PTPFC Integration for Cooperative Banks

Integration with PTPFC

• 351 district and state cooperative banks and 43 RRBs will gain access to services like digital state land records, satellite data, KYC, credit history, and transliteration for effective credit underwriting.
• This collaboration will streamline the lending process, reducing the turnaround time for loans from 3-4 weeks to just 5 minutes for India's 120 million farmers.

New Fund Offerings

• Groww Mutual Fund has received SEBI's approval to launch the Nifty Non-Cyclical Consumer Index Fund through an NFO.

Banking and Finance

• Hitachi Payment Services has introduced upgradable ATMs in India, offering banks flexibility to convert them into Cash Recycling Machines (CRMs) as needed.
• Commercial paper issuances have surged to a four-year high due to RBI's move to raise risk weights on bank loans to NBFCs.
• HDFC Life and Peerless Financial Products Distribution Ltd. have entered into a corporate agency tie-up to distribute life insurance products to customers.

Partnerships and Collaborations

• Ericsson and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur have announced a two-year strategic partnership to drive innovation in Mobile Financial Services (MFS) and Fintech solutions.
• RBI has directed Gurugram-based company TalkCharge to refund the prepaid funds held in the wallets of its customers.
• NIIF manages about $5 billion of capital commitments across four funds, each with its distinct investment strategy.

Banking and Technology

• Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat, and trading accounts) through the bank's mobile banking app 'KBL Mobile Plus’.
• CAMS has received RBI approval to operate as an online payment aggregator.
• India Mortgage Guarantee Corporation (IMGC) has entered into a strategic partnership with Bank of India (BOI) to introduce mortgage guarantee-backed home loan products.

Fintech and Innovation

• Funding among Indian fintech startups surged 59% quarter-on-quarter to $551 million in Q1 of calendar year 2024.
• India ranked third globally in terms of funding raised by fintech companies, behind the US and China.
• PayU has partnered with PayPal to enhance cross-border payments for Indian merchants.
• Mukesh Ambani's Jio Financial Services has entered a joint venture with BlackRock to foray into wealth management and broking businesses in India.

Regulatory Bodies and Initiatives

• RBI's DIGITA initiative aims to curb illegal lending apps, enhancing transparency and accountability in the sector.
• RBI has provided a list of 442 digital lending apps to the IT Ministry for whitelisting with Google, enhancing app legitimacy.
• Google has removed over 2,200 digital lending apps from its app store between September 2022 and August 2023, aligning with RBI's regulatory directives.
• IRDAI has announced final rules on surrender value from April 1, providing a guaranteed surrender value for non-single premium life insurance policies upon payment of premiums for at least two consecutive years.
• SEBI has unveiled SCORES 2.0, enhancing the investor complaint redress system.