Author: Bfsinxt Desk
Ajay Adiseshan, Chairman and Managing Director, PayMate says, “We are elated to receive in-principle authorization from RBI to operate as a Payment Aggregator in India. With digital payments fast becoming ubiquitous, these measures buoy customer confidence and trust and help us adopt appropriate frameworks for managing risk.
Digital marketplace for consumer credit and free credit score platform Paisabazaar and RBL Bank recently launched their new co-created credit card ‘Duet’. Duet is a 2-in-1 credit card that offers cashback on purchases and also a line-of-credit from RBL Bank that enables instant transfer of money into the bank account.
The partnership will provide the AU Bank’s diverse customers access to the insurer’s portfolio and enhance penetration across India.
Shriram Finance will be a diversified player with a robust net worth of Rs 40,900 Crs and Assets under Management (AUM) of Rs 1,71,000 Crs, the Company caters to over 6.7 million customers across India. The growth strategy for the Company will be focused on driving the self-employed and the MSME economy.
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).