Author: Bfsinxt Desk
Akash Dongre, Chief Product Officer and Co-founder of Indus Appstore, said, “We are thrilled and humbled by the overwhelming response to the Indus Appstore. Reaching over a lakh downloads in just three days confirms that India is ready for a homegrown app store that prioritizes the needs of its diverse users and fosters a vibrant developer community.”
Central Economic Intelligence Bureau (CEIB) recently introduced “Automated Search Portal” for Antecedent Verification of Prospective Borrowers and NPAs. As per the “Framework for timely detection, reporting, investigation, related to large value bank frauds” dated 13.05.2015 and 06.11.2019 issued by Department of Financial Services, Ministry of Finance, all Public Sector Banks (PSBs) seeks report from the Central Economic Intelligence Bureau (C.E.I.B) before sanction of loan exceeding Rs.50 Crs and above in case of new borrowers and if the existing borrower’s accounts turn NPA. In August-2022, at the request of Indian Banks’ Association (IBA), C.E.I.B devised a uniform format for seeking reports…
Financial services and technology world is often touted or perceived as men’s club, albeit erstwhile, not the case anymore. Today’s digital age and 21st century, we have women leaders shining and creating their mark in top leadership roles, across business, operations, technology, finance or name whichever field. While the overall gender participation in workforce still remains to be skewed, efforts are being made and winds of the change is evident from student placements to enrollments. At Bfsinxt.com, we spoke to a few women leaders in the technology and financial services space to understand what they think about ascertaining the leadership…
PhonePe recently announced the consumer launch of its Indus Appstore, at Bharat Mandapam in New Delhi. Indus Appstore is PhonePe’s attempt at creating a more competitive and localized mobile app store economy for India. PhonePe said, the Indus Appstore will allow Indian consumers to download over 2 lakh mobile apps and games, across 45 categories. Users will be able to discover these apps conveniently in 12 Indian languages, thereby catering to 95% of Indians’ language preferences. The app store adds in a brand new short-video based discovery feature, to make new app discovery more engaging for consumers. It also stated…
MasterCard has recently announced the launch of MDES (MasterCard Digital Enablement Service) Token Connect in India. Issuer banks can now easily integrate their mobile and Internet banking platforms with MDES Token Connect, thereby allowing cardholders to securely transmit payment details to token requestors, including online merchants, digital wallets, and e- commerce platforms. Key Benefits for Issuers and Token Requestors : Effortless Integration: The platform offers single integration for issuers to streamline storing payment cards across token requestors. Seamless Connectivity: It allows seamless interaction within the Token Connect framework, eliminating the need for multiple proprietary APIs between issuers and…
Digital Public Infrastructures (DPIs) are said to push India towards a $1 trillion digital economy by 2030, helping the country to become a $8 trillion economy, according a Nasscom- Arthur D. Little report titled, “Digital Public Infrastructure of India – Accelerating India’s Digital Inclusion.” The report said, by 2030, DPIs will enhance citizens efficiency and promote social as well as financial inclusion. Mature DPIs such as Aadhaar, UPI, and FASTag so far have witnessed exponential adoption, and the next 7-8 years will offer an opportunity for further scalability, reaching even the most remote segments of the population. They have aided…
BOBCARD Limited (Formerly known as BOB Financial Solutions Limited), a wholly-owned subsidiary of Bank of Baroda, and National Payments Corporation of India (NPCI) announced the launch of Corporate Credit Card on RuPay Network. This card comes with benefits for the corporates with wide- ranging use and convenience of linkage with UPI through any UPI- enabled app. Ravindra Rai M, Deputy Managing Director, BOBCARD Limited, said: “We are happy to launch our Corporate Card on the RuPay network. This launch further deepens our partnership with NPCI, and brings the convenience of UPI transactions to our Corporate customers. I am sure that…
The Board of One 97 Communications Limited (OCL, or the Company), which owns the brand Paytm, The Group Advisory Committee would consist of 3 members chaired by M. Damodaran. An expert in corporate governance, restructuring and regulatory leadership, Meleveetil Damodaran, will serve as the Chairperson of the Committee. He has previously served as Chairman of the Securities and Exchange Board of India (SEBI), and has chaired high-powered committees for the Government of India and Reserve Bank of India (RBI) and was also elected Chairman of the EMC of the International Organization of Securities Commission (IOSCO). The other committee member and…
Fund of Funds for Startups (FFS), a key component of the Startup India Action Plan, a scheme managed by SIDBI. The assessment of this scheme was undertaken by ratings agency CRISIL. The report indicated that as on November 30, 2023, 129 AIFs were sanctioned commitment out of FFS across segments. The scheme has catalyzed investments to the tune of ~4x of the amount drawn with ₹17,534 crore invested in 938 unique startups. Thus, resulting in multiplier effect, promoting capital flow into this segment. While FFS largely focusses on early-stage funding in young companies, 18 of its startups have already become unicorns.…
CRIF High Mark, a credit bureau, in a report on ‘How India Lends’ shared that the portfolio outstanding of consumption loans is at INR 78 lakh crore. The report breaks down the trends across different product segments on how the demand and outstanding lies. Sanjeet Dawar, Managing Director, CRIF High Mark, said, “The third edition of the report, ‘How India Lends – FY2023’ presents insights into the current credit market bringing into focus the trends that have been shaping the lending ecosystem during the past year. The report states that Consumption loans have demonstrated robust growth across categories, with notable…