RBI’s modified digital lending norms to come into effect from 1 Dec

The modified guidelines on digital lending by the Reserve Bank of India (RBI) will come into effect from Thursday, 1 December. The digital lending modified guidelines aim to protect customers from exorbitant interest rates and keep a check on unethical loan recovery practices. As per the new norms, all loan disbursals and repayments are to … Read more

Sachin Bansal’s Navi Tech files draft papers for ₹3,350 cr IPO

Sachin Bansal-led Navi Technologies has filed draft papers for an initial public offering (IPO) with Sebi. The IPO comprises of fresh equity issue of up to ₹3,350 crore, according to the draft offer document. Sachin Bansal’s Navi Technologies is a technology-driven financial products and services company in India focusing on the digitally connected young middle-class … Read more

Fintech Bolt Is Raising Funding, Looking for a $14 Billion Valuation

Bolt, a San Francisco fintech startup that provides an online checkout solution for other companies, is still in talks to raise new money at a valuation of $14 billion, according to a source familiar with the matter. The deal comes only weeks after Bolt closed $355 million in a Series E round, valuing it at … Read more

Niti Aayog floats idea of full-stack digital banks

Government think-tank Niti Aayog on Wednesday proposed setting up of full-stack ‘digital banks‘, which would principally rely on the internet and other proximate channels to offer their services and not physical branches, to mitigate the financial deepening challenges being faced in the country. The Aayog, in a discussion paper titled ‘Digital Banks: A Proposal for … Read more

Groww’s valuation hits $3 bn as start-up raises $251 mn in Series E round

Fintech unicorn start-up Groww’s valuation has reached $3 billion after a fundraise of $251 million, led by ICONIQ Growth, including participation from investors like Alkeon, Lone Pine Capital, Steadfast, and existing investors.   The platform, which can be used to invest in direct mutual funds, stocks, ETFs and IPOs, currently has more than 20 million … Read more

Pine Labs enters online payments with three products under one platform

Pine Labs, a leading merchant commerce platform, launched Plural on Thursday, marking its entry into the online payments space. Backed by years of strong technological capabilities, the company said it now aims to reinvent the space through a suite of online payment products focused on speed, security, and user experience. The firm said Plural is … Read more

Prosus makes $4.7 billion bet on online payments in India

Amsterdam-listed Prosus, which is majority owned by South African holding company Naspers Ltd., said its payments and fintech subsidiary PayU will pay 345 billion rupees, equivalent to $4.72 billion, for BillDesk in an all-cash deal. Prosus shares rose 5% Tuesday following the announcement. The acquisition will bring Prosus’s cumulative investment in Indian tech to more … Read more

Xiaomi to offer full spectrum of financial services in India via partners

Xiaomi is bringing in offerings like gold loans, credit line cards and insurance products as it looks to provide the full spectrum of financial services across payment, lending and insurance in India, its India head Manu Jain said.   Speaking with PTI, Jain said these financial services will be offered in partnership with organisations like … Read more