India, ADB Sign $181M Loan to Boost Ahmedabad’s Livability
In a significant move for urban development in India, the Government of India and the Asian Development Bank (ADB) have signed a loan agreement valued at $181 million. This strategic partnership targets the Ahmedabad Peri-urban Livability Improvement Project, a comprehensive initiative designed to elevate living standards for an estimated 2.6 million residents in Ahmedabad, Gujarat’s […]
Indus PayWear: IndusInd Bank’s Complete Tokenised Wearable
IndusInd Bank has emerged as a frontrunner in the Indian fintech industry with the launch of Indus PayWear, unveiled on March 11, 2024. Indus PayWear represents a groundbreaking innovation – India’s first all-in-one tokenized wearable. This revolutionary technology empowers users to make secure contactless payments using their IndusInd Bank debit or credit cards, eliminating the […]
Slice Parent, North East Bank in CCI-Approved Deal
Landmark Fintech Consolidation Gets Regulatory Greenlight On March 12, 2024, the Competition Commission of India (CCI) granted its approval for the merger between Garagepreneurs Internet Private Limited (GIPL), the parent company of prominent fintech player Slice (valued at over $1 billion in 2021 funding rounds), and North East Small Finance Bank (NESFB). This crucial regulatory […]
Sidbi’s Avaana Secures $24.5M GCF Funding
On March 6, 2024, the Small Industries Development Bank of India’s (SIDBI) climate finance arm, Avaana, secured a significant $24.5 million investment from the Green Climate Fund (GCF). This strategic infusion serves as a catalyst for the launch of Avaana’s flagship initiative, the Avaana Sustainability Fund (ASF), with a total corpus of $120 million. The […]
Aurionpro Bags ₹100-Crore SBI Contract for iCashpro+ Platform
In a move that underscores Aurionpro’s position as a leading innovator in the Indian fintech industry, the company has secured a monumental ₹100 crore contract from State Bank of India (SBI), the country’s largest banking institution. This multi-year partnership signifies the deployment of Aurionpro’s next-generation cash management platform, iCashpro+, across SBI’s vast network. The implementation […]
SBI Research: Women SHGs Boost Rural Incomes
SBI Research’s latest findings indicate a significant surge in rural incomes, attributing a 35% increase directly to the initiatives of Women’s Self-Help Groups (SHGs). These groups have not only championed financial independence for women but have also been a cornerstone in the economic advancement of rural sectors. The research underscores the pivotal role of SHGs […]
Bajaj Allianz Expands in Maharashtra with Wardha Office
Wardha, Maharashtra – Bajaj Allianz General Insurance’s latest branch in Wardha marks a significant milestone in the company’s strategic expansion across Maharashtra. This move is a testament to Bajaj Allianz’s dedication to making insurance more accessible to the people of Maharashtra and reflects its deep understanding of the unique insurance needs of the region’s residents. […]
RBI Tightens Regulations on P2P Credit Card Transactions
The Reserve Bank of India (RBI) has recently taken strict measures to curb the misuse of credit cards for peer-to-peer (P2P) payments through third-party service providers. This comes after the central bank found instances of customers using credit cards to pay rent and tuition fees via fintech apps that bypass the regulatory norms. The RBI […]
Aditya Birla Merges Firms to Form NBFC Giant
Aditya Birla Capital Limited (ABCL) and Aditya Birla Finance (ABFL) have announced a scheme of amalgamation to create a large unified operating non-banking financial company (NBFC). The merger will result in reduction of legal entities and simplification of the group structure of Aditya Birla Capital. It will also comply with the scale-based regulations of the […]
Court to SBI: Give Poll Bond Details in 1 Day, Not 3 Months!
The Supreme Court on Monday dismissed the State Bank of India’s plea seeking extension of time till June 30 and directed it to furnish the details of electoral bonds to the Election Commission by close of business hours on March 12 . A five-judge Constitution bench headed by Chief Justice D Y Chandrachud also directed […]