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News on Medial
Cred to help customers track bank accounts
Economic Times
·
1y ago
Medial
Indian fintech company Cred is launching Cred Money, a new service that helps users manage their bank accounts. This offering provides a unified view of all bank account balances, transaction tracking, spending behavior insights, and inbuilt UPI payment capabilities. Cred has partnered with account aggregators Finvu and CAMS to provide these services. The company has been expanding its financial services portfolio, including acquisitions in credit, vehicle management, insurance, wealth management, and online wealth management platform Kuvera. Cred's revenue for fiscal 2023 was INR 1,484 crore, while its loss widened to INR 1,347 crore.
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Related News
Cred's Kunal Shah doubles down on affluent users, launches unified financial data platform
Money Control
·
1y ago
Medial
Fintech app Cred has launched Cred Money, a unified money management dashboard that aggregates a customer's financial data on a single platform. The app aims to provide affluent customers with a greater level of control over their finances, bringing together information such as bank accounts, transactions, subscriptions, bill payments, and more. Cred Money is built on top of the government's Account Aggregator framework, ensuring that all data is collected with customer consent. While other banks and fintech apps offer similar platforms, Cred's extensive financial data collection has raised concerns among customers and banks.
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RBI issues new rules for activating inoperative bank accounts, unclaimed deposits: KYC can now be updated via Video, any bank branch, business correspondent - The Economic Times
Economic Times
·
1m ago
Medial
The Reserve Bank of India (RBI) has introduced new rules to simplify reactivating inoperative bank accounts and claiming unclaimed deposits. KYC updates can now be done at any branch, through video-based verification, or with the help of Business Correspondents, making the process more accessible for customers. This initiative, effective immediately, aims to ease the reactivation of accounts dormant for over ten years and facilitate the claiming of unclaimed deposits.
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Bengaluru police bust Rs 12 Cr fraud targeting CRED
Entrackr
·
7m ago
Medial
Bengaluru police have arrested four individuals, including an Axis Bank manager, for allegedly embezzling over Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug operates fintech unicorn CRED. According to a Times of India report, the arrested individuals are Vaibhav Pithadiya, an Axis Bank relationship manager based in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent from Rajkot; and Shubham, a commission agent from Rajkot. The arrests were made following a complaint by Narasimha Vasanth Sastry, an executive from CRED. The fraud was uncovered on November 12 when Dreamplug executives detected unusual activity in their bank accounts. They found that Rs 12.2 crore had been fraudulently withdrawn from two Axis Bank accounts – a current account and a nodal account opened in 2021. The report added that the fraudsters carried out 37 transactions over 14 days, between October 29 and November 11, transferring Rs 12.2 crore to multiple accounts across the country.
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Govt Partners SBI, Telcos To Fight OTP Frauds
Inc42
·
1y ago
Medial
The Indian Ministry of Home Affairs is partnering with the State Bank of India and telecom operators to develop a solution to better protect customers from phishing attacks. The solution aims to track the registered address and geolocation of a customer, ensuring that the one-time password (OTP) is delivered to the correct location. This collaboration comes after the Reserve Bank of India proposed an additional authentication factor for digital payments. The partnership with telcos will help locate customers' devices during OTP delivery, preventing fraudsters from rerouting the OTPs.
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Fintechs queue up for card distribution business to lift topline
Economic Times
·
1y ago
Medial
Fintech companies Cred and PhonePe are partnering with banks to distribute their credit cards and expand their product offerings. Cred has already started distributing Axis Bank credit cards, while PhonePe is in the process of partnering with Axis Bank. These partnerships allow the fintech companies access to a large user base and offer potential for increased user engagement and revenues. The challenge for fintechs is to source creditworthy customers while keeping acquisition costs in check.
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CRED launches e₹ wallet in collaboration with RBI
Entrackr
·
6m ago
Medial
CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.
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British online bank Revolut's revenue jumps 45% to $1.2 billion in delayed 2022 accounts
Economic Times
·
1y ago
Medial
Revolut, the British online bank, reported a 45% revenue increase in 2022, reaching £922.5 million ($1.2 billion). However, the pretax loss in the delayed 2022 accounts was £25.4 million ($32.2 million), down from the previous year's profit of £39.8 million. Revolut anticipates revenue for the current year to reach $2 billion, with a double-digit net profit margin. The company is on track to generate £1.5 billion in revenue this year, with around 300,000 customers signing up for its services weekly.
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Slice secures RBI nod to appoint ex-Andhra Bank executive as MD & CEO
Economic Times
·
1y ago
Medial
Satish Kumar Kalra, former executive director of Andhra Bank, has been appointed as the new MD and CEO of North East Small Finance Bank. The RBI has approved his appointment, and he has already assumed office. The bank is in the process of merging with fintech unicorn Slice, aiming to create a tech-first digital banking platform focused on financial inclusion in the northeastern states. Kalra's appointment is expected to help drive the bank's operational matters and aid in broader funding plans for the merged entity. The bank intends to offer home loans, business loans, and savings accounts to its customers.
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Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank
Economic Times
·
1y ago
Medial
Paytm has moved its nodal accounts or escrow accounts to private-sector lender Axis Bank in order to comply with regulatory requirements from the Reserve Bank of India. This move ensures that merchants who accept digital payments through Paytm can continue doing so. Paytm Payments Bank has been given a 15-day extension by the RBI to continue offering banking services, after which customers will only be able to withdraw funds. Paytm was reportedly in talks with HDFC Bank, Axis Bank, and Yes Bank for shifting its settlements business.
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RBI's Paytm FAQs: What happens to your EMIs, electricity bills?
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has issued a list of FAQs to address concerns regarding the restrictions imposed on Paytm Payments Bank (PPBL). The RBI has extended the deadline for customers to make deposits and credit transactions until March 15. The document elaborates on how this will affect customers in various aspects such as salary accounts, electricity bills, OTT subscriptions, EMI payments, and Fastag usage. After March 15, customers will not be able to receive salaries in their PPBL accounts, but certain debit mandates and auto-debit payments will continue until the balance is exhausted. Further funding or top-ups for Fastag will not be allowed after the specified date.
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