Page 10 - Fintech Firms
Amid rising credit demand, SBI looks for a revamp to increase deposits
The State Bank of India is planning to revamp its current and savings accounts, salary accounts, and transaction banking businesses
 "Amid rising credit demand, SBI looks for a revamp to increase deposits")
Digital lending norms: Fintech firms seek clarity on RBI's FLDG stance
An FLDG is a lending model wherein a third-party guarantees to compensate up to a certain percentage of default in a loan portfolio of the regulated entity
 "Digital lending norms: Fintech firms seek clarity on RBI's FLDG stance")
BharatPe hits $20 bn in annualised TPV, leaves Ashneer Grover saga behind
Fintech platform BharatPe said it has reached an all-time high of $20 billion in annualised total payments value, expanding its footprint to 400 towns and cities, as it leaves the Ashneer saga behind
 "BharatPe hits $20 bn in annualised TPV, leaves Ashneer Grover saga behind")
Instant app-based loan case: Nine crypto exchanges under ED scanner
Rs 64.67-crore bank accounts of WazirX frozen under PMLA after search ops
 "Instant app-based loan case: Nine crypto exchanges under ED scanner")
Fintech firm Twid raises $12 mn to expand reward points-based service
Company has more than 40 million registered users and it works with 50,000 merchants
 "Fintech firm Twid raises $12 mn to expand reward points-based service")
BharatPe founder Bhavik Koladiya quits, months after Ashneer Grover's exit
According to a media report, Koladiya's departure is due to a disagreement between him and BharatPe as well as the company's Chief Executive Officer Suhail Sameer.
 "BharatPe founder Bhavik Koladiya quits, months after Ashneer Grover's exit")
Future of fintechs is in lending-led players, not payments: Report
With the funding to fintechs seeing a sharp 30 per cent drop in the June quarter, valuation is expected to shift from payments to lending-led fintechs, according to a report
 "Future of fintechs is in lending-led players, not payments: Report")
Rural fintech firm Jai Kisan raises $50mn as debt, equity in funding round
Startup says it will use the financing to expand product suite and improve customer experience
 "Rural fintech firm Jai Kisan raises $50mn as debt, equity in funding round")
Indian tech startups raise $6 billion in April-June quarter, Fintech rules
Number of deals dropped by 17% sequentially, more than half were larger than $100 million each
 "Indian tech startups raise $6 billion in April-June quarter, Fintech rules")
Loan disbursements for Paytm up nine-fold to over Rs 5,550 crore
The number of loans disbursed through our platform grew 492% y-o-y to 8.5 million loans in the quarter ending June 2022, while the value of loans disbursed grew 779% y-o-y to Rs 5,554 crore ($703 mn)
 "Loan disbursements for Paytm up nine-fold to over Rs 5,550 crore")
Lendingkart raises Rs 75 cr in debt fund from GMO LLC, Triodos Investment
The company will use the funds to originate MSME loans across all states with credit decisions in a live environment using in-house built origination engine 'xlr8' and 'zero touch' features.
 "Lendingkart raises Rs 75 cr in debt fund from GMO LLC, Triodos Investment")
Cryptocurrencies are a 'clear danger': RBI governor Shaktikanta Das
Indian fintech industry value projected to hit $150 bn by 2025
 "Cryptocurrencies are a 'clear danger': RBI governor Shaktikanta Das")
The RBI is no fan of 'buy now, pay later' and it's wholly understandable
Last week, the Reserve Bank of India brought out its regulatory axe and hacked away at a popular path to small-ticket fintech loans
 "The RBI is no fan of 'buy now, pay later' and it's wholly understandable")
FinMin asks banks to explore fintech partnership, co-lending opportunities
The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business
RBI explores ways to ensure customer safety while dealing with PPIs
Earlier this week, RBI issued an advisory clarifying that non-bank PPI issuers cannot load their wallets and cards from credit lines or preset borrowing limits
 "RBI explores ways to ensure customer safety while dealing with PPIs")
Fintech firms seek six month-extension to comply with RBI credit line norms
RBI had barred the loading of prepaid payment instruments (PPIs) from credit lines
 "Fintech firms seek six month-extension to comply with RBI credit line norms")
RBI's credit line norms: Card-based fintech players may have to stop offers
Some of the players expected to take a hit due to the RBI's diktat are Slice, Uni Cards, Jupiter, EarlySalary, etc
Top Headlines: COAI on captive pvt networks, fintechs see surge in loans
The IRDAI is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity
 "Top Headlines: COAI on captive pvt networks, fintechs see surge in loans")
Small ticket, big business: Fintech firms see surge in instant loans
A recent report by CRIF High Mark has it that small-ticket personal loans contributed 50 per cent by volume in FY21
 "Small ticket, big business: Fintech firms see surge in instant loans")
Third major exit at BharatPe as founding member Satyam Nathani quits
He was to play a key role in Unity SFB, which was acquired through a BharatPe-Centrum Financial JV; CRO Nishit Sharma, head of institutional debt partnerships Chandrima Dhar had resigned earlier
 "Third major exit at BharatPe as founding member Satyam Nathani quits")