Latest news with #RBI-regulated
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Business Standard
2 days ago
- Business
- Business Standard
Money changers demand relief as accounts frozen over suspicious transfers
The $4 billion-a-year money changing business is in a bind: bank accounts of its members are being frozen (or a lien is marked on them) by cyber police when customers pay for foreign exchange with proceeds received unknowingly from fraudsters through the multi-layering of funds. The all-lndia Association of Authorised Money Changers and Money Transfer Agents (MCAMTA) has raised the matters with the Reserve Bank of India (RBI), Ministry of Finance (MoF) and Ministry of Home Affairs (MHA). According to MCAMTA, such actions by the cyber police results in money changers' day-to-day operations being affected with their accounts being frozen or lien-marked. The industry body wants this practice to be stopped as they are RBI-regulated entities (REs), and is of the view that in such cases, the matter may be investigated by the police on a fast-track basis instead of blocking their accounts. The RBI, sources said, has conveyed to MCAMTA that this issue falls beyond its jurisdictional scope; and the industry body is now seeking legal remedies. Money changers are entities which deal in currencies; and a key cog in the international travel market; and according to estimates, the sector employs nearly 11 million countrywide. 'Since the police have the information on the entire chain of funds being layered, they may investigate the matter with transparency and not treat the entities as a suspect in the crime', said Bhaskar Rao P, general secretary, MCAMTA. He pointed out that the business is such that money changers receive multiple payments in a day, and since they are RBI-regulated entities, they deserve to have the same levels of immunity that banks do such cases. 'This is very important as the entities have a large transaction base and any random account freeze leads to adverse impact on customer service, financial hardship, loss and even complaints/litigation,' Rao said. In many instances, the foreign exchange purchased is to make a remittance towards the education of children, and customers apprehend that such transactions may be delayed due to non-operative accounts due to an abrupt and random freeze of money changers' accounts. MCAMTA has argued before the RBI, MoF and MHA that when its members receive funds in the normal course of business, they should be treated as holders in due course of a negotiable instrument, and that the title over the funds received cannot be subjected 'to the bad title of the payer' as the funds are received for a consideration. Furthermore, if this is not done, the entire digitisation process will be affected as there is no way money changers can verify the credentials of the funds as long as it is received from KYC-verified customers' accounts. MCAMTA's woes come as the business is bracing for changes following the central bank's draft licensing framework for authorised persons under the Foreign Exchange Management Act, 1999' in December 2023. The suggested new norms aim to rationalise the authorisation framework for money changers in view of the widespread availability of banking services to the public, and to look at alternate models for facilitating foreign exchange-related services. Among the proposed measures is a new category of money changers who can operate through the agency model by becoming forex correspondents. Another proposes that money-changers be allowed to put through trade-related deals up to Rs 15 lakh per transaction.
Mint
4 days ago
- Business
- Mint
Smart Payment Solutions launches ‘Mony' UPI app for NRIs and tourists visiting India
International travellers visiting India now have a new digital payment option at their fingertips. Smart Payment Solutions, an RBI-regulated entity, has launched Mony, a UPI-based mobile app that enables tourists and non-resident Indians (NRIs) to make payments across the country without requiring an Indian bank account. Built on India's Unified Payments Interface (UPI) and part of the UPI One World initiative, the Mony app will let foreign nationals pay for goods and services by scanning QR codes at local shops, restaurants, and retail stores. The service is designed to reduce the challenges faced by international visitors who often find it difficult to access India's fast-growing digital economy. The app is available for download on both the Google Play Store and the Apple App Store. To activate the payment service, users must complete a Know Your Customer (KYC) process. This can be initiated by booking an appointment through the app. To assist with the onboarding, Smart Payment Solutions has deployed teams at major airports and cities across India to complete KYC verification for travellers on arrival. India is witnessing steady growth in international tourism. In 2023, around 9.52 million international visitors arrived in the country, which contributed approximately $28 billion in tourism receipts. With projections estimating over 30 million international arrivals by 2030, digital payment accessibility has become increasingly relevant. 'We are happy to partner with Mony to offer UPI payments for foreign nationals visiting India. With UPI One World, international travellers can easily manage their finances, from convenient loading of funds to seamless refunds of unused balances to their original payment source. This initiative allows foreign visitors to experience India's real-time payments infrastructure and marks a meaningful step towards a more connected global digital payments ecosystem,' said an NPCI spokesperson. In addition to payment services, the Mony app offers travel assistance powered by artificial intelligence. Based on the user's location, the app provides curated recommendations for dining, sightseeing, and accommodation. It also supports public transport navigation, offering a practical tool for tourists looking to explore India beyond the major landmarks.
Time of India
5 days ago
- Business
- Time of India
Tide empowers SMEs to earn more with launch of Fixed Deposits on its platform
Tide , a business management platform for SMEs, on Tuesday announced the launch of Fixed Deposits (FDs) on its app, which will help small businesses to earn competitive returns on their balances in a seamless and paperless experience. This new offering can enable SMEs to better manage their finances, grow capital efficiently, and build stronger financial foundations. With interest rates of up to 8.84%* per annum and tenure options ranging from 7 days to 60 months, SMEs can now invest idle working capital into high-yield, fixed-return instruments starting at just Rs 1,000. FDs offered by Tide require no complex paperwork - meaning entrepreneurs can book, manage, and track their investments directly within the Tide app. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Through its partnership with RBI-regulated banks and NBFCs such as Suryoday Small Finance Bank , Bajaj Finance Ltd. , Mahindra Finance and others, Tide aims to provide security for fixed deposits made on its platform. According to RBI data, over 85% of SME funds remain in low-yield current accounts. Simultaneously, the CRISIL SME Insight Report (2022)1 notes that more than 60% of SMEs prefer fixed-return instruments due to their low-risk appetite. Tide's new FD feature is designed to address these gaps, enabling SMEs to earn predictable returns along with ease of access to their investments. Gurjodhpal Singh, CEO, Tide India said in a statement, 'A large portion of SME funds in India lie idle in current accounts, earning little to no interest. At Tide, we believe that helping small businesses unlock the value of their surplus funds is a step towards true financial empowerment. Our Fixed Deposit offering simplifies this journey with instant booking, flexible tenure, and full integration within the Tide platform.' Live Events Key Features of Tide's Fixed Deposit Offering: Instant Booking: Paperless and hassle-free FD booking in minutes via the Tide app. Fully digital journey: SMEs can invest with multiple RBI-regulated banks and NBFC issuers without having to physically visit any bank or branch. Compare & Choose: They can compare interest rates and tenures across issuers before investing. Flexible Tenures: From 7 days to 60 months to match unique business cash flow cycles. Affordable Entry: Investments start as low as ?1,000, making it inclusive for micro and small enterprises. Integrated Financial Management: SMEs can manage payments, invoices, expenses, and now investments in one unified platform. Through a secure integration with technology service provider Blostem, Tide users are redirected to a trusted investment flow where they can complete their KYC, choose their preferred issuer, and receive FD receipts within 3–4 days - all without leaving the Tide ecosystem. With payments, invoicing, Udyam and GST registration, Govt. scheme discovery, business expense cards, bill pay, and now fixed deposits available on the app, Tide aims to simplify and streamline financial admin for India's entrepreneurs.
India Gazette
30-06-2025
- Business
- India Gazette
RBI guidelines reducing provisioning for project finance are credit positive: Moody's
New Delhi [India], June 30 (ANI): The Reserve Bank of India's (RBI) final guidelines for project finance loans, aimed at managing risks while supporting the viability of projects, are credit positive according to Moody's Ratings. Moody's, in a report on Monday, noted that it does not expect a significant day-one impact on profitability at the system level because the guidelines apply only to projects that have not achieved financial closure by October 1, 2025. Furthermore, the global rating agency asserted that the additional provisions (25-60 basis points) apply only to projects specific loans, while other loans (such as term loans, working capital loans) to companies in the infrastructure and commercial real estate (CRE) sector are not impacted. The final guidelines of the RBI, released on June 19, noted that existing projects will not be subject to higher provisioning requirements, which was a reversal from the draft guidelines proposed in May 2024. Moody's, in its report, noted that it expects lenders with large exposures to the infrastructure sector - mostly public sector banks and infrastructure-focused non-bank finance companies (NBFC-IFCs) - to see a slight negative impact on profitability from in-progress loan applications that do not achieve financial closure by October 1, 2025. 'Nevertheless, this will likely be a one-off effect,' Moody's supplemented. The June 19 guidelines finalise the level of provisioning required on standard assets in the construction and operational phase for all lenders and lay out prudential conditions to improve the viability of the projects being financed by RBI-regulated entities. Notably, the guidelines reduce provisioning on standard assets in the construction phase to 1.0-1.25 per cent from the draft proposal of 5 per cent -- which Moody's claims market participants viewed as 'too prohibitive' for project financing. 'We expect lenders to pass on the bulk of the incremental cost of provisioning through higher lending rates on subsequent new projects, mitigating the impact on their bottom line,' Moody's opined. Additionally, Moody's said it expects the finalisation of guidelines will reduce uncertainty in project financing and support medium-term growth amid substantial government investment, besides expectations of greater private sector involvement. (ANI)
Hindustan Times
20-05-2025
- Business
- Hindustan Times
Enhance your skills with IDRBT's PGDFT in financial technology
IDRBT - Institute for Development and Research in Banking Technology, an institution established by the Reserve Bank of India (RBI) in 1996, possesses a strong and inherent focus on the technological advancements within the banking and financial industry. IDRBT has incubated and nurtured to maturity the Digital Public Infrastructure (DPI) of the country such as RTGS, NEFT, SFMS, INFINET, ATM Network-NFS, etc. and continues to make significant contributions in creation of DPI. As professional development initiative, IDRBT is also running a oneyear full-time course namelyPGDFT commencing from 1st July course for those who are looking for a career where finance meets technology – a sector experiencing remarkable growth. This course has emerged as a focused program for graduates, augmenting their skills with the specialized skills and in-depth knowledge required to succeed not only in banking and financial sectors but also in core IT, ITES, Data Centre, etc. businesses. The PGDFT curriculum is thoughtfully designed to cover both current and emerging information and communication technologies (ICT) which are reengineering the banking and financial services. This program follows a 360-degree teaching pedagogy, and covers concepts related to project management, finance, human resources, soft skills, etc. The program bridges the gap between evolving industry demands and the skills needed to navigate the challenges of a technology-driven workplace. The Capstone Project featuring collaborative industry partnership allows students to tackle multifaceted challenges. Accommodation Facility is available for outstation candidates, only, at the Institute's Quarters at Begumpet on sharing basis for two candidates. The Institute's computerised library caters to the academic and research needs with full text access to more than 4 million research articles, journals, etc. The latest edition of the PGDFT programme will reward the top five performers after Term 2 by waiving up to 50% of their tuition fees. Their final two instalments will be considered a reward for academic excellence. This initiative reduces financial pressure on learners and reflects the institute's strong focus on career-oriented education. Additionally, employers may cover a portion of the course fees after the retention period, reinforcing the long-term value of the programme. Bachelor's degree holders with at least 60% marks and score from national-level entrance exams and sponsored professionals from RBI-regulated entities are eligible for PGDFT. PGDFT students will also have access to IDRBT's cutting-edge research centres in, Digital Payments System, Open Banking, Tokenisation, Digital Signatures & Cryptography, Data Science, Analytics, IS/Cyber Security, Network Architecture, Cloud Infrastructure, Quantum Safe Cryptography, Block chain, & other emerging areas in ICT. Students will also benefit from immersive experiences in live projects run by IDRBT, expert interactions, etc. in enabling them to become job-ready and play the role of thinker and problem solvers. With a track record of excellent placements —it offers strategic clarity and future readiness. Link for application and other details: Apply Now -
