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The Reserve Bank of India (RBI)’s Monetary Policy Committee on December 8 decided to keep the benchmark report and reverse repo rates unchanged as it thought about uncertainty brought by the Omicron variant and rising input cost pressures. The repo rate was unchanged at 4 percent, five members voted to continue with accommodative stance while Jayanth R Varma again voted against for the third time. The repo reverse rate remains unchanged at 3.35 percent. The MPC in its resolution though it was appropriate to wait for growth signals to become solidly entrenched while remaining watchful on inflation dynamics. RBI Governor,…

Country’s largest lender, State Bank of India (SBI) has chosen Intellect Design Arena for its digital wealth transformation, Intellect Design Arena announced on December 7. As per the fintech, the wealth management business is the bank’s top priority and its primary task is to offer the best products across categories from leading fund houses giving their customers flexibility to invest, transact and view their portfolio through digital channels such as internet banking, etc. The bank was looking for a robust modular platform across the front, mid, and back-office powered by deep predictive analytics, AI/ML with strong in-built regulatory controls across…

ICICI Bank on December 7 announced that it has partnered with Flipkart to offer an instant and completely digital overdraft (OD) facility of up to Rs. 25 lakh to individual sellers and businesses registered on the e-commerce platform.The tie-up is enabled by API integration wherein sellers can avail an OD from the bank instantly in a process-from application to sanction to disbursement, entirely done digitally. Customer’s of any bank can avail of ODs from ICICI Bank if they are registered as sellers with Flipkart. The bank will leverage data analytics to evaluate the credit worthiness of sellers instantly as the…

Cashmere Payments has partnered with Dvara Solutions Pat Ltd, a technology platform for financial institutions to provide its customers with digital disbursements and collection services. Cashfree’s products will enable NBFCs on Dvara’s platform to disburse loans, automate loan repayment collection and validate customer’s KYC details including bank account or UPI ID or beneficiary name, etc. The entire loan journey will be covered from disbursal to collection to reconciliation. Reeju Datta, Co-founder of Cashfree said, “Our partnership will not only help to automate collections, but also provide the benefits of open APIs thus reducing costs and turnaround time  on business processes such as…

PayPhi, Phi Commerce’s API-first digital payments platform has become the first certified tokenisation service for NPCI tokenisation system (NTS) that supports the tokenisation of RuPay cards. To comply with RBI’s deadline on card storage norms till December 31, Industry is gearing up for adoption of tokenisation as an alternative to card-on-file transactions. Recently, NPCI announced the launch of NTS to support tokenisations of cards as an alternate to storing card details with merchants. The platform will enable PayPhi to provide tokenisation service to merchants and aggregators with Token Reference File (TROF), it is a unique digital identifier or called as…

Yes Bank has partnered with National Payments Corporation of India (NPCI) to offer Rupay branded credit cards to its customers on the indigenously developed payment platform. The card, Yes Prosperity Rewards Plus credit card is crafted for the bank’s YES Prosperity segment. Rewards points, fuel surcharge waiver, accelerated rewards points on YES Cart are some of the key features among other merchant offers. The card was launched at the Digital Payments Utsav at New Delhi. Rajanish Prabhu, Head – Credit Cards and Merchant Acquisition, YES BANK, said, “We are pleased to announce our partnership with NPCI to offer our customers…

Financial services conglomerate, Shriram Group announced the formation of a Board of Management to oversee the promoters interest. The board of management appointed by the Shriram Ownership Trust (SOT) constitutes 4 key personnel namely, DV Ravi, MD, Shriram Capital; R. Duruvasan, Whole-time Director, Shriram Capital; Umesh Revankar, Non-Executive Director, Shriram Capital & VC & MD, Shriram Transport Finance Company and Jasmit Singh Gujral, Non-executive Director, Shriram Capital & Executive VC for Shriram General Insurance Company. With the new leadership in place, founder R. Thyagarajan will mentor the Board of Management, the firm said in a release. R Thyagarajan, founder, Shriram…

Country’s largest lender, State Bank of India (SBI) has entered into a co-lending agreement with Capri Global Capital to offer customised financing solutions to the underserved MSMEs of the country. SBI in a statement said that it is constantly working towards associating with various NBFCs to create multiple co-lending opportunities for the financial empowerment of the MSMEs. This initiative will provide further impetus to financial inclusion in the country, it added. Dinesh Khara, Chairman, SBI said, “Banks are the backbone of India’s economic growth and as the country pivots to sustainable growth, the banking sector will have to accelerate MSME…

By Sudhir Padaki, Director-Data Analytics, Asia Pacific, Altair Over the past few years, the use of data has grown exponentially as businesses adopt a digital-first approach. In digital and data-driven organisations, analytics is critical for success. Analytics lets businesses understand and segment their target customers better, upsell and cross-sell, predict customer acquisition and churn, innovate product offerings to improve competitiveness, and prevent fraud. At the moment, a mere 12% of all enterprise data is used to make business decisions. Only 29% of businesses are successful at connecting analytics to action. And one in five enterprises believe they have lost customers due…

Yes Bank has partnered with Amazon Pay and Amazon Web Services (AWS), to offer customers an instant real-time payment system via a UPI transaction facility. UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions through YES BANK’s digital payments platform, and expands YES BANK’s digital banking offerings. The integration will enable Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast and convenient payments. Further, the collaboration with Amazon Pay and AWS marks another milestone for Yes Bank, among the market leaders in UPI payments, the bank said in a release. In FY 2020-21, Yes Bank recorded…