Page 10 - Fintech

Fintechs lead small-ticket loans' volume with 77% market share: Study

On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023)

Financial services firm WeRize becomes the victim of a data breach

No impact on business operations

Govt, ADB ink $23 milllion loan agreement to strengthen fintech ecosystem

The government and the Asian Development Bank (ADB) on Thursday signed a USD 23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City. GIFT City is an initiative of the Centre and the Gujarat government to foster India's financial services and fintech ecosystem, the finance ministry said in a statement. As per the loan agreement, a fintech institute will be set up at GIFT City. The pact was signed by Finance Ministry Joint Secretary Juhi Mukherjee and Officer-in Charge of ADB's India Resident Mission Rajesh Vasudevan. After signing the agreement, Mukherjee said the project will establish International Fintech Institute (IFI) to strengthen fintech education, boost startup success rates, and drive fintech research and innovation. "The project's emphasis on market-driven fintech skills programmes, creating enabling environment for private sector investment and enhancing collaboration between indust

Paytm Payments Bank plans to cut about 20% of staff as business halt looms

Paytm Payments Bank has decided to lay-off staff in certain divisions, including operations, the sources with direct knowledge of the matter said

Zopper eyes expansion into EMs, targets 50-60% growth in India in 3 years

Zopper plans to expand its distribution ecosystem and strengthen partnerships with banks, non-banking financial companies (NBFCs), travel portals, brands, and retail chains

Paytm's third-party application licence likely to get approval this week

UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks

Google, Walmart gain fintech users from India as Paytm faces restrictions

Paytm's decline suggests consumers are moving usage to alternative services even before any disruption to its systems

85% of Paytm wallet users unaffected, rest to link apps to banks: RBI Guv

As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension. The time given up to March 15 is sufficient and there is no need for further extension, he said, adding that 80-85 per cent Paytm wallets are linked to other banks, and the remaining 15 per cent have been advised to move on to other banks. He said that the RBI has taken action against a regulated entity, which in this case is PPBL and has nothing against Fintech companies. Instead, Das stressed that the RBI favours innovation in the financial ...

Paytm will overcome regulatory setbacks, says Vijay Shekhar Sharma

Despite the setbacks, Sharma said he values the role regulators play in creating a healthy environment for startups in India

JPMorgan Chase joins France's payments network CB to avoid Visa, Mastercard

For payments made locally in France, it's usually cheaper for merchants run them over Cartes Bancaires

Fairfax-backed Go Digit receives Sebi's approval to raise funds via IPO

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday. The approval came after the company's preliminary IPO papers were first filed in August 2022. Go Digit's proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issuance would be utilised for the augmentation of the company's capital base and maintenance of solvency levels and for general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. According to an update with the Sebi (Securities and Exchange Board of India) on Monday, the regulator gave its observation on March 1. In Sebi's parlance, obtaining ..

Best of BS Opinion: Fintech, age, central banking, Few gains at WTO & more

Here is the best of Business Standard's opinion pieces for today

Flipkart unveils its UPI handle to boost India's digital evolution

The service would be available to all users including Flipkart's over 500 million customers

Best of BS Opinion: Responsible innovation, Indonesia & Pakistan & more

Here is the best of Business Standard's opinion pieces for today

Diversity in India's ecosystem aids Razorpay's global forays, says CFO

The company eyes Indonesia, Vietnam, and the Philippines for expansion into South East Asia

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

EU council adopts euro instant payments rules to take on Visa, Mastercard

The Council added that the new rule would factor in countries outside of the euro-zone economic bloc

Vijay Shekhar Sharma steps down as chairman of Paytm Payments Bank

The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank

PhonePe's Indus Appstore surpasses 100,000 downloads in 3 days of launch

Indus Appstore -- the new Android-based made-in-India app store that is pitted against the might of Google's Play Store -- has surpassed 100,000 downloads in just three days of launch, according to a release on Monday. App developers, tech enthusiasts, and users have actively downloaded the app, recognising the potential impact of Indus Appstore on India's digital ecosystem, the release said. Last week, PhonePe, owned by Walmart Inc, had launched the mobile app marketplace -- Indus Appstore -- to challenge Google's Play Store and Apple's App Store. "Indus Appstore, India's revolutionary new Android-based app store from PhonePe, has achieved a significant milestone by surpassing 100,000 downloads in just three days of launch," it said. The "remarkable feat", the release said, underscores the Indian market's eagerness for a localised, inclusive, and developer-empowering alternative to existing app stores. Akash Dongre, Chief Product Officer and Co-Founder of Indus Appstore, said, "W

RBI's action on Paytm PB puts the spotlight on a few lingering issues

Should there be a revisit of the domestic-systemically important bank (D-SIB) framework, and is there a case for this to be widened to cover more kinds of regulated entities (REs)?