-The Hindu Business Line PhonePe - ZestMoney deal to set precedence for Fintechs to explore backdoor entry into the lending business Despite three months of engagement and continued discussions with the banking regulator, Fintechs may not have cracked the code yet to operate as non-bank lenders. Highly placed sources say the Reserve Bank of India is reluctant to issue non-bank finance company or NBFC licences to Fintechs. PhonePe, Razorpay, BharatPe, Khatabook, OkCredit and...
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Stop chasing profits at customers' expense, RBI Deputy Governor tells MFIs
-The Hindu The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and ‘are often too desperate to turn away any source of credit’. Micro-finance lenders must refrain from chasing profits and introspect on the ‘negative consequences’ of pushing their borrowers into a debt trap, using harsh recovery practices and harassing customers as this could undo the sector’s progress, a top central banker...
More »Festive season opens up gig economy jobs, brings respite to the jobless -Arnab Mitra
-The Indian Express As per a report by Betterplace, around 14 lakh jobs will be created in 2020 for blue-collar workers, adding that 80 per cent of the overall demand comes from the gig economy New Delhi: After facing a lay-off in May, Bengaluru-based software engineer Ridhhi Sharma was unemployed for six months. He tried searching for a new position but could not find a suitable one. However, the festive season turned...
More »Getting cash transfers out of a JAM -Jean Drèze and Reetika Khera
-The Hindu For effective cash relief in response to the COVID-19 crisis, the government must think beyond the Jan Dhan Yojana For some years now, the so-called JAM trinity (Jan Dhan-Aadhaar-Mobile) has been propounded as a dream cash-transfer infrastructure for India. The term “trinity” itself gives a sense of the faith and fervour this project sought to inspire (why not “trio”?). It was born in chapter 3 of the Economic Survey 2015,...
More »Cabinet clears voluntary use of Aadhaar as identity proof
-The Hindu The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the promulgation of an Ordinance to allow voluntary submission of Aadhaar as identity proof for use by private entities such as banks, telcos and Fintech firms. The Ordinance also gives a child an option to exit from the Aadhaar on attaining 18 years of age. “The amendments proposed are the same as those contained in the Bill passed by...
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