May 2024 - NewNerve

4May

By AnkitNo Comments

BFSI, Blog, Fintech, Microfinance

Fintech-BC Collaboration: Driving Innovation in Financial Inclusion

Fintech companies are actively collaborating with BCs to offer innovative financial products and services, expanding access and catering to the diverse needs of unbanked and underserved populations. Let's explore some key areas of collaboration to drive innovation in Financial Inclusion: 1. Digital Onboarding and KYC: Fintech companies are providing digital platforms and mobile apps to streamline customer onboarding and KYC (Know Your Customer) processes for BCs. This reduces paperwork, accelerates account opening, and improves the overall customer experience. 2. Micro-loans and Credit Scoring: Fintech companies are leveraging alternative data sources and machine learning algorithms to develop innovative credit scoring models for BC customers. ...

What is NCRP (National Cybercrime Reporting Portal)?

3May

By Ankit2 Comments

BFSI

What is NCRP (National Cybercrime Reporting Portal)?

Empowering Citizens in the Fight Against Cybercrime In today's digital age, cybercrime has become a significant threat, affecting individuals, businesses, and governments alike. To combat this growing menace, the Indian government launched the National Cybercrime Reporting Portal (NCRP) in 2019. This online platform empowers citizens to report cybercrime incidents quickly and conveniently, paving the way for timely investigation and action. This article aims to provide a detailed overview of NCRP, its features, and its role in empowering citizens to combat cybercrime effectively. What is NCRP? The National Cybercrime Reporting Portal (NCRP) is an initiative of the Indian Ministry of Home Affairs (MHA) and is part of the Integrated Cybercrime Prevention Unit (ICCPU). Launched in colla...

What is CFCFRMS? Citizen Financial Cyber Fraud Reporting and Management System

3May

By Ankit2 Comments

BFSI, Cyber Crime, Economics, Payments

What is CFCFRMS? Citizen Financial Cyber Fraud Reporting and Management System

In an increasingly digital world, the threat of cyber fraud has become a significant concern for individuals and organizations alike. Financial cyber fraud poses a severe risk to citizens, leading to financial losses, identity theft, and compromised personal information. To combat this growing menace, the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) has emerged as a robust and comprehensive platform that empowers citizens to report and manage incidents of financial cyber fraud effectively. In this article, we will explore the features, benefits, and potential impact of the CFCFRMS. Understanding the CFCFRMS The Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS) is an initiative by the Indian government to combat financial cyber frauds. T...

RBI Announces Withdrawal of ₹2000 Denomination Banknotes

3May

By Ankit1 Comment

Banking, Economics, Finance, Goverment Notice/Circulars

RBI Announces Withdrawal of ₹2000 Denomination Banknotes

The Reserve Bank of India (RBI) has recently released a press release announcing the withdrawal of ₹2000 denomination banknotes from circulation. This significant move aims to streamline the currency system and ensure the smooth functioning of the Indian economy. The RBI's decision comes into effect based on the guidelines provided in Press Release 2023-2024/257, dated May 19, 2023. Let's delve into the details of this crucial development. Withdrawal Status and Process: According to the press release, the ₹2000 banknotes' withdrawal status is regularly updated by the RBI. The most recent update was published on April 01, 2024. As part of the withdrawal process, individuals and entities were initially given the opportunity to deposit or exchange their ₹2000 banknotes at any bank branch un...

Punjab National Bank (PNB) Revises FD Rates, Implements Rate Cuts of up to 15bps

2May

By AnkitNo Comments

BFSI, Banking, Finance

Punjab National Bank (PNB) Revises FD Rates, Implements Rate Cuts of up to 15bps

Punjab National Bank (PNB), one of India's leading public sector banks, has recently announced a revision in its fixed deposit (FD rates) interest rates. The bank has implemented rate cuts of up to 15 basis points (bps) across various tenures. This move comes as a response to the evolving market conditions and aims to align the bank's offerings with the prevailing interest rate environment. Let's delve deeper into the revised FD rates offered by PNB. Revised FD Rates: Effective from April 12, 2024, PNB has adjusted its FD interest rates for different categories of depositors. The revised rates are as follows: Regular Citizens: For regular citizens, PNB now offers FD interest rates ranging from 3.50% to 7.25%. The rates vary based on the tenure of the fixed deposit. Senior Citize...

T2P Partners with Wise Platform to Enable Global Money Transfers for DeepPocket Users in Thailand

1May

By AnkitNo Comments

Fintech, Global BFSI, Payments

T2P Partners with Wise Platform to Enable Global Money Transfers for DeepPocket Users in Thailand

Thailand's financial technology landscape continues to witness significant advancements. In a recent development, T2P Co., Ltd., a prominent payment solution provider in Thailand, has announced a strategic partnership with Wise Platform. This collaboration marks a significant milestone for T2P, making it the first fintech company in Thailand to offer international money transfers without exchange rate mark-ups or hidden fees through its popular e-wallet app, DeepPocket. Enhanced Global Money Transfer Options By leveraging the infrastructure provided by Wise Platform, DeepPocket users can now conveniently transfer funds to 16 different currencies, including USD, GBP, EUR, and AUD. The collaboration aims to provide users with swift and transparent cross-border money transfer services. Sea...

Worldline ePayments India Receives RBI Authorization as Online Payment Aggregator

1May

By AnkitNo Comments

BFSI, Fintech, Goverment Notice/Circulars, Payments

Worldline ePayments India Receives RBI Authorization as Online Payment Aggregator

Global payment services leader Worldline ePayments India has achieved a significant milestone by securing authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator (PA) under the Payment and Settlement Systems Act, 2007. This development underscores the company’s commitment to the Indian market and its focus on compliance within the well-regulated payments landscape. Also Read: Decoding RBI’s Draft Guidelines for Payment Aggregators The Authorization Journey for Worldline In-Principle Approval: Worldline ePayments India received in-principle authorization from the RBI to act as a PA in 2022. This initial approval paved the way for the company to play a crucial role in facilitating digital payments across various sectors. Payment Aggregator Role...