Minimum net worth for pension fund managers has been raised to Rs 50 cr by PFRDA

The Pension Fund Regulatory and Development Authority (PFRDA) has decided to increase the minimum net worth criterion for pension fund managers. The minimum net worth criterion for pension fund managers has been increased from Rs 25 crore to Rs 50 crore. This enhancement in the minimum net worth criterion for pension fund managers will bring pension funds on par with mutual funds which have to meet a minimum net worth requirement of Rs 50 crores as per Securities and Exchange Board of India (SEBI) rules.

The fresh guidelines states that the licenses issued to the pension fund managers will remain valid until cancelled by the regulator as compared to the five years validity of the previously granted licenses. So, new guidelines will made provision for licenses to have indefinite validity and hence, will help the pension sector to grow to new levels.

WhatsApp receives NPCI’s approval  to expand its UPI project to 10 million users

National Payments Corporation of India (NPCI) has permitted the instant messaging platform WhatsApp to expand its Unified Payment Interface (UPI) services to 10 million users. “WhatsApp Pay”, a payment feature of WhatsApp has been designed to run on Unified Payment Interface (UPI). The UPI is developed by the National Payments Corporation of India. This facility enables the users do business transactions or to pay others directly through their bank accounts.

Since 2018, WhatsApp is running its pilot project “WhatsApp Pay” for one million users and has finally got the approval from NPCI to expand its customer base.