Rakesh Verma

UPI coming full circle with “UPI Circle “ delegated payment mechanism for the family and Household expenses it’s time each Indian has UPI account to meet their daily needs .. huge opportunity for fintechs to build products on this ! UPI will hit 500 users with 2-3 times of that as circle ⭕️ users , ONDC, UPI circle would make India proving that they can build Amazon with best payment method covering lowest economic and small expenses needs for Indians ! UPI best tool for financial inclusion creating financial translations behaviour digital footprints for possible credit inclusion at next level ! Way to go UPI - India 🇮🇳

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Boosting MSME Finances through Formal Registration and Digital Payments🌟 The Reserve Bank of India's Deputy Governor, Swaminathan J, recently emphasized the importance of formal registration and digital payments for MSMEs. By embracing formalization and maintaining accurate financial records, MSMEs can significantly enhance their financial health and credibility. This transparency helps lenders assess creditworthiness more effectively, bridging the substantial credit gap estimated at Rs 20-25 trillion. Swaminathan J also highlighted the need for MSMEs to adopt digital payment systems, such as UPI and online banking. This not only creates a transparent financial footprint but also improves cash flow management, offering greater control over finances. By leveraging platforms like the Trade Receivables Discounting System (TReDS), MSMEs can unlock liquidity and build trust with financial institutions. The Deputy Governor urged MSMEs to prioritize credit discipline by selecting appropriate credit products and avoiding over-leveraging. Investing in capacity building through skill development and fintech adoption can further enhance operational efficiency and financial stability. These proactive steps are crucial for MSMEs to secure timely and adequate credit, fostering growth and innovation. Despite the challenges, the future looks promising for MSMEs in India. With the government's support and the RBI's initiatives, MSMEs can overcome financial barriers and contribute significantly to the economy. Let's continue to support and empower these vital enterprises for a stronger, more inclusive economic future. Reference Link - https://lnkd.in/gNrVnbvN

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🚨 Important Update on #Accessibility for PwDs 🚨 #FinancialInclusion On October 11, 2024, the Reserve Bank of India (RBI) released new #guidelines aimed at improving the #accessibility of digital payment systems for #PersonswithDisabilities. All Payment System Participants (PSPs), including banks and non-bank providers, are required to reassess and upgrade the accessibility of their payment platforms and devices, such as Point-of-Sale terminals. Key highlights: • #Compliance with the accessibility standards set by the Finance Ministry of India is mandatory • #Security remains a top priority • PSPs must submit a comprehensive report within 1 month ⏰ Confederation of Indian Industry CII Foundation

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Indian banks bolster cybersecurity amid rising risks, but need scalable infra too, say bank honchos, tech experts Banks are investing in advanced technologies heavily, but the risks are rising too. How banks adapt their security strategies, employee education and investing in new technologies to stay ahead matters the most. ETBFSI spoke to a few bankers and tech experts to understand the various layers of risk including cybersecurity. Story by Amol Dethe #Cybersecurity #IndianBanks #BankingTech #FinanceSecurity #RiskManagement #DataProtection #CyberRisks #SecureBanking https://lnkd.in/gc9jGN2i

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The Reserve Bank of India (RBI) is clamping down on technology governance and transparency as high-profile IT outages at Indian banks continue to plague the sector due to rapid digitisation and onboarding of new customers. Analysts and lenders have noted the central bank’s increased frustration around these issues. “The RBI has diminishing tolerance with respect to repeated technological outages,” says Geeta Chugh, a banking analyst at S&P Global Ratings, told sister publication The Banker. “They have also become more vocal in calling out conduct that it deems detrimental to the interests of customers and investors.” Story by Natasha Teja. Read more here👇 https://lnkd.in/esHPRgJj #India #banking #IndianBanking

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#India will push for bringing in new disclosures for #CreditCard issuers, #fintech providers and payment #aggregators on cross-border transactions at the Financial Action Task Force (#FATF) to make data exchange between member countries more meaningful and effective.

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After NPAs, the rising instance of fraud is emerging as a new threat to asset quality in Indian banks. Are incumbent risk assessment solutions enough to deal with this threat? Our CEO Rajat Deshpande makes the case for a FraudStack dedicated to its prevention, detection, and management. Get The Big Picture here: https://lnkd.in/gs8WDqE9 #Fraud #DigitalLending #FinTech #Regulation

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Following up on our earlier CRIF MicroLend report, March 2024, this chart explains the microfinance portfolio performance based on the year they were issued. It can be inferred that higher PAR 180+ and write-offs are a cascading effect of the disbursements made in FY20-21 and FY21-22. There is a significant reduction in portfolio moving to PAR 180+ and write-off for MFI loans disbursed in FY 22-23 and FY 23-24 compared to FY20-21 and FY21-22. Signs of recovery are evident from FY 22-23 onwards. The portfolio performance improved significantly for disbursements made during the period FY 22-23 and FY 23-24. For more insights visit https://lnkd.in/d7DWrX44 to download and read the CRIF MicroLend Vol XXVII, March 2024 Report.

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The implementation of #CentralBankDigitalCurrency (#CBDC) in India holds potential for enhancing #financialinclusion, particularly for the #financially illiterate and underserved communities. By learning from the experiences of other countries and addressing the unique challenges within its borders, #India can utilize CBDC as a tool to promote #equitable access to #financialservices, reduce fraud, and empower its citizens through #financialliteracy and #education. The Times Of India

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FINNet 2.0 strengthens India’s fight against financial crimes by empowering FIU-IND with advanced data analytics and reporting tools. Together, they enhance transparency and security, safeguarding our financial ecosystem from money laundering and fraud. #FinancialSecurity #FIUIND #FINNet2.0 #AML #RegTech #FinancialTransparency #FraudPrevention #KyzerCompliance #KyzerSoftware

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SEBI's latest orders underscore the complexity of regulatory compliance in today's financial landscape. From Anil Kumar Banka's trading violations to the governance issues at Asian Hotels (West) Limited, these cases show the critical need for robust compliance systems. OnFinance AI’s ComplianceOS AI agent, powered by NeoGPT, helps firms navigate these challenges with ease, ensuring compliance is timely, comprehensive, and less prone to error. Dive deeper into these cases and discover how our technology can safeguard your operations. Conatct us at [email protected] for a demo

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Here is what our Vice President of Fraud Risk Management, Animesh Jha, has to say about exploring novel methods for verifying digital payments beyond the conventional OTP. Read the article to find more. #opt #otplesspayment #paymentauthentication #onlinepayment #expertspeaks #wibmo

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𝗥𝗕𝗜 𝗚𝗼𝘃𝗲𝗿𝗻𝗼𝗿 𝗗𝗮𝘀 𝗦𝘁𝗿𝗲𝘀𝘀𝗲𝘀 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗖𝘆𝗯𝗲𝗿𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗳𝗼𝗿 𝗕𝗮𝗻𝗸𝘀 RBI Governor Shaktikanta Das urged Indian banks to bolster governance standards and implement robust cybersecurity measures to combat digital fraud. In a recent meeting with bank CEOs, Das highlighted the need for improved risk management and compliance. He also addressed liquidity risk, the credit-deposit growth gap, and the push for the Indian rupee in cross-border transactions. Recent penalties on Kotak Mahindra Bank underscore RBI's strict stance on non-compliance. #finance #news #RBI #Cybersecurity #BankingReforms Source:- https://lnkd.in/dbC36gpq

India Strengthens Cross-Border Payment Oversight with FATF 🌍 In a significant move, India is advocating for enhanced transparency in cross-border payments at the Financial Action Task Force (FATF). This push aims to improve access to payment data and fight financial crime across borders. As a fintech leader, India is committed to fostering secure and transparent financial systems to protect global transactions. At BuckBox, we champion the need for secure, seamless cross-border payments through innovative solutions like e-vouchers, direct top-ups, and payment APIs. As global collaboration intensifies, it's crucial for the fintech community to stay ahead of regulatory developments and ensure compliance while delivering cost-effective, frictionless services. #crossborderpayments #fintech #regulatorycompliance #buckbox #globalpayments #fatf #fintechsolutions #paymentsecurity #seamlesspayments #compliancefirst #finance #innovation

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Difference between financial sector & fintech now ‘evaporating’: Secretary, DFS Secretary, DFS believed that India’s robust banking system is getting ready to meet the needs of Viksit Bharat. He highlighted the importance of Digital Public Infrastructure, the role of banks in inclusive growth, and the need for robust systems to manage risks and support future economic ambitions. Story by Shrishti Sharma #FintechInnovation #BankingTransformation #DigitalPublicInfrastructure #InclusiveFinance #FinanceAndTechnology #ETBFSI #BFSI https://lnkd.in/gjCfFTYJ

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