Pune-based fintech startup offers free credit cards

With youngsters increasingly preferring non-traditional careers and gigs for their livelihoods, several financial services startups have also sprung up to target these customers who may not qualify for traditional banking services. In this direction, FPL Technologies, a two-year-old, Pune-based credit scoring company, announced that it has launched a free credit card targeting the youth, with […]

Infosys Finacle gets new client for cloud computing solution

Infosys Ltd said Philippines-based UnionBank has selected its Finacle banking platform as its software of choice for easing its migration to a cloud architecture. The UnionBank of Philippines, a medium-sized bank with over 3,500 employees, is a traditional Infosys’ customer. Banks are increasingly moving from the traditional IT architecture — under which they buy accounting, […]

ICICI Bank’s Pockets becomes first wallet admitted to UPI network

ICICI Bank’s Pockets wallet has become the first financial institution in India to be permitted to offer UPI IDs in its own name and make transactions directly without routing it via a bank account. So far, UPI IDs were reserved only for those who have an account with any recognized Indian bank, including co-operative banks. […]

Liquidity crunch continues to hurt NBFCs, GDP growth – Fitch

Operating conditions for Indian non-banking financial companies/institutions (NBFCs or NBFIs) have improved slightly in the first two months of 2020, however, uncertainty levels continue to be high for certain segments within the sector such as housing finance and wholesale lending, global ratings agency Fitch said in a note today. “The recent fundraising by a number […]

Tech-savvy scammers try to steal flood relief donations

Even as a large part of the country grapples with torrential rain and floods, scammers have set up fake bank IDs to get their hands on at least a part of the donations meant for disaster relief. For example, the original UPI ID for donating to Kerala’s disaster relief fund is keralacmdrf@sbi. However, given that […]

ICICI Bank tops in banking fraud hits; SBI, HDFC Bank follow

ICICI Bank, one of India’s top three lenders, has emerged as the No.1 target of bank fraudsters last year in terms of the sheer number of such incidents, overtaking bigger rival State Bank of India. ICICI Bank reported 374 medium and large sized incidents of fraud, beating back SBI, which came in with 338 such […]

‘We’re cleaning up the banks’ – FinMin gives the numbers

Finance ministry on Thursday gave detailed numbers to detail the efforts that the Narendra Modi government has been making to overcome the problems created by corruption and bad loans in India’s public sector banks. Finance Minister Nirmala Seetharaman pointed out that a review in 2015 found that a huge chunk of loans issued in previous […]

SBI starts ‘doorstep banking’ for senior citizens

India’s largest commercial bank, State Bank of India (SBI), launched ‘doorstep banking’ for senior citizens, the differently-abled and infirm customers, including those with visual-impairment. Under this facility, doorstep services will be made available to fully KYC-compliant customer holders with a valid mobile number registered with the bank and residing within 5-kilometre radius from their home […]

Paytm to set up 1,000 branded ATMs?

Paytm, India’s largest digital wallet player, is reportedly planning to set up 1,000 ATMs across the country under a branding tie-up with Tata Communications Payment Solutions Ltd. Although Tata Communications did not confirm the news, the network connectivity provider said it has a “co-branding alliance” with a “leading payments bank recognized as India’s largest digital […]

RCom gives up on lender talks, to file for bankruptcy proceedings

Anil Ambani Group’s Reliance Communications has given up on reaching a debt resolution plan acceptable to all its lenders and has decided to start bankruptcy proceedings at the Mumbai National Company Law Appellate Tribunal. The original plan, unveiled in 2017, envisaged a step-by-step asset sale process through which the company planned to raise tens of […]

ICRA revises YES Bank’s outlook from ‘positive’ to ‘stable’ on RBI order on Rana Kapoor

ICRA, a part of Moody’s Investors Service, revised its outlook on YES Bank’s borrowings to ‘stable’ from ‘positive’ on the basis of the Reserve Bank of India’s direction last week cutting short the tenure of the company’s CEO Rana Kapoor. “The revision in outlook to stable from positive considers the recent direction from RBI whereby […]

Airtel Payments Bank: RBI lifts ban on new signups

Bharti Airtel said the Reserve Bank of India has lifted the restriction on signing up new customers imposed on its banking unit Airtel Payments Bank. The restriction was imposed in January after reports that the company was signing up its mobile customers on its payments bank platform without seeking their full consent. Payments Banks are […]