Payments - NewNerve

Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24

18Apr

By Ankit1 Comment

Banking, Finance, Payments

Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24

In a remarkable achievement, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has witnessed tremendous growth in the financial year 2024, with the opening of 3.3 crore new bank accounts. This surge in account openings has propelled the cumulative tally to a staggering 519.5 million accounts. Furthermore, the cash level in these accounts has risen by an impressive Rs 36,000 crore, indicating a substantial increase in financial activity and savings among the unbanked population. Pradhan Mantri Jan Dhan Yojana (PMJDY) The total balance across the Jan Dhan accounts has reached a significant milestone of Rs 2,34,997 crore, reflecting the growing confidence of individuals in the banking system. Comparing the figures to the previous year, the total balance has shown a robust growth from Rs 1,98,844 c...

Review of Draft circular by RBI “Amendments to PA (2)”

17Apr

By Ankit2 Comments

Goverment Notice/Circulars, Blog, Fintech, Payments, Review

Review of Draft circular by RBI “Amendments to PA (2)”

Here’s a concise summary based on the draft circular for Payment Aggregators (PAs) issued by the Reserve Bank of India (RBI): Objective: The circular aims to introduce amendments to the Payment Aggregators (PA) framework. Some Key Points of the draft circular: Risk Management: PAs must implement robust risk management practices, including monitoring and mitigating risks associated with transactions. Merchant Onboarding: PAs should ensure thorough due diligence while onboarding merchants. Transaction Limits: PAs must set transaction limits for merchants based on their risk profiles. Escrow Account: PAs must maintain an escrow account with a scheduled commercial bank. Security Measures: PAs should enhance security measures to prevent unauthorized access and fraud. ...

BharatPe’s Bold Move: Nalin Negi Appointed as CEO

16Apr

By AnkitNo Comments

Fintech, Payments

BharatPe’s Bold Move: Nalin Negi Appointed as CEO

BharatPe, a prominent payments startup, has recently announced the elevation of Nalin Negi as its Chief Executive Officer (CEO). This move comes as a testament to Negi's exceptional leadership skills and his significant contributions to the company since joining as the Chief Financial Officer (CFO) in 2022. Negi had been serving as the interim CEO since January 2023, following the departure of former CEO Suhail Sameer. With this appointment, BharatPe aims to further strengthen its position as India's leading fintech company. Negi's Background and Accomplishments: Before joining BharatPe, Nalin Negi held the position of CFO at SBI Card for over 10 years, where he played a pivotal role in leading the credit card giant towards its successful initial public offering (IPO) in March 2020. With...

Regulatory Shift Ahead: RBI Considers Licensing Framework for POS Players, Implications for Pine Labs, Paytm, and More, April’24

16Apr

By Ankit3 Comments

Fintech, Payments

Regulatory Shift Ahead: RBI Considers Licensing Framework for POS Players, Implications for Pine Labs, Paytm, and More, April’24

The Reserve Bank of India (RBI) is reportedly contemplating the implementation of a licensing framework for point-of-sale (POS) operators. This move is expected to have significant implications for major players in the industry, including Pine Labs, Paytm, MSwipe, and BharatPe. The objective behind this proposed measure is to ensure operational consistency and create a level playing field between online and offline payment operators. However, if licences become mandatory, it raises questions about the eligibility . Read more at: https://bfsi.economictimes.indiatimes.com/news/policy/rbi-may-bring-licensing-regime-for-pos-players-impact-pine-labs-paytm-among-others/109328779?utm_source=top_story&utm_medium=homepage Current Scenario While existing regulated entities such as ...

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

15Apr

By Ankit2 Comments

Regtech, Banking, Cyber Crime, Payments

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

In a significant victory against cyber frauds, Haryana police have successfully recovered Rs 70 lakh that was defrauded from a senior HR executive. The victim, identified as Sanjay Jain, fell victim to a sophisticated online scam orchestrated by cyber fraudsters. This incident highlights the growing threat of cyber frauds and the importance of robust cybersecurity measures to protect individuals and organizations. The Cyber Fraud: Sanjay Jain, a resident of Sector 47 in Gurgaon, reported the incident to the police on February 16. He disclosed that he had lost Rs 1 crore to cyber con artists who lured him through an investment link shared on WhatsApp. The fraudsters posed as representatives of a reputed financial services firm and enticed Jain with promises of high returns on investments ...

Small Finance Bank License: RBI denied licenses 2 more entities

13Apr

By Ankit1 Comment

Banking, BFSI, Lending, Microfinance, Payments

Small Finance Bank License: RBI denied licenses 2 more entities

In a recent development, the Reserve Bank of India (RBI) has turned down two more applications for (SFB) Small Finance Bank licenses, as reported by Moneycontrol. This decision marks a continuation of the stringent scrutiny exercised by the central bank in granting licenses for SFBs. Background of Bank Licenses The central bank had received a total of 12 applications for both small finance bank licenses and universal bank licenses. These applications were submitted by various entities aiming to set up financial institutions that cater to specific segments of the population. The RBI's decision comes amidst the backdrop of a rigorous evaluation process that assesses various aspects including financial stability, governance structures, and business models. With the Indian banking s...

Revolut India: Unlocking New Payment Horizons with RBI’s PPI License

12Apr

By Ankit1 Comment

Banking, Fintech, Payments

Revolut India: Unlocking New Payment Horizons with RBI’s PPI License

In a significant development, Revolut India has secured an in-principle approval from the Reserve Bank of India (RBI) for issuing Prepaid Payment Instruments (PPI). This includes both prepaid cards and prepaid wallets, positioning Revolut as a formidable player in the domestic payments market. Revolut India: Empowering Indian Consumers With this approval, Revolut India gains the ability to operate as a domestic player in the payments ecosystem. But what does this mean for Indian consumers? Let’s delve into the details: International and Domestic Solutions: Revolut India can now offer Indian consumers a comprehensive suite of payment solutions—both international and domestic—all within a single platform. Whether you’re making cross-border transactions or handling loca...

Breaking Records: Zomato and PB Fintech Among 6 Stocks Touching New 52-Week Highs

11Apr

By AnkitNo Comments

BFSI, Business, Payments

Breaking Records: Zomato and PB Fintech Among 6 Stocks Touching New 52-Week Highs

In the ever-changing landscape of the stock market, it's always exciting to witness certain stocks reaching new heights. Last Friday, Zomato and PB Fintech were among the six stocks that achieved new 52-week highs. This article delves into the significance of these milestones and provides an overview of the performance of these companies. Zomato's Remarkable Surge: Zomato, the popular online food delivery platform, has witnessed a meteoric rise, with its stock hitting a new 52-week high of Rs 191.8. Over the past year, Zomato's stock has experienced an impressive growth of 270%, reflecting the market's confidence in its business model and growth prospects. The company's ability to adapt to changing consumer preferences and capitalize on the burgeoning food delivery market has contributed...

10Apr

By AnkitNo Comments

Fintech, Payments

Detailed Review of Mobikwik Payments App

MobiKwik payments app is a digital wallet and payments app that offers various services. Whether you’re looking to recharge your mobile phone, pay utility bills, invest wisely, or even secure insurance coverage, MobiKwik has you covered. Mobikwik Payments App: Download from PlayStore Payment Options: Wallet: MobiKwik allows you to load money into your wallet and use it for transactions. UPI: You can link your bank account and use UPI for seamless money transfers. Credit and Debit Cards: MobiKwik supports card-based payments. Recharge and Bill Payments: Recharge prepaid mobile numbers (Jio, Vodafone, Idea, Airtel, etc.). Pay utility bills (electricity, water, gas) directly through the app. Online Shopping and Food Orders: Make online payments on s...

Freo’s Financial Revolution: Freo’s Revenue z FY24, attains profitability

10Apr

By Ankit1 Comment

Banking, Digital Lending, Finance, Fintech, Payments, Startups

Freo’s Financial Revolution: Freo’s Revenue z FY24, attains profitability

Digital banking Platform Freo, operated by Mwyn Tech, has achieved remarkable growth and profitability. Freo reported gross revenue of Rs 350 crore in FY24. The company has been profitable for the last four months since December 2023. Let’s delve into the key highlights: Impressive Revenue Growth: Freo’s gross revenues have surged 5Xover the past five years, reaching the significant milestone of Rs 350 crore. The company’s contribution margins also soared, from 16% in Q4 FY23 to over 40% in Q4 FY24. Diversified revenue streams: Fee-based revenue now accounts for over 45% of total revenue, alongside the 55% from interest-bearing products. User Base Expansion: Freo’s user base grew from 15 million in FY22 to an impressive 25 million by the end of F...