Reserve Bank of India

A new-age entity may be well on its way to entering India as the country’s insurance regulator is considering the feasibility of allowing managed general agencies or MGAs in the domestic market.A managed general agency is similar to a non-banking finance company in the banking space. An MGA can onboard customers, manage products, underwrite customers and also share the risk with larger insurance manufacturers.Such entities do not exist in India as yet but are popular in the US and Singapore. But now, following…

The digital lending sector saw decent growth in the fourth quarter of the last financial year after a slump in the previous quarter.Data from the Fintech Association for Consumer Empowerment (FACE) shows that disbursement volumes went up 4% in the last quarter of the last fiscal year, after falling 10% in the previous quarter. Even the value of loans disbursed grew 28% to Rs 27,659 crore in the fourth quarter, after showing marginal growth of 6% in the previous quarter.Companies such as Loantap, Niro, Fibe (previously…

Imagine having to press keys on your mobile 52 times to make a bank transaction. For the 300 million people in India who do not have a smartphone, to transfer money using Interactive Voice Response System (IVRS), this is a reality if not for AI4Bharat's work with the National Payments Corporation of India (NPCI) to ease this process and make banking seamless in Indian languages. This technology is expected to significantly help feature phone users get the benefit of digital railroads such as Unified Payments Corporation…

Image Source : GOOGLE PAY Google Pay introduces new RuPay Credit Card support on UPI: How to use? Google Pay has collaborated with the National Payments Corporation of India (NPCI) to enable the integration of RuPay credit cards with the Unified Payments Interface (UPI). Now, users have the option to link their RuPay credit cards with Google Pay, allowing them to…

Japan is "now seriously thinking about joining Indian UPI", the payments system and also, it is contemplating how it can mutually recognise e-ID, for increasing interoperability,” the country's digital minister Kono Taro has said in a media interview. The Centre thanked Japan for its interest in UPI (unified payments interface) and said it is working to recognise a common e-ID for better interoperability. In a statement, Union IT minister Ashwini Vaishnaw said that the Digital India plans had got good traction on several…

The finance ministry is examining the possibility of allowing financial institutions to raise funds from blended finance instruments to invest in green climate projects, sources said. Blended finance involves leveraging of financial resources of the public sector or philanthropies to phase in private sector investment, thereby catalysing private finance in high-risk and long-gestation projects. The use of blended finance promotes investments in new and emerging sectors and it attracts commercial capital towards projects…

Reserve Bank's regulation on outsourcing of IT services by banking sector entities is aimed at improving corporate governance and will protect the interest of consumers, say industry experts. The Reserve Bank of India (RBI) has recently come out with detailed norms for the outsourcing of IT services by banks, NBFCs and other regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers. These norms came in the backdrop of the current practice of…

Members of the G20 agree that a globally coordinated understanding would be required not only to deal with the challenges posed by crypto assets but also to regulate them, Union Finance Minister Nirmala Sitharaman has said. The grouping has responded to the issue with alacrity and during India's presidency of the G20, a "synthesis paper" will be taken up on matters related to crypto assets, the minister told a press conference here on Thursday. "I am glad to say that there is a greater acceptance among all G20 members,…

Ambedkar Jayanti is an annual holiday observed on April 14 in honour of BR Ambedkar. The day marks his birth anniversary as he was born on April 14, 1891. Ambedkar is known as one of the major reasons for the abolition of untouchability in India. He organized various protests and launched active movements for the upliftment of the untouchables. Therefore, the day is also celebrated as ‘Equality Day' in India.He established the Finance Commission of India as well as framed guidelines and ideas on which the Reserve Bank of…

Skymet said on Monday in its first forecast for monsoon 2023 that monsoon precipitation will be 94% of the long-period average (LPA) due to the impact of the El Niño weather pattern, linked to droughts or poor rainfall in India. The forecast raises concerns over agriculture output in the country. This may drive farmers to resow crops and push up the demand for irrigation in the farming sector. “In an El Nino year, there is zero chance of excess rainfall, while the chances for…