Skip to content
Search

Latest Stories

Fintech firms can help prevent digital frauds, says RBI deputy governor

Fintech firms can help prevent digital frauds, says RBI deputy governor

DIGITAL frauds have surged during the Covid-19 pandemic and fintech firms can play a significant role in preventing this, Reserve Bank of India (RBI) deputy governor said Tuesday (28).

T Rabi Sankar said that digital penetration is largely limited to urban and metro areas and needed to be expanded to the entire country.


"We need technological solutions to increase penetration to the vast sections of the population, which is unbanked and lacks a smartphone," Sankar said.

According to him, the pace of digital penetration has outstripped awareness.

He said: "We need to concentrate and focus all our attention on minimising digital fraud... We need to up our guard against digital frauds and cybercrime. Both regulators and other stakeholders have to play their respective roles effectively to ensure that innovation in the fintech space continues to support India's economic growth.

"We are in the best of times, with the promise of technological innovation in finance and hope of substantial efficiency gains, better customer experience and greater social welfare, but we also need to deal with the threats of online frauds, compromise of customer credentials, data privacy, and safety."

The RBI official also pointed out that fintech can play an important role in real-time cross-border payments, which have stagnated for decades.

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less