Banking, Finance, Insurance Archives - Page 2 of 3 - MediaCatalyst : News - Opinion

05 Sep

Standard Chartered and NeSL Launch Pioneering Digital Bank Guarantee Solution

MediaCatalystBanking, Finance, Insurance

In a move set to revolutionize digital trade finance in India, Standard Chartered has partnered with the National e-Governance Services Ltd (NeSL) to introduce an innovative electronic Bank Guarantee (eBG) capability. This breakthrough solution aligns with the open Application Programming Interface (API) standards developed by ICC and SWIFT, marking a major leap forward in the digitization of trade finance processes. The eBG platform empowers Standard Chartered and its clients to digitally manage the entire lifecycle of bank guarantees, offering real-time visibility to all involved parties. Hitachi Systems India Pvt Ltd has become the first client to adopt this API-driven eBG…

17 Sep

IIFL Home Finance signs agreement for Co-lending with PNB

MediaCatalystBanking, Finance, Insurance, NewsIIFL HFL, PNB

Mumbai: IIFL Home Finance Ltd. (IIFL HFL) today announced and signed an agreement with Punjab National Bank (PNB), India’s 2nd largest Public Sector Bank, for Co-lending. IIFL Home Finance Ltd. expects to grow their loan book by 25% with these associations. The loan sourcing and servicing will be managed by IIFL Home Finance and 80% of the loan will be provided by Punjab National Bank. IIFL Home Finance Ltd. will service the customers through the entire loan cycle, from sourcing, documentation, collection to loan servicing. This association will let IIFL Home Finance to further penetrate into affordable Home Loan and Secured MSME Loan markets, and will also strengthen IIFL’s HFL’s portfolio. This…

26 May

ESAF Small Finance Bank reports 28.07% increase in operating profit

MediaCatalystBanking, Finance, Insurance, NewsESAF Small Finance Bank

Mumbai: ESAF Small Finance Bank has declared its annual results for the FY 2020-21 and has recorded a 28.07 % increase in its operating profit for the year ended March 31, 2021. The Operating profit increased from 324.70 crores to 415.84 crores despite the challenges faced during the year. Deposits have grown by 28.04% from ` 7028 Crore as at 31 March 2020 to` 8999 Crore for the year ended 31 March 2021. Total CASA improved to ` 1748 Crores from ` 960 Crores marking a growth of 81.99% over the same period last year. CASA proportion to Deposits also significantly improved from 13.55% for the Year…

26 May

ICICI Bank links UPI ID facility to its digital wallet ‘Pockets’

MediaCatalystBanking, Finance, Insurance, NewsICICI Bank

Mumbai: ICICI Bank today announced the launch of a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’, marking a departure from the current practice that demands such IDs be linked with a savings bank account. New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to ‘Pockets’. Further, customers who already have a UPI ID, will get a new ID when they log on to the ‘Pockets’ app. This initiative enables users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using…

25 May

BCT Digital launches cloud-ready ‘rt360 Credit Risk Suite’

MediaCatalystBanking, Finance, Insurance, TechnologyBCT Digital

Mumbai: BCT Digital, a global Fintech company specializing in regulatory technologies announces the launch of its specialized Cloud-Ready rt360 Credit Risk Suite. BCT Digital’s risk management product suite ‘rt360’ recently won the 'Rising Star Award', presented by Chartis Research – a leading provider of research and analysis on the global market for risk technology. The full-stack credit risk suite includes origination & on-boarding, credit monitoring, fraud monitoring, credit analytics, and other value-added services – all on the cloud. Their award-winning rt360 EWS (Early Warning System) is now an integral component of the cloud-ready credit risk suite. The cloud-ready product can now empower banks, NBFCs, and…

24 May

MHRFL partners with IPPB for cash management solution

MediaCatalystBanking, Finance, Insurance, NewsIndia Post Payments Bank, Mahindra Rural Housing Finance

Mumbai: Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra and Mahindra Financial Ltd, and India Post Payments Bank (IPPB) today announced a strategic partnership for cash management solution. As part of the tie-up, IPPB will be offering cash management and collection services to MRHFL through its access points and postal service providers. With the cash management service, MRHFL customers will be able to repay their monthly or quarterly loan instalments at over 136,000 post offices. The tie-up for cash management solution is a significant partnership in the financial services sector, and is aimed at customer inclusivity by both the partners. IPPB’s…

10 May

Federal Bank partners with Mashreq Bank to offer instant money transfers from UAE to India

MediaCatalystBanking, Finance, InsuranceFederal Bank, Mashreq Bank

Hyderabad: Federal Bank has entered into a strategic tie-up with Mashreq Bank one of the leading financial institutions in the UAE, to facilitate money transfers from the UAE to India. The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE. Referring to this tie-up, Shalini Warrier, Executive Director, Federal Bank said, “We are excited about the partnership with Mashreqbank PSC, UAE, to provide a…

22 Mar

“Mooh Band Rakho” Campaign by HDFC Bank Conducts 1000 Workshops

MediaCatalystBanking, Finance, Insurance, NewsCyber Frauds, HDFC Bank, Mooh Band Rakho

Mumbai: HDFC Bank’s “Mooh Band Rakho” campaign about safe banking practices successfully conducted its 1,000th workshop this March. The bank had launched a 360-degree campaign in November 2020 to educate people about Cyber Frauds and Secure Banking ways to counter online fraud. The bank leveraged print and digital medium to reach over 7 crore individuals. General public appreciated the online leg of the campaign which allowed them to evangelize the message with artificial reality filters launched by the bank. The workshops were conducted for a host of audiences ranging from Law Enforcement Agencies, Senior Citizens, Channel Partners, Housing Societies and Educational Institutes. The…

16 Mar

Eduvanz Launches Digital Lending for Parents to Pay K-12 School Fees

MediaCatalystBanking, Finance, Insurance, NewsDigital Lending for Parents, Eduvanz

Eduvanz, a fintech Non-banking Finance Company (NBFC) that enables students to Study Now, Pay Later at 0% interest rates has launched Digital Lending for parents at Zero Cost to pay their ward's school fees. Eduvanz helps parents to convert school fees into easy and simple subscription-based Zero Cost EMIs with the benefit of repayment in 3 months to 9 months without any processing fee. An amount of Rs 300 crore will be disbursed during the next 3 years. The K-12 edtech market in India is projected to be worth $1.7 billion by 2022, up more than six-fold from $265 million in 2019. Varun Chopra,…

15 Mar

Mswipe Launches Micro ATM Service for SMEs

MediaCatalystBanking, Finance, Insurance, NewsMicro ATM Service, Mswipe

Mswipe, a financial services platform for SMEs, today launched ATM Express, a micro ATM which allows merchants to offer their point-of-sale (POS) terminals to customers for cash withdrawal, check bank balance among other features. The ATM Express will help merchants bring additional footfalls and add revenue stream through commission. Mswipe will utilise ATM Express to increase access to banking facilities through its SME network, especially in Tier 2, 3 and 4 cities with limited ATM facilities and bank branches. According to RBI, till June 2020, there were an estimated 84 crore debit card holders and about 2.10 lakh onsite and…