Indian banks are working with fintech startups to develop technology similar to what is used in markets like Africa and China; the banks hope to use social data and online shopping habits to underwrite borrowers; FICO recently began to offer credit scores in India using alternative data and there are many startups working on similar efforts. Source
The deputy governor of the Reserve Bank of India recently said at an event that currently there are different regulations for various categories of non-banking financial companies (NBFCs) which could lead to regulatory arbitrage, and that the central bank is moving in the direction of harmonizing some of the regulations, and they will get clarity on this sooner than later. Source
The meeting is currently underway and at least 10 major exchanges are involved in the deliberations.
Indian fintech CRED said on Tuesday it has raised $251 million in a new financing round, its third funding this year, at a valuation of $4.01 billion. Existing investors Tiger Global and Falcon Edge Capital co-led the three year-old Bangalore-based startup’s Series E financing round. Marshall Wace and Steadfast also participated — and so did...
Razorpay has more than doubled its valuation to $7.5 billion from $3 billion in April as one of India’s largest fintech giants demonstrates fast growth and aggressively broadens its product offerings. The Bangalore-headquartered startup, which is a market leader in payments processing in India, said Sunday evening it has raised $375 million in its Series...
The CEO of NITI Aayog, a policy think tank of the Indian government, said that the fintech market in India...
Perfios is an Indian fintech startup that has developed software products that help digital lenders, banks and financial institutions to analyze client data; the software can help reduce application times for loans, credit cards and insurance policies; the firm's $6.1 million fundraising was provided by New York-based venture capital firm Bessemer Venture Partners. Source
According to the bank statement, “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”; the government had previously issued warnings about risks around trading cryptocurrencies; the Reserve Bank of India is more open to the development of blockchain technology. Source
Reserve Bank of India is of the view that “cryptocurrencies should be prohibited,” the Indian government told the parliament on Monday.
India was one of the fastest growing digital payments markets before the pandemic hit and now many of the companies...