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DFS Secretary M Nagaraju on Monday urged fintechs to focus on driving offline payment solutions to enhance financial inclusions. "I would like to request fintechs to focus their attention on payment solutions for offline payment," Nagaraju said at the CII Summit on Financial Inclusion and FinTech. He highlighted that financial inclusion is increasingly recognised as a major factor in economic growth and poverty alleviation on a global scale. He pointed out that seven of the 17 United Nations Sustainable Development Goals (UN SDGs) are directly connected to financial inclusion. This suggests the importance of improving access to financial services for the unbanked and under-served populations, he said. To illustrate progress made in India, he recalled data from before 2014, when only about 35 per cent of adults in India had access to a bank account, as estimated by the Global Findex Database. In response to this situation, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in
ICRA has entered into a definitive agreement to acquire Fintellix India, a provider of risk and reporting solutions to global financial institutions, for USD 26 million. In a stock exchange filing, ICRA said its board has granted approval for the acquisition of 100 per cent shareholding in Fintellix India Pvt Ltd for a consideration of INR equivalent to USD 26 million by way of a secondary purchase, pursuant to execution of a share purchase agreement and other transaction documents. Commenting on the development, Ramnath Krishnan, MD & Group CEO of ICRA, said, "With this acquisition, we reiterate our commitment to being a leading risk technology player. This space is fast evolving with increasing regulatory scrutiny in financial markets, and we believe Fintellix and ICRA together will better address the emerging market needs." The rating agency said the acquisition will additionally strengthen ICRA Group's portfolio of credit risk assessment and monitoring tools by adding risk ...