Fintech News Bytes

#100 :partying_face:

The Reserve Bank of India (RBI) on Wednesday (August 24) lifted the business restrictions imposed on American Express after over a year, allowing the US-based company to acquire new domestic customers for its card services.

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Tata Neu is likely to start offering competition to Zerodha, Upstox and Groww kind of stock broking services soon, according to two Entrackr sources.

UPI accounts for over 40% of India’s digital transactions :partying_face:

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ToneTag’s voice-based solution VoiceSe will now allow users to access UPI digital payments via feature phones in their own regional language.

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RBI wants fintech operators to follow rules of game, says Guv Shaktikanta Das :

The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week’s incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father’s tractor in Bihar.
Read it here

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Loan disbursal apps and credit aggregators on the Google Play Store in India must prominently display a link to the partner bank or non-banking finance company (NBFC).

RBI has launched UPI Lite. Users can make payments without an internet connection & doesn’t require a UPI pin.

UPI Lite has been launched as an on-device wallet feature that will allow users to make real-time small-value payments of up to Rs 200.