Some new partnerships between Axis Bank and fintechs may take shape due to RBI’s recent clarification on loading credit lines on wallets, Moghe said.
The programme will focus on finding 10,000 start-ups beyond the metros, in tier 2 and tier 3 cities, and is aiming to onboard them by December.
Vaishnaw said this while giving an overview of India's public digital platforms, and said these platforms have avoided the creation of monopolies in the digital services sector -- the kind that are present in developed countries.
Behari, who was leading the ICICI-Amazon credit card partnership before joining Slice, has 16 years of experience in the credit finance industry
The central bank, in its 25th Financial Stability Report (FSR), said the advent of FinTech has exposed the banking system to new risks which extend beyond prudential issues and often intersect with other public policy objectives relating to safeguarding of data privacy, cyber security, consumer protection, competition and compliance with anti-money laundering policies
Further, the report reiterated RBI's stance that fintech has exposed the banking system to new risks, and the presence of Big Techs like Apple, Google, Meta, Amazon, etc in fintech has increased risks to financial stability.
Besides its global expansion plans, GetVantage will use the funds for growing its financing solution and embedded finance product, client portfolio and tech infrastructure.
The fintech firm also witnessed participation of existing investors in the funding round
The company expects to onboard 7,000 businesses on its platform in the Indian market over the next 12-18 months.
Murali Brahmadesam has more than two decades of experience and has spent a major part of his career at Amazon and Microsoft, where he held several technology and leadership roles.
The debenture issue follows the company's Series C round where it raised $50 million
Fintechs provide infrastructure services to banks and NBFCs for sourcing and maintenance of new products and charge a fee for the same.
The RBI's notification could be the end of credit-linked prepaid cards and wallets
In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending.
The Payments Council of India's letter estimates that over 10 million credit-linked prepaid instruments are active currently with over Rs 3,500 crore of payment volumes processed in May 2022.
The representation by the Digital Lenders Association of India (DLAI) after RBI barred loading credit lines into prepaid payment instruments (PPIs) such as wallets and prepaid cards, impacting players like Slice and Uni.
PhonePe reported a consolidated net loss of Rs 1,728 crore for FY21, against a consolidated loss of Rs 1,771 crore a year earlier.
The Indian central bank is in discussions with fintech companies following its clarification last week on the loading of pre-paid instruments through credit lines.
The core function of banking will remain, but the way we understand a bank in terms of branches and bank officers, is going to change forever
Setu offers open APIs across four categories—data, payments, investments, and lending. The company's founders will continue to lead the firm and brand name and the team of Setu will be retained.
The representations will seek further clarity to assess the impact of RBI’s notice on lending through PPIs.