BFSI - NewNerve

Report Reveals Higher Deposit Rates for PSBs, Senior Citizens Embrace Banking

15Apr

By AnkitNo Comments

Banking, BFSI

Report Reveals Higher Deposit Rates for PSBs, Senior Citizens Embrace Banking

In a recent report by the State Bank of India (SBI), it has been highlighted that public sector banks (PSBs) in India have experienced a more substantial increase in deposit rates compared to private banks. Additionally, there has been a significant jump in deposits made by senior citizens. This development signifies the growing confidence of both banks and depositors in the Indian banking system. Let's delve deeper into the findings of the report. Deposit Rate Hike for PSBs: The report reveals that PSBs have been successful in raising deposit rates, despite the Reserve Bank of India (RBI) holding the rate since February 2023. The aggressive approach by select banks to attract deposits, coupled with fluctuating liquidity constraints, prompted the banking system to raise the deposit rates...

Fueling Inclusive Finance: Microfinance Portfolio Skyrockets by 31% to Rs 4 Lakh Crore

15Apr

By AnkitNo Comments

Lending, Digital Lending, Microfinance

Fueling Inclusive Finance: Microfinance Portfolio Skyrockets by 31% to Rs 4 Lakh Crore

India's microfinance sector has experienced a remarkable surge, with the outstanding portfolio reaching a staggering Rs 4 lakh crore. This represents a significant increase of 31% year-on-year, according to the CRIF MicroLend report. The robust growth in the sector highlights the increasing importance of microfinance in providing financial inclusion and support to underserved segments of the population. Impressive Growth Statistics: The CRIF MicroLend report reveals several key growth indicators within the microfinance sector. The number of active loans witnessed a substantial rise of 23.2% year-on-year, reaching a total of 155 million loans. This demonstrates the increasing demand for microfinance products and services among individuals and microenterprises across the country. Loan d...

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 ...

General Insurance Industry in India: FY24 Insights and Challenges

14Apr

By Ankit1 Comment

BFSI, Insurtech

General Insurance Industry in India: FY24 Insights and Challenges

The Indian general insurance industry, despite maintaining double-digit growth in gross premium during the fiscal year 2023-24 (FY24), fell short of reaching the coveted ₹3 trillion mark. Let’s delve into the key trends, challenges, and contributing factors that shaped the industry’s performance. Growth Figures In FY24, the general insurance industry witnessed a 12.78% YoY growth in gross direct premium underwritten, reaching ₹2.89 trillion. While this growth is commendable, it represents a 4% slowdown compared to the previous financial year’s robust 16.4% uptick. Segment-Specific Insights 1. Health, Motor, and Crop Insurance The non-life industry faced headwinds in segments such as health, motor, and crop insurance. These factors collectively prevented t...

Fintech Funding Trends: A Closer Look at Q1 2024

14Apr

By Ankit3 Comments

Economics, Finance, Fintech

Fintech Funding Trends: A Closer Look at Q1 2024

The first quarter of 2024 has been a rollercoaster ride for the fintech industry. Amidst regulatory changes, economic shifts, and investor caution, fintech funding dynamics have undergone significant transformations. In this article, we delve into the numbers, dissect the trends, and explore what lies ahead for fintech startups. Decline in Year-on-Year Fintech Funding According to the Fintech India report released by data intelligence platform Tracxn, funding during the January-March quarter dried up year on year across various stages: Seed Stage: A staggering 77% decline, with funding plummeting to $9.9 million. Early Stage: A 42% drop, resulting in $147 million. Late Stage: A substantial 60% fall, leaving $394 million on the table compared to ...

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...

Hidden Fees and Deceptive Tactics: UPI Users Beware!

11Apr

By Ankit1 Comment

Fintech, Finance

Hidden Fees and Deceptive Tactics: UPI Users Beware!

Digital payments especially UPI have seamlessly integrated into the daily lives of millions of Indians. From paying street vendors to making local store purchases, recharging phones, and booking tickets, UPI (Unified Payments Interface) apps have become an integral part of our financial transactions. However, beneath the convenience lies a web of manipulative practices that exploit unsuspecting users. The Dark Patterns Unveiled : UPI payments The Central Consumer Protection Authority (CCPA) has identified 13 types of dark patterns employed by UPI payment apps. These patterns are designed to mislead users, violate consumer rights, and maximize profits for the platforms. Let’s delve into these deceptive tactics: False Urgency: Creating a sense of urgency to prompt hast...

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...