Indian Banks Want Customers, But No Smartphones Please
4 months, 3 weeks ago

Indian Banks Want Customers, But No Smartphones Please

Live Mint  

-- In the past year, more than 600 Indian banks moved $2.5 trillion, or 80% of gross domestic product, between customer accounts. “Banks shall assign an additional 5% run-off factor for retail deposits which are enabled with internet and mobile banking,” the monetary authority said in a circular last week on liquidity standards. A bigger slice of low-risk, low-return assets on their balance sheets could also crimp banks’ net interest margins, given that deposit costs are also going up. In March last year, swirling questions about Silicon Valley Bank’s investment portfolio spooked depositors so badly that they suddenly asked for $42 billion of their money back in a single day. “My mother’s 10,000-rupee deposit is more valuable for the bank than my 10,000-rupee deposit,” says Krishna Hegde, a Bengaluru-based fintech professional who helps rich people and institutions invest in crypto.

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History of this topic

India plans to curb Google, PhonePe’s dominance in mobile payments: Report
8 months ago

India plans to curb Google, PhonePe’s dominance in mobile payments: Report

The Hindu  

India’s governing body overseeing the country’s Unified Payments Interface mobile payments system is set to engage with fintech startups to develop a strategy to address the growing market dominance of companies including PhonePe and Google pay in the UPI ecosystem. The National Payments Corporation of India plans to meet executives from companies including CRED, Flipkart, Fampay, and Amazon to discuss …

The impact of technology on finance: Enhancing experiences and safety
8 months, 1 week ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

SBI launches ‘Mobile Handheld Device’ for financial inclusion customers
1 year, 2 months ago

SBI launches ‘Mobile Handheld Device’ for financial inclusion customers

Live Mint  

The State Bank of India has on October 4 launched a 'Mobile Handheld Device’ for its financial inclusion customers in a bid to enhance accessibility and convenience. Chairman Dinesh Khara in a statement said the initiative "aims to empower financial inclusion and extend essential banking services to the masses." The release added that the Mobile Handheld Device will "revolutionalise banking …

India ranks first in digital payments made globally: Report
1 year, 4 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Bank of Baroda denies officials inflated mobile app registrations
1 year, 5 months ago

Bank of Baroda denies officials inflated mobile app registrations

Live Mint  

Mumbai: India’s second largest state-owned lender Bank of Baroda on Tuesday denied its officials used phone numbers of strangers to inflate registrations on its mobile banking app bob World. “The bank has a current mobile banking activated user base of 30 million customers, all of whom are linked to a unique mobile number seeded with their bank account,” a spokesperson …

UPI And Aadhaar-Enabled Payment Most Used Banking Services By MSMEs: Report
1 year, 7 months ago

UPI And Aadhaar-Enabled Payment Most Used Banking Services By MSMEs: Report

News 18  

The MSME sector in India is on an ambitious growth curve and in recent years, there has been a progressive change in the mindsets of small business owners towards technology adoption. In a new study, PayNearby, the digital financial services network, said that more than 71% Micro, Small and Medium Enterprises in retail, use some form of digital technology for …

Shift from phone banking to digital banking put India on sustained growth path: PM
2 years, 2 months ago

Shift from phone banking to digital banking put India on sustained growth path: PM

Deccan Chronicle  

New Delhi: Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units to the nation. The banking sector has become …

RBI's UPI for Feature Phones; You Don't Need Smartphone, Internet for UPI Payments
2 years, 9 months ago

RBI's UPI for Feature Phones; You Don't Need Smartphone, Internet for UPI Payments

News 18  

The Reserve Bank of India on Tuesday launched a new digital payment mode — Unified Payments Interface called UPI123Pay for feature phones. “UPI123Pay will digitally empower millions across the country and help NPCI achieve its dream of a billion plus daily UPI transactions,” said Biswamohan Mahapatra, chairman, National Payments Corporation of India, the umbrella organisation for retail digital payments in …

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today
2 years, 9 months ago

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today

News 18  

You don’t need a smartphone or internet connection to do Unified Payments Interface payments anymore. To enable thousands of feature phone users with the digital payment ecosystem in the country, the Reserve Bank of India is all set to launch UPI123Pay on Tuesday. Why UPI Payment for Feature Phones RBI governor Shaktikanta Das announced to launch a UPI-based payment system …

Digital payments are growing in India but many want cash
2 years, 11 months ago

Digital payments are growing in India but many want cash

India Today  

When the government announced demonetisation in 2016, the biggest change that it expected to see was Indian consumers shifting from cash to cashless mode of payments. A survey by the Reserve Bank of India suggests that despite the increase in use of digital payments in India, a large group of people still prefer cash over digital payments. Too confusing Despite …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

EXPLAINED: What Is e-RUPI And How It Removes Need For Cash In Accessing Govt Services
3 years, 4 months ago

EXPLAINED: What Is e-RUPI And How It Removes Need For Cash In Accessing Govt Services

News 18  

The role of intermediaries and middlemen is seen as a significant drawback in the delivery of government aid to people as it allows leakage and pilferage that end up depriving the ultimate beneficiaries. Developed by the National Payments Corporation of India in collaboration with the Department of Financial Services, the Union Health Ministry and the National Health Authority, e-RUPI “is …

NBFCs, fintech companies urge FM Nirmala Sitharaman to enhance lending facilities
3 years, 11 months ago

NBFCs, fintech companies urge FM Nirmala Sitharaman to enhance lending facilities

Live Mint  

Non-banking finance companies and fintech players have urged Finance Minister Nirmala Sitharaman to enhance the lending facilities by three to four years which were announced and extended by the Reserve Bank of India during Covid-19 lockdown. This requires great effort for financial inclusion, including increased lending," said Harsh Kumar Bhanwala, Executive Chairman of Capital India. Banks and capital markets play …

Digital outages show volumes outpacing IT upgradation in India
4 years ago

Digital outages show volumes outpacing IT upgradation in India

Live Mint  

Mumbai/New Delhi: Frequent outages in digital delivery of financial services in India could be a concern in a post-covid world, where such transactions are of significant importance for consumers and providers alike. However, recent experiences like that of HDFC Bank customers and more recently for customers of India’s largest lender State Bank of India on the Yono mobile app say …

PhonePe Makes Digital Payments Push For 25 Million Merchants Across India, Including Kirana Stores
4 years, 3 months ago

PhonePe Makes Digital Payments Push For 25 Million Merchants Across India, Including Kirana Stores

News 18  

India’s leading digital payments platform PhonePe has said that they are in the process of enabling digitization for as many as 25 million small merchants across India. This will allow these merchants including Kirana Stores, access to the PhonePe for Business app, giving them the ability to use the completely digital payments process with vendors and customers. This comes as …

Fintech companies can re-imagine banking products, says Vaidyanathan
4 years, 5 months ago

Fintech companies can re-imagine banking products, says Vaidyanathan

Live Mint  

MUMBAI: Indian fintech players have a plethora of opportunities in re-imagining banking products that are being offered at present, said V. Vaidyanathan, managing director and chief executive, IDFC First Bank. Speaking at the Global Fintech Fest on Wednesday, Vaidyanathan said while banks and financial institutions have moved most of their products online, the products have not changed much. The standard …

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