PB Fintech Ltd., the parent company of insurance brokerage platform Policybazaar, has announced a ₹696 crore investment into its subsidiary PB Healthcare Services Pvt Ltd in the next financial year. The move is aimed at strengthening its healthcare arm, expanding brand presence, and funding strategic initiatives. The decision was approved during a board meeting held on Tuesday. PB Fintech, which does not have an identifiable...

Digital payments giant Paytm has received a show cause notice from the Enforcement Directorate (ED) over alleged violations of the Foreign Exchange Management Act (FEMA). The notice pertains to irregularities in the acquisition of two subsidiaries—Little Internet Private Limited and Nearbuy India Private Limited—between 2015 and 2019, according to a company statement released on Saturday. Despite the regulatory scrutiny, Paytm has assured users and merchants...

The Department for Promotion of Industry and Internal Trade (DPIIT) has joined hands with Paytm (One97 Communications Limited) to foster innovation and accelerate the growth of manufacturing and fintech startups in India. The partnership, formalized through a Memorandum of Understanding (MoU), aims to provide mentorship, infrastructure support, market access, and funding opportunities to help startups scale efficiently. Empowering Fintech and Manufacturing Startups Through this collaboration, Paytm...

US-based MSys Technologies has acquired Gophers Lab, a Noida-headquartered digital and fintech engineering firm. This acquisition aims to address complex technology challenges and develop AI-driven fintech and API ecosystems to support innovation across sectors such as finance, healthcare, retail, and logistics. Tackling Legacy Infrastructure and Fintech Innovation As fintech evolves to deliver hyper-personalized experiences, businesses face challenges from legacy infrastructure, siloed systems, and interoperability issues. These...

Paytm Cloud Technologies, a subsidiary of One97 Communications, has announced a $1 million investment in Seven Technology LLC, the Delaware-based parent company of Brazilian embedded finance startup Dinie. The deal will provide Paytm with a 25% stake in Seven Technology and is expected to be completed within 45 days. This move aligns with Paytm's strategy to expand its merchant payments and financial services model...

The Reserve Bank of India (RBI) has taken a significant step in expanding the adoption of its Central Bank Digital Currency (CBDC) with the launch of a full-scale e-rupee wallet through fintech collaboration. MobiKwik, in partnership with Yes Bank, has become the first platform to offer interoperable e₹ transactions across peer-to-peer (P2P) and peer-to-merchant (P2M) payments. The e₹ wallet supports both UPI payments and traditional...

Fintech firm Cred has become the first non-bank entity to roll out access to India’s central bank digital currency (CBDC), marking a significant step in the Reserve Bank of India’s (RBI) e-rupee project. The move positions Tiger Global and Peak XV-backed Cred as a pioneer among fintech firms in integrating digital rupee transactions into mainstream financial services. The announcement follows RBI’s April 2024 decision to...

India's fintech sector is making waves on the global stage, with Razorpay CEO Harshil Mathur underscoring the country’s unparalleled advancements in digital payments at the World Economic Forum in Davos. Mathur lauded India’s digital payment systems, particularly the Unified Payments Interface (UPI), as a global benchmark, attributing the country’s rapid growth to innovations in technology and policy. India’s Fintech Leadership Mathur highlighted that India has emerged...

Navigating the complexities of India's Employee Provident Fund (EPF) system has long been a daunting challenge for workers across the country. The financial year 2023 saw over 5.21 crore claims for PF withdrawals and transfers, with a staggering rejection rate of 25.8%—amounting to around 1.34 crore rejected claims. For final PF withdrawal claims, rejection rates soared to a five-year high of 34%. These figures...

Tiger Global-backed neobanking startup Jupiter has received final authorization from the Reserve Bank of India (RBI). This RBI approval allows Jupiter to offer digital wallets to its customers. Jupiter can now issue prepaid payment instruments (PPIs), enhancing its financial services. Expanding Financial Services Jupiter currently offers digital savings accounts in partnership with Federal Bank and CSB Bank. These accounts feature UPI payments, co-branded credit cards, and...