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Decentralised Finance Comes Under Global Regulators' Scrutiny as They Seek to Safeguard Market Stability
Global securities regulators set out on Thursday their first blueprint to make participants in "decentralised finance" (DeFi) accountable for their actions and safeguard market stability. DeFi platforms allow users to lend, borrow and save in digital assets, using the blockchain technology that underpins cryptoassets to bypass the traditional gatek...
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Indian Tycoon Gave Away $750 Million. He Doesn't Even Own A Mobile Phone
He built a fortune lending to low-income borrowers shunned by banks. He paid staff below-market wages and thought they still earned too much. He gave away almost all his wealth to a handful of employees, content with his small house and a $5,000 car.
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DeFi Services Being Used for Illicit Transfers, Warns US Treasury Department
North Korea, cybercriminals, ransomware attackers, thieves and scammers are using decentralized finance (DeFi) services to transfer and launder their illicit proceeds, the US Treasury Department warned on Thursday. So-called DeFi platforms allow users to lend, borrow and save, usually in cryptoassets and stablecoins, without using banks.
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G20’s Finacial Stability Board to Look at Unregulated Decentralised Finance After FTX Collapse
The Financial Stability Board (FSB) of the G20 said on Thursday it would take steps to tackle "vulnerabilities" and data gaps in decentralised finance (DeFi) highlighted by the collapse of cryptocurrency exchange FTX last year. The fast-growing and unregulated DeFi segment offers trading, borrowing, and lending in cryptocurrency assets by using pub...
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Predatory Lending Apps: MHA Asks States, UTs to Take Urgent Action Against Illegal Apps
The Home Ministry recently asked law enforcement in states and Union territories to take urgent and strict action against predatory lending apps as harassment, blackmail and harsh recovery practices by such Chinese-controlled entities have led to multiple incidents of death by suicide. The ministry said it was a form of organised cybercrime that ...
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Google Asked by RBI, MeitY to Step up Checks Against Illegal Lending Apps in India: Report
The government and the Reserve Bank of India have urged Google to introduce tight checks to help curb the use of illegal digital lending applications in India. Google has been asked to ensure that only whitelisted loan apps are available for download on the Google Play Store. As per RBI’s digital lending norms, all loan disbursals and repayments ...
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More Pain For Borrowers As SBI Hikes Benchmark Lending Rate By 0.7% To 13.4%
The country's largest lender, State Bank of India (SBI), raised the Benchmark Prime Lending Rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent on Wednesday.
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Robinhood Enables Deposits, Withdrawals of MATIC Token on Polygon: Here's What It Means for Traders
Trading app Robinhood announced that its users can now send and receive MATIC token on the Polygon network on top of the Ethereum network. The company's customers can lend, borrow and swap MATIC for other tokens and provide liquidity on the proof-of-stake chain.
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RBI’s Digital Lending Norms Will Help Sector Scale Up, Become More Responsible, Industry Says
The RBI’s digital lending norms, introduced on Wednesday, have been welcomed by the industry. The new regulations will help the sector scale up and become more responsible. According to the new guidelines, all loan disbursals and repayments are required to be executed only between the bank accounts of the borrower and regulated entities like bank...
-
RBI Issues Stringent Norms For Digital Lending Services Aimed at Curbing Malpractice
The RBI has issued stringent norms for digital lending services and apps, as part of its attempts to curb malpractice in the sector. The central bank has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party, digital lending entities and not the borrowers should pay fees or charges p...
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Loans To Get Costlier As Banks Raise Lending Rates After RBI Hike
The equated monthly installments (EMIs) and borrowing costs on loans will get costlier as major Indian banks have raised their lending rates or will do so soon.
-
Explained: Borrowing And Lending On Blockchain Undergoing Transformation With DeFi
Blockchain technology promises to remove any intermediaries like banks between the borrower and lender and allows them to trade directly with each other.
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OpenSea NFT Marketplace Acquires Crypto Lending Platform and Wallet Provider Dharma Labs
OpenSea has acquired cryptocurrency borrowing and lending platform, Dharma Labs in a bid to expanding trust, safety, and reliability while investing in NFTs and the Web3 ecosystem and growing its team.
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Stock Market Holiday: BSE, NSE To Remain Closed On Account Of Dussehra
Markets will remain closed on Friday on account of Dussehra festival celebrations across the country. Also, there will be no trading in equity, derivative and SLB (Securities Lending and Borrowing) Segments, according to the BSE website.
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DeFi: Latest Front in Cryptocurrency's Hacking Problem
DeFi sites allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing the traditional gatekeepers of finance such as banks and exchanges. Backers say the technology offers cheaper and more efficient access to financial services.
-
Decentralised Finance Comes Under Global Regulators' Scrutiny as They Seek to Safeguard Market Stability
Global securities regulators set out on Thursday their first blueprint to make participants in "decentralised finance" (DeFi) accountable for their actions and safeguard market stability. DeFi platforms allow users to lend, borrow and save in digital assets, using the blockchain technology that underpins cryptoassets to bypass the traditional gatek...
-
Indian Tycoon Gave Away $750 Million. He Doesn't Even Own A Mobile Phone
He built a fortune lending to low-income borrowers shunned by banks. He paid staff below-market wages and thought they still earned too much. He gave away almost all his wealth to a handful of employees, content with his small house and a $5,000 car.
-
DeFi Services Being Used for Illicit Transfers, Warns US Treasury Department
North Korea, cybercriminals, ransomware attackers, thieves and scammers are using decentralized finance (DeFi) services to transfer and launder their illicit proceeds, the US Treasury Department warned on Thursday. So-called DeFi platforms allow users to lend, borrow and save, usually in cryptoassets and stablecoins, without using banks.
-
G20’s Finacial Stability Board to Look at Unregulated Decentralised Finance After FTX Collapse
The Financial Stability Board (FSB) of the G20 said on Thursday it would take steps to tackle "vulnerabilities" and data gaps in decentralised finance (DeFi) highlighted by the collapse of cryptocurrency exchange FTX last year. The fast-growing and unregulated DeFi segment offers trading, borrowing, and lending in cryptocurrency assets by using pub...
-
Predatory Lending Apps: MHA Asks States, UTs to Take Urgent Action Against Illegal Apps
The Home Ministry recently asked law enforcement in states and Union territories to take urgent and strict action against predatory lending apps as harassment, blackmail and harsh recovery practices by such Chinese-controlled entities have led to multiple incidents of death by suicide. The ministry said it was a form of organised cybercrime that ...
-
Google Asked by RBI, MeitY to Step up Checks Against Illegal Lending Apps in India: Report
The government and the Reserve Bank of India have urged Google to introduce tight checks to help curb the use of illegal digital lending applications in India. Google has been asked to ensure that only whitelisted loan apps are available for download on the Google Play Store. As per RBI’s digital lending norms, all loan disbursals and repayments ...
-
More Pain For Borrowers As SBI Hikes Benchmark Lending Rate By 0.7% To 13.4%
The country's largest lender, State Bank of India (SBI), raised the Benchmark Prime Lending Rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent on Wednesday.
-
Robinhood Enables Deposits, Withdrawals of MATIC Token on Polygon: Here's What It Means for Traders
Trading app Robinhood announced that its users can now send and receive MATIC token on the Polygon network on top of the Ethereum network. The company's customers can lend, borrow and swap MATIC for other tokens and provide liquidity on the proof-of-stake chain.
-
RBI’s Digital Lending Norms Will Help Sector Scale Up, Become More Responsible, Industry Says
The RBI’s digital lending norms, introduced on Wednesday, have been welcomed by the industry. The new regulations will help the sector scale up and become more responsible. According to the new guidelines, all loan disbursals and repayments are required to be executed only between the bank accounts of the borrower and regulated entities like bank...
-
RBI Issues Stringent Norms For Digital Lending Services Aimed at Curbing Malpractice
The RBI has issued stringent norms for digital lending services and apps, as part of its attempts to curb malpractice in the sector. The central bank has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party, digital lending entities and not the borrowers should pay fees or charges p...
-
Loans To Get Costlier As Banks Raise Lending Rates After RBI Hike
The equated monthly installments (EMIs) and borrowing costs on loans will get costlier as major Indian banks have raised their lending rates or will do so soon.
-
Explained: Borrowing And Lending On Blockchain Undergoing Transformation With DeFi
Blockchain technology promises to remove any intermediaries like banks between the borrower and lender and allows them to trade directly with each other.
-
OpenSea NFT Marketplace Acquires Crypto Lending Platform and Wallet Provider Dharma Labs
OpenSea has acquired cryptocurrency borrowing and lending platform, Dharma Labs in a bid to expanding trust, safety, and reliability while investing in NFTs and the Web3 ecosystem and growing its team.
-
Stock Market Holiday: BSE, NSE To Remain Closed On Account Of Dussehra
Markets will remain closed on Friday on account of Dussehra festival celebrations across the country. Also, there will be no trading in equity, derivative and SLB (Securities Lending and Borrowing) Segments, according to the BSE website.
-
DeFi: Latest Front in Cryptocurrency's Hacking Problem
DeFi sites allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing the traditional gatekeepers of finance such as banks and exchanges. Backers say the technology offers cheaper and more efficient access to financial services.
