Payments banks aren't allowed to lend, but can take deposits, facilitate remittances and dispense payments to recipients.
NPCI wants to build new security standards for mobile payments to prevent any major loss of public money, a top official said.
According to market sources, the fall in forex reserves could be because of the fact that the RBI might not have bought foreign currency due to existing liquidity conditions in the economy.
Finance minister Arun Jaitley had set this target to be reached by the end of next fiscal year in his budget speech.
Supported by a 12 per cent y-o-y growth in banks’ personal loans, cos like Rubique, CoinTribe, Paisabazaar and BankBazaar have grown their businesses
Taking forward its commitment towards the Digital India movement, Zeta is also planning to launch payments via UPI, Bharat QR Code and Aadhaar Pay modes.
Payment banks and small-finance banks are offering savings interest rates more than 300 basis points higher than what universal banks usually offer — 4%.
Company, which has tied up with HDFC Bank to access UPI, will allow its customers to make payments across banks, removing earlier restrictions that supported banks integrated with Chillr.
The suspicion is that these are localised hacks on machines running outdated software but don’t involve any wider network infections.
“We believe that this will help in propping financial services measure by banking industry in general and facilitate small finance banks to do their job better."
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