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1Mar By AnkitaNo Comments

INDIA

Indian Fintech Companies Raises $2.7 billion in 2020

Mumbai, Feb 27th, 2020: Despite the pandemic-induced disruptions, venture capital funds pumped USD 2.7 billion into domestic fintech companies in 2020, the second-highest fund infusion into the sector since 2019 when it had peaked at USD 3.5 billion, according to a report. The biggest investments were into Bengaluru-based payments firm Navi Technologies at USD 397.9 million from angel funds, Noida-based Pine Labs attracted USD 300 million from private equity players, and Razorpay received USD 100 million from GIC of Singapore, Sequoia and others, making it a unicorn. As against this, global fintech investments stood at a whopping USD 105 billion across 2,861 deals in the year, the third-highest annual total ever, as per the data collated by KPMG India. Despite pandemic challenges,...

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

16Aug By Gauri SinghNo Comments

INDIA

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

Following a number of delays and a few hurdles, the updated version of UPI which is commonly called UPI 2.0 is set to be introduced to the people by the National Payments Corp of India. The UPI 2.0 will be launched today at an event in Mumbai. Urjit Patel, the Governor of The Reserve Bank of India along with Rajnish Kumar, State Bank of India chairman and Nandan Nilekani, the non-executive chairman of Infosys are looking forward to formally launch the updated version. It has been reported that around 10 banks will join UPI 2.0 from the beginning which includes: - SBI - HDFC Bank - Axis Bank - ICICI Bank - Yes Bank However, the other banks are in multiple stages of updating the payment product. "NPCI wanted the updated UPI to be launched by the Governor himse...

Indian Banking Shares Surge On Government’s $32.4B Recapitalisation Plan

25Oct By RishabhNo Comments

Market

Indian Banking Shares Surge On Government’s $32.4B Recapitalisation Plan

Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.43 billion plan to recapitalise its state banks over the next two years, although bonds fell given the injection will be funded with debt. State Bank of India, the biggest lender, rose more than 20 percent, while Punjab National Bank, the second biggest state-run lender, surged more than 33 percent. Also Read Know Why Zomato Base President Resigned Within 8 Months of Joining The benchmark NSE Nifty rose as much as 1.3 percent to a record high of 10,340.55, while the BSE Sensex climbed as much as 1.6 percent to a record high of 33,117.33. Bonds fell, with the benchmark 10-year bond yield up 3 basis points to 6.81 percent from its previous close. ...

Indian Govt Permits Banks To Sell More Small Savings Schemes

20Oct By Press Trust of IndiaNo Comments

INDIA, News

Indian Govt Permits Banks To Sell More Small Savings Schemes

In order to encourage savings, the government has allowed banks, including top three private sector lenders, to accept deposits under various small savings schemes like National Savings Certificate (NSC), recurring deposits and monthly income plan. Until now, most of the small savings schemes were sold through post offices. According to a recent government notification, banks can also sell National Savings Time Deposit Scheme 1981, National Savings (Monthly Income Account) Scheme 1987, National Savings Recurring Deposit Scheme 1981 and NSC VIII issue. As per the notification, all public sector banks and top three in the private sector -- ICICI Bank, HDFC Bank and Axis Bank -- to receive subscription from the expanded portfolios. So far, these banks were allowed to receive subsc...

8Jun By Press Trust of IndiaNo Comments

INDIA

Indian Banks to start charging for P2P payments on UPI

Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform. Countrys largest lender State Bank of India has came out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be effective July 10. "So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards Person to Person (P2P) transactions for UPI and IMPS," National Payments Corporation of Indias chief operating officer Dilip Asbe said in a statement. A senior NPCI official explained that worldover, charges are levied for such transactions and added that in case of...

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

9Mar By NitishNo Comments

BLOGS

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

Bharat QR, the world’s first interoperable Quick Response (QR) code acceptance solution, has been developed by Mastercard in collaboration with National Payments Corporation of India (NPCI) and Visa. American Express is also on board to adopt these standards. The payment solution is expected to revolutionize the payments landscape altogether, besides driving greater acceptability and adaptability among the masses with its inherent ease of use and low cost of deployment. We are decoding BharatQR in 6 easy steps for consumers to understand the new payment method:

SBI Launched mVisa, a Mobile-Based Payment Solution App

7May By NitishNo Comments

News

SBI Launched mVisa, a Mobile-Based Payment Solution App

State Bank of India (SBI), India's largest commercial bank launched mVisa, a mobile-based payment solution app. The app would enable customers to make cashless payments simply by scanning the unique merchant quick response (QR) code at shopping outlets. mVisa is a mobile based payments solution that would facilitate payments by scanning the QR code from the merchant's mobile. SBI customers, including debit card holders and internet banking customers who have transaction rights, can now make payments to merchants by scanning the code. This would eliminate the need to swipe physical cards at a card swiping machine. "With availability of smart phone increasing by leaps and bounds, Mobile-based payments in India have to rise in a big way. Introduction of mVisa, a convenient scan and pay-...