Analysts including Morgan Stanley and Citi said that the NPCI's latest guidelines on interoperability significantly improve the salience of wallets and open avenues for additional revenue for Paytm Bank. The company Monday announced that its full KYC wallet customers will be able to make payments on every UPI QR code and online merchant where UPI payments are accepted.
The NPCI reportedly said that using prepaid payment instruments (PPIs) - gift cards, wallets, among others - for transactions through UPI will attract an interchange fee of up to 1.1 per cent starting April 1. The charges will be levied if the transaction is more than Rs 2,000, it said.
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments.
The International Finance Corporation (IFC) is planning to double its investments in India and support Indian companies in their global expansion plans. IFC, which is the largest investor in India, has been investing $1.3-$1.5bn annually in the country since the onset of the Covid-19 pandemic and could increase this figure to $2.5-$3bn annually.
Under this mechanism, both the fund and the target company agree on the final purchase price using the target’s most recent audited financial statements, and there are no post-completion adjustments.
"Authum has transferred the requisite amounts to secured creditors and the business transaction agreement has been signed by lenders to hand over the assets to them. This brings an end to a process which began almost three years ago," said a person familiar with the deal.
Delinquencies of advances overdue for over 90 days by value declined 1.7 per cent while as a percentage of overall advances, it was at 2 per cent at the end of December 2022 as against 2.7 per cent in the year-ago period. The coronavirus pandemic had impacted the microfinance sector as field agents were unable to visit borrowers to extend loans and also ensure timely repayments.
India Post Payments Bank (IPPB) has collaborated with Bharti Airtel to launch banking services through WhatsApp. The IPPB WhatsApp Banking will allow easy banking services including doorstep service requests and Post Office location tracking for customers. IPPB and Airtel IQ will ensure multi-language support and real-time customer support agents on WhatsApp to provide quick solutions for customer queries.
The latest data from Reserve Bank of India shows a rise in bank credit across all sectors. On a year-on-year basis, non-food bank credit rose 15.9% in February 2023 compared to 9.2% a year ago. The increase in repo rates have not drastically affected the pace of credit growth, according to chief economist at Bank of Baroda, Madan Sabnavis. Credit growth in the retail sector accelerated to 20.4% YoY, driven by housing loans. Credit growth in the services sector improved significantly to 20.7% YoY, primarily due to higher loans to Non-Banking Financial Companies (NBFCs).