RBI denies NBFC applications of BharatPe, Jupiter, CarDekho
By MYBRANDBOOK
The Reserve Bank of India (RBI) has returned the applications of several Indian startups who were applying for the Non-Banking Financial Company (NBFC) license. Some of these Indian startups are Sequoia-backed BharatPe, Google Capital-backed CarDekho and digital banking startup Jupiter backed by Sequoia and Matrix Partners.
Many Chinese venture capital (VC) and private equity (PE) funds are registered in Mauritius. With weaker norms to counter money laundering, many of these funds are on the Financial Action Task Force (FATF) list. Due to these concerns RBI returned three applications for NBFC licenses.
The border clashes between Indian and Chinese armies in Ladakh’s Galwan Valley in June have seen India try to limit Chinese influence in its economy. For this purpose, the government has made mentioning the ‘country of origin’ for products mandatory for ecommerce companies, to help the consumers make an informed decision, while the government consistently ups the ante against Chinese imports and calls for an ‘Aatma Nirbhar Bharat’ or self-reliant India.
Tensions against China arose in April itself when India revised its Foreign Direct Investment (FDI) policy to prevent ‘opportunistic’ takeover of Indian firms reeling from the financial disruption caused by the Covid-19 pandemic and the resultant lockdown. According to the amendment, companies in neighbouring countries wanting to invest in Indian firms would require the prior approval of the Indian government. At the time, China called the move a violation of international trade principles.
Expecting a decline in Chinese investments into the Indian startup economy, the Department for Promotion of Industry and Internal Trade (DPIIT), last month, was in talks with the Insurance Regulatory and Development Authority of India (IRDAI) and Securities and Exchange Board of India (SEBI) to deliberate whether state-run insurers and pension funds can be allowed to invest in government-backed startup-focused fund-of-funds.
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
RAMCO SYSTEMS Ltd.
POLYCAB INDIA PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
TP-LINK INDIA PVT LTD.
Technology Icons Of India 2023: Som Satsangi
With more than three decades in the IT Sector, Som is responsible for ...
Technology Icons Of India 2023: Mukesh D. Ambani
An Indian billionaire businessman Mukesh Dhirubhai Ambani is currently...
Technology Icons Of India 2023: Sridhar Vembu
Sridhar Vembu is an Indian billionaire business magnate and the Founde...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
ITI Limited widening its focus area
ITI Limited is a public sector undertaking company, has manufacturing ...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...