innovationinbanking

  Any plans to attend GFF 2024? Link to my Curtain raiser @ https://prashantnepayments.blogspot.com/2024/04/curtain-raiser-global-fintech-fest-gff.html   In the bustling realm of fintech, where innovation meets finance, the Global Fintech Fest (GFF) shines as a beacon of collaboration and foresight. Organized annually by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC), GFF has burgeoned into one of the foremost gatherings in the fintech sphere. As it gears up for its fifth edition in 2024, GFF unveils a theme that not only captures the essence of the conference but also sets a bold agenda for the future : ‘Blueprint for the next decade of finance: Responsible AI| Inclusive| Resilient.’   The theme of GFF 2024 serves as the nucleus around which the entire conference revolves. In a world marked by socio-political upheavals, economic turbulences, and technological leaps, the imperative for a gl

               Digital Loan Aggregators are part and parcel of India’s retail assets scenario. The numbers of retail loans sourced from DLPs are going up and up.             To further safeguard the borrower’s interest and also encourage lenders to offer their best services, Reserve Bank of India has placed on its website Draft Circular “Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders”.             This is an opportunity for you to offer your views to Reserve Bank of India . Are you ready?? **RBI Opens Discussion on Digital Lending Transparency**   The Reserve Bank of India (RBI) has taken a significant step towards enhancing transparency in digital lending by inviting comments on its Draft Circular titled "Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders." This move aligns with the RBI's commitment to fostering fair practices in the financial sector, as outlined in its Statement on Devel

**Empowering Democracy: The Incredible Work of the Election Commission of India** Today, as I cast my vote, I do so with gratitude for the tireless efforts of the ECI in upholding the pillars of democracy. Today marks Voting Day across 88 Lok Sabha constituencies in India, and as I cast my vote, I can't help but reflect on the monumental effort behind this democratic process. The Election Commission of India (ECI) deserves immense appreciation for orchestrating this event seamlessly. Amidst the high-decibel campaign urging citizens to exercise their voting rights, the pivotal role of the ECI and its officials often goes unnoticed. Beyond the few seconds spent at the polling booth, a vast machinery operates behind the scenes to ensure the success of this democratic exercise.   The scale of this operation is staggering. Coordinating with numerous departments, the ECI meticulously plans every aspect of the polling process to minimize inconvenience for voters. From ensu

  NPCI’s RuPay 'Link it, Forget it' Campaign: Redefining Wallet-Free Lifestyle at IPL 2024          One the major innovations in the Fin Tech arena in 2024 is the ability to link your RuPay Credit Card in a UPI App and forget your physical card at home.          The popularity of this innovation reflects in the increase of RuPay Credit card volumes. As more and more merchants start accepting this payment mode, the volumes will just keep going up and up.          In this regard, to enhance the recall value of RuPay Credit Cards via UPI, NPCI has rolled out an advertising campaign.          Majority of UPI Apps viz BHIM / Google Pay / Paytm / PhonePe, etc  now offer this facility.                   In a world where convenience is king, RuPay, as an associate partner for TATA IPL 2024, has taken a bold step towards revolutionizing digital payments with its latest campaign, 'Link it, Forget it'. The campaign, unveiled at the Indian Premier League, is designed

  RBI Imposes Penalty on NABFINS Limited: Upholding Financial Regulation in Microfinance          Reserve Bank of India usually conducts statutory inspections of various institutions regulated by it.          The Audit Report forms the basis for further action by RBI wherever required.          The same was followed in case of NABFINS Ltd too. In a recent development, the Reserve Bank of India (RBI) has wielded its regulatory authority by imposing a monetary penalty of ₹10 lakh on NABFINS Limited, a notable microfinance institution headquartered in Bengaluru. This subsidiary of NABARD, the apex development and financial institution in India, faced sanctions for its non-compliance with certain provisions of the Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.   The monetary penalty, imposed under the provisions of the Reserve Bank of India Act, 1934, comes as a consequence of a tho

Revolutionizing Metro Travel: ONDC Mobility, Yaary, Metro Day Pass Appeal Let me start off with a Disclaimer: I am in no way related to ONDC or Yaary. The bottom line is Safe ePayments. Digital Ticketing in Metro Trains offers multiple opportunities for Safe ePayments.   ONDC Mobility, spearheaded by Mr. Nitin Nair under the guidance of ONDC CEO Mr. T. Koshy, is at the forefront of revolutionizing mobility journeys on the ONDC platform. With successful onboarding experiences witnessed with Chennai Metro and Kochi Metro, the integral role played by Yaary as the technical integrator for these metros cannot be overstated.   As we glance across India, it's evident that numerous cities are gearing up with their own Metro Networks. The presence of metros is already felt in major cities, promising the spread of the joy of metro travel across the nation in the coming years. However, to embark on a metro journey, one fundamental requirement remains non-negotiable: the Ride Access Token, av