In a recent update, NIPL has partnered with the bank of Namibia to develop a payments system like the Unified Payments Interface (UPI) in the country to help Namibia modernize its financial ecosystem.
A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore, among others, have partnered or intending to partner with India on emerging fintech and payment solutions.
The rise of digital savings accounts is not just a testament to technological innovation but also a reflection of changing consumer preferences. Today's tech-savvy generation demands instant results, seamless experiences, and personalised services. Digital banks like Kotak811 are meeting these expectations head-on, offering a range of features and benefits that cater to the evolving needs of modern customers.
What is the driving force behind increased credit penetration? Collaboration seems to have taken spotlight with NBFCs partnering with the banks and FinTechs. At NBFC Connect ‘24, we shall map these collaborations with the industry stalwarts from on Banking Financial Companies (NBFCs), Housing Finance Companies, Micro Finance Institutions (MFIs), and Industry Associations.
Compared to global averages, the MSME sector in India lags way behind in formal credit penetration, with over 86% of MSMEs facing challenges. Experts believe RBI's latest mandate on key fact statements (KFS) will stimulate more credit demand from MSME borrowers.
In the last half decade or so, we’ve seen good progress in improved perceptions around comprehensive life insurance coverage but there are many other insurance categories that can serve different needs for different families, and now is the best time to make the change for a more confident future. Read more:
Francis also pointed out that during his visit to India, he was impressed with the level of investments being made in infrastructure development across the country. He stressed that infrastructure is one of the areas of economic activity known to boost growth in any economy because it creates huge demands for materials, labour, and inputs and provides jobs.
Announcing their alliance, J&K Bank and Paymart India introduce the facility of Virtual ATM usage for the bank’s customers in the Jammu and Kashmir region. The mobile app based usage would allow customers to do cashless payments to merchants.
India's microfinance sector is highly concentrated, with the top 10 states representing 85% of the market, leaving many districts and villages with limited access to credit. Sa-Dhan, a microfinance industry body, is investigating reasons for this disparity and aims to encourage lenders to reach under-penetrated areas. Despite recent growth in financial inclusion, many districts have a penetration ratio of less than 30%, indicating a need for expansion in these regions.
Banxso emphasized the importance of fostering collaborations between government agencies, industry players, and technology innovators to create an environment conducive to technological innovation. As the Indian fintech sector continues to evolve, Banxso claims that it would contribute by offering cutting-edge solutions tailored to the needs of the Indian market. Read more:
Banxso emphasized the importance of fostering collaborations between government agencies, industry players, and technology innovators to create an environment conducive to technological innovation. As the Indian fintech sector continues to evolve, Banxso claims that it would contribute by offering cutting-edge solutions tailored to the needs of the Indian market. Read more:
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