Author: Chief Editor

RBI

MAS & RBI will link their real time payment systems by July 2022. Monetary Authority of Singapore (MAS) and Reserve Bank of India (RBI) today announced their plans to link Singapore’s PayNow and India’s Unified Interface Payments (UPI) real-time payment systems by July 2022. The PayNow-UPI linkage will enable users to make instant cash transfer between Singapore and India. Fund transfers from India to Singapore can be done using mobile phone numbers, and from Singapore to India using UPI virtual payment addresses. The linkage will provide for increased volumes of remittance traffic, multi-entity participation, automation of capital control rules, and…

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The insurance regulator has issued guidelines for insurance companies to structure cyber insurance products. Insurance Regulatory and Development Authority of India (IRDAI) has issued norms for non-life insurance companies for cyber insurance products. The norms will enable insurers to evaluate new technologies posing heightened risk, identify protection gaps in existing products and address the changing needs of customers. A working group had concluded that standardization of policy wording for cyber insurance is not desirable because of the evolving nature of legislative framework in dealing with cyber risk, fast growing digital ecosystem and increasing connectedness globally and complexity of IT systems.…

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Under co-lending, IIFL Home Finance and Punjab National Bank will disburse loans jointly on their books.  IIFL Home Finance tied-up with Punjab National Bank for co-lending agreement. The mortgage lender expects to grow its loan book by 25 percent. The loan sourcing and servicing will be managed by IIFL Home Finance and 80% of the loan will be provided by Punjab National Bank, it said. IIFL Home Finance will service customers throughout the entire loan cycle from sourcing to disbursing to collections. This association will let IIFL Home Finance to further penetrate into affordable Home Loan and Secured MSME Loan markets, and will…

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The proposed fundraise is for business growth and capital augmentation. One of India’s leading non-banking finance company, India Infoline Finance Limited (IIFL) will open a public issue of secured bonds on September 27, 2021 to raise up to Rs 1,000 crore to strengthen business growth and capital augmentation. The bonds offer up to 8.75 percent yield. Fairfax-backed IIFL is going to issue secured redeemable non-convertible debentures (NCFs) aggregating to Rs 100 crore with a green shoe option to retain over-subscription up to Rs 900 crore aggregating to a total of Rs 1,000 crore. IIFL in a release said, “The IIFL…

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The recruitment drive will happen across functions and centers. Mortgage lender, ICICI Home Finance Company is planning to recruit over 600 employees by December 2021, this recruitment drive will happen across its pan-India branches in functions like sales, credit, etc. It aims to cater to the increasing demand of affordable housing segment. It aims to cater to homebuyers who may not be in a position to furnish documents required for a home loan like ITR proof. It has home loan products to service cash salaried, self-employed individuals such as shopkeepers, traders, merchants, small vegetable and fruit vendors, drivers, small kirana,…

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Ankush Aggarwal, Founder, Avail Finance Strap: The credit line is a user friendly credit system for the blue collared workforce. Copy: Avail Finance, a neo-banking platform on September 23 launched ‘CreditATM’, a new era credit line with user-friendly features for its prime audience. It aims to provide support through a modern credit line in times of cash crunch to survive the month. Through the virtual credit card model, a user can make payments via QR code or even withdraw cash from the account with an initial limit of Rs 1,000 which gets upgraded to Rs 4,000 over a period of…

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Strap: The tie-up will enable IPPB to sell non-life insurance products of Tata AIG General Insurance Copy: India Post Payments Bank (IPPB) and Tata AIG General Insurance for distribution of non-life insurance products across India.IPPB has a network of 650 branches and over 136,000 banking access points to citizens at large. The scope of products include health insurance products, personal accident, motor insurance and other innovative tailor made products. The services can be provided at nearly 200,000 touch points with Gramin Dak Sevaks who are equipped with micro-ATMs and biometric devices which play an important role in distribution and promotion…

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Strap: According to Capgemini and Efma’s report, For the first time, 50% of insurance customers are willing to consider coverage from new-age digital players, as incumbents seek strategic partnerships to remain competitive. Copy: A report unveiled by Capgemini and Efma’s titled as World InsurTech Report 2021, published on September 16 reveals that InsurTechs and BigTech players are leveraging significant capital inflows to boost technological development and fuel innovation, turning up the heat on incumbent insurers. The report adds, New age digital players are offering greater personalization and emphasis on customer experience, thus achieving maturity and customer adoption. In response, incumbents are attempting…

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Strap: Leading payments bank and general insurance company, India Post Payments Bank and Bajaj Allianz General Insurance company have tied-up for distribution of non-life insurance products. Copy: India Post Payments Bank (IPPB) and Bajaj Allianz General Insurance have announced tie-up to enhance distribution of non-life insurance products. IPPB has a network of 650 branches and over 136,000 banking access points. The products will include healthcare and medical products, personal accident and motor insurance amongst other innovative tailor-made products to address the protection needs of people. There are nearly 200,000 postal service providers equipped with micro-ATMs and biometric devices to play…

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Copy: Private bank, Kotak Mahindra Bank on September 20 announced that it will do an equity investment of Rs 310 crore and get a 9.9 percent stake in KFin Technologies, subject to necessary approvals. KFin provides a wide array of financial technology solutions across a broad spectrum of asset classes across mutual funds, alternatives, insurance and pension. KFin approximately services 25 out of the 44 mutual fund asset management companies. These companies have over $148 billion in assets under management and 35 percent market share in equity. KFin has been chosen as the partner for four of the last five…

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