Saturday, March 15

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!
Surge in Export Credit: Indian Banks Reach a 12-Month High Amidst International Demand
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BFSI

Surge in Export Credit: Indian Banks Reach a 12-Month High Amidst International Demand

Introduction to the Export Credit Surge  In an economic landscape marked by global uncertainties, Indian banks have emerged as pillars of stability and growth with a surge in export credit. The latest data reveals a remarkable surge in export credit, which has soared to a 12-month high of Rs 20,489 crore, showcasing the resilience and potential of the Indian export sector amid rising global demand. The Current Economic Scenario  The Economic Times reports that this surge is not just a fleeting spike but a sustained upward trajectory, with a 5% increase this financial year, marking the highest point since February of the previous year. This growth comes despite the ongoing Red Sea crisis, which has posed significant challenges to international trade due to piracy raids ...
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The Game Changer in Modern Warfare: Understanding MIRV Technology
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Space, Technology

The Game Changer in Modern Warfare: Understanding MIRV Technology

In the high-stakes arena of international defense, a game-changing technology known as Multiple Independently Targetable Reentry Vehicles, or MIRV, has revolutionized strategic military capabilities. MIRV refers to a type of missile payload that can house several nuclear warheads, each capable of striking different targets independently. This formidable technology is primarily associated with intercontinental ballistic missiles (ICBMs) carrying thermonuclear warheads1. The Genesis of MIRV The inception of MIRV technology dates back to the Cold War era, marking a significant evolution in ballistic missile design. The United States pioneered this technology, with the Minuteman III ICBM being the first to be equipped with MIRV in 1970. This missile could carry multiple warheads, each with...
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A Leap Deferred: Agnikul Cosmos’ Launch Postponement, March 2024
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Technology, Space, Startups

A Leap Deferred: Agnikul Cosmos’ Launch Postponement, March 2024

In a world where the stars seem just within reach, the ambitious journey of Agnikul Cosmos has faced a momentary pause. The Chennai-based startup, incubated at IIT Madras, has announced the postponement of its maiden rocket launch, originally scheduled for March 22, 2024. The mission, named ‘Agnibaan SOrTeD’ (Sub Orbital Technology Demonstrator), was set to lift off from its private launch pad within the ISRO campus at Sriharikota. The postponement comes as a result of a ‘technical issue’ identified during the full countdown rehearsals. In a statement released on social media, the company expressed that the decision was made out of an abundance of caution, prioritizing safety over haste. The new launch date is yet to be announced, but the anticipation remains high. Agnibaan SOrTeD re...
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Startup Mahakumbh 2024: PM Modi’s Address at Bharat Mandapam
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Fintech

Startup Mahakumbh 2024: PM Modi’s Address at Bharat Mandapam

The Startup Mahakumbh event, held from March 18-20 at Bharat Mandapam in New Delhi, was a significant occasion for India’s burgeoning startup ecosystem. Prime Minister Narendra Modi addressed the gathering, emphasizing the government’s support for emerging sectors such as deeptech, agritech, biotech, medtech, and AI. The event, organized by apex industry associations and supported by the DPIIT, showcased over 1306 startups across 10 sectors, featuring 392 speakers and 165 sessions. Highlights from Startup Mahakumbh Event PM Modi highlighted the transformative potential of startups, noting their role in revolutionizing industries and contributing to economic growth. He pointed out that startups are not just confined to metro cities but have become a social culture, spreading to smal...
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Paytm Fastag: Tips for Toll Payments Beyond the March 15 Deadline
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Fintech

Paytm Fastag: Tips for Toll Payments Beyond the March 15 Deadline

Paytm Fastag users can still pay at toll plazas even after the March 15 deadline. Paytm Payments Bank has been transitioning its users to other banks as per RBI guidelines. Although Paytm has been removed from the list of Fastag issuers by NHAI, users can still use their Paytm Fastag to make payments at toll plazas if they have a sufficient balance in their Fastag wallet. However, since RBI has banned Paytm Payments Bank from accepting deposits, users cannot top up their Paytm-issued Fastags. It is advised for users to seek a refund and discontinue using the Paytm Fastag to avoid any inconvenience. The article provides instructions on how to request a refund through the Paytm app. Paytm Fastag: In recent times, there has been confusion among Paytm Fastag users regarding their ability to ...
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How to Participate in Startup Mahakumbh, 2024
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Fintech, Startups

How to Participate in Startup Mahakumbh, 2024

Startup Mahakumbh will be a first-of-its-kind event in terms of vision and magnitude, scheduled from March 18-20, 2024, at the iconic Bharat Mandapam in New Delhi. The event is expected to have participation from more than 1000 high-potential startups from India and the globe, with key global and Indian stakeholders such as unicorn startups, global and domestic venture capitalists, corporates, and industry leaders also participating. Join the Startup Mahakumbh Revolution! Participating in the Startup Mahakumbh event is a great way to engage with India’s vibrant startup ecosystem. To participate, you can register as a delegate, exhibitor, visitor, or student. Here’s how you can apply: Visit the official Startup Mahakumbh registration page1. Choose the category that applie...
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India’s Health Insurance Sector: Poised to Break the Rs 1 Lakh Crore Barrier
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Fintech, Insurtech

India’s Health Insurance Sector: Poised to Break the Rs 1 Lakh Crore Barrier

India’s health insurance sector is on the brink of a significant milestone, with projections indicating it will cross the Rs 1 lakh crore mark in FY24. This anticipated growth is not an isolated event but part of a consistent upward trend in the non-life insurance market, which is expected to grow at a rate of approximately 13-15% in the medium term1. The motor insurance segment has been a strong contributor to this growth, already surpassing the Rs 80,000 crore threshold. The health insurance segment, in particular, is expected to be a primary driver of growth, supported by increasing disposable income levels among consumers and a rise across other segments1. Several factors are contributing to the positive outlook for the health insurance sector: Favorable Regulatory Environment: Re...
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RBI Bulletin Forecasts: India’s Growth Potential Beyond 8%
1 Comment
BFSI

RBI Bulletin Forecasts: India’s Growth Potential Beyond 8%

The Reserve Bank of India’s (RBI) March Bulletin has expressed confidence in India’s economic growth, projecting the country can sustain an 8% annual GDP growth rate, with potential for even higher. The bulletin points to a conducive macroeconomic environment that could serve as a launching pad for further growth. Despite global economic headwinds, India’s GDP growth has averaged above 8% from 2021 to 2024. RBI Projects India Can Exceed 8% Growth Rate The October-December quarter of 2023-24 saw a six-quarter high in real GDP growth, driven by strong domestic momentum, robust indirect taxes, and lower subsidies. The bulletin also cites healthy corporate and bank balance sheets, a modest current account deficit, resilient external buffers, and ongoing fiscal consolidation as key factors su...
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NABARD Forecasts Rs 2.43 Lakh Crore Credit Potential for Bihar in FY 2024-25
2 Comments
Fintech

NABARD Forecasts Rs 2.43 Lakh Crore Credit Potential for Bihar in FY 2024-25

The National Bank for Agriculture and Rural Development (NABARD) has projected a credit potential of Rs 2,43,093 crore for Bihar in the fiscal year 2024-25. This estimate takes into account the Reserve Bank of India’s priority sector-based guidelines, as well as central and state government policies related to sustainable agriculture and rural development. The State Focus Paper 2024-25 for Bihar, which compiles the assessed credit flow across all 38 districts, was unveiled during NABARD’s credit seminar. Notably, the total credit flow under the priority sector for the specified year is estimated at Rs 2,43,093 crore1234. Development Commissioner Chaitanya Prasad emphasized the importance of credit intensification through specific planning for various sub-sectors within agriculture ...
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Why Credit on UPI Struggles to Gain Momentum: Unveiling the Challenges
2 Comments
Fintech, Payments

Why Credit on UPI Struggles to Gain Momentum: Unveiling the Challenges

Despite the initial promise, credit transactions on the Unified Payments Interface (UPI) have not gained significant traction. The slow adoption can be attributed to several key factors outlined in a recent article. Understanding Why Credit on UPI Lags Behind: One major obstacle is the absence of a defined interchange fee structure for credit on UPI. This lack of clarity creates uncertainty among banks and hinders their willingness to participate fully. Additionally, concerns about possible cannibalization of credit card balances by larger banks have further impeded widespread acceptance. Another deterrent is the imposition of fees, such as the merchant discount rate (MDR), on merchants for credit transactions. Many merchants, accustomed to free UPI payments through bank accounts, sho...
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