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29Aug By Gauri SinghNo Comments

INDIA

Google to Partner With Four Indian Banks to Offer Online Loans

The multinational technology giant Google is reportedly teaming up with four Indian banks for the purpose of granting consumer loans online. This move comes as the fight for a $1 trillion digital finance market is intensifying. The banks that the largest search engine is partnering with include HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Federal Bank. These banks in collaboration with Google will offer instant, pre-approved loans to customers “right within Google Pay in a matter of seconds.” In this technology-driven era, internet giants are joining the league to provide financial services in the world’s fastest-growing mobile arena. Online lending is becoming the next big thing as mobile users look for small loans with minimal paperwork and formalities. This also helps to save ti...

6Mar By Sheldan RungasamyNo Comments

FUNDING

MedGenome Labs Receives Series C Funding From HDFC

MedGenome Labs, a genetic diagnostics company announced on Monday that they closed in on a Series C round funding of $40 million (Rs266.11 crore) from investors HDFC Ltd, HDFC Life and HDFC Asset Management. The company specializes in genomic testing and a genome is the genetic material of an organism. It has all the instructions to make the muscle cells and neurons. A statement from the company explains that MedGenome will use the funds to further develop their clinical genomic testing market by entering semi-urban cities (Tier-II and Tier-III towns). They aim at providing clinical tests like non-invasive pre-natal screening (NIPT) and newborn genetic testing to the masses. In an official statement, MedGenome stated they are also considering setting up more genetic centers in hos...

HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

18Feb By NitishNo Comments

Entrepreneurs Talk

HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

In one of the sharpest comments against prepaid wallets like Paytm, HDFC Bank chief Aditya Puri today said such companies which hold on to customers through cash-backs are loss-making and have "no future". "I think wallets have no future. There is not enough margin in the payment business for the wallets to have a future," Puri, the managing director and chief executive of the second largest private sector lender, said at the annual Nasscom summit here. "Wallets as a valid economic proposition is doubtful. There is no money in the payments business. The current loss reported by market leader Paytm is Rs 1,651 crore. You cannot have a business that says pay a Rs 500 bill and take Rs 250 cash-back," Puri said. Wallet companies cannot "copy" the "Alibaba model" as well, as the domest...

HDFC Bank To Focus On Digital Platform For Substantial Growth

10Jul By RishabhNo Comments

BUSINESS

HDFC Bank To Focus On Digital Platform For Substantial Growth

PTI: Private sector HDFC Bank plans to focus on digital platforms in rural and semi-urban markets to achieve sustained growth in the coming years. The bank is well positioned to continue to grow faster than the banking sector both in retail and wholesale segments, HDFC Bank said in its annual report for 2015-16. According to the report, "over the next couple of years, the bank will leverage on its distribution strength and digital platforms especially in the rural and semi-urban parts of the country for a more sustained growth." During the year, the bank introduced digital innovations including loans at ATMs, missed called recharge and 10 second personal loan. The report further said the bank will continue its focus on five core values of customer focus, operational excellence, pro...