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Total number of consents processed by NBFC-AA crosses 100 million: Sahamati

Economic Times

Economic Times · 1y ago

Total number of consents processed by NBFC-AA crosses 100 million: Sahamati

The NBFC-Account Aggregator framework has achieved over 100 million consents, according to DigiSahamati Foundation. Approximately 80 to 90 million Indians are currently using the account aggregator service. The industry alliance expects the ecosystem to reach a penetration rate of 25 to 30% by the end of the fiscal year. The use cases for account aggregators have expanded beyond loan underwriting to include personal finance management, portfolio management, fraud control, and more. The growth in consent requests from financial information users has been significant, with 63.7 million requests in FY24 compared to 5.5 million in the previous year.

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Sahamati plans interoperability for small aggregators for a level playing field

Economic Times

Economic Times · 9m ago

Sahamati plans interoperability for small aggregators for a level playing field

Sahamati is developing SahamatiNet and Router to enable interoperability in the NBFC-Account Aggregator (NBFC-AA) network, aiming to ease integration challenges and enhance scalability. These initiatives focus on eliminating the need for bilateral interconnections, crucial as smaller AAs struggle due to big banks' reluctance to partner. Despite being built, approval from the Reserve Bank of India is pending. The platforms promise open-banking benefits by facilitating data sharing between financial entities and fintechs.

Lending firms utilise Account Aggregator framework for Rs 42,300 crores in loans: Sahamati

Economic Times

Economic Times · 1y ago

Lending firms utilise Account Aggregator framework for Rs 42,300 crores in loans: Sahamati

According to a report by Sahamati, lending firms facilitated loans worth Rs 42,300 crore using the Account Aggregator (AA) framework from September 2021 to March 2024. The report highlights the growing adoption and usage of the AA framework. The loans had an average ticket size of Rs 100,237, with Rs 22,100 crore worth of disbursements facilitated in the second half of FY24. The AA system allows individuals to access and share machine-readable data from various financial sources, providing greater control and security. Lenders benefit from reduced transaction costs and fraud cases, while customers enjoy convenience and reduced data misuse risks.

Instagram’s Threads crosses 100 Mn users, India drives download growth

Entrackr

Entrackr · 2y ago

Instagram’s Threads crosses 100 Mn users, India drives download growth

Twitter-rival and internet sensation Threads by Instagram has crossed 100 million users within five days of launch, according to the number of badges that appear on Instagram profiles.

PB Fintech secures account aggregator licence from RBI

Economic Times

Economic Times · 1y ago

PB Fintech secures account aggregator licence from RBI

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained the non-banking finance company-account aggregator (NBFC-AA) license from the Reserve Bank of India. The license will be held by PB Financial Account Aggregator, a subsidiary of PB Fintech. An NBFC-AA is a financial institution that allows for the exchange of financial data between multiple regulated institutions. With this license, PB Fintech can expand its credit marketplace and access customer financial data for informed decision-making.

India’s account aggregator system facilitates loan disbursement of Rs 462B in H1 FY25

YourStory

YourStory · 8m ago

India’s account aggregator system facilitates loan disbursement of Rs 462B in H1 FY25

India’s Account Aggregator (AA) framework is transforming digital lending, enabling secure and consent-based financial data sharing. Launched in September 2021, it facilitated Rs 462 billion in loan disbursements in H1 FY25, increasing broader credit penetration. Since its inception, over 9.7 million loans have been processed, with Rs 1.328 trillion disbursed ecosystem-wide. Regulated by the RBI, AAs enhance transparency, streamline loan approvals, and improve financial management with stringent data privacy measures.

BlackSoil NBFC raises $12M in equity capital from existing backers

IndianStartupNews

IndianStartupNews · 1y ago

BlackSoil NBFC raises $12M in equity capital from existing backers

BlackSoil NBFC, a subsidiary of BlackSoil Group, has raised Rs 100 crore ($12 million) through a rights issue from existing Indian investors and family offices. The funding will boost the company's credit profile, enabling it to increase borrowing capabilities and drive growth. This marks the fourth investment in BlackSoil NBFC, bringing the total to over Rs 250 crore ($30 million). The firm is supported by well-known investors and family offices, including those associated with Allcargo Logistics and Navneet Education. BlackSoil provides alternative credit solutions to various sectors, including growth companies and NBFCs.

RBI Fines IPO-Bound PhonePe For Flouting PPI Norms

Inc42 · 2m ago

RBI Fines IPO-Bound PhonePe For Flouting PPI Norms

The Reserve Bank of India (RBI) has fined IPO-bound PhonePe Limited INR 21 Lakh for violating Prepaid Payment Instruments (PPI) norms. Additionally, the fintech firm has surrendered its NBFC license as of August 29, following the earlier surrender of its NBFC-AA license. PhonePe plans to pre-file its IPO papers soon, seeking to raise $1.2 billion to $1.5 billion at a valuation between $7 billion and $8 billion.

Setu strengthens top deck with senior execs from Razorpay, PhonePe, Wibmo - The Economic Times

Economic Times

Economic Times · 4m ago

Setu strengthens top deck with senior execs from Razorpay, PhonePe, Wibmo - The Economic Times

Setu, a Pine Labs-owned fintech firm, is reinforcing its leadership with senior appointments. Anand Raisinghani, previously with SAP India, becomes CEO, succeeding Sahil Kini, who now leads the Reserve Bank Innovation Hub. New hires include Prashanth Nimmagada as CTO, Ramkumar Thirumurti as Chief Revenue Officer, and Santosh Subramanian as Head of Finance. Setu, acquired for $23.4 million in 2022, offers API infrastructure for payments and holds an NBFC-AA license from the RBI.

PhonePe and G-Pay lead UPI volume in April, CRED targets high-value transfers

Entrackr

Entrackr · 7m ago

PhonePe and G-Pay lead UPI volume in April, CRED targets high-value transfers

Fintech platform PhonePe further cemented its dominance in India’s UPI ecosystem in April 2025, maintaining the top spot in both transaction volume and value. The fintech unicorn processed 8,362.31 million UPI transactions worth Rs 12.05 lakh crore. This gave it 46.73% of the total volume and 50.32% of the total value among the top 10 UPI apps. Google Pay held on to second place, with 6,488.55 million transactions worth Rs 8.42 lakh crore. This translates to 36.26% share by volume and 35.18% by value. Paytm came in third, processing 1,210.24 million transactions valued at Rs 1.31 lakh crore, accounting for 6.76% of the volume and 5.48% of the value. CRED shines in high-value payments Navi and super.money took the fourth and fifth positions in terms of volume, with CRED slipping to sixth. However, CRED continued to outperform smaller players in terms of value. The platform processed Rs 49,753 crore through just 134.67 million transactions. This gave the credit-focused app a modest 0.75% share of total volume but a much higher 2.08% share in value. Other players and total UPI picture Axis Bank Apps, FamApp by Trio, Amazon Pay, and WhatsApp made up the rest of the top 10. WhatsApp, backed by Meta, was the lowest performer with 67.40 million transactions totaling Rs 5,065.44 crore. In total, UPI processed 17,893.42 million UPI transactions amounting to Rs 23.94 lakh crore in value in April 2025. PhonePe and Google Pay together handled over 82% of UPI transactions and 85% of the total value, clearly dominating India’s digital payments market.

PhonePe records 9.4 Bn UPI transactions in October

Entrackr

Entrackr · 20d ago

PhonePe records 9.4 Bn UPI transactions in October

PhonePe and Google Pay continue to dominate UPI based customer initiated transactions in October. The two apps together accounted for close to 80% of the total volume and value processed through the top 10 apps during the month. PhonePe led the chart with 9,412.07 million (9.4 billion) transactions which gives it a market share of 45.47% by volume. In terms of value, it processed Rs 13,06,401.90 crore contributing 47.88% to the total value of Rs 27,27,790.68 crore. Google Pay followed with 7,165.80 million (7.1 billion) transactions with a 34.62% share by volume. It processed Rs 9,54,186.10 crore in value which translates to a 34.98% share. For context, UPI saw an all time high of 20.7 billion monthly transactions in October, surpassing its previous record of 20.1 billion in August. Paytm was a distant third with 1,522.78 million (1.5 billion) transactions which gives it 7.36% share by volume. It processed Rs 1,67,177.27 crore in value or 6.13% of the total. Navi recorded 574.30 million transactions and a market share of 2.77% by volume while super money had 264.79 million transactions or 1.28%. While Navi saw a 9% increase in volume, Super.money recorded only a 3% increase in monthly transactions. Among the smaller players, CRED processed 157.99 million transactions but contributed a relatively higher 2.29% share of the total value at Rs 62,438.03 crore. BHIM and Amazon Pay recorded 125.70 million and 94.32 million transactions respectively with less than 1% share each. According to NPCI data, UPI spending in October was led by groceries and supermarkets with 3,273.16 million transactions worth Rs 76,073 crore. Fast food outlets saw 1,357.89 million transactions worth Rs 16,798 crore, while restaurants logged 1,190.63 million transactions valued at Rs 20,842 crore. Telecom services recorded 867.86 million transactions amounting to Rs 22,169 crore, and service stations saw 657.36 million transactions with a high outlay of Rs 38,072 crore, highlighting UPI’s dominance across essential and everyday spends. Digital gold also emerged as a notable category, rising to 115.95 million transactions worth Rs 2,290.36 crore in October from 103.19 million transactions worth Rs 1,410 crore in September.

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