The collaboration between Bhashini and RBIH comes against the backdrop of a transforming fintech sector, driven by increased smartphone penetration and reduced data usage costs.
The MoU (Memorandum of Understanding) will be signed on development of domestic card scheme of UAE based on India’s RuPay debit and credit card stack, the official added.
For Slice which has been running as a non-banking finance company for the last four years, the option was to either convert itself into a bank by applying for a fresh licence or acquiring one (after crossing the five-year mark as an NBFC).
In his new role, Anirban will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO. He will be responsible for the overall business operations of PayU.
The Major Payment Institution (MPI) licence, granted by the Monetary Authority of Singapore (MAS), will allow Coinbase to offer digital payment token services to individuals and institutions in Singapore, which has emerged as a centre for crypto in Asia in recent years.
Internally, the Fi is experimenting with a new user onboarding flow called Fi Lite, where customers are not mandated to open a digital banking account anymore, rather can directly opt for credit products. Fi is also planning to rejig its one-time joining fee of Rs 2,000 for credit card customers to expand its card base.
In terms of the total value of funds settled, UPI recorded Rs 15.80 lakh crore in September, slightly more than the Rs 15.76 lakh crore recorded in August.
Flipkart is supporting a separate entity within the group to distribute personal loans and create an independent credit marketplace, possibly named Super.money.
The tourism industry in India is experiencing an upsurge, with Foreign Tourist Arrivals (FTAs) reaching 6.19 million in 2022, a substantial increase from the 1.52 million recorded during the corresponding period in 2021.
India is in discussions with other jurisdictions to address the high cost of cross-border remittances, according to Reserve Bank Deputy Governor T Rabi Sankar. He described the current situation as “unconscionable” given the availability of cheap data connectivity. Sankar suggested that the introduction of a central bank digital currency (CBDC) could lower the cost of …
