The RBI has told banks & NBFCs to stop providing consumer data to unregulated entities.
Such a move would make it mandatory for all these companies to adhere to regulatory compliances prescribed by RBI.
The overall customer base of UPI users is estimated to be more than 400 million.
As per the latest notification, MDR has been revised to 0.60% for transaction above Rs. 2,000 with a maximum cap of Rs 150 per transaction. Presently, this is capped at 0.90% for transaction above Rs. 2,000 with higher cap of Rs 1,000 per transaction.
IRDAI said that the first window for applications will open from September 15 to October 13.
Fitch’s Indian rating arm downgrades mid-year outlook for NBFC sector to ‘negative’ .
India Ratings said on Monday that with refinancing options looking bleak for these developer companies due to high costs of fund and liquidity tightness, some of these exposures may turn delinquent.
Digital Lenders Association of India (DLAI), an industry body of around 50 technology-based NBFCs, submitted a slew of recommendations for easing access to credit history.
July saw 822 million transactions; use may touch 1 billion in the upcoming festival months.
The database will, among other things, allow lenders to give more loans to those with limited credit histories.
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