The Growth of India’s Microfinance Sector (2100% in 12 Years) Introduction: India’s Booming Microfinance Sector Over the last 12 years, India’s microfinance sector has experienced remarkable growth, surging by an astonishing 2100%. This growth has been driven by increasing demand for small loans from individuals who are otherwise excluded from traditional banking services. The microfinance…
EPFO’s Centralized Pension System: A Step Towards Simplified Pension Disbursement Introduction to EPFO’s Centralized Pension System The Employees’ Provident Fund Organisation (EPFO) has introduced a Centralized Pension System to streamline the disbursement of pension benefits to its beneficiaries. This new system is expected to reduce the burden on regional offices and create a smoother, more…
BharatPe to Sell 25% Stake in Unity Small Finance Bank Introduction: BharatPe’s Strategic Move to Sell Stake in Unity Small Finance Bank BharatPe, one of India’s prominent fintech companies, has announced plans to sell a 25% stake in Unity Small Finance Bank. This move comes as part of the company’s broader strategic decision to streamline…
Trend and Progress of Banking in India 2023-24: An Overview The Reserve Bank of India (RBI) recently released its annual report on the Trend and Progress of Banking in India 2023-24, shedding light on various aspects of the country’s banking system and its performance in the fiscal year. The report evaluates the growth and development…
RBI Allows UPI Payments via Third-Party Apps for PPI Holders The Reserve Bank of India (RBI) has made a significant move by permitting Unified Payments Interface (UPI) payments via third-party applications for Prepaid Payment Instrument (PPI) holders. This initiative aims to enhance the ease of digital transactions and promote financial inclusion by expanding the scope…
SBI Card Surpasses 20 Million Credit Cards Milestone Introduction to the AchievementState Bank of India (SBI) Card, a prominent player in India’s credit card market, has achieved a significant milestone by surpassing the 20 million mark in credit cards issued. This achievement places SBI Card among the leaders in the Indian credit card industry, solidifying…
RBI Enables Small Finance Banks to Offer Pre-Sanctioned Credit via UPI The Reserve Bank of India (RBI) has recently allowed Small Finance Banks (SFBs) to offer pre-sanctioned credit facilities through the Unified Payments Interface (UPI). This move aims to enhance the accessibility of credit, especially for those who have a limited credit history or are…
RBI Increases UPI Lite Wallet and Transaction Limits: Key Update for Digital Payments The Reserve Bank of India (RBI) has recently announced significant changes to the limits for UPI Lite wallets and transactions, aimed at promoting digital payments and enhancing the ease of transactions for Indian users. These changes come as part of the government’s…
UPI Breaks Record in October with 16.58 Billion Transactions Worth ₹23.5 Trillion Introduction: UPI Sets a New Milestone In October 2024, India’s digital payment system, Unified Payments Interface (UPI), reached an all-time high with 16.58 billion transactions worth ₹23.5 trillion. This achievement marks a major milestone in India’s digital transformation and highlights the growing trust…
GST Collection on Health and Life Insurance Sees a Significant Surge The Goods and Services Tax (GST) collection from the health and life insurance sector has witnessed a remarkable rise, reflecting a growing demand for insurance products and increased financial inclusion. This development highlights the sector’s pivotal role in India’s economy and its importance for…
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