Wednesday, February 5

Author: Ankit

Meet Ankit, the expert voice behind NewNerve. With a deep understanding of the financial sector and a passion for sharing knowledge, Ankit delivers informative and timely updates on latest trends and developments in the BFSI world. Whether you're a seasoned professional or simply interested in keeping up with the latest news, our insightful blogs are a must read. Stay informed and Stay ahead!
Axis Bank Credit Card Fraud: 5 Actions to Take Immediately
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Payments, Banking

Axis Bank Credit Card Fraud: 5 Actions to Take Immediately

The recent Axis Bank credit card fraud fiasco has left many customers in India concerned and vulnerable to fraudulent international transactions. It is crucial for affected individuals to take immediate action to safeguard their financial interests and protect themselves from further harm. This article aims to provide an overview of the situation and offer guidance on the necessary steps to mitigate the risks associated with this incident. Understanding the Axis Bank Credit Card Fraud: Axis Bank, one of India's leading financial institutions, recently faced a significant security breach resulting in fraudulent international transactions on some of its customers' credit cards. This incident has raised concerns among the affected individuals, as unauthorized transactions can have severe fi...
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CBDC’s Programmability: Revolutionizing Digital Transactions and Governance
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Payments

CBDC’s Programmability: Revolutionizing Digital Transactions and Governance

Central Bank Digital Currency (CBDC) has emerged as a transformative force in the financial landscape, with experts predicting that its programmability feature will turbocharge its impact. In a recent episode of FinTech Diary, industry leaders discussed the potential of CBDC, its current initiatives, and the journey of India's CBDC pilot projects. This article explores the key insights shared by these experts and highlights the significance of CBDC's programmability in revolutionizing the way we transact and govern financial transactions. Exploring CBDC's Potential and Scope: CBDC, often referred to as digital cash, operates outside traditional bank accounts and instead resides in digital wallets. Ajay Rajan, Country Head at Yes Bank, emphasizes that CBDC's programmability, offline mode,...
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RBI’s Risk Weight Hike: Implications for Incremental Bank Lending to NBFCs
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Digital Lending, NBFC

RBI’s Risk Weight Hike: Implications for Incremental Bank Lending to NBFCs

The Reserve Bank of India (RBI) recently implemented a significant increase in risk weight for bank exposures to Non-Banking Financial Companies (NBFCs). This move is expected to have a notable impact on incremental bank lending to the NBFC sector. In this article, we will explore the implications of the RBI's decision and discuss the potential consequences for the lending landscape. Key Points: Decrease in Bank Loans to NBFCs: As of January 2024, outstanding bank loans to NBFCs stood at Rs 15.03 trillion. However, in FY23, banks extended only Rs 3.08 trillion to finance companies, a significant decline compared to the previous year's Rs 73,831 crore. This downward trend can be attributed to various factors, including the tightening of risk weights by the RBI. Projections for FY25: ...
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Paytm’s FY25E Revenue Likely to Decline by 24%: Challenges Ahead
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Payments

Paytm’s FY25E Revenue Likely to Decline by 24%: Challenges Ahead

Introduction:  In a rapidly evolving digital landscape, Paytm, one of India’s leading digital payment platforms, faces significant headwinds. A recent report by Motilal Oswal Financial Services sheds light on the company’s future prospects, highlighting potential revenue declines and competitive pressures. The Forecast: A 24% Revenue Drop Motilal Oswal estimates that Paytm’s FY25E revenue is expected to decline by a substantial 24%. This projection reflects the challenges the company is currently grappling with. Let’s delve into the key factors contributing to this anticipated decline: Business Transition: Paytm is undergoing a significant business transition. As it diversifies its offerings beyond payments, it faces the delicate task of retaining existing cus...
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Trust Bank Empowers Customers with AutoPay for Hassle-Free Credit Card Repayments
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Fintech, Payments

Trust Bank Empowers Customers with AutoPay for Hassle-Free Credit Card Repayments

Trust Bank, Singapore's digital bank, has rolled out AutoPay, a new feature aimed at simplifying credit card repayments for its users. This development allows Trust Bank customers to set up automatic repayments for their credit cards with just a few clicks, provided they have a savings account. Introducing Trust Bank's AutoPay Feature Trust Bank's AutoPay feature offers a straightforward setup process. Customers who have a Trust credit card and savings account can activate AutoPay in a matter of seconds. Even those without a savings account can open one quickly, with an account opening experience that takes approximately one minute. Benefits for Savings Account Holders: Interest Rates and Insurance Coverage In addition to the convenience of automatic repayments, Trust Bank's savings ac...
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The Economics of Holi: Celebrating Color, Culture, and Commerce
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Economics

The Economics of Holi: Celebrating Color, Culture, and Commerce

Holi, the vibrant festival of colors, is not only a time for joyous celebration and cultural festivities but also an occasion that holds economic significance. Originating in India, Holi has transcended borders and gained recognition as a global festival. In this article, we explore the economics of Holi, examining its impact on various sectors and shedding light on the financial aspects associated with this colorful extravaganza. The Colourful Economics of Holi 1. Tourism and Hospitality Industry: According to the Ministry of Tourism, Government of India, Holi attracts a substantial number of international tourists. In 2019, around 300,000 foreign tourists visited India during the Holi season. A report by the Federation of Hotel & Restaurant Associations of India (FHRA...
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Digital Wallet Dominance: 58% India’s E-Commerce Revolution Driven by Mobile Wallets
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Fintech, Payments

Digital Wallet Dominance: 58% India’s E-Commerce Revolution Driven by Mobile Wallets

India’s e-commerce landscape is undergoing a significant transformation, with alternative payment methods now commanding a substantial 58% share of the market in 2023. This shift, driven by the widespread adoption of mobile and digital wallets, marks a profound change in consumer preferences and transactional behavior. The Changing Face of Indian E-Commerce: The Rise of Alternative Payments Mobile Wallets: Brands like Amazon Pay and Google Pay have gained prominence as alternative payment solutions among Indian consumers. Decline of Cash: Traditional cash payments, prevalent in in-store retail, have witnessed a sharp decline in online purchases, capturing only a 6.2% share of the market. Payment Cards Remain Relevant Credit and Charge Cards: Payment...
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IBA’s New Captain: MV Rao Charts Course for Financial Excellence
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Banking, BFSI

IBA’s New Captain: MV Rao Charts Course for Financial Excellence

MV Rao Takes the Helm at IBA In a significant development, MV Rao has been chosen to lead the IBA (Indian Banks’ Association. His appointment as Chairman was confirmed during a meeting of the IBA’s Managing Committee on Thursday, March 21, 2024. This prestigious role places him at the forefront of shaping policies and strategies for the banking sector. Prior to his current role as the Managing Director & CEO of Central Bank of India, MV Rao served as the Executive Director of Canara Bank for over three years. During his tenure at Canara Bank, he played a pivotal role in the bank’s progress and was instrumental in the amalgamation of Syndicate Bank with Canara Bank. Deputy Chairmen Appointed Alongside MV Rao, the IBA has also appointed three Deputy Chairmen: ...
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Indie: The ‘SUV of EV Scooters’ with 55 Liters of Storage Space
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Startups

Indie: The ‘SUV of EV Scooters’ with 55 Liters of Storage Space

River , an electric vehicle (EV) startup based in Bengaluru, has made waves with its innovative electric two-wheeler (Indie). Designed by co-founders Arvind Mani and Vipin George, this scooter boasts a whopping 55 liters of storage space, making it a game-changer for small business owners and everyday commuters alike. The ‘SUV of EV Scooters’ Storage Galore: The electric two-wheeler, aptly named Indie, is not your average scooter. It offers ample cargo space, allowing riders to transport goods efficiently. USB Charging: Indie comes equipped with a 12-liter lockable glove box that includes a USB charger, catering to the tech-savvy needs of modern riders. Investment and Recognition River recently secured a substantial investment of $40 million (Rs 335...
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The Evolving Landscape of the Banking Industry in the UAE: 5 Key Insights
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Banking

The Evolving Landscape of the Banking Industry in the UAE: 5 Key Insights

Imagine a bustling financial landscape where innovation meets resilience, where global integration drives economic growth, and where traditional banking merges seamlessly with digital advancements. This is the story of the banking industry in the United Arab Emirates (UAE). UAE Banking Industry: A Journey Through Growth and Innovation In this article, we will explore the main findings and insights from a comprehensive report on the UAE banking industry, shedding light on the operational insights, digital trends, and market analysis that have shaped this dynamic sector. For a more in-depth understanding, we highly recommend referring to the original report by Majid Dodehaki. Original Report: Banking Industry in the UAE Growth and Resilience: The UAE has emerged as a global financial ...
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