Page 3 - Fintech Companies

Revolut gets RBI nod to issue Prepaid Payment Instruments in India

Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country. This enables it to operate as a domestic player in the market, the global fintech firm said in a statement. This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services, it said. It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform, it said. Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years. This licence and the approvals that preceded it are an encouraging ...

CCI conducting enquiries against some fintech entities: Ravneet Kaur

Fair trade watchdog CCI is conducting enquiries against some fintech entities to check whether their ways of leveraging technologies are impacting competition, its chief Ravneet Kaur said and asserted that the regulator is taking necessary action to ensure a competitive digital market. With a slew of amended regulations, key rulings against anti-competitive practices in the digital market and advocacy efforts, the CCI is strengthening its efforts to curb unfair business ways. In an interview to PTI, Competition Commission of India (CCI) Chairperson Ravneet Kaur said there is an increased sensitisation among entities about the competition law and stressed the focus is on "striking the right balance between regulation and freedom". According to her, the regulator is focused on big tech companies as well as various other sectors, including fintech and online intermediary service providers. "The CCI is conducting enquiries into some entities in the fintech sector. We are looking into h

Startup Mahakumbh: Fintechs must abide by regulations, say investors

The advice comes at a time when the Reserve Bank of India has cracked its whip to get erring fintech's to comply to the existing rules

Extra caution to ensure fintechs don't function beyond rule: Peak XV MD

Meanwhile, he explained that India needs to have a culture of research and development (R&D) with more number of deeptech innovators and founders at startups

Fintech personal loan disbursal up from 1.1 mn to 41.6 mn in 5 years: FACE

Similarly, the value of loans has increased from Rs 5,907 crore to Rs 40,845 crore during the same time

72% fewer Indian fintech startups incorporated in 2023 than in 2021: Report

There have been around 30 acquisition deals in the Indian fintech space in 2023 and 20 out of these were done by large companies with over 1,000 employees or funding of over $50 million

Infibeam Avenues profit up 15.7% at Rs 41.4 cr on strong festive season

Meanwhile, the Gandhinagar-based company saw its revenue from operations more than double to Rs 911.9 crore in Q3 FY24, up from Rs 414.7 crore in Q3 FY23

Fintech associations exploring ways to incentivise SRO membership

The central bank in its draft framework had said that the industry needs to answer the question of how an SRO-FT would create incentives for membership since entities in the fintech sector

Fintech firm FinAGG Technologies raises $11 million in Series A funding

The company, which works in the MSME financing space, said the latest funding will be utilised towards expanding its offline and online presence, global outreach and investments in product innovation

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

PhonePe launches section to help customers with credit score, bills

Fintech company says service will help users in understanding their credit health

Razorpay, Cashfree receive final RBI nod for payment aggregator biz

Other players such as PayU, Paytm, JusPay, among others are yet to receive a nod from the regulator to onboard new merchants

Unsecured loan concerns: Fintechs explore long-term loans after RBI alert

Meanwhile, for the past few months, the regulator has been cautious about the increase in unsecured personal loans, which can spiral into potential bad loans

Fintechs rule the roost in India's startup ecosystem this year, shows data

While the overall investment paints a gloomy picture, a handful of firms raised big-ticket funding, and some sectors managed to hold ground

Razorpay makes Rahul Kothari chief operating officer for India, Malaysia

Fintech company that is backed by global investors is working to expand internationally

Sidbi inks agreement with DLAI, aims to boost India's fintech sector

The Small Industries Development Bank of India (SIDBI) on Saturday said it has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector. SIDBI and DLAI have signed a Memorandum of Understanding to this effect. The MoU aims for collaborations with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers (LSPs), co-lending collaborations among others, according to a statement. SIDBI will also provide resource support to eligible DLAI member NBFCs and also explore Assignment and Securitisation transactions, it added. "We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal, among others to facilitate faster adoption of digital lending," SIDBI CMD Sivasubramanian Ramann said. As a part of its business strategy, SIDBI is using digital technology and partnership

FACE adopts new code of conduct to strengthen customer protection

The association applied to become an SRO with the Reserve Bank of India (RBI) in January last year

Fintech firm Perfios raises $229 mn from Kedaara in Series D funding

Perfios, a B2B SaaS specialist, says investment will help it in 'providing access to financial services'

Top headlines: Delhi gears up for G20 Summit, Biden set to travel India

Business Standard brings you the top headlines at this hour

G20 great platform for banking, Fintech to showcase India's growth: SCB

G20 is a great platform for banking and Fintech to showcase what India has actually strived on and achieved from a growth standpoint, said Transaction Sales Chief