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Around 75 per cent UPI users will stop using it if any transaction charge is levied on the service, a survey by Localcircles said on Sunday. The survey found that 38 per cent of users make over 50 per cent of their payment transactions via UPI instead of debit, credit or any other form of digital transaction. "Only 22 per cent UPI users surveyed are willing to bear a transaction fee on payments, 75 per cent of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The National Payments Corporation of India (NPCI) posted a record 57 per cent rise in the volume of transactions and 44 per cent rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed
India Shelter Finance Corporation on Thursday reported a 77 per cent year-on-year growth in profit after tax (PAT) to Rs 84 crore in the three months ended June 2024. In comparison, the company posted a PAT of Rs 47 crore on the year-ago period. The company registered a 37 per cent year-on-year (YoY) growth in Assets Under Management (AUM) to Rs 6,509 crore in the April-June quarter of the current financial year (FY25) from Rs 4,759 crore in the year-ago period. "India Shelter delivered another quarter of consistent performance across parameters with sustainable growth in our AUM. We now operate out of 236 branches across 15 states, having added 13 new branches during the quarter," Rupinder Singh, Managing Director and CEO of India Shelter Finance Corporation, said. "Going forward, we will continue to focus on sustainable growth by penetrating deeper into our existing geographies, where a significant unserved and underserved population resides," he added. The company's disbursemen
KPMG in India on Wednesday said it has formed an alliance with human-centred AI platform and products firm Vianai Systems for AI-based conversational finance to help finance professionals. The joint offering will leverage Vianai's hila Enterprise fine-tuning and optimisation capabilities with enterprise systems of record, according to a statement. Targeting finance professionals, conversational finance will allow finance users to ask any question against their systems of record, internal documents, public data, and other data in natural language, with a view to get immediate responses by way of text, dashboards, charts and more, it added. At present, the adoption of AI and the use of Large Language Models (LLMs) in enterprises has largely been a non-starter for business users that require an extremely high degree of accuracy and reliability, in particular those in finance roles. Issues of LLM hallucinations and inaccuracies are too risky for business-critical functions, such as ...
Poonawalla Fincorp on Wednesday said its net income more than doubled to Rs 181 crore (up 103 per cent) in the March quarter, driven by higher loan sales and better asset quality. For the full year (FY23), the Pune-based company doubled its net income to Rs 585 crore, making it the highest-ever net income reported by the firm. The company's on record loan disbursals also grew 37 per cent to Rs 16,143 crore in the financial year 2022-23 and the disbursal for the quarter were highest-ever as it jumped 151 per cent to Rs 6,371 crore. The non-deposit taking NBFC, focused on consumer and MSME finance, said its overall asset quality improved massively with gross Non Performing Assets (NPAs) coming down by 185 basis points (bps) to 1.44 per cent and the net NPAs falling 52 bps to 0.78 per cent, thus boosting its bottom line. Its digital disbursements increased to 81 per cent in the quarter from 24 per cent in Q4FY22. Net interest margin climbed 87 bps to 11.3 per cent for the quarter und