FinTechs

Despite regulatory challenges in the fintech lending sector, members of the Fintech Association for Consumer Empowerment (Face) disbursed Rs 33,922 crore in loans in the third quarter of FY24, a 46% increase over the same period last year, according to a report.The ninth issue of ‘Facets’ presented insights into the disbursement trends for the quarter from 37 members of Face, indicating a 12% growth in disbursing volume to 2.5 crore in the same period. Also, the average ticket size for loans disbursed stood at Rs…

National Australia Bank is looking closely at the Indian fintech market to take capabilities from India to the other markets that they operate in, Patrick Wright, group executive, technology and enterprise operations, told ET.There are certain aspects of banking where India is ahead and others where Australia leads, Wright pointed out, adding that the idea is to find points where the best of both worlds can be brought together.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian…

Fintech lenders have a dominant share of the sub-Rs 1 lakh loan market, both in terms of number of loans and the amount disbursed, but will need to keep an eye on sustainability going forward, a report released by credit bureau Experian and Digital Lenders’ Association of India has found.Till September 2023, 77% of the loans under Rs 1 lakh were given out by fintech lenders, from around 50% in FY18. In value terms, fintechs accounted for 50% of market share with non-banking lenders making up 25%. In FY18, this share was…

Finance Minister Nirmala Sitharaman has asked regulators to hold monthly meetings with startups and fintech firms to address their issues and concerns while emphasising strict regulatory compliance.Sitharaman met startup and fintech stakeholders on Monday along with senior government officials.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech,…

Despite regulatory challenges imposing higher governance costs, procedural delays and hurdles in establishing partnerships with banks for fintech firms, such actions serve as a runway for them to build a scalable platform in the long run, said senior partners at early-stage venture capital investor firm Elevation Capital.“I think getting a regulatory clarity might make your task tougher because it adds governance and governance cost and it may make your task longer. But I think it provides a nice runway for you to scale…

Hi, this is Pratik Bhakta in Bengaluru. Over the last few weeks, regulatory circles have been abuzz with the term KYC (Know Your Customer), and fintechs as well as new-generation banks have often been in focus for laxity in adhering to KYC norms.In the February 21 meeting of the Financial Stability and Development Council, finance minister Nirmala Sitharaman spoke about creating a digital common KYC mechanism for the entire financial sector. These discussions, which have been happening for a few years now, are…

India's banking regulator doesn't intend to impose drastic measures on the country's fintech sector, a senior official said, weeks after it stunned investors by abruptly suspending much of the operations of Paytm Payments Bank, founded by high-flying billionaire Vijay Shekhar Sharma.There are “no harsher measures coming on fintech,” P. Vasudevan, an executive director in charge of enforcement at the Reserve Bank of India, said on Friday. The central bank would be happy to see self-regulation for the sector, but expected…

Policybazaar parent PB Fintech on Tuesday reported its first ever net profit on the back of strong revenue growth for the quarter ended December 2023. This and more in today’s ETtech Top 5.Also in this letter:■ Sebi’s action against Growpital■ Neuralink implants brain chip in first human■ The fate of US H-1B visaPB Fintech turns profitable in Q3, revenue jumps 43% at Rs 871 crore PB Fintech chairman Yashish DahiyaPolicybazaar parent PB Fintech on Tuesday reported its maiden quarterly profit for the quarter ended…

Fintech players such as Aditya Birla Finance, Karnataka Bank, Tata Capital, Canara Bank and Bajaj Finserv are in various stages of integration with the government-backed Open Network for Digital Commerce (ONDC), its chief executive T Koshy told ET.ONDC had published specifications and protocols for players in the financial sector (for credit, insurance and mutual funds) to onboard onto the network as buyer and seller network participants in November last year.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

The Reserve Bank of India has issued a draft framework for self-regulatory organisations focused on the fintech sector (SRO-FT).The main idea behind the guidelines is to empower the fledgling sector to function and innovate responsibly even in the absence of formal regulations.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM KozhikodeIIMK Senior Management ProgrammeVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Professional Certificate in…