Money is laundered through a web of companies located in different geographies, making it difficult to check such transactions. To fight this, the Reserve Bank of India (RBI) has introduced Legal Entity Identifier or LEI. Its key aim is to check and prevent banking frauds.

Payments banks can only accept deposits of up to Rs 1 lakh per customer in a savings/current account.

Other than convincing the RBI and bankers to back the road projects, Jaitley will also have to work with the central bank to develop financial institutions.

There is a huge potential to use UPI 2.0 as a building block to create next generation digital platforms for lending and payments in the future.

Swarup Mohanty, CEO of Mirae Asset Global Investment (India), talks about market conditions, impact of SEBI mandates, his company's growing focus on debt products and massive digitisation of mutual fund transactions in a freewheeling chat with Renu Yadav. Edited excerpts:

Five ways to revitalise infrastructure financing in India.

As Chief Financial Officer, Ranganath oversaw key functions across the group, including corporate finance, taxation, treasury, mergers and acquisitions, risk management, and investor relations.

Payout by RBI has shot up 63% year-on-year, but the finance ministry is not happy. The government believes that the payout ought to be higher so it has reportedly asked the apex bank to review its dividend and capital conservation rules.

Aditya Puri said that Sukthankar left because of some personal reasons and his exit had nothing to do with HDFC Bank's succession plan. He, however, said that Sukthankar was among the contenders for CEO position.

A committee headed by financial services secretary Rajiv Kumar has recommended stopping wilful defaulters with loans exceeding Rs 50 crore from travelling overseas without prior approval.

Before making any investment decision, one should always know the time frame of investing, which means whether the investment is for long term, medium term or for any short term financial goals, and an ideal risk taking ability.

The investment climate looks gloomy, but there are rays of hope.

Over 1,200 NBFCs, flagged as 'high risk' prone for not complying with a provision of the anti-money laundering law, had submitted records to the government in April to be identified as legally compliant.

Industry body FICCI, along with Grant Thornton and escrow platform Escrowffrr, has now come up with a report with ideas on how to go about improving transparency in the secondary market.

Majority of houses being purchased nowadays are financed through home loans which are often 4-5 times of annual income of a person and are taken for a long period of repayment like 20-25 years.

Savvy investors seeking tailor-made services drive growth in the portfolio management segment.

The FRDI Bill, introduced in the Lok Sabha last August, had drawn protests from the Opposition, the bank unions and the public alike over its 'bail-in' clause, which was feared as harming the interest of depositors.

The development comes nearly seven months after Airtel along with Airtel Payments Bank came under fire for allegedly opening payments bank accounts of its mobile subscribers without their consent, and LPG subsidy worth crores was deposited into these accounts.

New RBI regulations have created a flutter in the P2P market.

The buzz is that Flipkart is looking to enter the financial services space, and start offering its customers as well as sellers a plethora of credit and insurance products.