Jul 07, 2022 05:52 PM IST

Interview: Citi deal on track, will grow cards portfolio aggressively in FY23, says Axis Bank executive Moghe

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.

Google launches start-up school, targets 10,000 non-metro entrepreneurs

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.

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India in talks with 30 countries regarding UPI: MeitY minister Ashwini Vaishnaw

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.

Slice appoints Sudeep Behari as new business head

Behari, who was leading the ICICI-Amazon credit card partnership before joining Slice, has 16 years of experience in the credit finance industry

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Big tech firms offering financial services pose risk to financial stability: RBI

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

RBI Financial Stability Report: Fintech delinquencies halved to 2.26% in March

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.

SME credit enabling platform GetVantage raises $36 million, eyes Southeast Asia expansion

Besides its global expansion plans, GetVantage will use the funds for growing its financing solution and embedded finance product, client portfolio and tech infrastructure.

AquaExchange raises $3 million in funding led by Endiya Partners, Accion Venture Lab

The fintech firm also witnessed participation of existing investors in the funding round

Volopay to offer corporate credit cards with SBM Bank India as it expands India offerings

The company expects to onboard 7,000 businesses on its platform in the Indian market over the next 12-18 months.

Razorpay founder Shashank Kumar takes over as MD, former Amazon executive Murali B new CTO

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.

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Slice gets shareholders' approval to raise Rs 200 crore through NCDs

The debenture issue follows the company's Series C round where it raised $50 million

RBI will continue reforms till fintechs do not self-regulate: Online PSB Loans MD

Fintechs provide infrastructure services to banks and NBFCs for sourcing and maintenance of new products and charge a fee for the same.

Prepare for scrutiny if you want to play the big boys' game: Experts on RBI's recent fintech crackdown

The RBI's notification could be the end of credit-linked prepaid cards and wallets

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Finance Ministry asks banks to explore fintech partnership, co-lending opportunities

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.

Payments council urges RBI to treat full KYC prepaid instruments like bank accounts

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.

Digital lenders seek 6-month extension, meeting with RBI, on PPI-based lending

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's FY21 loss little changed even as revenues soar 85%

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.

RBI, PPI companies in talks; central bank not in favour of innovation based on regulatory arbitrage

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.

Banking | Creative destruction of existing models will pose new challenges for regulators

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 

IPO-bound Pine Labs acquires fintech infra startup Setu for $70-75 million

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.

RBI's freeze on PPI-led lending: Industry bodies to write to RBI, Govt on their stance on supporting innovation

The representations will seek further clarity to assess the impact of RBI’s notice on lending through PPIs.