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IIFL Finance Ltd. has appointed Richa Sachdeva Chatterjee as President and Chief Human Resource Officer (CHRO). Prior to joining IIFL Finance, Chatterjee was heading HR at Network18’s Digital, Print and Publishing businesses, preceded by senior roles at Viacom18, Boston Consulting Group (BCG) and Tata Motors. Chatterjee is also a certified coach and also the recipient of the prestigious India HR 40 under 40 award. Chatterjee has done her MBA in HR from Management Development Institute (MDI), Gurgaon and BA in Mathematics (Honours) from Lady Shriram College (LSR) College in Delhi. Nirmal Jain, Founder and Chairman of IIFL Group said, Richa…

The Reserve Bank of India (RBI) on January 4 said it has appointed Deepak Kumar & Ajay Kumar Choudhary as Executive Director. Prior to being promoted as executive director, Kumar was heading the Department of Information Technology of the Reserve Bank of India (RBI). Kumar’s career spans across three decades working in RBI’s Central Office Departments covering policy making and project management functions in the areas of information technology, cyber security, payment systems, currency management, human resource management, banking supervision, foreign exchange management. As ED, Kumar will be looking into foreign exchange department, Department of Communication and Deposit Insurance and…

Insurance Regulatory & Development Authority of India (IRDAI) on January 3, said that all health insurance policies issued by all general and health insurance companies that cover treatment costs of covid-19 will also cover the costs of treatment towards Omicron variant of Covid-19 as per the terms and conditions of policy contract. All the indemnity based health insurance products that cover the treatment costs of hospitalization offered by all general and health insurance companies cover the costs of hospitalization treatment on account of Covid -19, the regulator said. The regulator advised insurers to put in place effective coordination mechanism with…

U GRO Capital on December 22 signed a co-lending agreement with Central Bank of India. Under this partnership, the two entities aim to disburse upto Rs. 1000 crores to U GRO Capital‘s varied MSME segments. The non-bank lender said the agreement with Central Bank of India will work towards providing formal credit to underserved MSMEs at affordable rates across all product categories of U Gro Capital. It also added that the collaboration has been enabled by U GRO Capital’s APIs with banks on one side and multiple fintechs, payments platforms, NBFCs and neobanks on the other end. Rajeev Puri, Executive…

PhonePe, one of India’s leading digital payments platform announced it has digitised 25 million small merchants and Kirana stores in India. The company also said it has offline merchant transactions on its platform have shown 200 percent growth since last year. PhonePe in a media release attributed this phenomenal growth to the rapid expansion it has seen in offline merchant acceptance across geographies with help of 125,000 strong field force who are driving the merchant acceptance across India. PhonePe’s current network comprises across 15,700 towns and villages, constituting 99 percent pin codes across the country. It said it has achieved…

Private sector lender, Kotak Mahindra Bank has tied-up with IndiGo to launch a travel based co-branded credit card. Customers will be able to get a complimentary air ticket worth up to Rs 3,000, rewards can be redeemed against the purchase of airline tickets with no blackout dates. Further, the bank said that customers will have access to other special benefits on IndiGo, including discounted convenience fee, priority check-in, choice of seat and a complimentary meal among other rewards by spending on other things like shopping, transport, medical bill, etc. Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “For us…

India’s private life insurers have continued on their growth momentum in November 2021, IRDAI data reveals. Due to low base, the growth continued but the two year CAGR has softened. The two year individual annualised premium equivalent (APE) moderated to 9 percent for private players in November 2021 from 14-15 percent over the past three months. APE is a common measure to ascertain business sales in the life insurance industry for two year individual business moderated to 9 percent . It is the sum of the regular annualized premium from the new business plus 10% of the first single premium…

Private sector lender, Yes Bank has tied-up with one of India’s largest fintech accelerator, The Fintech Meetup to launch it’s fourth edition of ‘The Fintech Yatra’. It is a unique 60-day road journey spanning 10,000 km across rural and urban India, undertaken with the aim of accelerating the growth of the country’s fintech ecosystem. The Fintech Yatra was flagged off in New Delhi by Union Minister of Electronics & Information Technology, Shri Ashwini Vaishnaw during the Digital Payment Utsav hosted by the ministry.Yes Bank hopes to further accelerate the fintech revolution it had long back started by being the first bank…

The Reserve Bank of India (RBI) on December 8 announced its intention to simplify the process flow for small value transactions over UPI. UPI has emerged as the single largest retail payment system in the country in terms of volume of transactions (14 crore transactions per day in October 2021). One of the main objectives of UPI was to replace cash for low value transactions. According to RBI statement on developmental and regulatory policies, transactions data analysis shows that 50 percent of transactions through UPI were below Rs 200 indicating its success. However, these transactions end up utilising significant system…

The Reserve Bank of India (RBI) on December 8 in its monetary policy announcement and subsequent statement on statement on developmental and regulatory policies prescribed for promoting UPI for feature phone users.UPI is the single largest retail payment system in the country in terms of volume of transactions, indicating its wide acceptance, particularly for small value payments, said RBI Governor Shaktikanta Das. In order to further deepen digital payments and make them more inclusive, ease transactions for consumers, facilitate greater participation of retail customers in various segments, the RBI proposed to launch UPI-based payment products for feature phone users, leveraging…