Financial inclusion

Permitting funds financial institution to lend can increase formal credit score, monetary inclusion considerably: Airtel PB MD

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India’s funds financial institution business touches almost 20 crore person base every month, of which about 40-50 per cent of customers lack entry to formal credit score, and permitting funds banks to lend might considerably increase formal credit score and monetary inclusion within the nation, Airtel Funds Financial institution MD Anubrata Biswas informed businessline. “Funds … Read more

PMJDY is paramount in boosting monetary inclusion, says PM Modi

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Prime Minister Narendra Modi on Wednesday stated that Pradhan Mantri Jan Dhan Yojana (PMJDY) has given dignity to crore of individuals. Echoing the identical sentiment, Finance Minister Nirmala Sitharaman says this scheme integrates poor into financial mainstream. Launched on August 28, 2014, the monetary inclusion scheme has accomplished 10 years of its existence. As on … Read more

Bajaj Allianz and HSBC India type bancassurance partnership

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Bajaj Allianz Common Insurance coverage Firm Ltd (BAGIC), a number one personal basic insurer, has entered right into a strategic bancassurance partnership with HSBC India, a number one worldwide financial institution within the nation. Beneath this tie-up, BAGIC’s complete suite of insurance coverage services might be provided to HSBC’s huge buyer base in India, primarily … Read more

FiniMn asks non-public banks to reinforce deal with serving marginalised for his or her banking wants

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The Finance Ministry on Tuesday requested non-public banks to provide extra thrust on serving the marginalised sections of the society and fulfilling their banking wants.  This was conveyed to those banks at a overview assembly chaired by the Division of Monetary Providers (DFS) Secretary Vivek Joshi within the Capital.  A gathering with senior executives of personal … Read more

Finmin urges banks to ramp up efforts in monetary inclusion drive

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The Finance Ministry on Tuesday directed Public Sector Banks (PSBs) to “industriously work” in the direction of reaching the final mile to additional strengthen the monetary inclusion initiatives taken by the Authorities.  The problems associated to CKYC, Jan Samarth portal, Aadhar seeding, and many others have been additionally mentioned throughout a assessment assembly chaired by Division … Read more

Are funds banks viable within the age of UPI? 

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Funds banks as a class of banks had been launched in 2015 by RBI, to bridge the hole between conventional banking companies and the unbanked inhabitants, significantly in rural areas.   These banks had been envisioned to leverage expertise to supply primary banking companies, specializing in monetary inclusion and digital transactions.   The story of such banks … Read more

Why rebirth for Paytm funds financial institution is subsequent to inconceivable

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Reserve Financial institution of India lately imposed restrictions on Paytm Funds Financial institution and barred the entity from providing incremental banking companies efficient March 2024. This is because of considerations concerning breach of and compliance with regulatory norms. On this businessline podcast, Anjana PV talks to Hamsini Karthik, Deputy editor, businessline, on what are the … Read more

DMI Finance expands digital lending portfolio with ZestMoney acquisition

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DMI Group (DMI), a pan-India monetary providers platform, has introduced the acquisition of Purchase Now Pay Later Startup ZestMoney (Zest). The transaction worth of the fireplace sale deal was, nonetheless, not disclosed. This acquisition announcement comes a month after ZestMoney introduced that it will shut down all its operations on December 8. Zest additionally then … Read more