Paytm partnered with Shriram Finance
Current Context: Paytm and Shriram Finance have announced a strategic collaboration to offer financial services to Paytm users, including loan products.
Details
- The partnership aims to drive credit inclusion and expand access to credit for small merchants and consumers, especially in rural and semi-urban areas.
- Paytm will leverage its technology infrastructure and fintech leadership as a loan service provider (LSP) to digitally distribute Shriram Finance’s products on its platform.
- Shriram Finance will leverage its lending expertise and wide geographical presence as the largest retail NBFC in India to offer a range of loan products to Paytm users.
Tata AIA Revolutionizes Insurance Payments with WhatsApp and UPI Integration
Current Context: Tata AIA Life Insurance, a joint venture between Tata Group and AIA Group, has introduced a new way of paying premiums for its policyholders through WhatsApp and Unified Payment Interfaces (UPI).
About
- This is the first time in the insurance industry that such a feature has been launched, according to the company.
- The feature allows customers to pay their premiums instantly and conveniently through WhatsApp and UPI-enabled payment options, such as Google Pay, PhonePe, Paytm, etc.
- The customers just need to open WhatsApp and launch the Tata AIA Life Insurance chat, send a ‘Hi’ and follow the instructions to complete the payment. They will receive a confirmation and acknowledgement message once the payment is done.
- The company said that this feature is aimed at providing its customers with the ease and convenience of doing transactions through their preferred modes.
Kotak Bank partnered with NPCI to offer Rupay Credit Cards on UPI
Current Context: According to a media release by Kotak Mahindra Bank, customers can now use their RuPay Credit Card on UPI with UPI enabled Apps such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, etc.
Key Points
- This allows them to access credit without carrying their physical credit card everywhere with them.
- They can also earn rewards on their credit card spends and get an interest-free credit period of upto 50 days.
- This is a gamechanger initiative that will increase purchasing power and convenience of customers as well as deepen the reach and usage of digital payments.
State Bank of India opens 34 transaction Banking Hubs
Current Context: State Bank of India (SBI) has launched 34 Transaction Banking Hubs in the top 21 district centres across the country to provide customers with quick and efficient transaction banking solutions.
Key Highlights
- These hubs aim to provide comprehensive solutions for transactions, payments, and collections, while also facilitating connectivity with other financial services within the SBI Group.
- The chairman of SBI, Dinesh Khara, inaugurated the hubs on July 1, 2023, on the occasion of the 68th foundation day of the bank.
Indian Bank and NeSL Collaborate to Introduce Digital Services
Current Context: Indian Bank has launched new digital services under its Project WAVE initiative, which aims to provide a world of advanced virtual experience to its customers.
Key Facts
- One of the services is an electronic bank guarantee (e-BG), which is a digital alternative to the traditional paper-based process of issuing and delivering bank guarantees.
- The e-BG service is powered by National E-Governance Services Ltd (NeSL), which is India’s first information utility for insolvency and bankruptcy cases.
- The pre-approved business loan facility will enable customers to avail loans up to Rs 25 lakh with hassle-free processes.
- The Project WAVE was first launched in January 2022 by Indian Bank’s Managing Director and CEO S L Jain, and has since introduced various digital products and services to enhance the banking experience of its customers.
This digest is not complete. Read the complete digest on the Financial Awareness Course.
