Aadhaar | Pixr8 News

3Dec By Gauri SinghNo Comments

INDIA

Indian govt & RBI may Allow use of QR code-based offline Aadhaar

The Indian government and the Reserve Bank of India (RBI) are in talks to allow use of 'offline Aadhaar' that relies on QR codes. This would replace the biometric eKYC, for opening bank accounts, operating payment wallets and purchasing insurance covers. This particular move is significant as it will also benefit financial technology companies that have been prodding the government to amend the law to make Aadhaar mandatory. It's an option that the Centre has virtually ruled out for the moment. The SC has ruled that Aadhaar-based verification could not be done by private firms. Since the use of offline Aadhaar has to be facilitated by the RBI, the central bank needs to bring out a circular and has held two-three rounds of discussions with UIDAI. The court had ruled that Aadhaar could...

Tax Dept Launches Prompt e-PAN on The Basis of Aadhaar

30Jun By Gauri SinghNo Comments

INDIA

Tax Dept Launches Prompt e-PAN on The Basis of Aadhaar

India’s tax department has now launched the provision of e-PAN occurring immediately. This move is anticipated to bring down the interaction with the department and assist the taxpayers in creating the permanent account number (PAN) without facing any difficulty. This provision of the tax department is totally free of cost and the taxpayers can log on to the income tax portal to create their e-PAN. The people are not required to submit any documents, instead, the e-PAN will be generated on the basis of details available in the user’s Aadhaar card. “Thanks to the elevated use of technology and digitization adopted by the government in the tax department, it is now resulting in truly convenient and paperless interface with taxpayers. One may expect more of such initiatives in the coming ...

Bengaluru’s Lending Platform Raises 17.2 Mn From Matrix Partners

14Mar By Sheldan RungasamyNo Comments

FUNDING

Bengaluru’s Lending Platform Raises 17.2 Mn From Matrix Partners

Avail finance, an online lending platform based in Bengaluru recently raised $17.2 Mn in a Series A funding round led by Matrix Partners which comprises of both debt and equity. This round of funding also saw the participation of Bhavish Aggarwal and Ankit Bhati, Ola’s co-founders; Binny Bansal, co-founder & CEO of Flipkart; Kunal Shah, founder of Freecharge; and Manish Patel, founder, and CEO of Mswipe. “Consumer lending to the blue-collared workforce is a large, untapped and hard to solve opportunity. We are impressed by Avail’s differentiated sourcing and underwriting strategy and are privileged to partner with Ankush and Tushar on their journey. We believe it’s still early days of the India Fintech story and will continue to invest in the space”, said Vikram Vaidyanathan, Man...

Digital Payments in India to touch $1 Trillion by 2023

16Feb By Sabhyata AgarwalNo Comments

News

Digital Payments in India to touch $1 Trillion by 2023

After Paytm, Google Tez, Hike and PhonePe like platforms that provide online peer to peer transactions and more, have rolled out, millions of users have moved to electronic payment interface thus expanding the Digital Payment Space. But what is expected to make Digital Payments in India to progress to $1 trillion from $51,756 million (2018) by 2023, is the entry of global players in the country's automated space, as mentioned by investment banking firm Credit Suisse in a report. "Digital payments (in India) currently aggregate less than USD 200 billion, of which mobile is still at just USD 10 billion in financial year (FY) 2018 E (estimated) . We estimate that the total digital payment market in India will grow to USD 1 trillion by FY23E led by the growth in mobile payments," the repor...

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

19Nov By PriyankaNo Comments

News

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

Digital payments solution provider Oxigen Services is in the process of upgrading its point of sales (PoS) devices into micro ATMs to help customers in the present situation due to ban on Rs 500 and Rs 1,000 notes. "Micro ATM is a point of sales device which we have developed into a full featured banking access device and payment transaction device. We want to deploy these terminals in rural areas and in urban areas at all kirana and retail stores across India," Pramod Saxena, Founder Chairman & MD, Oxigen Services told PTI in an interaction. "We already have 2 lakh retail touch points, of these 60,000 stores have these PoS terminals but they are not micro ATMs, so we have started upgrading these terminals into micro ATMs now." He said Oxigen Services plans to deploy 2,000 mic...

BankBazaar.com Launches e-KYC Platform For Loan Approvals

13Sep By AnkitaNo Comments

News

BankBazaar.com Launches e-KYC Platform For Loan Approvals

Financial marketplace BankBazaar.com today said it has launched a multi-brand paperless e-KYC platform for instant loan approvals. This eliminates the need for physical document submission for loan approvals through the companys online platform, BankBazaar.com said in a statement. This would be available for personal and car loans. "We, along with our partners, have been working towards this moment where we take the loan application process completely online and paperless," BankBazaar.com CEO Adhil Shetty said. This step promises to increase customer satisfaction and decrease operational costs for the banks, he added. This would also reduce the loan sanction time to as little as one business day, it said.

22Jul By Press Trust of IndiaNo Comments

INDIA

Indian Companies Can Now Obtain PAN or TAN Registration Within a Day

Companies can now obtain PAN or TAN registration within a day if they submit digital signature certificate-based application, thereby ensuring ease of doing business, Income Tax department said today. Besides, individuals can now get a new Permanent Account Number (PAN) through Aadhaar-based e-signature facility which will reduce the effective time in allotment. For fast-tracking the allotment of PAN and Tax Deduction and Collection Account Number (TAN) to company applicants, digital signature certificate-based application procedure has been introduced on the portals of PAN service providers -- NSDL eGov and UTIITSL. "Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application," a tax department statement said. Similarly, a ne...