The license, granted by the country's payments authority, came as Paytm Payments Bank will cease to operate on 15 March, following regulatory action due to non-compliance with certain norms.
RBI has barred JM Financial's NBFC subsidiary from issuing loans against shares & debentures, while SEBI has barred parent firm from being lead manager for any fresh IPO or debt issue.
A Financial Stability Report (FSR) is a bi-annual survey by a nation's central bank to highlight the vulnerability and risks in the existing financial system
Both bodies flagged concerns before scheme's introduction, fearing it may be seen as 'facilitating' money laundering or that it could violate provisions under Representation of People Act.
Most global central banks acknowledge easing in inflation but note it remains above target. Recent geopolitical disruptions also pose upside risk to inflation, a view held by RBI as well.
Governor Shaktikanta Das also provided a positive outlook for manufacturing and services sector, while adding that agricultural sector was expected to remain resilient.
RBI had Wednesday put curbs on Paytm Payments Bank, a banking partner of Paytm, which included prohibitions on onboarding new customers and operating its mobile wallet services.
Paytm Payments Bank won't be allowed to take further deposits in any customer accounts after 29 Feb, and no credit transactions will be allowed either, including via wallets, RBI said.
While global corporations setting up GCCs in India continue to express confidence in availability of skilled AI engineers, the panel argued that India’s real challenge lies elsewhere.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
COMMENTS