Vijay Shekhar Sharma sells 1% in One97 to raise $48.1 mn for payments bank

Vijay Shekhar Sharma, Founder, PaytmPaytm’s founder and chief executive Vijay Shekhar Sharma has sold 1% of his holding in the digital wallet’s parent firm One97 Communications Ltd, to raise nearly $48.1 million (Rs 325 crore). With the latest transaction, One97’s valuation reportedly stands at $4.8 billion (Rs 32,438.4 crore). The money will be used to fund the group’s proposed […]

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Paytm to merge wallet business with payments bank

PAYTM_Ankit_feOne97 Communications Ltd, the owner of digital wallet Paytm, said on Monday it will merge its wallet business with its upcoming payments bank to comply with Reserve Bank of India’s directions. The digital wallet will be transferred after the company gets necessary regulatory approval to start Paytm Payments Bank Ltd, it said in a blog […]

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RBI eases norms for foreign investment in startups

RBIThe Reserve Bank of India (RBI) has allowed Foreign Venture Capital Investors (FVCIs) registered with the Securities and Exchange Board of India (SEBI), the capital markets regulator, to invest in Indian startups without any prior permission from the central bank. The RBI allowed such SEBI-registered FVCIs to invest in “equity or equity-linked instrument or debt […]

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Startups can raise up to $3 mn from foreign lenders, new norms for pre-paid instruments: RBI

Reserve Bank of IndiaThe Reserve Bank of India (RBI) will allow startups to raise up to $3 million (Rs 20 crore), everyfinancial year from overseas, it said on Tuesday. The RBI said that startupswill be allowed to raise External Commercial Borrowings (ECBs) in equivalentIndian rupees, any other convertible currency or a combination of both. Thecentral bank will issue […]

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MobiKwik scraps 6% annual profit scheme

mobikwik-(1)Mobile wallet MobiKwik has scrapped a scheme that promised a so-called annual profit to its users after regulatory intervention, less than a week after announcing the offer. Gurgaon-based One MobiKwik Systems Pvt Ltd had only last week announced a plan to offer 6% annual profit to users who maintained a monthly balance of at least […]

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RBI proposes rules to regulate P2P lending

RBIThe Reserve Bank of India on Wednesday proposed to define peer-to-peer lending ventures as non-banking finance companies and prescribed minimum capital requirements for such startups to regulate the nascent but fast-growing segment. The development comes at a time when a number of startups have sprung up over the past year that connect individual borrowers or […]

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Concept paper to regulate P2P lending startups by April-end: RBI

The Reserve Bank of India will seek public comments to regulate the peer-to-peer lending business after a number of startups sprung up that connect individual borrowers or small businesses with lenders through a digital platform. “P2P lending has shown accelerated growth over the last one year. While encouraging innovations, the Reserve Bank cannot be oblivious […]

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