Cash in Circulation More than Doubles Since FY17 on Consumption Demand
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Cash in Circulation More than Doubles Since FY17 on Consumption Demand

Cash in circulation has more than doubled since 2016-17-the year of de monetization and launch of UPI despite phasing out of the 22,000 notes. HSBC PMI and CMS cash index have moved in tandem showing both cash and digital payments have seen growth underscoring the continued relevance of cash. Currency in circulation increased from 13.35…

HDFC Bank Shares at over two month high, trade above ₹1,500
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HDFC Bank Shares at over two month high, trade above ₹1,500

HDFC Bank Shares at over two month high, trade above ₹1,500 HDFC Bank shares were in focus on April 4 as the bank stock opened at an over two-month high and continued to trade above the ₹1,500 mark. This is the first time since January 17 that the stock has risen past this level. HDFC…

RBI Plans a Special Audit for Breaches by IIFL Fin, JM Fin

RBI Plans a Special Audit for Breaches by IIFL Fin, JM Fin

IIFL Finance Ltdand JM Financial Products Ltd (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the RBI has initiated the process for the appointment of auditors. The Reserve Bank of India (RBI) has floated two separate tenders for the appointment of auditors for special audit of these two companies. Audit…

Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board
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Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board

One 97 Communications Ltd (OCL), the parent company that owns and operates the Paytm brand, on Monday said its founder Vijay Shekhar Sharma will be stepping down as part-time non-executive chairman and board member at associate entity Paytm Payments Bank Ltd (PPBL) as part of a board restructuring. OCL also said, in a BSE filing…

Paytm Bank’s Exit from UPI Unlikely to be Disruptive
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Paytm Bank’s Exit from UPI Unlikely to be Disruptive

Paytm Payments Bank’s regulator-mandated virtual exit from the UPI platform may not have as disruptive an impact on the cashless transaction ecosystem as is being currently feared as most users have multiple backend accounts that are out of the scope of the central bank’s curbs. Furthermore, only about a sixth of the 90 million Paytm…

Paytm Not in List of 32 Banks Authorised to Issue New FASTags
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Paytm Not in List of 32 Banks Authorised to Issue New FASTags

The road tolling authority has advised highway users to buy FASTags from an authorised bank and listed 32 banks sans Paytm Payments Bank, in a signal to the estimated 20million-plus Paytm FASTag users to get new RFID stickers. Paytm FASTags will become inoperative after February 29 as the Reserve Bank of India (RBI) has barred…

More Payment Banks Under Scanner
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More Payment Banks Under Scanner

More payment banks may face regulatory action as the Financial Intelligence Unit (FIU) has detected about 50,000 accounts without know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities. About 30,000 of these are with payments banks other than Paytm Payments Bank and details have already been given to the Reserve Bank…

No Plan to Review Order against Paytm Bank: RBI Governor

No Plan to Review Order against Paytm Bank: RBI Governor

Reserve Bank of India (RBI) governor Shaktikanta Das ruled out any immediate review of the curbs on Paytm Payments Bank Ltd (PPBL), stressing that such orders are issued after comprehensive deliberation and assessment. The governor, however, said an FAQ will be issued this week to address concerns of customers and depositors, including FAST-ag holders and…

Paytm’s Switch to Compliance-first Mode Seen as too Little, too Late

Paytm’s Switch to Compliance-first Mode Seen as too Little, too Late

From getting the compliance team to attend product meetings to ensuring that every update or new product launch went through the rigours of the regulatory rules and restrictions, over the last one year or so, Paytm implemented a host of internal changes to toe the regulatory line, said executives at the digital payments company. At…

Cos Try New Ploys as New Tax Rule Looms
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Cos Try New Ploys as New Tax Rule Looms

Many big and small businesses are playing a cat-and-mouse game. Some are taking an aggressive stance, while most are waiting it out, knocking on the government’s doors, as a well-meaning, yet unsettling, law aims to move the wheels of commerce faster Under the law-Section 43B(h) of the Income Tax Act-whose impact would be felt for…