At its first Bi-Monthly Monetary Policy Press Conference for the financial year 2018-2019, Reserve Bank of India (RBI) has asked banks to stop having business relationship with the entities dealing with virtual currencies with immediate effect. Regulated entities which already provide such services are also ordered to end relationship within a period of three months. Some of the banks have already banned buying cryptocurrencies using credit and debit cards. Continue reading “RBI orders banks to stop services to those dealing in crypto currencies”
Paytm has applied for a license to start money market fund in India, according to a latest report from Bloomberg. The latest news comes a month after the leader in digital wallet business launched Paytm Payments Bank. The money market mutual fund will allow users to invest cash in short term debt securities and earn interest. Currently, there is no word on the details about the interest rate. Continue reading “Paytm seeks RBI license to start money market fund”
With an aim to reduce the ongoing cash crunch following the recent demonetization from the government, Reserve Bank of India (RBI) has increased the existing balance limit on all digital wallet.
Continue reading “RBI increases balance limit on digital wallets to Rs. 20,000 per month”
The Reserve Bank of India has asked banks to stop offering 0% Equated Monthly Installment (EMI) schemes on consumer goods purchased through credit cards. This might affect the mobile phone sales since most of the Indian companies including Apple, Samsung, LG, BlackBerry and Nokia offer such 0% EMI schemes on select credit cards. Continue reading “RBI to ban zero percent EMI schemes for credit cards, will it affect mobile phone sales?”