Until now, Paytm used PBBL as a Payment Service Provider(PSP) but because of all the recent problems at PBBL and regulation, they had to stop using it.
Now, only banks can act as PSP so Paytm has partnered with 4 banks and will start migrating it’s customers to new UPI IDs.
Sometime back, IRDAI had proposed reducing surrender charges in endowment policies to possibly make it more easier for policyholders to exit if needed. But, this proposal faced criticism likely because reduced surrender charges might have made insurance companies less profitable.
Now, although IRDAI took back it’s proposal, they have tweaked the rules of the product a bit.
For one, the mandated maximum waiting period for pre-existing conditions or illnesses has been shortened from four years to three years.
Likewise, insurers will now not be able to reject claims citing non-disclosure of pre-existing illnesses, except in cases of proven fraud, after 60 months of continuous coverage. That is, if you have paid five annual premiums, your claim will not be rejected on the grounds of suppression of health status or misrepresentation, unless that insurer can prove fraud.*
BharatPe has elevated Nalin Negi as its chief executive officer, after he served as interim CEO and CFO since 2022. Negi played a key role in driving significant revenue growth of 182% and achieving EBITDA profitability in FY23 under his leadership.
With over 28 years of experience in fintech and banking, Negi will now focus on leading BharatPe into its next phase, driving innovation to empower merchants across India. BharatPe will appoint a new CFO. Prior to joining BharatPe, Negi held senior roles at SBI Cards and GE Capital.
RBI’s new draft regulations for payment aggregators, if implemented entirely, could impact the business models of fintechs and Point of Sale (PoS) operators, which will now come under these regulations. Key proposed rules include:
- Restricting storage of transaction data to only card issuers and networks, impacting payment gateways and fintechs
- Non-bank PAs need to register with Financial Intelligence Unit and monitor merchant transactions
- Minimum net worth requirements of Rs 15 crore initially and Rs 25 crore by 2028 for non-bank PAs
- Compliance with governance, merchant onboarding, grievance redressal norms within 3 months