RBI changes regulatory framework for domestic money transfer services

Mumbai: The Reserve Bank of India (RBI) has updated the regulatory framework for domestic money transfer services, tightening Know Your Customer (KYC) requirements for regulated entities.

NEFT witnesses highest ever daily transaction on Feb 29

Mumbai: The Reserve Bank of India (RBI) announced on Friday that the National Electronic Funds Transfer (NEFT) recorded its highest-ever daily transaction volume of Rs 4.10 crore on February 29, 2024.

WhatsApp Pay Continues Struggling Months after Launch

The Facebook-owned messaging giant caused Indian regulators some initial concerns with its dominant market share. The RBI and the NPCI imposed substantial limitations to its payment service back in November when effortless adoption rates were predicted. Yet, its actual market penetration (under India’s own UPI) is way below expectations.

Federal Bank ties up with Lulu Money, Hong Kong to offer instant money transfer to India

Kolkata: Federal Bank has entered into a tie-up with LuLu Money, a financial services company, to facilitate instant money transfer to India from Hong Kong.