Author: Bfsinxt Desk

NPCI will extend its BHIM App on an open source code license model to all regulated entities participating in the UPI ecosystem. BHIM licensing model will empower these entities to offer the benefits of UPI to their customers with a ready UPI application that will help reduce time, efforts, and costs for the entities.

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.’’   

Neeraj Dhawan, Country Manager, Experian India, says: “This is a significant milestone in Experian’s mission to use data for good. We want consumers to get easy access to credit information and build a stronger credit ecosystem in India. As the first credit bureau in India to offer such a service, it shows our commitment to driving financial inclusion in India.” 

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.”

Union Bank of India said it has been showing good performance in third party income, and is closely working with insurance and mutual fund partners to provide niche products to their customers. 

Ashish Sapra, CEO, said, “In H1 FY23, our business picked up momentum largely driven by robust consumer sentiment coupled with a good monsoon. The Tractor Loan disbursals in Q2 FY23 has grown by 130% vis a vis Q2 FY22. We have added 1.6 million+ customers in H1 FY23, bringing our total customer base to 9.4 million+ as of date.”

As a part of these initiatives, during November 2022, the Reserve Bank, in collaboration with its regulated entities, will run a nation-wide consumer financial awareness programme with deeper outreach covering all segments of population, especially those in rural and semi-urban areas

JCB International Co. Ltd., the international operations subsidiary of JCB Co. Ltd., Japan’s only international payment brand partners with National Payments Corporation of India (NPCI) to announce the launch of a special cashback offer for all RuPay JCB Debit & Credit Cardholders for a limited time period. In accordance with the offer, customers using a RuPay JCB Card will receive 40% cashback at retail stores in Australia, Qatar and United Arab Emirates (UAE) during the offer period. The offer will be valid from October 1 to December 31, 2022.   Yoshiki Kaneko, President and COO, JCB International Co. Ltd.  said, “With…

The use case for this pilot is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.

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.”