MUMBAI: RBI deputy governor M Rajeshwar Rao said Saturday that technology and innovations can expand product offerings and financial services to underserved segments at lower costs, but the entry of new players, especially fintech firms, can alter the financial service provider landscape.This can bring new challenges by influencing market concentration and competition dynamics, he said.“RBI…
The U.S. has filed a lawsuit against Apple with the aim of increasing competition for the iPhone and giving a leg up to smaller companies whose apps work with the ubiquitous device. In the lawsuit against the $2.7 trillion company, the U.S. argues the iPhone maker hurt smaller rivals and drove up prices, and the…
ZURICH: Swiss banking giant UBS will look for merger and acquisitions opportunities in the United States in the next few years, its chairman told the NZZ newspaper on Sunday. UBS, which took over former rival Credit Suisse last June, wants to expand its U.S. wealth-management business through potential M&A in the next three or four…
India’s banking regulator doesn’t intend to impose drastic measures on the country’s fintech sector, a senior official said, weeks after it stunned investors by abruptly suspending much of the operations of Paytm Payments Bank, founded by high-flying billionaire Vijay Shekhar Sharma. There are “no harsher measures coming on fintech,” P. Vasudevan, an executive director in…
India’s Paytm Payments Bank has been given more time by the central bank to wind down its operations, while its parent company has signed on a new banking partner to try to keep some of its popular products running and survive its current crisis. The Reserve Bank of India (RBI) in January ordered Paytm Payments…
Over-the-top (OTT) apps or services will not be under the ambit of the newly passed Telecommunications Bill 2023, telecom minister Ashwini Vaishnaw told ET Telecom. The minister’s statement comes days after Parliament passed the new telecom bill that replaces three older laws, including the including the 138-year-old Indian Telegraph Act. Provisions under the new bill reduce…
