Author: Bfsinxt Desk
Shachindra Nath, Founder and Managing Director of U GRO Capital, commented on the collaboration, saying, “This transaction is proof of U GRO Capital’s ability to forge partnerships with and attract funding from reputed global DFIs. We share a common vision of financial inclusion with impact funding organizations and are excited to collaborate with FMO to meet the diverse financial needs of India’s underserved MSMEs. Impact investors are critical funding partners in enabling us to bridge India’s massive credit gap in the MSME sector, and we will continue to leverage our technology and credit expertise to service MSMEs across the spectrum via our multi-channel distribution model.”
This partnership will enable both HDFC Life and Karur Vysya Bank to offer superior life insurance products and services to their customers at scale
National Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank (ADB), launched an initiative to facilitate climate action in India’s agriculture, natural resources, and rural development (ANR) sector. Under this initiative, a Technical Support Unit (TSU) has been set up in NABARD with the partnership of Bill and Melinda Gates Foundation (BMGF) to enable NABARD to address the challenges posed by climate change, particularly in the areas of agriculture and rural livelihood sectors in India. Shaji K V, Chairman of NABARD, highlighted the importance of enhancing climate resilience since close to 55% of assets in the Indian Banking sector…
The card provides payment flexibility to the customer, as they can pay in full or convert to easy fee based EMIs. Powered by Mastercard, this card is designed to meet varying lifestyle requirements of the youth & the young at heart, focused on affordability, convenience and increased customer engagement.
Addressing FICCI’s 96TH Annual General Meeting and Annual Convention, on the theme- ‘The World’s Growth Engine’, Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, Govt of India, said that the Central Bank Digital Currency (CBDC) has the potential to reduce cross- border transaction cost to two-three per cent. Addressing the session on Digitalisation of Trade and Finance on Day 1 of FICCI’s AGM and Annual Convention, Mr Seth further said, “In India’s pursuit of a ‘Vikasit Bharat’, the growth story of India in the next decade is likely to have a 55 per cent contribution to capital, 35 per…
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.