After signing the MoU, Fadnavis said Pune was gradually becoming a hub for financial services and the latest development involving Bajaj Finserve would boost the sector.

This is the latest of cases being filed in connection with alleged financial irregularities at Infrastructure Leasing and Financial Services Ltd (IL&FS) and its group companies. The Serious Fraud Investigation Office under the Ministry of Corporate Affairs and the Enforcement Directorate (ED) that investigates money laundering have been probing the IL&FS group for over four years now based on complaints filed by public sector banks.

As per the draft circular, the boards of payment system operators will be responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience. However, the primary oversight can be delegated to a sub-committee of the board that will have to meet at least once every quarter.

The Reserve Bank of India has issued a draft of ‘Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators’ to enhance cyber safety and strengthen resilience for payment system operators (PSOs) related to unregulated entities. Additionally, the operators will be responsible for inventory management, approved cybersecurity and crisis management plans, and adhering to baseline security measures for safe and secure digital transactions. The central banking authority has invited feedback from stakeholders regarding the draft by June 30.

This is the biggest private credit fund till date for the asset manager and is twice the size of its previous funds. The previous private credit fund was Rs 1,000 crore in size.

Aditya Birla Group is set to pump in Rs 1,250 crore into its financial services arm Aditya Birla Capital Ltd. The board of Aditya Birla Capital Ltd (ABCL), which is into lending, asset management and insurance, on Thursday approved a preferential issuance of Rs 1,250 crore to its promoter and promoter group entity, according to a statement on Thursday.

Banks have reached out to the Reserve Bank about fixing a threshold for reporting of fraud transactions on its advanced supervisory management system, Daksh. A senior bank executive told ET that lenders had approached the RBI highlighting the challenge posed by large volume of data thrown up in the absence of any threshold. As per lenders, reporting of all data may not lead to any meaningful outcome.

Ma-Money offers a wide range of loans, including personal loans, business loans, consumer durables' loans, loans for the healthcare industry, food industry, small-scale industries, car loans, home repair loans, among others.

Crypto exchanges in India are planning to introduce a rule that will only allow a transfer of cryptocurrencies after the sender discloses the identity of the persons behind the private wallet receiving the cryptos. While there is a standard procedure to get to know the identity of buyers and sellers as part of the know-your-customer process, there is no way to know the identity of a private wallet owner. Transfers to private or unknown wallets have been a problem in the crypto ecosystem, leading to the new proposal to track transfers to private wallets and enhance security.