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IndusInd Bank launches digital banking platform to empower MSMEs

Economic Times

Economic Times · 1d ago

IndusInd Bank launches digital banking platform to empower MSMEs

IndusInd Bank has launched 'INDIE for Business,' a digital banking platform aimed at empowering MSMEs in India. The platform offers comprehensive banking services, including payments, loans, collections, and account insights, and targets reaching over 60 million enterprises in the MSME segment. It features a 360° view of business accounts, real-time loan tracking, digital self-onboarding, and enables tax payments. The platform aims to simplify banking and provide financial control for MSMEs.

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IndusInd Bank signs pact to support early-stage startups

Economic Times

Economic Times · 1m ago

IndusInd Bank signs pact to support early-stage startups

IndusInd Bank has partnered with AIC STPINEXT to support early-stage startups and MSMEs by offering essential financial solutions and structural support. This collaboration will provide tailored banking solutions, including a specialized Current Account with no quarterly average balance requirement. Additionally, IndusInd Bank will offer expert guidance, conduct financial management workshops, and provide free payroll and attendance management services to enhance operational efficiency for startups.

MSME lender U Gro Capital’s Sachindra Nath pitches for new NBFC category

Livemint

Livemint · 1y ago

MSME lender U Gro Capital’s Sachindra Nath pitches for new NBFC category

Sachindra Nath, the managing director of U Gro Capital, suggests the creation of a new category of non-banking financial companies (NBFCs) to serve micro, small, and medium enterprises (MSMEs). He believes that NBFC-MSME should be established, similar to NBFC-MFI and HFC. This move would address the recent increase in risk weight on consumer loans by the Reserve Bank of India, affecting NBFCs by raising their borrowing costs. U Gro Capital has partnered with Laghu Udyog Bharati to launch awareness programs and empower MSMEs with knowledge about government schemes and digital credit. They aim to capture a larger market share in MSME credit and expand their loan book.

Bridging the gap between MSMEs and B2B commerce: How Solv is driving innovation under Amit Bansal’s leadership

Economic Times

Economic Times · 9m ago

Bridging the gap between MSMEs and B2B commerce: How Solv is driving innovation under Amit Bansal’s leadership

Solv, a B2B digital marketplace in India, is addressing the challenges faced by over 63 million MSMEs. By providing a platform that connects small businesses with verified suppliers and integrating financial solutions, Solv aims to empower and support MSMEs struggling with procurement inefficiencies and limited access to credit. Unlike traditional platforms, Solv operates on an asset-light framework, allowing MSMEs to access a wide range of products without the limitations and costs associated with inventory management. The platform also offers simple and accessible credit options to address the financing needs of MSMEs.

‘Digishaastra’ to Speed Up Digital Adoption in MSMEs

OutlookIndia

OutlookIndia · 1m ago

‘Digishaastra’ to Speed Up Digital Adoption in MSMEs

WhatsApp and India SME Forum launched ‘Digishaastra’ to facilitate digital adoption among micro, small, and medium enterprises (MSMEs) in India. By using WhatsApp for Business, MSMEs can enhance their digital presence, create profiles, customize customer messages, and utilize tools like AI-driven solutions. The initiative addresses challenges like training deficits and data security. Partnered with the Ministry of Micro, Small and Medium Enterprises under the UDYAM Scheme, it aims to empower MSMEs with digital tools.

Fintech startup Cashfree Payments launches Vendor Payments to help businesses streamline purchase-to-pay cycle

IndianStartupNews

IndianStartupNews · 1y ago

Fintech startup Cashfree Payments launches Vendor Payments to help businesses streamline purchase-to-pay cycle

Cashfree Payments, a fintech startup that provides payments and API banking solutions, today announced the launch of ‘Vendor Payments’, a platform that is aimed to empower businesses to streamline and manage their purchase-to-pay cycle

Banks need to further improve their customer service: DFS Secretary

Economic Times

Economic Times · 7d ago

Banks need to further improve their customer service: DFS Secretary

Financial Services Secretary M Nagaraju highlighted that although banks have become more stable, improvement in customer service is needed. During Punjab & Sind Bank's 118th foundation day, the bank introduced initiatives like smart branches and cash flow-based digital lending for MSMEs, designed to enhance customer experience and support. Additional offerings include TAB Banking for customer acquisition and new products for students, farmers, and families, demonstrating a commitment to digital transformation and customer satisfaction.

Nasscom Foundation Signs MoU with Maharashtra Small Scale Industries Development Corporation Ltd.

Economic Times

Economic Times · 5d ago

Nasscom Foundation Signs MoU with Maharashtra Small Scale Industries Development Corporation Ltd.

The Nasscom Foundation and Maharashtra Small Scale Industries Development Corporation (MSSIDC) signed an MoU to empower 15,000 Udyam-registered micro and small entrepreneurs in Maharashtra, focusing on women. Under the World Bank-supported RAMP Programme, the initiative will enhance competitiveness and sustainability through capacity building, focusing on financial management, digital tools, loans, and Intellectual Property Rights. The collaboration aims to address systemic challenges faced by MSMEs, fostering a more inclusive and future-ready ecosystem in Maharashtra.

RBL Bank, Bandhan Bank, AU SFB, IndusInd Bank shares gain up to 8%; here's why

Business Today

Business Today · 4m ago

RBL Bank, Bandhan Bank, AU SFB, IndusInd Bank shares gain up to 8%; here's why

Shares of Bandhan Bank surged 8.27% to Rs 146.50, leading gains among banks. The increase in stock value reflects positive investor sentiment or potentially favorable developments related to the bank. Other notable banks like RBL Bank, AU Small Finance Bank, and IndusInd Bank also experienced gains, contributing to an overall rise in the banking sector. These upward trends may derive from sector-specific factors, financial results, or economic conditions influencing banks' performance.

Fino Payments Bank eyes tripling digital banking revenue by FY25

Economic Times

Economic Times · 1y ago

Fino Payments Bank eyes tripling digital banking revenue by FY25

Fino Payments Bank is focusing on digital banking to drive growth after the exit of Paytm Payments Bank. The bank aims to generate 15% of revenue from digital banking this fiscal year, up from 5-6% in the previous year. Fino has developed its own UPI settlement capabilities and implemented an offline QR code-based payment strategy. The bank is also seeking to convert into a Small Finance Bank and expand its account offerings and customer profile. Fino currently has over 10 million active customers on its platform.

Targeting $50 bn valuation for IIHL's BFSI portfolio by 2030; hopeful of quick IRDAI nod for RCap buyout: Ashok Hinduja

Money Control

Money Control · 1y ago

Targeting $50 bn valuation for IIHL's BFSI portfolio by 2030; hopeful of quick IRDAI nod for RCap buyout: Ashok Hinduja

IIHL Chairman Ashok Hinduja has revealed plans to expand the firm's para banking portfolio, targeting a valuation of $50 billion by 2030. IIHL recently acquired a majority stake in Invesco AMC’s India arm and is the promoter of IndusInd Bank. Hinduja also mentioned that IIHL is open to further acquisitions both within and outside India. The company is currently awaiting approvals for the acquisition of Reliance Capital. Hinduja is hopeful that approval will be granted by the insurance sector regulator in the coming weeks. IIHL is also planning to increase its stake in IndusInd Bank, pending regulatory approvals.

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