Banking, Finance, Insurance

ESAF Small Finance Bank reports 28.07% increase in operating profit

ESAF Small Finance Bank reports 28.07% increase in operating profit

Banking, Finance, Insurance, News
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 ended 31 March 2020 to 19.42% for the year ended 31 March 2021. The Net Profit of the Bank for the year ended 31 March 2021 stood at ` 105.40 Crore as compared to ` 190.39 over the same period las...
ICICI Bank links UPI ID facility to its digital wallet ‘Pockets’

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

Banking, Finance, Insurance, News
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 UPI  in a safe and secure manner.It helps them to streamline the number of transactions being undertaken daily from their savings account and thus de-clutter th...
BCT Digital launches cloud-ready ‘rt360 Credit Risk Suite’

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

Banking, Finance, Insurance, Technology
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 HFCs to quickly implement the product and immediately gain control ...
MHRFL partners with IPPB for cash management solution

MHRFL partners with IPPB for cash management solution

Banking, Finance, Insurance, News
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 large national network combined with its simple, scalable and replicable technology framework has facilitated the d...
Federal Bank partners with Mashreq Bank to offer instant money transfers from UAE to India

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

Banking, Finance, Insurance
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 cost effective instant money transfer service from UAE to India.  With a market share of 17% in personal inward remittances to India, we have been always at the fo...
“Mooh Band Rakho” Campaign by HDFC Bank Conducts 1000 Workshops

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

Banking, Finance, Insurance, News
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 campaign was widely endorsed by Police Officials, National Payment Corporation of India, and ACI World...
Eduvanz Launches Digital Lending for Parents to Pay K-12 School Fees

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

Banking, Finance, Insurance, News
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, CEO and Co-Founder of Eduvanz said, “After a survey conducted involving 10,000+ parents, we understood that there is requirement for a product that could make finance easier fo...
Mswipe Launches Micro ATM Service for SMEs

Mswipe Launches Micro ATM Service for SMEs

Banking, Finance, Insurance, News
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 offsite ATMs in India. On an average, there is one ATM for 4,000+ debit card holders, and even fewer in Tier 3 and 4 cities. Mswipe’s ATM Express is a cost-e...
TRUSTMF Banking & PSU Debt Fund NFO Raises Rs. 582.68 Crore

TRUSTMF Banking & PSU Debt Fund NFO Raises Rs. 582.68 Crore

Banking, Finance, Insurance, News
TRUST Mutual Fund’s maiden new fund offer (NFO) - TRUSTMF Banking & PSU Debt Fund has successfully raised Rs. 582.68 Crore. This is one of the recent NFOs with an extremely positive response. The first day AUM after the closure of NFO is Rs. 580.24 Crore. The NFO proceeds have been garnered from over 500 investors spread across 44 locations# through both digital & offline modes. The NFO has seen wide participation from both Institutional, Corporate, Family Offices, HNI, and Retail Investors, which is an indication of the faith posed by them in a well- structured & transparent investment process with a unique LimitedACTIV methodology developed by Trust AMC in a strategic knowledge partnership with CRISIL. CRISIL will also assist in the process of filtration of investment univ...
Managing Unplanned Expenses with an Instant Loan App

Managing Unplanned Expenses with an Instant Loan App

Banking, Finance, Insurance, Column
In a rapidly evolving economy, expenditure patterns also evolve rapidly. Especially in today’s age, one that is increasingly dominated by millennial professionals. With the tremendous rise in the corporate culture (and rising costs of living) in all the metropolitans, unplanned and contingent expenses are off the roof. More than any time before, people want that dream vacation or the dream car or that spontaneous shopping plan or road trip. Millennials have been characteristized with that go-getter attitude - they need it all, sometimes without even having the saved up money for it.  The need for money for unplanned expenses saw a further surge during the COVID-19 pandemic, where people suddenly saw unexpected medical expenses or even day-to-day expenses mounting up while the entire eco...