The post-Covid era led to stark changes in every individual’s work-life balance. While adapting to the ‘new normal’, trends like remote work, digital
Under the Banking Regulation Act of 1949, the RBI holds broad powers to issue directives in the public interest of banking policy. The introduction of specialized banks, such as Payment Banks, was recommended by the Nachiket Mor committee with the aim of promoting financial inclusion. These banks are required to register as public limited companies and obtain licenses under the Banking Regulation Act, 1949. While Payment Banks can conduct most banking operations, they are restricted from advancing loans or issuing credit cards. They can, however, accept deposits up to 2 lakhs and provide mobile and internet banking services.
Paytm is a prominent Indian digital payment and financial services company. It offers a wide range of services including digital payments, banking, lending, insurance, and wealth management through its mobile app. Paytm has played a significant role in promoting digital transactions and financial inclusion in India.
In recent years, there have been various developments and collaborations between RBI and Paytm. As a regulated financial institution, Paytm operates under the guidelines and regulations set forth by the RBI. The RBI periodically issues directives and guidelines related to digital payments and financial services, and Paytm complies with these regulations to ensure the safety and security of its services.
The RBI has been taking forceful action in recent months to clamp down on risks in the financial sector, hitting affected stocks. At the end of last year, it barred lenders from investing in alternative investment funds that hold stakes in their borrowers to prevent an unstable build-up of assets. Before that, it imposed stricter rules to stem the relentless rise in risky consumer loans.
RBI Governor Shaktikanta Das said last month that India’s financial sector needs to remain more watchful on risk management. He said some banks and non-bank financial companies didn’t have the bandwidth to manage a surge in loans approved by algorithm models used by the financial institutions. RBI will guard against any sense of complacency and is committed to safeguard trust in the Indian financial sector, according to Das.
It’s interesting to note One97’s other businesses such as loan and insurance distribution as well as equity broking, which are not related to the payments bank, will likely remain unaffected.
RBI has been taking forceful action in recent months to clamp down on risks in the financial sector, hitting affected stocks. At the end of last year, it barred lenders from investing in alternative investment funds that hold stakes in their borrowers to prevent an unstable build up of assets. Before that, it imposed stricter rules to stem the relentless rise in risky consumer loans especially post the demoentization which was conducted on November 8th, 2016 under then RBI Governor Urjit Patel.
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The post-Covid era led to stark changes in every individual’s work-life balance. While adapting to the ‘new normal’, trends like Read more
