Prasanna Lohar

India's banking doyen K V Kamath at the ETBFSI Converge Summit said that India can grow at 8% for a long time, of which 6.5% will come from the real sector and 1.5% from the digital economy. “The ability of every Indian to be connected via data, that is the underpinning of this new India,” he said. Watch full session: https://lnkd.in/d2vVvABP #ETBFSI #ETBFSIConverge

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Good thoughts in right direction.

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𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐟𝐨𝐫 𝐀𝐥𝐥 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚: 𝐅𝐫𝐨𝐦 𝐡𝐮𝐦𝐛𝐥𝐞 𝐛𝐞𝐠𝐢𝐧𝐧𝐢𝐧𝐠𝐬 𝐭𝐨 𝐚 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧! India's story of financial inclusion is inspiring. 𝐓𝐡𝐢𝐬 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐞𝐱𝐩𝐥𝐨𝐫𝐞𝐬: The rise of digital banking & mobile payments Challenges like trust & rural infrastructure gaps How fintech empowers women & rural communities Government initiatives & the role of technology 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 = 𝐚 𝐦𝐨𝐫𝐞 𝐞𝐪𝐮𝐚𝐥 & 𝐩𝐫𝐨𝐬𝐩𝐞𝐫𝐨𝐮𝐬 𝐈𝐧𝐝𝐢𝐚! 𝐑𝐞𝐚𝐝 𝐦𝐨𝐫𝐞 #ETInsights #FinancialInclusion #DigitalIndia #Fintech #India #Tech Akhil Puri

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Financial inclusion remains a top priority for both the Indian central bank and the government, especially as a significant portion of the rural population still lacks access to formal banking services. Deputy Governor Swaminathan J of the Reserve Bank of India emphasized the importance of bridging the digital gap to achieve financial inclusion in India. He highlighted that as financial services increasingly migrate online, there's a risk of leaving behind those without digital access or knowledge. Swaminathan stressed the necessity of tailored digital literacy programs to empower diverse demographic groups to participate in the modern financial system, leveraging affordable technology. Moreover, he emphasized the ongoing need for capacity building among financial literacy counselors to keep them updated on evolving financial products and customer protection measures. Regular training programs and leveraging technology for education were suggested as effective strategies. Swaminathan also called for enhanced collaboration among stakeholders, including banks, NGOs, and block-level officials, to ensure seamless delivery of financial inclusion initiatives. By addressing these challenges collectively and proactively, India can move closer to achieving comprehensive financial inclusion for all its citizens, while also driving micro-finance revenue generation through innovative use of technology. #AnqaAML #FinancialInclusion #DigitalOnboarding https://lnkd.in/e3N-pDma

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"It is in India that the most exciting innovation has taken place. Unified Payments Interface (#UPI) started operating in 2016. By March 2023, it was processing transactions valued at some 139trn rupees ($1.7trn, or 50% of GDP) over the previous 12 months. UPI now accounts for more than three-quarters of India's digital retail payments". India joined the Better Than Cash Alliance in 2015. Since then, many have been the joint efforts to support the Government of India's Digital India vision. Key pillars of our collaboration include advancing women and merchant digitization, co-organizing global learning exchanges with governments from Asia, Africa, and Latin America, and bringing in new members on board: India's Self-Employment Women's Association (SEWA Bharat) and the FICCI of Commerce and Industry. Now, UPI is going global. It is linked to payment systems in #SriLanka, the #UnitedArabEmirates, #Singapore, #Mauritius, and #Bhutan. In February, the international arm of the National Payments Corporation Of India (NPCI), a state-backed nonprofit that manages the platform, announced its expansion into #France. The Times of India reports that #NPCI has signed agreements to allow QR-based #UPI payments in #Malaysia, #Thailand, the #Philippines, #Vietnam, #Cambodia, #SouthKorea, #Japan, #Taiwan, and #HongKong.

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Jitendra Gupta (Founder and CEO of Jupiter) has been appointed to the Reserve Bank of India (RBI)'s newly formed committee aimed at developing a digital public infrastructure platform to combat fraud in the digital payments ecosystem. The committee, which also includes representatives from major banks such as SBI, HDFC, and ICICI, will define operational parameters, establish processes for data reporting, set guidelines for identifying and reporting fraudulent transactions, and ensure customer data protection. This initiative comes as the RBI responds to a sharp rise in fraud cases, which surged from 9,000 in FY22 to 36,000 in FY24, primarily in digital payments. More on The Economic Times Times: https://t.ly/ckBG0

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Cooperative credit societies play a very critical role in ensuring access to formal finance for MSMEs, mostly, the microentrepreneurs. Digital innovations can play a critical role in reaching out to the ‘Last Mile’ of the entrepreneurial ecosystem. @N has the similar vision of becoming a platform for connecting all stakeholders of MSME ecosystem to provide information, skill and improved access to finance for adopting sustainable and responsible MSME practices. A very insightful article from CMA Chittaranjan Chattopadhyay, Council Member, Chairman, BFSIB & IAASB, Institute of Cost Accountants of India (ICMAI), published by the Ministry of Cooperation, Government of India; PHD Chamber of Commerce and the Institute of Cost Accountants of India. https://lnkd.in/gqNeq-tX We are honoured get specific mention about the effectiveness of NRFS is in ensuring sustainable and inclusive development of MSMEs in India.

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The RBI, on 28th May, launched the ‘FinTech Repository’ and ‘EmTech Repository’ which are secure web-based applications managed by the Reserve Bank Innovation Hub (RBIH). These repositories would enable aggregation of sectoral-level data, trends, analytics, etc., useful for policymakers and participating industry members. The FinTech Repository aims to capture essential information about fintech entities, their activities, technology uses, etc. The EmTech Repository, only for RBI-regulated entities, aims to capture the adoption of emerging technologies like artificial intelligence (AI), machine learning (ML), cloud computing, distributed ledger technology (DLT), quantum, etc. by regulated entities. The FinTech repository is available at https://lnkd.in/gxCV5Nn7 and the EmTech repository is available at https://lnkd.in/g-9kms9t.

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India's Account Aggregator (AA) framework, launched in August 2021, represents the third prong of a comprehensive strategy to combat financial exclusion, complementing the Aadhaar biometric ID system and UPI. The framework, regulated by the Reserve Bank of India, facilitates the secure and efficient transfer of financial data between entities with explicit user consent. The AA system addresses the need for reliable and high-quality financial data to support a wide range of financial services, including lending, insurance, and wealth management. Despite its promising growth, the AA framework faces challenges that need to be addressed for its full potential to be realised. FIP reliability has been an issue, with success rates improving but still below optimal levels. Interoperability remains theoretical, as legal and contractual issues prevent seamless integration across all ecosystem participants. #Fintech #AccountAggregators

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Japan and other Asian nations are working to enable each other's access to and usage of QR code #payment systems, which are widely used in each nation. Japan has initiated discussions with India and Southeast Asian nations to allow cooperative use of digital payment systems by 2025. The country's standardised QR code payment system, known as JPQR, is run by the Payments Japan Association, whose general director, Yoshio Fukuda, stated that Japan will also work with specific Chinese digital payment systems. Fukuda discussed the objectives and potential applications of QR codes for mutual aid. Code payment services are currently offered by multiple operators in Japan only. Each QR code needs to be displayed in stores next to the #cash register, which requires time and work. In order to facilitate the usage of services offered by different companies and to unify the codes into a single code in Japan, JPQR was formed. To share your startup story write us on - contact@startuprise.org #Payment #Applications #QRcode #PaymentSolutions #Digital #Japan

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We are excited to launch Intellect Digital Core (IDC) for Cooperative Banks for the Indian market. This comprehensive, enterprise-grade banking technology solution is composed of eMACH.ai, the world’s largest open finance platform engineered by the ‘First Principles’ Thinking for financial institutions to design future-ready technology solutions. Drawing on the composable and contextual core banking technology that runs some of the world’s largest banks, Intellect brings the same expertise for cooperative banks as a Digital India initiative. Read more: https://lnkd.in/g3wZBApe Arun Jain | Ramanan S V | Debal Dutt | K V HARIHARASUBRAMANIAN | Himanshu S | Sajeev Kumar | Ramesh V | Rahul Reddy | Vikas Anand Vatul | Lilesh Barik | Lalit Kumar | Prakash Tiwari | Rajwant Kaur #Intellect #eMACHai #BharatCooperativeBankingSummit #IntellectDigitalCore #DigitalTransformation #CooperativeBanks

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𝐈𝐧𝐝𝐢𝐚'𝐬 𝐛𝐨𝐨𝐦𝐢𝐧𝐠 𝐅𝐢𝐧𝐓𝐞𝐜𝐡 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐭𝐚𝐤𝐞𝐬 𝐜𝐞𝐧𝐭𝐞𝐫 𝐬𝐭𝐚𝐠𝐞 ▶World Trade Center Mumbai and All India Association of Industries are organizing the 9th Global Economic Summit on "FinTech: Accelerating the Digital Revolution" (August 8-10, 2024). ▶India boasts one of the world's strongest FinTech sectors, with innovations in secure payments, mobile banking, and paperless lending. ▶The Summit aims to connect Indian FinTech companies with global counterparts, fostering investment and partnerships. 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 ▶The event is supported by government initiatives and industry associations, promoting Indian FinTech on a global scale. ▶World Trade Point Federation and International Digital Economy Association will facilitate cross-border collaboration for Indian startups. 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐮𝐦𝐦𝐢𝐭 ▶Conference featuring prominent figures like RBI officials, FinTech leaders, and international experts. ▶Exhibition showcasing products and services from over 100 exhibitors to an audience of over 5,000 visitors. ▶Networking sessions and award ceremonies to recognize achievements in FinTech. 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐤𝐞𝐲 𝐭𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 ▶Discussions will cover evolving market trends, emerging technologies, public digital infrastructure, and regulatory aspects of FinTech. ▶Experts will delve into topics like frictionless lending, compliance procedures, and investment opportunities in the FinTech space. 𝐎𝐯𝐞𝐫𝐚𝐥𝐥 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐅𝐢𝐧𝐓𝐞𝐜𝐡 ▶The Summit emphasizes the positive impact of FinTech on financial inclusion, gender equality, access to credit, and sustainable development goals. Looking ahead: Building on the success of previous editions, the Summit expects participation from over 300 delegates from around 10 countries. #FinTechSummit #DigitalRevolution #FinTechIndia #FinancialInclusion #GlobalEconomy #WTCMumbai #ONDC #DLAI #FinTechStartups #Investment #Collaboration

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Reserve Bank of India (RBI) Governor Shaktikanta Das introduces a comprehensive fintech repository to boost transparency and trust within India's fintech landscape. This initiative promises to streamline regulatory processes and foster innovation. Read more about this pivotal development here: https://lnkd.in/gR6vUWRj. #Fintech #Transparency #Innovation #RBI #ShaktikantaDas #IndianFintech #TechNews #FinancialInclusion

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#MSMEsFinancialInclusion #ProFinTechsRecommendationEngine #RevolutionaryMSMEScoringProcess Our new blog post is a brief but comprehensive look at how 'ProFinTech’s Recommendation Engine is powering Financial Inclusion of MSMEs and Digital Trade Lending' Despite their significant contribution to Indian economy (account for 30% of India’s GDP and over 45% of the exports) and local employment, MSMEs, especially, Micro and Small businesses still face difficulty in getting finance quickly. Why are small business enterprises still “the under-served base” with respect to financing? The big reasons are : 1. Time consuming Traditional financing process – which demands collateral and relies on ‘credit history of business enterprises’ 2. Traditional assessment & scoring mechanisms – these don’t capture interconnected financial behaviours and dynamic nature of business enterprises, adequately 3. Inertia and fear of the unknown – many small businesses still hesitate to consider FinTechs for their loan requirements We at ProFinTech are continuously innovating our tech-stack in order to provide quicker and more accessible financing options for MSMEs.  Our Recommendation Engine (awaiting a Global patent) leverages advanced analytics, alternative data, and machine learning, to provide a more nuanced and comprehensive assessment of an MSME’s financing need, his/her risk profile and capability to repay the loan. How is it driving financial inclusion for small businesses : 1. RE’s wider and deeper evaluation of MSME business (Vs) Restricted business coverage by Traditional scoring mechanisms Our Recommendation Engine integrates a wide array of data points, factors in the business owner’s financial & compliance behaviours and employs sophisticated AI & ML models to arrive at a comprehensive view of every small business and its potential. 2. RE brings ‘contextual dynamism’ to the trade financing process #TransactionbasedFinancing with solutions like invoice financing, supply chain finance, trade credit etc, is picking up momentum. This can address small-ticket and day-to-day business financing needs of small enterprises who often need a timely boost of small financing for their daily business activities and operations. Our Recommendation Engine employs algorithms to comprehensively map out the ongoing business transactions and financial activity of every business enterprise. By integrating a multifaceted array of data points – including non-traditional and behavioral analytics, RE extends a granular analysis of the business owner’s behaviours, creditworthiness, risk profile and potential, to our finance partners. This rigorous process, naturally, helps our finance partners build confidence about the small business enterprise in consideration. Do read the complete blog here https://lnkd.in/gwjfu7Y8 and connect with us for a detailed demo. Thank you!

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🚀 RBI Governor Discusses Expansion and Innovation in UPI Ecosystem. 🔍 Overview: Reserve Bank of India (RBI) Governor Shaktikanta Das engaged with key stakeholders in the Unified Payments Interface (UPI) sector to deliberate on the expansion and enhancement of UPI's digital payment services. This meeting underscored the central bank's commitment to fostering an inclusive and innovative financial landscape. 🔑 Key Details: - Stakeholder Engagement: The meeting brought together representatives from RBI, National Payments Corporation of India (NPCI), banks, and fintech firms to discuss the scalability of UPI infrastructure and tackle fintech challenges. - Innovative Integration: RBI called for creative solutions to integrate more users into the UPI framework, aiming to broaden the reach and functionality of this pivotal digital payment system. 🌐 Strategic Insights: - Enhancing Infrastructure: Discussions focused on amplifying the robustness of UPI's infrastructure to support its growing usage and expanding user base. - Addressing Fintech Challenges: The RBI acknowledged the hurdles faced by fintech operators, aiming to streamline regulatory processes to encourage innovation and compliance. 💼 Policy and Regulation: - Regulatory Oversight: Recent strict measures against non-compliance by financial entities highlight RBI's stringent stance on maintaining a secure and reliable digital payments ecosystem. - Licensing and Compliance: With an increased issuance of payment aggregator licenses, RBI is setting a foundation for regulated growth in the digital payments space. 📈 Market Impact: - UPI Adoption Surge: UPI continues its growth trajectory with a significant volume of transactions, underscoring its central role in India's digital economy. - Fintech Innovation: The emphasis on innovative integration strategies promises to keep India at the forefront of global digital payment technologies. 🔮 Looking Ahead: The RBI's proactive approach in convening discussions with UPI stakeholders is a strategic move to ensure that UPI not only expands in reach but also advances in technological prowess. This aligns with the broader vision of enhancing India's digital infrastructure to support economic growth and consumer convenience. 🌟 Conclusion: The RBI's engagement with UPI stakeholders is a critical step towards refining the digital payments landscape in India. By addressing existing challenges and encouraging innovative solutions, the RBI aims to bolster UPI's infrastructure, making it a cornerstone of India's digital economy and a model for global financial systems. #DigitalPayments #UPI #RBI #Fintech #Innovation #FinancialInclusion #TechNews #BusinessStrategy #StartUpNews #BusinessNews #MicroShots #NewsUpdates

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Authentication and access management platform OTPLESS has raised $3.5 million in its pre-Series A funding round led by SIDBI(Small Industries Development Bank of India). Venture Highway, FJ Labs, and Piper Serica joined the firm’s maiden institutional round. OTPless enables users to sign up and sign in on websites and apps via WhatsApp and other methods. This approach simplifies the user process and weeds out the need for OTPs. The startup supports various social sign-in methods, including Google, iMessage, Microsoft, GitHub, Slack, UPI, and modern protocols like Passkeys, Network Auth, Protected SMS, and Device fingerprinting. As per the company, developers can easily integrate OTPless’s SDKs and APIs, going live within minutes using pre-built UIs. OTPless claims that over 5,000 companies and 20,000 developers worldwide use the platform to authenticate over 30 million users. Founders: Bhavik Koladiya, Satyam Nathani and Tanmay Sagar Follow Rise & Shine for daily startup updates. Stay informed, stay ahead ➡️ www.riseshine.in #authentication #startup #funding #venturecapital #founders

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Authentication and access management platform OTPless has raised $3.5 million in a pre-Series A funding round led by SIDBI (Small Industries Development Bank of India). The round also saw participation from Venture Highway, FJ Labs and Piper Serica. Read the full story here: 👇 https://lnkd.in/dkgXjTrR #funding #otp #security #investors #sidbi #startup #entrepreneurs #indianstartupnews

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