India faces a low-trust economy with high friction, exemplified by complex KYC norms. Finance Minister Nirmala Sitharaman highlighted this ...

Indian banks are boosting IT investments to protect customer data and financial systems. Advanced AI tools like Claude Mythos pose new cybe...

PayU is ramping up its AI-led payments push, building infrastructure for agentic commerce as UPI volumes surge and digital transactions sca...

Union Finance Minister Nirmala Sitharaman announced a panel led by SBI Chairman C S Setty to assess risks from AI platform Mythos and devis...

Shares of One 97 Communications, the driving force behind Paytm, have taken a hit following the Reserve Bank of India's unexpected move to ...

The Reserve Bank of India has cancelled the banking licence of Paytm Payments Bank. This action follows persistent compliance issues. The b...

The RBI has cancelled Paytm Payments Bank's license due to regulatory non-compliance, citing detrimental operations and prejudiced manageme...

The RBI has issued detailed guidelines for Payment Aggregators (PAs) and recommended standards for Payment Gateways (PGs) to strengthen dig...

The banking regulator had in November last year asked Paytm to reapply for the licence within 120 days and stopped it from signing up new o...

Indian banks that have their white-label payment processing offerings have also seen a rise in merchant signups, industry executives told E...

HPZ Token & other dubious cos, some with China links, may have misused weak KYC compliance at gateways

A person in the know said that the RBI has decided to reject the payment aggregator licence of ZaakPay, which runs MobiKwik.

The intermediaries can also generate an e-challan, which can be shared with the companies or entities for making the required payment.

Such a move would make it mandatory for all these companies to adhere to regulatory compliances prescribed by RBI.

Some payment gateway firms fear that regulatory scrutiny could cause operational challenges and stifle innovation.

Industry sources pointed out that since the RBI encouraged the companies to bring in innovations in the retail payments space, multiple pla...

These gateways can be expected to become more transparent and accountable in their working thereby benefitting common people using them for...