While the fintech industry welcomed RBI's draft guidelines on digital lending — transparency in aggregation of loan products from multiple lenders, FinTech Leaders highlighted how this move which might seem as a hurdle now will actually benefit the industry at large and further said that it will increase compliance burden for lenders. Here's what they said:
The RBI's innovation unit is working with IIT Kanpur to develop an AI model to detect frauds in real-time. The idea is to create a platform like Zomato and Swiggy, which resolves customers complaints in real-time.
The CEO told that the company is closing this quarter (Q4FY24) at Rs 1600 crores of AUM with revenue around Rs 200 crores and profitability around Rs 50 crores. 'We are confident of achieving this on account of continuing credit squeeze, high cost of retail credit and the record gold prices,' he said. Mohanan also said the company is planning to go public by 2027.
Bandhan Life Insurance, formerly Aegon Life- a digital only life insurance provider, now plans to become a multi-channel, multi-product entity post acquisition by the Bandhan Group. In an exclusive interview, CEO Satishwar B., shares about the company's immediate growth plans, improving distribution strategies, leadership team and impact on its customers.
India's long-term growth story looks positive and is in its goldilocks situation. However, with most positives already factored in, the same level of returns or those better than the previous year looks difficult for life insurers, said Ajit Banerjee, Chief Investment Officer, Shriram Life Insurance. Here are the edited excerpts:
In an exclusive interaction with ETBFSI, the Revolut India said it has received the PPI license from RBI and is planning to launch its app soon. ‘The app is live with its employees and is in the testing phase, in terms of compliance and customer experience, but once all bugs are cleared the app will be rolled out to the public soon,’ said CEO Paroma Chatterjee.
Who are these non-bank payment system operators (PSOs) whom RBI will allow to offer CBDC wallets and how will they function? Will bringing in this new entrant increase compliance burden and costs? How will these entities help CBDC scale? ETBFSI talks to Top FinTech experts and decodes what this latest announcement by the Apex Bank means, how this will work and more.
FinTech experts believe that DIGITA by RBI is going to serve as a gatekeeper distinguishing between legitimate and illegal lending apps. This move by the regulator is going to further instill confidence among consumers and investors, while also curb lending frauds.
In an exclusive conversation with ET BFSI, Rushabh Gandhi, Deputy CEO of IPO bound IndiaFirst Life Insurance talks about why 'Insurance for all by 2047' is an achievable reality. He also talks about the company's bancassurance-led multi-distribution channel, rising competition in the Life Insurance space, capitalising on 'Bharat' Segment and more.
In an exclusive interaction with ETBFSI, Sanjay Sharma, MD of Aye Finance shared the performance parameters of the company for the Financial Year 2025. He talked about the AUM, profitability, Revenue and his plans for raising funds and going public. Read the full interview here to know more:
CBDC represents the digital counterpart of physical cash offering a seamless transition into the digital economy while retaining the intrinsic properties of sovereign currency. Unlike existing digital payment systems where money flows out of bank accounts, CBDC resides within digital wallets, offering users a direct and familiar mode of transaction.
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