Review - NewNerve

Pravaah Portal and Retail Direct: RBI’s Digital Revolution, 2024

29May

By Ankit1 Comment

BFSI, Blog, Review

Pravaah Portal and Retail Direct: RBI’s Digital Revolution, 2024

The Reserve Bank of India (RBI) has taken significant strides in enhancing regulatory processes, facilitating retail investment, and providing comprehensive data on the fintech sector. Let’s delve into the details of these groundbreaking initiatives: 1. Pravaah Portal The Pravaah portal is a centralised, secure web-based platform that enables individuals and entities to apply online for regulatory approvals, licenses, and authorizations from the RBI. Here are the key features of the Pravaah portal: Application Process: The portal covers 60 application forms across different regulatory and supervisory departments of the RBI. Applicants can submit their applications directly through the portal. Status Tracking: Applicants can track the status of their applications and receive timel...

Cred CaseStudy: A Deep Dive into its Business Model and Growth

29May

By AnkitNo Comments

Blog, Fintech, Payments, Review

Cred CaseStudy: A Deep Dive into its Business Model and Growth

Cred, a relatively new player in the Indian fintech scene, has quickly gained traction by targeting a specific niche: credit card users. This platform, known for its unique rewards system and exclusive experiences, is disrupting the way Indians manage their credit card spending and rewards. Company Overview: Founded: 2018 Headquarters: Bangalore, India Valuation: $2.2 Billion (as of 2023) [Source: Economic Times, Livemint] Employees: 500+ [Source: Cred website] Main Products: Cred App: A mobile app that allows users to: Track their credit card spending and rewards Earn and redeem points for exclusive experiences and rewards Access curated content and lifestyle benefits Pay their credit card bills Cred Store: An online marketplace offering exclu...

PhonePe: A Case Study in Fintech Success – Analyzing its Financial and Business Strategies, 2024

29May

By Ankit1 Comment

Fintech, Blog, Payments, Review

PhonePe: A Case Study in Fintech Success – Analyzing its Financial and Business Strategies, 2024

PhonePe has become synonymous with digital payments in India, transforming the way people shop, pay bills, and manage their finances. This homegrown fintech giant has revolutionized the Indian payments landscape, offering a convenient, secure, and user-friendly platform for millions of users. Company Overview: Founded: 2015 Headquarters: Bangalore, India Valuation: $12 Billion (as of 2023) Employees: 1000+ Main Products: PhonePe App: A comprehensive mobile wallet and payments app offering a wide range of features, including: Peer-to-peer (P2P) payments Bill payments (electricity, mobile, DTH, etc.) Merchant payments UPI-based payments Recharge and bill payments Insurance and financial services Investments and mutual funds PhonePe Busin...

Can AI Really Make Document Verification Effortless? Signzy’s Solution

28May

By AnkitNo Comments

Banking, Blog, Review

Can AI Really Make Document Verification Effortless? Signzy’s Solution

In today's digital age, businesses are constantly seeking ways to streamline their onboarding processes and enhance customer experience. Traditional methods involving manual document verification are often time-consuming, prone to errors, and vulnerable to fraud. Enter Signzy, a leading fintech company leveraging the power of AI to revolutionize digital onboarding. Signzy's AI-powered document verification process offers a robust and efficient solution, automating key steps and ensuring a secure and seamless experience for both businesses and customers. This article delves into the intricacies of Signzy's document verification process, highlighting its key features and benefits. Here's a breakdown of Signzy's AI-powered document verification process, highlighting its key features and bene...

Signzy: The Fintech Solution for a Seamless Customer Experience

28May

By Ankit1 Comment

Banking, Blog, Fintech, Review, Startups, Technology

Signzy: The Fintech Solution for a Seamless Customer Experience

Signzy is a leading fintech company revolutionizing the digital onboarding process with its AI-powered automation platform. Their mission is to make onboarding faster, more secure, and more efficient for both businesses and customers. Company Overview: Founded: 2015 Headquarters: Mumbai, India Valuation: $100 Million (as of 2023) Employees: 200+ Main Products: Signzy Onboarding Suite: A comprehensive platform for digital KYC, e-signature, document verification, and identity verification. Signzy API: Enables businesses to integrate Signzy's features directly into their existing systems. Signzy Mobile App: Provides a user-friendly interface for customers to complete onboarding processes on their mobile devices. Strengths: AI-Powered A...

Project Agora: Enhancing Cross-Border Payments Through Tokenization, 2024

22May

By AnkitNo Comments

Blog, International Reports, Review

Project Agora: Enhancing Cross-Border Payments Through Tokenization, 2024

Project Agorá, a groundbreaking initiative launched by the Bank for International Settlements (BIS) in collaboration with leading central banks and the Institute of International Finance (IIF), aims to revolutionize cross-border payments. By leveraging tokenization and smart contracts, Project Agorá seeks to enhance the functioning of the global monetary system. Let’s explore the details: 1. Objective and Scope of Project Agora Enhancing Efficiency: Project Agorá focuses on improving the speed, integrity, and efficiency of cross-border payments within the existing two-tiered banking system. Tokenization: It investigates how tokenized commercial bank deposits can seamlessly integrate with tokenized wholesale central bank money. Smart Contracts: Smart contracts ...

Financial Viability of UPI Services: Seeking Regulatory Solutions

21May

By AnkitNo Comments

Blog, Payments, Review

Financial Viability of UPI Services: Seeking Regulatory Solutions

The impact of charging for UPI transactions in India is a topic of significant interest. Let’s explore this based on recent articles and reports: Unified Payment Interface (UPI) Revolution: The Unified Payment Interface (UPI), launched by the National Payments Corporation of India (NPCI) in 2016, has revolutionized digital payments in India. UPI enables citizens to transfer money from one bank account to another instantly. India leads globally in terms of real-time payment transactions, with 48.6 billion transactions processed in 2021. Since its inception in April 2016, UPI has saved the Indian economy approximately $67 billion. Notably, UPI transactions have seen tremendous growth, with 9.41 billion transactions, worth INR 14.89 lakh crore ($181 billion), processed in May 2023 alon...

Reserve Bank of India’s (RBI) Payments Vision 2025 document: Key Points

9May

By Ankit1 Comment

BFSI, Blog, Goverment Notice/Circulars, Review

Reserve Bank of India’s (RBI) Payments Vision 2025 document: Key Points

The Payments Vision 2025, published by the Reserve Bank of India (RBI), outlines the strategic direction for India's payment systems until December 2025. It aims to enhance payment systems, address challenges in cross-border payments, and promote cost, speed, access, and transparency. The document emphasizes the importance of safe, secure, reliable, accessible, affordable, and efficient payment systems for economic development and financial inclusion. Key Highlights of Payments Vision 2025: Importance of Payment Systems: The document recognizes the crucial role of payment systems in economic development and financial inclusion. It highlights the need for safe, secure, and efficient payment options to support India's growth. Advancements in Digital Payments: The document acknowledg...

Decoding RBI’s Draft Guidelines on Digital Lending- 26th April 2024

26Apr

By AnkitNo Comments

BFSI, Blog, Digital Lending, Goverment Notice/Circulars, Lending, Review

Decoding RBI’s Draft Guidelines on Digital Lending- 26th April 2024

The Reserve Bank of India (RBI) has issued draft guidelines to ensure transparency in the aggregation of loan products from multiple lenders. This move is aimed at enhancing customer centricity and ensuring complete transparency for borrowers in the credit intermediation process. Key Highlights of the Draft Guidelines: Aggregation Services: Many Lending Service Providers (LSPs) offer aggregation services for loan products. An LSP or a Regulated Entity (RE) acting as an LSP may have outsourcing arrangements with several lenders. The Digital Lending App/Platform (DLA) of the LSP/RE matches the borrower to one of the lenders. In cases where an LSP has arrangements with multiple lenders, the identity of the potential lender may not be known upfront to the borrower. Prior Information t...

India’s Journey from Crisis to Confidence: Decoding the Shaktikanta Das’s Vision

26Apr

By Ankit1 Comment

BFSI, Banking, Blog, Digital Lending, Finance, Fintech, Goverment Notice/Circulars, NBFC, Payments, Review, Technology

India’s Journey from Crisis to Confidence: Decoding the Shaktikanta Das’s Vision

In a recent speech, Reserve Bank of India Governor Shaktikanta Das outlined India's remarkable journey from crisis to confidence. Drawing on historical events and economic data, Das paints a picture of a nation that has overcome numerous challenges to emerge as a global economic powerhouse. Overcoming the 1991 Crisis Das begins by acknowledging the various crises India has faced in recent decades, including the 1991 balance of payments crisis, the 2008 global financial crisis, and the ongoing COVID-19 pandemic. He emphasizes the crucial role played by the RBI in steering the economy through these turbulent times. The 1991 balance of payments crisis was a defining moment for India. With dwindling foreign exchange reserves and a ballooning fiscal deficit, the country faced the threa...