Paytm parent One97 Communications announced to join hands with Piramal Capital & Housing Finance Ltd, aiming for an expansion in the distribution of merchant loans. The amount will be beneficial to the small cities and towns of India, with over 300 Indian branches. It will also help drive financial inclusion by bringing access to credit to small businesses and retailers, the digital payments firm says in an exchange filing.
Courtesy: Fortune India
Reserve Bank of India (RBI), on April 7, announced the doubling of the maximum deposit limit to Rs 2 lakhs from Rs 1 lakh in digital payment banks, under the "Guidelines for Licensing of Payments Banks". The limit was extended "to expand their (banks) ability to cater to the needs of their customers." Additionally, it has also extended RTGS and NEFT services to payments bank users.
Courtesy: Live Mint