The company plans to further invest into technology and build a strong sales, distribution and support infrastructure to rapidly expand its enterprise customer base.
In a letter addressed to the Reserve Bank of India and the finance ministry, the Business Correspondents Federation of India has asked the regulator to prevent the IBA from initiating such a move.
Regulator raises minimum capital requirement to Rs 25 crore and mandates full compliance with KYC norm.
Interoperability in the space of digital wallets was not allowed by the RBI. The latest buzz is that it could be opened up within a short period of time.
RBI guidelines for prepaid payment instruments mandate all meal-voucher companies to switch over to electronic formats by the end of the year.
Indian fintech companies face something that Silicon Valley tech giants were staring at last year before giving up building driverless cars on their own.
The regulator has also proposed making PPIs interoperable across the banking system but only after the entity meets all the regulatory criteria it has laid out.
The joint collaboration will tap SMERA’s proficiency in assessment, vast MSME-centric database, physical touchpoints, and on-ground validation of companies.
The YES Pay Bot will be the first AI-driven Bot for a wallet and will complement the already trusted and popular YES Pay wallet service with over half-a-million users.
It is the first banking app to offer agriculture related information like crop-wise mandi prices of nearly 230 crop varieties across 460 mandis.
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