India wants its banks to stop forging exclusive arrangements with credit card networks. The Reserve Bank of India (RBI) — the country’s central bank and bank regulator — announced the move on its website Wednesday (March 6), saying it had concluded that some of these partnerships do...
Nium has received new payments licenses in India as it looks to expand in that country. The Singapore-based real-time payments FinTech announced Monday (Feb. 5) that it had gotten principle approval from the Reserve Bank of India (RBI) for a prepaid payment instrument (PPI) license and a payment...
Iran reportedly used two of Great Britain’s largest banks to get around sanctions. Santander UK and Lloyds provided accounts to front companies owned by sanctioned Iranian petrochemical companies, the Financial Times reported Sunday (Feb. 4), citing documents seen by the paper’s journalists. According to the report, the state-run Petrochemical...
India’s banking regulator has reportedly found thousands of Paytm Payments Bank accounts created without proper identification. The Reserve Bank of India (RBI) has turned this information over to the country’s financial crime-fighting agency, Reuters reported Saturday (Feb. 3), citing sources familiar with the matter. According to the sources,...
A top U.S. financial regulator wants more transparency into bank mergers. The Office of the Comptroller of the Currency (OCC) on Monday (Jan. 29) introduced a proposal to update its rules for business combinations for national banks and federal savings associations, connected to the Bank Merger Act (BMA). The...
The debate over debit card interchange fees — and the cap on those fees — looks set to rage for at least a few more months. The Federal Reserve said in a statement Monday (Jan. 22) that it would delay the deadline for comments on the...
The Federal Reserve Board has extended the comment period on its interchange fee proposal. Originally set to end on Feb. 12, the comment period is now open until May 12, the Federal Reserve said in a Tuesday (Jan. 23) press release. “The Board extended the...
The Financial Stability Board (FSB) is set to deliver a report to the G20 in October, shedding light on the influence of social media in accelerating bank deposit outflows and the potential need for changes to liquidity rules. This investigation comes in the wake of the failure of Silicon...
Labels are popular on Capitol Hill. And this week the labels are flying fast and furiously, aimed at big banks and credit unions. The Consumer Financial Protection Bureau (CFPB) put forth a proposal Wednesday (Jan. 17) that would limit overdraft fees — in many cases,...