RBI Reluctant To Grant NBFC Licences To Fintechs, Applications Of PhonePe, RazorPay Rejected

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Inc42 2 mo ago

RBI Reluctant To Grant NBFC Licences To Fintechs, Applications Of PhonePe, RazorPay Rejected - Inc42

Quick Summary:

Earlier this month, offices of fintech majors PhonePe, Google Pay and Paytm were searched in connection with a digital part-time job scam involving Chinese nationals.

Days ago, Pune-based fintech startup 4Fin also received the licence from the central bank.

However, this approach has also received criticism, especially amid concerns over opaque and high rates of interest charged by fintech players.