XPay.Life Launches UPI Services Targeted at Rural India
Fintech start-up XPay.Life, which claims to be India's first blockchain-enabled transaction framework, launched its UPI services targeted at rural India, as it completes three years of operations. XPay.Life is working closely with the regional rural banks and district co-operative banks to help them bank better and enable true financial inclusion of the rural populace with security and no disruption.
XPay.Life aims to make financial facilities accessible for people in rural areas who need financial support the most. The launch of its UPI services is expected to benefit XPay.Life's 4 million consumers across more than 15 states and 1 lakh villages. The fintech start-up works on three models: Software-as-a-Service (SaaS) which includes their mobile app, Platform-as-a-Service (PaaS) which includes their website, and Infrastructure-as-a-Service (IaaS) which refers to their mobile vans.
UAE's META4 to Invest Rs. 250 cr in New EV Manufacturing Facility in Telangana
United Arab Emirates-based company META4 announced to invest Rs. 250 crore to set up an electric two-wheeler manufacturing plant in Telangana. The plant will help create nearly 500 direct and 2,000 indirect jobs in the state. The Telangana government will provide 15 acres of subsidised land in the national investment and manufacturing zone at Zaheerabad. The EV 2-Wheeler unit is expected to be ready by the end of FY 2022-23. With this investment with the Telangana government, META4 intends to bring quality driven EVs to the Indian market in accordance with the 'Fame2' approvals set by the Indian regulatory authority.
The management team of Volty Energy signed an MoU in the presence of state IT and Industries Minister KT Rama Rao and Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology in the state.
Indian Bank Launches Digital Renewal Scheme for Kisan Credit Card Holders
PSU lender Indian Bank launched its KCC Digital Renewal scheme, enabling eligible customers to renew their Kisan Credit Card accounts via digital modes. The initiative is part of the bank's digital transformation under project 'WAVE' - World of Advanced Virtual Experience. The account renewals can be done using Indian Bank's IndOASIS mobile app, internet bankingl and via its website. The facility is available through SMS for feature phone users with no internet or with limited internet access.
However, it is currently being offered to customers having outstanding loans below Rs. 1.60 lakh. The facility eliminates the need to visit a branch or submit added physical documents and would be beneficial to customers unable to renew their KCCs due to paucity of time due to harvest season.
Anand Mahindra, Venu Srinivasan, Two others Inducted in RBI Board
The government nominated Mahindra & Mahindra Group chairman Anand Mahindra, TVS Motor chairperson Venu Srinivasan, Zydus Lifesciences' chairman Pankaj Patel and Ravindra Dholakia, a former professor of Indian Institute of Ahmedabad, as part-time non-official directors on the central board of Reserve Bank of India (RBI). The appointments are for four years. RBI board members do not engage themselves in monetary policy matters, but provide a broader vision for the central bank.
The RBI central board has 11 members,excluding new appointments announced. Tata Sons chairman Natarajan Chandrasekaran is among members whose term ended.
OmniCard Becomes 1st RBI Licensed PPI to Launch Cash Withdrawal across all ATMs PAN India
Payment solution provider, OmniCard became the 1st RBI licensed PPI (prepaid payment instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country. The move came after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.
OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming as the withdrawal facility comes with high safety & secure features and protects the user from exposing their money and bank account details. The company worked with the National Payments Corporation of India (NPCI) team to enable the facility.
Jun 14, 2022
Fino Payments Bank Collaborates with Go Digit for Shop Insurance Policy
Fino Payments Bank Limited partnered with Go Digit General Insurance Limited, one of India's fastest growing general insurers, to provide small and medium business owners with shop insurance coverage. Fino Payments Bank serves as a corporate representative for Go Digit. Through the partnership, small and medium businesses are allowed to take advantage of Digit's My Business Policy in the case of a catastrophe.
The insurance is for one-year that will cover loss or damage to inventory or goods caused by burglary, earthquakes, fire, lightning, storms, floods, and riots. The customers of Fino Bank can join Go Digit's coverage for Rs. 550 per year (for a sum insured of Rs. 3 lakh), which will rise to Rs. 2,600 per year (for a sum insured of Rs. 15 lakh).
Jun 13, 2022
Third Major Exit at BharatPe as Founding Member Satyam Nathani Quits
Payments and lending fintech BharatPe's founding member Satyam Nathani resigned from the company.
Satyam Nathani, an IIT Delhi graduate, was a part of founding members of the company and the backbone of the tech team ,including the company's services like pay later product PostPe and peer-to-peer lending product 12% Club.
Nathani was set to play an important role in Unity Small Finance Bank, a joint venture between BharatPe and Centrum Financial Services, in which BharatPe has a minority stake.
This is the third big exit from the company as chief revenue officer Nishit Sharma and head of institutional debt partnerships Chandrima Dhar, both resigned citing personal reason.
Abu Dhabi Fund Buys 20% in IIFL Home Finance
The Abu Dhabi sovereign wealth fund will make the investment through a wholly-owned subsidiary, said IIFL Home Finance, which is among the largest affordable housing financiers with assets under management of Rs. 23,617 crore. On completion, the deal will be one of the largest equity investments in the affordable housing finance segment, by an external investor.
This investment aims to support the company for its next phase of growth, as it meets the significant demand in the country's large, under-served and fast-growing affordable housing finance market. Established in 2006, IIFL Home Finance has an active customer base of 1,68,000 across 16 states and two Union Territories with over 200 branches served by over 3,200 employees.
ICICI Bank Partners with ZestMoney to Expand 'Cardless EMI' Facility
ICICI Bank partnered with digital EMI/pay-later platform ZestMoney, to expand its 'Cardless EMI' facility for purchases on retail and e-commerce platforms. The partnership enhances affordability of customers of the Bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs).
The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.
With this partnership, the Bank's customers will be able to use ZestMoney's wide merchant base. They will also be able to use ZestMoney's flagship 'Pay-in-3' offering, where they can split the bill into three EMIs without extra cost.
RBI Approves Former IOB Chief Subramaniakumar as CEO of RBL Bank
The Reserve Bank of India (RBI) approved R Subramaniakumar's appointment as the MD & CEO of RBL Bank.
Subramaniakumar is a former managing director and chief executive director of state-run Indian Overseas Bank, retiring on June 30, 2019. He was appointed the administrator of Dewan Housing Finance Co Ltd after the mortgage financier's board was superseded.Subramaniakumar was appointed at RBL for three years from the date of taking charge.
A banker with 40 years of experience, Subramaniakumar started his career with Punjab National Bank. He headed business transformation at PNB for 3 years and transformed several businesses including digital, human resource, MSME, retail, among others.
Jun 12, 2022
RBI Raises Individual Housing Loan Limit for Co-operative Banks
RBI, in a monetary policy statement, said it is raising the existing limits on individual housing loans by cooperative banks due to an increase in housing prices since the last revision and after factoring in customer needs. These limits were last revised for UCBs in 2011 and for RCBs in 2009. The limits for tier-I/ tier-II UCBs stand revised from Rs. 0.30 crore to Rs. 0.60 crore and Rs. 0.70 crore to Rs. 1.40 crore, respectively.
As regards rural co-operative banks, the limits stand revised from Rs. 20 lakh to Rs. 50 lakh for RCBs with assessed net worth less than Rs. 100 crore and for other RCBs, the limits would increase from Rs. 0.30 crore to Rs. 0.75 crore. RBI will communicate detailed norms separately.
Bharat BillPay Onboards CRED as a Key Agent Institution
National Payments Corporation of India (NPCI) subsidiary NPCI Bharat BillPay on-boarded digital payments platform CRED as a key agent institution for providing easy bill payment solutions to CRED members. An agent institution refers to an entity that either wishes to or currently offers the customers services like bill payment, collection and aggregation services via physical or digital channels.
With this collaboration, CRED users will be able to make recurring bill payments like electricity, telecom, DTH, gas, education fees, water and municipal taxes conveniently. They will also be able to see updated transaction history, set transaction alerts and reminders and raise/track complaints online for Bharat BillPay transactions using the CRED app. As an agent institution, CRED will create member touchpoints, provide member assistance (registration, quickpay, complaint resolution), instant confirmation, awareness (payment and charges), BBPS visibility, etc.
Nirmala Sitharaman Launches EASE 5.0 'Common Reforms Agenda' for PSBs
Enhanced Access and Service Excellence-EASE evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks. EASE 5.0 'Common reforms agenda' of EASENext program has been developed for Public Sector Banks and was launched through video-conferencing by the Minister of Finance and Corporate Affairs, Nirmala Sitharaman in New Delhi. The event was attended virtually by Managing Directors and CEOs, and other senior executives of Public Sector Banks.
Under EASE 5.0, PSBs will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment. EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture.
Jun 11, 2022
OECD Cuts India Growth Forecast to 6.9% in FY23
The Organization for Economic Cooperation and Development (OECD) pegged India's FY23 economic growth at 6.9 per cent, the lowest by a major bank or institution, saying the country had been adversely affected by Russia's invasion of Ukraine.
The institution said that headline inflation is projected to ease gradually, though remaining above the central bank's upper tolerance limit of 6 percent throughout 2022 and 2023.
As an importer of energy, fertilisers and edible oils, India is adversely affected by the war in Ukraine. Gross domestic product (GDP) growth, which reached 8.7 per cent in FY22, is projected to come down to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions being mitigated by strong government spending and an ambitious set of measures to simplify the business environment.
WhatsApp Launche SMBSaathi Utsav to Support Small Businesses
Whatsapp launched SMBSaathi Utsav initiative which aims to support small businesses by helping them to adopt digital mediums like Whatsapp Business App. Utsav has started the initiative with a pilot in Jaipur's Johri Bazaar and Bapu Bazaar where over 500 small businesses were trained. The initiative was launched in the collaboration with Josh Talks. The SMBSaathi Utsav is the second phase of the SMBSaathi campaign.
These trainings involve educating the business owners about building a digital presence on the WhatsApp Business App to help them better manage incoming leads and queries, build a product/services showcase and market to key audiences using online tools.
Cabinet Approves Increase in MSP for Kharif Crops
The Cabinet Committee on Economic Affairs approved increase in Minimum Support Price for all intended Kharif crops for Marketing Season 2022-23. Information and Broadcasting Minister Anurag Singh Thakur said that the approved rates are at least one and half times of the all India weighted average cost of production. He said, the highest absolute increase in MSP over the previous year has been recommended for Sesamum 523 rupees per quintal, Moong 480 rupees per quintal, Sunflower seed 385 rupees per quintal, Tur, Urad and Groundnut 300 rupees per quintal, Cotton (Medium Staple) 354 rupees and Cotton (Long Staple) 355 rupees.
It will lead to greater investment and production. It will also provide assured remunerative prices for the farmers and will help in achieving the goal of Aatmanirbhar Bharat.
RBI Raises Limit for E-mandate Based Recurring Payments from Rs. 5,000 to Rs. 15,000
The Reserve Bank of India (RBI) raised the cap on recurring e-mandate-based payments to Rs. 15,000 from Rs. 5,000 in order to facilitate larger-value payments. The central bank also announced its decision to increase the subsidy amount for micro entrepreneurs accepting digital payments under the Payment Infrastructure Development Fund (PIDF).
The framework for the processing of e-mandate-based recurring payments was introduced by the RBI to offer greater convenience, safety and security to the users. Under the framework, over 62.5 million mandates have been registered in favour of a large number of domestic and over 3,400 international merchants.
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