FinTech news in Ola category

The Reserve Bank of India has informed dozens of fintech startups that it is barring the practice of loading non-bank prepaid payment instruments (PPIs) — prepaid cards, for instance — using credit lines, in a move that has prompted panic among — and existential threat to — many fintech startups and caused some to compare the decision to China’s crackdown on financial services firm last year.

Ola said on Thursday evening it has reached an agreement to acquire Avail Finance, a financial services startup that serves the blue-collar workforce, as the ride-hailing giant looks to expand its financial services offerings.