Page 20 - Fintech Sector

Financial sector must avoid 'all forms of exuberance': RBI governor

Banks, NBFCs would be 'well advised to take precautionary measures in four areas, says Shaktikanta Das

Dining out to getting fit, Indians pumped life into experience economy

The insights are based on the purchasing trends and patterns from the two months leading up to Diwali

Paytm partners with travel tech firm Amadeus for search, flight deals

Fintech firm's users will get access to information on low-cost carriers, hotels

Fintech lending set to surpass traditional by 2030 for mid-small income

India's fintech industry has been growing over the past few years on the back of the emergence of several fintech start-ups

Fintech may emerge as substitute for traditional banking: RBI's CAFRAL

CAFRAL is a non-profit organisation set up by the RBI in 2011 to promote research and learning in banking and finance

Fintech can emerge as substitute for traditional banking, says RBI's CAFRAL

India's fintech sector can potentially emerge as a substitute for traditional banking in the near future, said a report by CAFRAL, while stressing the need for a "quick and nimble" regulation to ensure growth of digitalisation and financial stability. Reserve Bank Governor Shaktikanta Das on Tuesday released the first flagship publication of the Centre for Advanced Financial Research and Learning (CAFRAL) with the title India Finance Report 2023 (IFR 2023). CAFRAL, a not-for-profit organisation, was set up in 2011 as an independent body by the RBI to promote research and learning in banking and finance. The report provides fresh insights into the non-banking financial sector in India that can aid all stakeholders, including regulators and policymakers, in securing a greater understanding of the sector and a wider appreciation of its niche strengths and opportunities. In his note to the report, RBI Deputy Governor Michael Debabrata Patra said the publication is sensitive to the ...

India has significant amount of dry capital for startup ecosystem: VCs

Fintechs have been among the five best-performing sectors in terms of funding since 2018, with an exception in 2020 when it came sixth

Security challenges persist despite cloud services adoption: EY's Bellary

Ranjeet Bellary, partner at EY said that the Cloud has disrupted the way clients access their data and scale their operations

No plan to enter banking sector: Mobikwik co-founder, CEO Bipin Preet Singh

Singh indicates that an initial public offering (IPO) is on the cards

Growth in personal loans offering likely to remain muted for Paytm

Sources in the know said that the personal loans book may grow in the range of 30 to 40 per cent Y-o-Y on its current base

PPBL 'at farm' length from One97 Communications, says Paytm CEO Sharma

Paytm Payments Bank Ltd and One97 Communications Ltd (OCL) are two different companies which operate not just at arm's length but "at farms" length, a top official of Paytm said on Saturday. In response to a question on the impact of the RBI banning Paytm Payment Bank Ltd (PPBL) from onboarding new customers, Paytm founder and CEO Vijay Shekhar Sharma during the company's second-quarter earnings call said that the company does not need incremental customers for the growth of credit business. "Paytm Payments Bank Limited and Paytm, which is OCL, are two very different companies not just at arm's length, I call it farm length now. The approach here is of a completely clear understanding that whatever Paytm Bank does is for its good and for their business plan," Sharma said. PPBL is a group company of Paytm in which it holds a 49 per cent stake. However, Paytm books show PPBL as an associate of the company and not as a subsidiary. Sharma said Paytm acquires consumers for various consu

Possible to have different SROs for fintech sectors: Industry players

A primary responsibility of these SROs would be to safeguard fintech consumers by overseeing privacy, disclosure, and recovery practices

Prosus-owned PayU targets Feb for filing IPO worth $500 mn, hires bankers

PayU, owned by South African conglomerate Prosus, is a payment gateway that also offers other services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay

Fintech firms are back to business by wooing audience in small markets

Sector's growth mirrors growth in the broader credit market but it faces greater regulatory scrutiny

Softbank sells 2.54% stake in PB Fintech; Godrej Industries shares up 20%

Shares of Godrej Industries shot up by 20 per cent on Friday following speculation that the two factions of the Godrej family have finalised the terms of separation

Funding to Indian fintechs up 68% to $436 million in Q3CY23: Tracxn

However, on a year-on-year basis, funding to Indian fintechs has slumped 55 per cent from $967 million raised in Q3 CY22

Fintech firm CRED's losses widen 5% to Rs 1,357 cr in FY23; income up 251%

The fintech unicorn has seen a rise in its expenses. CRED's total expenses grew by 66 per cent to Rs 2,831.9 crore in FY23 from Rs 1,702.1 crore in FY22

Banking fintech MobiKwik posts second quarter of PAT at Rs 5 crore

The Gurugram-based fintech has a registered base of 140 million users and over four million merchants

Depositors' trust is with banks, not fintech cos: Mastercard India chief

Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said that what the fintech companies are challenging is the legacy system in an innovative way. "Banks are now conscious about innovative capabilities and changing fast with the times", he said. Because of the legacy system, the challenges for the banks are much more. "Leadership has a big role to play. Most of the public sector banks are actively adopting technology", he said. Implementation of the core banking system (CBS) was a humongous task, but the legacy banks did it, he said. Core banking has now changed and paved the way for app-based banking, Kumar added.

Fintech firm CRED launches vehicle management platform 'CRED Garage'

The feature will be available within the CRED app