CREDIT PLATFORM
JM Financial board okays plan to consolidate debt, distressed credit business under one platform
JM Financial will increase its stake in JM Financial Credit Services to 89.67% and JMFCSL will acquire 71.79% stake in JM Financial Asset Reconstruction Company from JMFL for Rs 856 crore.
JM Financial consolidates wholesale and distressed credit biz
JM Financial Limited (JMFL) is set to consolidate its wholesale debt syndication and distressed credit business under a single platform. The move involves two acquisitions: a 42.99% stake in JM Financial Credit Solutions Limited (JMFCSL) and a 71.79% stake in JM Financial Asset Reconstruction Company Limited (JMFARC). The consolidation aims to transition from an on-balance sheet business model to a diversified originate-to-distribute/syndication model across various asset classes.
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
ONDC to add banks, fintechs to take credit services to last mile
The homegrown Open Network for Digital Commerce (ONDC) will soon integrate banks such as HDFC Bank, IDFC First Bank and Karnataka Bank, alongside fintech companies like Fibe, sources told us. This comes as the network began early pilots for credit disbursal through its platform, by partnering with Tata Group superapp Tata Neu and Paisabazaar.
Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank
New credit card rules: Many major banks have implemented significant modifications to the credit card services. Let's examine the important changes to credit card services offered by these major institutions, which will take effect in July.
Heat, humidity or hale: 'majboori' makes gig workers brave the elements
The weather extremities this summer can, of course, impact any and all. But for those whose daily bread depends on their job, there aren't many options. While companies like Swiggy, Zomato and others made some efforts to relieve their delivery partners of the heat to some extent by offering them refreshments, and resting areas according to the gig workers they weren't very helpful.
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Akiko Global Services stock debuts with 27% premium on NSE SME platform
Akiko Global Services debuted on the NSE SME platform with a 27.27% premium. The IPO was oversubscribed 30 times. The company focuses on credit cards and loans, using direct selling for product demos. In January 2024, their revenues were Rs 26.09 crore, with a profit after tax of Rs 3.21 crore.
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
Groww offers user refund after allegations of fund deduction without investment emerge
A Groww user alleged that the platform deducted money without making an investment, prompting Groww to issue a refund and clarification. The company acknowledged an error in the user's dashboard and confirmed no transaction took place. They credited the claimed amount back to the user as a goodwill gesture and requested his bank statement for verification. Groww assured users of its commitment to resolving such issues promptly and transparently, emphasizing no money was deducted. An expert advised careful research before using newer investment platforms.
BoB aims to double tech team headcount to 3,000 by FY26-end
State-owned Bank of Baroda plans to double its in-house technology team to 3,000 employees in the next two years, according to a top official. Currently, the team comprises 1,500 employees. The expansion will involve both regular hiring processes and lateral hires of specialist talent, as stated by Debadatta Chand, the managing director and chief executive officer.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
Citibank credit cards migration to Axis Bank to be completed on July 15; credit cards migrated, new benefits, 9 important FAQs
Citibank credit cards migration to Axis Bank: According to the Axis Bank website, here is a look at the Citibank credit cards that will be migrated, the new terms and conditions, fees and charges, rewards, and other important migration details.
Axis Bank-Citibank credit card migration: 9 Citi cards transferred to Axis Bank; new credit card names, benefits, reward points
Axis Bank-Citibank credit card migration: Citibank credit card holders should note that your card number, CVV, and transaction limits will stay the same after the migration. Your annual fee, spend-based fee waiver limits, and statement date will also remain unchanged. After the migration, you will have a combined credit limit across all your Citi-branded Credit Card(s) and Axis Bank Credit Card(s).
Supermoney bags $3.4 million in funding round led by Capital 2B, Capria Ventures
The SME-focused digital lending platform will use the funds to expand its loan disbursement and operational efficiencies.
UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.
Amazon adds $230 million in cloud credits to AI startups
Amazon's $230 million investment in AWS credits for generative AI startups includes access to computing power and infrastructure. The company's focus on AI startups aims to enable quick iteration and pivoting.
Most phones sold online end up in grey market
A New Delhi-based retailer aware of the practice said the aggregators, or “cutters”, have hundreds of user accounts on online platforms, operated by a network of young people under their employment who place orders from different accounts to work around platforms’ restrictions on the number of units a customer can buy in one transaction.
Why Kunal Shah’s Cred is betting on secured loan products
Kunal Shah-promoted fintech has conducted market study and spoken with lending partners, but it is still early days, say sources. Unlike consumer credit, secured lending has a long physical leg to the business too. An NBFC executive highlighted the importance of control over loan disbursal and credit underwriting processes for secured products.
PM Gati Shakti, National logistics policy driving cold chain market growth
At the FICCI-Cold Chain and Logistics Summit on Wednesday, Ahirwar said that the gaps in physical infrastructure such as bad roads and inefficient ports are dampening the growth of the logistics sector, and these schemes are addressing those gaps.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Paytm witnesses slowdown in core businesses of merchant payments, consumer lending
In the first four months of 2024, Paytm’s user base shrank by 24% to 80 million, while the count of its active devices dropped by about 1 million over February and March on account of attrition, according to its quarterly filings with the stock exchanges. User attrition happened as a result of regulatory action by the RBI, it said.
Traditional financial services catch the super app bug
Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.
Pine Labs ties up with largest bank in Dubai, set to offer payment solution
Emirates NBD will offer Pine Labs' newly launched credit issuing platform to deliver merchant acquiring solutions for its corporate and institutional clients, initially in the United Arab Emirates, then across the Kingdom of Saudi Arabia and Egypt.
Peer community groups can help with financial success of women entrepreneurs in tier-II cities and beyond: Tide India’s Gurjodhpal Singh
Tide India has come up with a women aspiration index which shows the challenges and opportunities for women entrepreneurs in non-metro cities.
Ugro Capital raises Rs 1,322 crore, acquires fintech lender MyShubhLife for Rs 45 crore
The deal with MSL enables Ugro Capital to enter the tech-enabled embedded finance market. The non-bank lender will initially pay Rs 28 crore to acquire 76% of MSL, while the remaining Rs 17 crore will be paid later to secure full ownership of the company.
Credit platform BlackSoil raises Rs 100 crore in equity funding
BlackSoil, an alternative credit platform, raised Rs 100 crore in equity funding to enhance its credit profile. Funds will be used to enhance credit profile and strengthen borrowing capacity, says firm.
GSTN to share data with RBI's frictionless credit platform
The Indian government has allowed the GST Network to share data about GST-registered businesses with the Reserve Bank's 'Public Tech Platform for Frictionless Credit' based on their consent. This move aims to facilitate quicker loan processing for entities by providing lenders with shared Goods and Services Tax (GST)-related information.
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