Deep Agrawal, Head of Payments at PhonePe said, “This will help expand the overall UPI ecosystem, and also onboard new customers to the digital payments fold. UPI has become a global exemplar, and countries across the world are looking to implement it. Going forward, we are closely working with NPCI to take UPI international.’’
Ashwini Anand, CFA, Founder and CEO, Monsoon CreditTech, “Our goal is to revolutionize lending using machine learning and artificial intelligence. We are driven to help create a world where every credit-worthy borrower gets access to adequate credit in a manner such that economic value is maximised for lenders, borrowers and society.”
Ajay Adiseshan, Chairman and Managing Director, PayMate further adds, “We are expanding into Singapore and Sri Lanka to offer B2B payments and working capital solutions for businesses. The PayMate platform provides an interface to simplify the payments and collection process for our customers and their suppliers, dealers/distributors, and commercial credit cards enablement to make timely payments, manage cash flows and end-to-end reconciliation.”
“We are excited to join hands with Beams team to solve challenges faced by MSMEs/SMEs in their financing requirements. Beams has a built an interesting value add strategy towards companies & we are looking forward to working together with them on problems being solved by Progcap,” said Pallavi Shrivastava, Co-founder, Progcap.
Bank of Baroda has partnered with six agri companies such as AgriBegri, AgroStar, BigHaat, Poorti, EM3 and Skymet to provide a diverse set of services to farmers within the app itself. The app is available in three languages at present i.e. English, Hindi, and Gujarati – making it accessible to a wider base of farmers.
“Digitization in collections in microfinance sector has been a great challenge as most of the MFI clients do not possesses smart phones. In this connection the association with NextGen will help in developing a new payment and collection system by using feature phone with the technological intervention being provided by them. We see a great future for this initiative to bring this segment on the digital financial inclusion platform and achieving the Prime Minister’s digital mission.” said Jiji Mammen, ED & CEO, Sa-Dhan.
The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework.
Kotak Mahindra General Insurance (Kotak General Insurance) recently announced the launch of its add-on Meter (switch-on/switch-off) cover with Private Car insurance policy. The insurer said it became India’s first company to offer a cashback via an add-on for private car insurance policy.
Sriram H. Iyer, Head – International Banking Group, ICICI Bank said, “We, at ICICI Bank, continue to launch solutions to meet customer needs. In line with this philosophy, we are offering Dollar Bonds and Loan against Deposits to our NRI customers through our branch at GIFTCity. Foreign currency bonds are one of the preferred investment options amongst NRI clients.”
Under the co-lending partnership agreement, Navi will originate and process the personal loans based on mutually aligned credit parameters and eligibility criteria. Piramal Finance will fund 80% of the loan generated by the co-lending arrangement while the remaining 20% will be funded by Navi Finserv (NBFC, wholly owned subsidiary of Navi Technologies).