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Author: Bfsinxt Desk
SIDBI and TDB have entered into an agreement with an aim to ease access of credit to MSMEs which are attempting development and commercial application of indigenous technology or adapting imported technology for wider domestic applications.
The funding will further enhance Quickwork’s platform features, invest in research and development, and bolster customer success and support services. Additionally, Quickwork plans to enter new markets, forge strategic partnerships, and scale its operations to cater to the growing demand for no-code automation and API integration solutions.
Acemoney’s tech expertise and digital capabilities position RCMS favourably to leverage the growth in digital transactions by offering an innovative phygital platform that combines cash and digital banking services to customers in Tier 3+ regions. RCMS will acquire ~57% of Acemoney in an all-cash deal.
Sameer Nigam, Founder and CEO of PhonePe said, “When we started PhonePe, I had never imagined that we would get to 50 Crore registered users in such a short span of time. It feels almost surreal, Yet, we have achieved only 50% of our vision statement of bringing digital payments to 100 Crore Indians. As we look to the future, we felt that this is also a great time to redesign the org, and elevate some of the key PhonePe executives to take on larger roles in the group. I would like to congratulate them as they take on their new roles, and help build multiple exciting new businesses for PhonePe Group.”
Kotak Mahindra Bank and Kotak Mahindra General Insurance Company have entered into definitive agreements with Zurich Insurance Company Ltd, whereby Zurich will invest approximately ₹4,051 crore to acquire a 51% stake in Kotak General Insurance, the private sector lender said in a release.
YogiSadana, Founder and CEO, Zype, expressed that, “Our next phase of growth aims to increase our reach and user acquisition while expanding our loan book size to 500 Crores in the coming four quarters. We are committed to making credit more accessible to millennials and helping them develop sustainable financial habits.”
Manipal Academy of BFSI recently partnered with Jana Small Finance Bank to launch the ‘Aspiring Bankers Program’, aimed to hire and train the next generation of Personal Bankers for Jana Small Finance Bank, The program, offered by the Manipal Academy of BFSI is aimed at identifying talent and providing intensive on-the-job training. It aims to create a robust talent pipeline for Jana Small Finance Bank, serving the diverse communities of Karnataka and Tamil Nadu. Amit Raj Bakshi, Chief Human Resource Officer, of Jana Small Finance Bank comments, “As we launch the ‘Aspiring Bankers Program’ in collaboration with Manipal Academy of BFSI, we…
RBI recently announced products tested under regulatory sandbox in MSME lending category. Five products of SIDBI, FinAGG, SysArc, Rupifi, & MyInd have been selected.
On October 20, 2023, Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated the Sub-office of the Reserve Bank in Itanagar, Arunachal Pradesh. The Sub-office in Itanagar begins functioning with the following departments / cells: Financial Inclusion and Development Department (FIDD), Human Resource Management Department (HRMD), Consumer Education and Protection Cell (CEPC) and Market Intelligence Cell (MIC). The currency management for the state of Arunachal Pradesh will continue to be conducted by the Bank’s Guwahati Office. The central bank said in the statement, with the opening of this office, the Reserve Bank now has presence in all the…