Tagged: rbi

Reserve Bank of India Governor: Local Fintech Startups May Compete with to Offer Digital Financial Services

Digital payments in India are being increasingly adopted by businesses and individual consumers. Online lending platforms are also becoming more popular in the country that’s home to around 1.5 billion residents. The Reserve Bank of India (RBI) has introduced several initiatives that are aimed at… Read More

Financial and Legal Experts in India Continue to Comment on Government’s Questionable Stance on Bitcoin and Wider Crypto Market Regulations

The Capital confirms that India has been going through a major regulatory process related to the nascent cryptocurrency markets. The Capital notes that the advancements in other areas of crypto such as the innovation in decentralized finance (DeFi) in the 21st century might have taken… Read More

Indian Government Officials to Take “Very Calibrated” Position on Regulating or Monitoring Bitcoin and Other Crypto Transactions

The Indian government may not completely ban (or attempt to) the use of decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). During a recent interview (conducted on March 5, 2021), India’s finance minister Nirmala Sitharaman clarified that she intends to support innovative crypto initiatives. #CNBCTV18IBLA… Read More

India Budget Allocates $200M+ for Digital Payments Adoption, as RBI Confirms Country Is World’s Largest Recipient of Remittances

Bengaluru-based Simpl, a company that aims to make money simple, so that people can “live well and do amazing things,” has noted that the recent India budget appears to be focusing on the “revival” of inclusive economic growth and an “expansionary fiscal policy that prioritized… Read More

Professionals in India Clarify that Bitcoin and Other Digital Currencies are Not Private, after Reports of Potential Government Ban on Cryptos

The Indian Parliament will reportedly be considering a government-supported bill that could place a ban on “private” cryptocurrencies during its upcoming budget session. Since the nation’s ruling party has control over both houses of Parliament, there’s a fairly good chance that the proposed bill could… Read More

Reserve Bank of India to Measure Growth and Adoption of Digital Payments in the Country by Using New Index

The Reserve Bank of India (RBI) has introduced a new index in order to measure the growth and adoption of digital payments in the country. The RBI revealed that virtual payments grew 2x in March 2020 when compared to March 2018. The index was created… Read More

AI and Machine Learning are Expected to Improve Fintech Apps in India, with Support from Regulators

The steady growth and adoption of Fintech services has helped in promoting greater financial inclusion in India. Emerging technologies like AI and machine learning (ML) are now expected to further promote the usage of Fintech apps in the $2.5 trillion economy, which should benefit consumers… Read More

Reserve Bank of India Releases New Cybersecurity Report which Outlines the Technology Vision for Local Banks

The Reserve Bank of India (RBI) has released a new report, titled “Technology Vision for Cybersecurity for Urban Co-operative Banks – 2020-2023.” The RBI notes that the document makes recommendations or suggestions on how to improve the nation’s cybersecurity infrastructure of its urban co-operative banking… Read More

Reserve Bank of India Is Reportedly Planning to use Infosys Co-Founder Nandan Nilekani’s Formula to Measure Effectiveness of Digital Payments

The Reserve Bank of India (RBI) is reportedly planning to use the Nandan Nilekani (Infosys co-founder) formula in order to measure the effectiveness of digital payments. Indian prime minister Narendra Modi’s administration has introduced the Digital India initiative which aims to determine the extent of… Read More

Bitcoin Is a “Speculative” Asset, Facebook led Libra Stablecoin or Payments System may be Useful for Transactions, Former RBI Governor Says

Bitcoin (BTC) and the controversial Facebook-led Libra stablecoin or payments project might  play a key role in a world where reserve banks are beginning to issue their own digital currencies or CBDCs, according to Raghuram Rajan, former governor at the Reserve Bank of India (RBI)…. Read More

Consumer Spending in India Is Significantly Lower due to COVID-19 related Uncertainty, UPI and Digital Payments Also Decline as Lockdowns Eased

The COVID-19 outbreak and nationwide lockdowns in India have forced many local residents to re-evaluate how they conduct business and manage their finances. An analysis performed by ETMoney reveals that the overall spend by India’s residents between March and June 2020 dropped by around 40%,… Read More

Reserve Bank of India is Working on Enabling Offline Digital Payments to Help Consumers in Rural Areas Join the Formal Economy

The Reserve Bank of India (RBI), the nation’s central bank that controls the issue and supply of the Indian rupee, is reportedly working on an offline digital transactions pilot, in order to get more consumers in rural areas, without internet connections, to adopt virtual payments…. Read More

PwC and Federation of Indian Chambers of Commerce & Industry Recommend that Banks, Fintechs Should Perform Video KYC Checks during COVID-19

A new report recommends that the Indian government should bring back subsidies for digital payments for transactions valued at less than INR 2,000 (appr. $26.50) and also implement Aadhaar-based electronic KYC checks for Fintechs, non-bank financial companies (NBFCs) and mutual funds. The report has been… Read More

“We Can’t Regulate Bitcoin” because it’s Regulated by Its Own Protocol, Indian Blockchain Professional Explains

Sidharth Sogani, a Certified Bitcoin Professional and CEO at CREBACO Global Inc, a credit rating firm for exchanges, blockchains and coin offerings, has argued that it’s clear the Indian government hasn’t figured out how Bitcoin (BTC) works. There’s a new proposal that aims to ban… Read More

New Crypto Ban Proposal in India Recommends Over $3 Million Fine and Up to 10 Years Prison Sentence for Entities Dealing in Virtual Currencies

Indian officials are reportedly considering passing a law that would ban the use of decentralized cryptocurrencies.  As reported by India’s Economic Times, the nation’s government might see a legal framework as being more effective than the Reserve Bank of India’s (RBI) blanket ban on crypto-assets…. Read More

Digital Payments: Reserve Bank of India Establishes $33 Million Fund to Support PoS Systems and Infrastructure

The Reserve Bank of India (RBI) noted on June 5, 2020, that it will be establishing a Payments Infrastructure Development Fund in order to promote digital payments adoptions across the nation, which is struggling to cope with the deadly COVID-19 outbreak. The RBI confirmed that… Read More

Digital Asset Exchange and Wallet Provider Zebpay to Use Chainalysis Blockchain Tools to Prevent Financial Crime

Zebpay, a digital currency wallet and exchange provider that began its relaunch in India earlier this year, will be working with blockchain security and analysis firm Chainalysis to monitor crypto-asset transactions performed across its platforms for Indian consumers. Chainalysis had already been providing its Know… Read More

Leading Indian Crypto Exchange CoinDCX Secures $2.5 Million in Additional Investments to Support Nationwide “TryCrypto” Campaign

  CoinDCX, one of India’s largest digital asset exchanges, has secured an additional $2.5 million in funding from several major blockchain investors, including Coinbase Ventures (the investment division of cryptocurrency exchange Coinbase) and Polychain Capital. The latest investment acquired by CoinDCX has come around two… Read More

Indian Fintech Lenders are Concerned About Poor Monetary Transmission by Banks and Capping of Interest Rates: Report

Indian Fintech firms that issue loans to SMEs have welcomed the government’s efforts to provide greater liquidity to the banking system. However, financial technology companies are concerned about the poor monetary transmission by local banks and the capping of interest rates. India’s non-bank lenders have… Read More

Sumit Gupta: Co-founder at CoinDCX Reveals How India’s Banks Have Responded to Crypto Businesses After Supreme Court Lifted RBI’s Banking Ban

  In March, it was reported that CoinDCX had secured $3 million in funding through a Series A investment round, led by Bitcoin Mercantile Exchange (BitMEX) operator, HDR Group. At that time, Sumit Gupta, co-founder and CEO at CoinDCX, said the crypto space in India was developing… Read More

Send this to a friend