to laws for other fintech firms and that compliance cannot be “optional”, according to union minister Rajeev Chandrasekhar. In an interview with the news agency, PTI, the minister of state for … Read more
RBI action on Paytm: Traders’ body CAIT on Sunday issued a cautionary advisory to traders to switch from Paytm to other payment options for business-related transactions following RBI curbs on Paytm wallet and bank operations. “The Reserve Bank of India has imposed certain restrictions, prompting CAIT to recommend that users take proactive measures to protect … Read more