Allow minimum KYC for transactions below Rs 10,000: Wallet firms urge RBI

As the Reserve Bank of India’s (RBI’s) March deadline for meeting know-your-consumer (KYC) requirements approach, representatives of the prepaid payments industry have requested the regulator to waive off full KYC requirements for transactions below Rs 10,000. The Payments Council of India (PCI), the representative body for digital payment players, as well as various other industry […]

Banks relied on India Ratings’ A- outlook to lend to this Nirav Modi firm

Fitch-owned India Ratings (Ind-Ra) gave an Ind A- outlook to Nirav Modi’s flagship company, Firestar International Private Limited (FIPL), even though the firm was suffering from a high-leverage, off-balance-sheet exposure. Indian banks, including Punjab National Bank (PNB), relied on this rating to lend huge sums to the company. Ind-Ra’s officials said they were in discussions […]

Insolvency process: JSW, Tata Steel lead in buying stressed assets

JSW Steel and Tata Steel have emerged as the most aggressive bidders for stressed assets put on the block under the Reserve Bank of India (RBI)-mandated insolvency process.While cash-rich Vedanta won the bid for Electrosteel Steels and preferred to stay away from the race for Bhushan Steel and Bhushan Power & Steel, ArcelorMittal was mired in controversy over its investment in companies that failed to repay their debt and […]