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Top 10 Payment Companies in India: A Comprehensive Review

7Apr

By Ankit3 Comments

Blog, Fintech, Payments, Review

Top 10 Payment Companies in India: A Comprehensive Review

In recent years, the Indian digital payment landscape has witnessed tremendous growth, driven by a surge in smartphone usage and the government's push towards a cashless economy. With numerous payment companies vying for dominance, it can be challenging to determine which ones offer the best features, seamless payments, and exceptional user experiences. In this blog, we will review the top 10 payment companies in India and analyze their key attributes. Paytm: Paytm is one of India's leading payment companies, offering a wide range of services, including mobile recharges, bill payments, and peer-to-peer transfers. With a user-friendly interface and robust security measures, Paytm has gained immense popularity. Its extensive merchant network and cashback offers further enha...

FD Interest Rates of 8-9% Expected to Continue as RBI Holds Repo Rate: Maximizing Returns

6Apr

By Ankit1 Comment

Banking, Wealthtech

FD Interest Rates of 8-9% Expected to Continue as RBI Holds Repo Rate: Maximizing Returns

In recent times, fixed deposit (FD) investors in India have been enjoying the benefits of a high-interest rate regime. This has been possible due to the Reserve Bank of India (RBI) keeping the repo rate unchanged for the seventh consecutive time at its recent bimonthly monetary policy committee meeting. The sustained repo rate hike over the past year has resulted in FD interest rates reaching a new high of 8-9%. In an unexpected yet welcome move for fixed deposit investors, the Reserve Bank of India (RBI) has maintained the repo rate at its current level, signaling a continuation of the high interest rate period for fixed deposits. This decision, rooted in the latest monetary policy review, offers a lucrative window for investors seeking stability and impressive returns in a volatile ma...

India’s Forex Reserves Surge to a Record $645.58 Billion, Signaling Economic Resilience

6Apr

By Ankit2 Comments

BFSI, Finance

India’s Forex Reserves Surge to a Record $645.58 Billion, Signaling Economic Resilience

India's forex reserves have soared to a historic milestone, reaching an unprecedented level of $645.58 billion for the week ending March 29. The Reserve Bank of India (RBI) reported an increase of $2.9 billion in forex reserves, primarily driven by a rise in foreign currency assets. This remarkable achievement highlights the country's robust financial stability and serves as a safety net against future risks. Record High Forex Reserves: The latest data released by the RBI reveals that India's foreign exchange reserves have surpassed the previous record of $642.49 billion. The substantial increase of $2.9 billion can be attributed to the rise in foreign currency assets, which reached $570.61 billion during the same period. These reserves act as a buffer against potential risks, particular...

Indian FinTech’s Funding Falls by Over 66% in FY24: Navigating the Downturn

6Apr

By Ankit2 Comments

Fintech, Digital Lending, Finance, Payments, Startups

Indian FinTech’s Funding Falls by Over 66% in FY24: Navigating the Downturn

In a significant development for the Indian FinTech sector, the financial year 2024 has witnessed a substantial decline in funding for FinTech startups. The Indian FinTech sector, a beacon of innovation and growth, has faced a significant funding slump in the financial year 2024. According to data from Tracxn, the industry witnessed a 66.67% year-on-year decline in funding, managing to raise only $1.5 billion1. This stark downturn compares to the $4.5 billion raised in the previous fiscal year, marking a challenging period for startups in the space. This decline is primarily attributed to a decrease in seed-stage funding. The trend reflects the challenges faced by the industry, including increasing borrowing costs and macroeconomic conditions. Let's delve deeper into the details. De...

Revolutionary Ways Small Business Loans Are Shattering Gender Barriers for Women Entrepreneurs in 2024

6Apr

By AnkitNo Comments

Lending, Finance, Fintech, Microfinance

Revolutionary Ways Small Business Loans Are Shattering Gender Barriers for Women Entrepreneurs in 2024

The Role of Small Business Loans: In an effort to combat gender biases in entrepreneurship, financial institutions are increasingly focusing on empowering women-led SMEs through small business loans. Despite the growth of India’s economy and the significant contribution of MSMEs to the GDP, women-led businesses still face substantial challenges in obtaining credit financing. Recent studies highlight a stark gender disparity within India’s entrepreneurial landscape, attributed to socio-cultural norms, access to credit, and family responsibilities. However, women entrepreneurs remain optimistic about their business growth and recovery. Also Read: RBI’s Risk Weight Hike: Implications for Incremental Bank Lending to NBFCsGovernment initiatives like Mudra Yojana and the Women Entrepre...

RBI Proposes UPI-Based Cash Deposit Facility: No ATM Card Needed

6Apr

By AnkitNo Comments

Fintech, Payments

RBI Proposes UPI-Based Cash Deposit Facility: No ATM Card Needed

The Reserve Bank of India (RBI) has taken a significant leap forward by announcing a UPI-based cash deposit facility that eliminates the need for ATM cards when depositing cash. This move aims to enhance customer convenience and streamline the currency handling process at banks. Key Details of UPI-based Facility: UPI-based Convenience: The Unified Payments Interface (UPI) has gained immense popularity in India due to its convenience, speed, and interoperability. It simplifies fund transfers between bank accounts on a mobile platform without requiring traditional banking details such as account numbers and IFSC codes. Cash Deposit Machines (CDMs): These are ATMs that allow direct cash deposits into bank accounts. With the new proposal, individuals can use their UPI instead of needi...

Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers

5Apr

By Ankit3 Comments

Banking, Fintech, Payments

Revolutionizing Digital Payments: RBI’s New Rule on UPI Payments from PPI Wallets via Third-Party Apps and the Impact on Payment Service Providers

A Boost for Paytm and Digital Payments? The Reserve Bank of India (RBI) has recently proposed a new policy that will allow Prepaid Payment Instruments (PPIs) to be linked through third-party UPI applications, enabling PPI wallet holders to make UPI payments more conveniently. This move is expected to enhance customer convenience and boost the adoption of digital payments for small value transactions. Currently, UPI payments from bank accounts can be made using a bank's UPI application or any third-party UPI application. However, PPI wallet holders can only make UPI transactions using the web or mobile application provided by the PPI issuer. By permitting the linking of PPIs through third-party UPI applications, the RBI aims to provide more flexibility to PPI wallet holders in...

Paytm-Backed Pai Platforms Introduces PaiPai Shopping App on ONDC, 2024

5Apr

By Ankit1 Comment

Fintech, Payments

Paytm-Backed Pai Platforms Introduces PaiPai Shopping App on ONDC, 2024

Pai Platforms, a company backed by Paytm founder Vijay Shekhar Sharma, has recently launched a shopping app on the Open Network for Digital Commerce (ONDC). The app, named “PaiPai,” aims to provide a seamless shopping experience for users. Here are the key points about this development: ONDC Focus: The government-backed ONDC has become an important focus area for Paytm. The company sees it as the next big opportunity in the e-commerce space. Separation of Businesses from Paytm: Paytm has taken steps to clearly separate its fintech and e-commerce businesses. While Paytm does not own any shares in Pai Platforms, the ‘PaiPai’ app has been developed by the fintech major’s parent entity, One97 Communications. Merchant Sign-Ups: Vijay Shekhar Sharma stated,...

Navi’s 90-10 Rule: Scaling Up Despite RBI’s Unsecured Loan Norms

5Apr

By Ankit1 Comment

NBFC, Digital Lending, Fintech, Startups

Navi’s 90-10 Rule: Scaling Up Despite RBI’s Unsecured Loan Norms

Navi Technologies Scaling Up Despite RBI’s Unsecured Loan Norms In an exclusive interview with Moneycontrol, Navi Technologies founder and chairman Sachin Bansal revealed that despite the recent tightening of risk weight for unsecured loans by the Reserve Bank of India (RBI), the company has been scaling well. Navi Finserv, a fintech company, is currently offering its third non-convertible debentures (NCDs) with an issue size of Rs 600 crore. Notably, around 90 percentof Navi’s portfolio consists of unsecured loans, such as personal loans, while the remaining 10 percent comes from home loans. Also Read:Microfinance Sector Witnesses Robust Growth: Loan Accounts Surge 9% and NBFC Disbursements Soar 32% What’s particularly interesting is that two-thirdsof Navi Technologies’ cus...

Microfinance Sector Witnesses Robust Growth: Loan Accounts Surge 9% and NBFC Disbursements Soar 32%

4Apr

By Ankit1 Comment

BFSI, Digital Lending, Lending, NBFC

Microfinance Sector Witnesses Robust Growth: Loan Accounts Surge 9% and NBFC Disbursements Soar 32%

The microfinance sector in India is experiencing a remarkable surge in loan accounts, with significant growth indicators across various metrics. Let’s delve into the latest developments: Loan Accounts Reach New Heights As of December 31, 2023, the number of microfinance loan accounts serviced by micro lenders has witnessed a 9% year-on-year increase, totaling an impressive 140.8 million accounts. This surge reflects the growing demand for microfinance services, especially among underserved communities. Diversified NBFCs Lead the Way Notably, diversified non-banking financial companies (NBFCs) have played a pivotal role in driving this growth. Their microfinance disbursements surged by an astounding 32% year-on-year during the December quarter, marking the highes...