Wednesday, March 12

Blog

Banking Synergy: Fincare Small Finance Bank Joins AU Small Finance Bank
20 Comments
Fintech, Payments

Banking Synergy: Fincare Small Finance Bank Joins AU Small Finance Bank

A Deep Dive into the Fincare Small Finance Bank Ltd. and AU Small Finance Bank Ltd. Amalgamation A Strategic Move in India’s Banking Landscape The Reserve Bank of India (RBI) has given its nod to a significant financial union—the amalgamation of Fincare Small Finance Bank Ltd. (Transferor Bank) with AU Small Finance Bank Ltd. (Transferee Bank). This all-stock merger, valued at $530 million, is set to reshape the banking landscape in India. Let’s explore the details and implications of this strategic move. 1. The Merger in a Nutshell Effective Date: The amalgamation is slated to take effect from April 1, 2024. Branch Integration: All branches of Fincare Small Finance Bank Ltd. will seamlessly transition to operate as branches of AU Small Finance Bank Ltd. from the same date. ...
Read More
Currency Diplomacy: RBI and Bank Indonesia Forge New Path with INR-IDR MoU
1 Comment
Blog, Fintech, Payments

Currency Diplomacy: RBI and Bank Indonesia Forge New Path with INR-IDR MoU

INR Meets IDR: A Game-Changer for India-Indonesia Trade As the heartbeat of India’s economy, the banking sector plays a pivotal role in shaping financial stability, credit growth, and technological advancements. The Reserve Bank of India (RBI) and Bank Indonesia (BI) have recently taken a significant step toward enhancing bilateral trade and strengthening economic ties. On March 7, 2024, they inked a Memorandum of Understanding (MoU) in Mumbai, paving the way for a new era of cross-border transactions. The MoU in a Nutshell Local Currencies Take Center Stage: The MoU aims to promote the use of local currencies—specifically, the Indian Rupee (INR) and the Indonesian Rupiah (IDR)—for bilateral transactions. By encouraging the adoption of INR and IDR, the RBI and BI seek to opt...
Read More
7 Key Components of IndiaAI Mission: Strengthening India’s AI Innovation Ecosystem
1 Comment
AI

7 Key Components of IndiaAI Mission: Strengthening India’s AI Innovation Ecosystem

Cabinet Approves Ambitious IndiaAI Mission to Strengthen the AI Innovation Ecosystem Source: Press Information Bureau (PIB) - Government of India Link: Press Release Date: March 7, 2024 The Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has approved the comprehensive national-level IndiaAI mission with a budget outlay of Rs.10,371.92 crore. This mission aims to strengthen the AI innovation ecosystem in India by promoting responsible and inclusive growth through strategic programs and partnerships across the public and private sectors. The mission encompasses various components such as compute capacity, innovation centers, datasets platforms, application development, future skills, startup financing, and safe and trusted AI practices. IndiaAI Compute Capa...
Read More
List of 12 Licensed Account Aggregators in India
No Comments
Blog

List of 12 Licensed Account Aggregators in India

Account Aggregator Participants and Licensed Entities: The Account Aggregators (AA) ecosystem in India is witnessing remarkable growth and participation from various entities, all contributing to the advancement of data empowerment and secure financial data sharing.  List of Licensed Account Aggregators in India The Reserve Bank of India (RBI) issues NBFC-AA licenses to Account Aggregators, enabling them to operate within the regulatory framework. These licensed entities play a crucial role in facilitating secure data sharing between Financial Information Providers (FIPs) and Financial Information Users (FIUs). Some of the licensed Account Aggregators in India include: Agya Technologies Private Limited (Product titled Setu AA) CAMSFinServ Cookiejar Technologies Private Limite...
Read More
Wise: Integration of PayNow and Expansion of Singapore Team, 2024
2 Comments
Fintech, Payments

Wise: Integration of PayNow and Expansion of Singapore Team, 2024

Wise, a renowned global online money transfer service, has recently announced two major milestones: the integration of PayNow, Singapore's local payment network, and the expansion of its team in Singapore. The integration with PayNow allows tourists to conveniently make QR payments to local merchants directly through the Wise app. This development is particularly beneficial for businesses that traditionally do not accept card payments, such as hawkers. Singapore becomes the first country where Wise has connected with two local payment systems. This achievement builds upon Wise's previous integration with the FAST system in 2022, further enhancing its presence in the country. Regional Collaborations: In addition to its expansion in Singapore, it focuses on regional growth by colla...
Read More
72% Fewer Indian Fintech Startups Incorporated In 2023 Than In 2021
3 Comments
Blog

72% Fewer Indian Fintech Startups Incorporated In 2023 Than In 2021

Fintech Startups on Declining Trend in India? The Indian fintech sector witnessed a sharp decline in the number of new startups incorporated in 2023, compared to the previous two years, according to a report by Growthpal, a mergers and acquisitions (M&A) deal-sourcing platform12. The report attributed the drop to the adverse effects of the COVID-19 pandemic, the regulatory uncertainty, and the intense competition in the fintech space. The Numbers The report revealed that only 20 fintech startups were incorporated in India in 2023, which was 72.6% lower than the 73 startups incorporated in 2021, and 55.55% lower than the 45 startups incorporated in 202212. The report excluded the data for startups with less than 10 employees or without a website or a LinkedIn page. ...
Read More
RBI and Nepal Rastra Bank Collaborate for UPI-NPI Linkage to Boost Cross-Border Digital Payments
1 Comment
Blog

RBI and Nepal Rastra Bank Collaborate for UPI-NPI Linkage to Boost Cross-Border Digital Payments

RBI and Nepal Rastra Bank Sign Pact for UPI-NPI Linkage   The Reserve Bank of India (RBI) and the Nepal Rastra Bank (NRB) have signed terms of reference to integrate their fast payment systems, India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI). This collaboration aims to streamline cross-border remittances between the two countries, enabling users of both systems to conduct instant, cost-effective fund transfers. After the signing of the terms of reference, the necessary systems will be implemented to interlink UPI and NPI. The formal launch of the UPI-NPI linkage will take place at a later date, as announced by the RBI. This integration between the RBI and NRB will deepen financial connectivity and reinforce the historical, cultural, an...
Read More
Revolutionizing Finance Globally and Locally: Exploring Neobanks
1 Comment
Blog

Revolutionizing Finance Globally and Locally: Exploring Neobanks

The Rise of Neobanks: A Global and Indian Perspective Introduction: In the fast-paced world of finance, a new player has emerged on the scene, changing the way we perceive and interact with traditional banking – Neobanks. These digital disruptors are not your typical brick-and-mortar banks; instead, they are sleek, agile, and entirely online. Let's delve into the global and Indian context of neobanks to understand how they are reshaping the financial landscape. Global Overview: Neobanks, also known as challenger banks or digital banks, have gained significant traction worldwide, challenging the dominance of traditional banking institutions. Unlike traditional banks, neobanks operate exclusively in the digital realm, with no physical branches. Their existence is facilitated by cutting-e...
Read More
Fintech Magic: Making Money Simple and Fast for Young Indians
4 Comments
Blog

Fintech Magic: Making Money Simple and Fast for Young Indians

Exploring the Charm of Fintech: A Tale for Our Young Desi Minds Ram Ram doston! Have you ever wondered about the enchanting world where paisa meets technology? Well, that's Fintech in literal terms! Today, let's embark on a journey to demystify the wonders of Fintech in simple words that even our youngest friends can understand. What is Fintech? Using the power of technology to make money matters simpler, fast, and more enjoyable! It's a fusion of "Finance" and "technology." Imagine your piggy bank having its own tez dimaag and superpowers – that's what Fintech is all about! How does it work? Think about how you receive your pocket money. Usually, it's a physical exchange – a few coins or notes handed over to you. Fintech changes this game by making money digital. It's like having...
Read More
Like Us
Follow Us
Subscribe Us
Follow Us