Friday, March 14

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!
Paytm UPI: 5 Easy Steps to Set Up your Bank Accounts
1 Comment
Fintech

Paytm UPI: 5 Easy Steps to Set Up your Bank Accounts

In a recent development, Paytm Payments Bank has suspended its Paytm UPI and bill payment services in compliance with the directives of the Reserve Bank of India (RBI). However, users can still continue using UPI services on the Paytm app by linking their accounts from other banks. Paytm has been granted permission by the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and YES Bank will serve as Payment System Provider (PSP) banks to facilitate transactions on the Paytm platform. To set up SBI, ICICI, HDFC, or any other bank account on Paytm UPI, users need to follow these 5 simple and easy steps: Update your Paytm app and open it. Tap on your profile icon l...
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Cracking the Code: NPCI’s UPI Guidelines (2024) Demystified
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Fintech, Payments

Cracking the Code: NPCI’s UPI Guidelines (2024) Demystified

Here is the brief summary of the  of NPCI Circular on UPI Standardisation guidelines: The National Payment Corporation of India (NPCI) has issued guidelines to enhance the uniformity and branding of UPI (Unified Payments Interface) transactions across various platforms. Whether you’re a UPI app, an online merchant, or an offline merchant, compliance with these standards is crucial. Let’s break down the key points: For UPI Apps and Their Banks (PSP Banks): Display UPI ID: Ensure that the UPI ID is prominently visible on both the app home page and the payment home page. “Powered by UPI” Logo: Use the official “Powered by UPI” logo consistently across all app pages that access the UPI platform. Clear Messaging: Include text such as “Send Money to any UPI A...
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The Evolution of Compliance in Banking and Fintech: A Reflection, 2024
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Fintech, Payments, Regtech

The Evolution of Compliance in Banking and Fintech: A Reflection, 2024

In the dynamic landscape of financial services, compliance has emerged as a cornerstone, ensuring the integrity and stability of banking and fintech operations. The journey, however, has been fraught with lessons, some learned at a high cost. A striking example from 2006 highlights the gravity of compliance: a bank dismissed its entire current account team for opening over 700 accounts using the same template—a practice that was replicated across various banks over the years. As banks embarked on partnerships with fintech companies, the focus on regulatory compliance seemed to wane, overshadowed by business interests. The fintech sector’s vibrancy and innovation made traditional banking institutions appear outdated in comparison. From Template Troubles to Tech Triumphs: The Banking Com...
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Paytm’s Market Rally: Hitting the Upper Circuit 2 Days in a Row
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Fintech

Paytm’s Market Rally: Hitting the Upper Circuit 2 Days in a Row

Paytm’s stock has seen a notable uptick, hitting the upper circuit for two consecutive sessions, with the latest trading price reported at ₹389.20. This surge comes amidst a broader context of regulatory and business updates that have influenced investor sentiment. In recent news, the Reserve Bank of India (RBI) has made announcements that could potentially impact Paytm’s operations, leading to a fluctuation in stock prices. Additionally, advisory committees and financial analysts are closely monitoring Paytm’s business strategies and regulatory engagements to assess any potential issues. The Bullish Surge of Paytm: Analyzing Consecutive Upper Circuit Hits Investors are keeping a keen eye on the National Payments Corporation of India’s (NPCI) response to Paytm’s request to become a th...
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Exploring NBFC Connect 2024: India’s Premier NBFC Summit
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Events, NBFC

Exploring NBFC Connect 2024: India’s Premier NBFC Summit

NBFC Connect Summit, 2024: In the dynamic landscape of India's financial sector, the Non-Banking Financial Companies (NBFCs) play a crucial role in driving economic growth and providing financial services to various segments of the population. One event that brings together industry leaders, experts, and stakeholders to discuss emerging trends, collaborations, and innovations in the NBFC sector is the NBFC Connect Summit. In this blog post, we will delve into the key highlights and significance of the NBFC Connect 2024 Summit. Event Overview: The NBFC Connect Summit, organized by ET BFSI (Economic Times - Banking and Finance Services Intelligence), serves as a platform for knowledge-sharing, networking, and collaboration within the NBFC ecosystem. The upcoming edition, NBFC Connect 20...
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RBI Organizes Annual Conference of the RBI Ombudsmen
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Fintech, Payments

RBI Organizes Annual Conference of the RBI Ombudsmen

Annual Conference of RBI Ombudsmen: The Reserve Bank of India (RBI) recently conducted the Annual Conference of RBI Ombudsmen in Mumbai on March 15, 2024. The conference centered around the theme of "Protecting the Consumers – Building Robust Systems and Procedures." Prominent attendees included Chairman/Managing Director & CEOs of regulated entities from major banks, NBFCs, Non-bank Payment System Participants, NPCI, senior officials of RBI, as well as the RBI Ombudsmen and Deputy RBI Ombudsmen. Governor Shri Shaktikanta Das inaugurated the conference, while Shri Dipak Misra, former Chief Justice of the Supreme Court of India, delivered the keynote address. Shri Misra highlighted the unique features of the Reserve Bank – Integrated Ombudsman Scheme, 2021, which includes a broader ...
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From Aadhaar to UPI: India’s DPI Fuels FinTech Revolution
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Fintech

From Aadhaar to UPI: India’s DPI Fuels FinTech Revolution

India’s DPI, comprising matured digital entities like Aadhaar, UPI, and FASTag, has been a game-changer for the FinTech landscape. These robust platforms have contributed nearly 0.9% to India’s GDP in 2022. But it doesn’t stop there—India’s UPI now spans seven nations globally, including recent additions like Nepal, Sri Lanka, and Mauritius. The approach to DPI emphasizes scalability, interoperability, and innovation, guided by principles such as open APIs and a multi-layered architecture. As we look ahead, DPIs hold immense promise, with the potential to triple economic value by 2030. Buckle up—the FinTech revolution fueled by India’s DPI is just getting started! 🚀🌐💰 To Read More visit: ETBFSI Also Read: How to Navigate the Regulatory Landscape for Fintech in India: A Compr...
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Top Funding Trends in Indian Startup Ecosystem, 2024
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Startups

Top Funding Trends in Indian Startup Ecosystem, 2024

In recent times, India’s vibrant startup ecosystem has faced a challenging phase known as the ‘funding winter’. Despite being the fourth-largest venture market globally in 2023, Indian startups have experienced a downward trend in funding. Investors are exercising caution and selectivity, resulting in a significant drop in venture capital investments. Here are some key points: Venture Capital Investments Decline: In 2023, venture capital investments in India plummeted to $11 billion, a mere one-fourth of the $42 billion recorded in 2021. Late-Stage Funding Hit Hard: Late-stage funding has been severely impacted, shrinking by 82% since 2021. Seed funding has also halved. Unicorn Status: The number of startups achieving unicorn status (valuation of $1 billion) dropped ...
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9Unicorns’ Fifth D-Day: Over 20 Startups Set to Secure $110 Mn Funding
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Startups

9Unicorns’ Fifth D-Day: Over 20 Startups Set to Secure $110 Mn Funding

In a significant development for the Indian startup ecosystem, 9Unicorns, the venture capital fund, is gearing up for its fifth D-Day. Over 20 promising startups are poised to secure a whopping $110 million in funding. This funding event marks a remarkable milestone, especially considering the challenges posed by the pandemic and economic fluctuations. The startups selected for this funding round span diverse sectors, including SaaS, fintech, healthtech, and edtech. The investment will fuel their growth, innovation, and market expansion. With 9Unicorns’ backing, these startups are well-positioned to make a significant impact in their respective domains. This article sheds light on the thriving Indian startup landscape and the crucial role played by venture capital firms like ...
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Paytm Stock Skyrockets 11% in 2 Sessions, Hits Upper Circuit at 389.20: Here’s Why
No Comments
Fintech, Payments

Paytm Stock Skyrockets 11% in 2 Sessions, Hits Upper Circuit at 389.20: Here’s Why

Paytm, the parent company of One97 Communications, experienced a surge in its stock price, reaching the upper circuit for the second consecutive trading session. The stock price rose by 18.50 points or 4.99% to reach 389.20. This increase comes after Paytm received approval from the National Payments Corporation of India (NPCI) to join the Unified Payments Interface (UPI) as a third-party application provider under the multi-bank model. The move is viewed positively by Morgan Stanley, which maintained an Equal Weight stance and a target price of Rs 555. The approval marks an important milestone for Paytm as it ensures continuity in UPI transactions and AutoPay mandates for existing users and merchants. This development also signifies a potential shift in Paytm's business model towards clos...
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