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Hello everyone! Good day! 

Let us dive into some news from past week 

Dive in!

RBI's Regulatory Actions on Fintechs and NBFCs 

The Reserve Bank of India (RBI) has recently taken regulatory action against certain fintech and non-banking financial companies (NBFCs), citing concerns over their asset quality, risk management practices, and credit underwriting standards. 

JM Financial Products Ltd has been barred from extending loans against shares and debentures, with the RBI citing regulatory and governance lapses. The RBI has indicated that the imposition of financial penalties and business embargoes may escalate, causing regulated entities and fintech companies to remain vigilant. This trend of penalties and embargoes might continue, making fintech’s and regulated entities nervous. IIFL Finance was asked to halt giving out gold loans immediately because of supervision worries about their gold loan portfolio. IIFL says most concerns are about operations, not unethical behavior. 

“We believe these punitive actions will impact systemic growth for NBFCs in the near term, but will hopefully curb unethical business practices, avert systemic collapse as seen in the past, and enhance stakeholder confidence in the long run," said analysts at Emkay Global Financial Services. 

RBI Directs Credit Card Issuers to Offer Multiple Network Choices 

The Reserve Bank of India (RBI) has taken a significant step toward empowering consumers and fostering competition by instructing credit card issuers to offer eligible customers the choice of selecting from various card networks. 

Highlighting the need for increased consumer choice, the RBI mentioned in a circular that certain arrangements between card networks and issuers limit options for customers. As per the directive, card issuers must allow eligible customers to choose from multiple card networks when obtaining their cards. 

While American Express, Diners Club International, Mastercard, Visa, and RuPay cater to customers in India, banks typically pre-determine the provider based on the specific card issued. The RBI underscored the importance of adherence to its guidelines by card issuers and networks, especially during the amendment, renewal, or initiation of agreements. 

Google delists Indian apps and enlists them back: The full story  

On March 1st, out of the blue Google delisted more than 100 Indian apps such as Bharat Matrimony, Naukri,, and Kuku FM from the Play Store.  


The Reason: These apps did not comply with the Play Store payment policy. According to the updated Payment Policy, Google charges between 11-30% as commission for in-app purchases. This means if a customer has the paid subscription to an app or a customer buys digital services from an app, play store will receive a commission. According to Google, 99% of the businesses are small businesses and are charged 15%.  


Criticism against Google: In India, around 95% of mobiles run on Android, which is owned by Google and gives the company a monopoly. Even though we have the Samsung app store and other app stores, Google’s Play Store has the monopoly. Many startup founders took to social media to protest this blatant action of Google.  


Meeting with Govt: Following a discussion with Union Information Technology Minister Ashwini Vaishnaw, Google decided to relist the apps. However, the company will continue to invoice the full applicable service fees, but will extend the payment timelines for the affected companies. 

More news from the week ...

  • It is a Trump-Biden face-off in the USA : Following the poll results of Super Tuesday, Biden and Trump emerged victors as the presidential candidate from the Democratic and Republican parties. Meanwhile, Republican candidate Nikki Haley dropped out of the race.  

  • BYD to reach 90% of Indian EV market by end of this year :  Chinese carmaker has launched its electric sedan SEAL priced between ₹41-53 lakhs in India. The company is planning to target 90% of the Indian market focusing on major towns and Tier-1 cities.  

  • Apple to reach a sales milestone in India : After Samsung, Apple is set to clock Rs. 70,000 Cr during the financial year ending March 2024. During the past year, Apple India has grown 40%.

  • DIP & Chakshu: DoT's New Anti-Fraud Initiatives - The Department of Telecommunications (DoT) has launched two new portals to combat cybercrime and financial fraud. The Digital Intelligence Platform (DIP) enables real-time intelligence sharing among law enforcement, banks, financial intermediaries, telecom providers, and social media platforms. Chakshu on Sanchar Saathi allows reporting of suspected fraud via call, SMS, or WhatsApp.

Check out the awesome content from Ambrela 

Penny Stocks: Risks and Rewards of investing ?

Check out the reel below:    

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Visual of the Week

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It's a moment of pride as the Howrah Maidan-Esplanade Metro section unveils the first-ever underwater transportation tunnel beneath the Hooghly River. Passengers will experience a thrilling journey as trains zip through the 520-meter stretch in just 45 seconds. The Prime Minister inaugurates and lays the foundation stone for various connectivity projects totalling Rs 15,400 crores in Kolkata, West Bengal.

Test you knowledge !

Can you guess the market share of Android in the smartphone space ?

[A]   65%   

[B]   70%  

[C]   75%  

[D]   56%  

75% of smartphones run on Android Operating System worldwide. Samsung is the largest smartphone manufacturer using Android followed by Xiaomi and Oppo. Android is used by 3 billion users in over 190 countries. Google Play Store, the marketplace for Android apps, reached $47 billion in revenue in 2023. Google Play Store had over 2.6 million apps in 2023.  

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