KOLKATA, Nov 15: Microfinance institutions (MFIs) need to rebuild credibility and confidence to achieve sustainable growth, a joint study by consultancy firm PwC and Sa-Dan, a self-regulatory organisation (SRO) of the sector, said. Microfinance, which is principally underpinned by trust among the stakeholders, who are the borrowers, field officers and lending institutions, has become more transactional, the study said. Major setbacks like demonetisation and the Covid pandemic have further exacer

NEW DELHI, Nov 13: Fintech major PhonePe on Thursday said it has partnered with OpenAI to bring ChatGPT features to its users in India. The collaboration will allow PhonePe users to interact with ChatGPTs advanced artificial intelligence capabilities directly via the PhonePe consumer app and the PhonePe For Business app, the company said in a statement. The integration is expected to provide users with smarter, more relevant information for a range of everyday needs, from travel planning to sho

NEW DELHI, Nov 10: Paytm (One 97 Communications Ltd), Indias full-stack merchant payments leader serving MSMEs and enterprises, has launched a fully redesigned version of its flagship app, integrating artificial intelligence-driven features to streamline and personalise everyday transactions for its users. The update introduces a cleaner user interface alongside over 15 new features that seek to make payments faster and smarter for customers across the country, including Non-Resident Indians (N

NEW DELHI, Nov 3:Commercial vehicle maker Ashok Leyland on Monday said it has inked a pact with Punjab National Bank for dealer finance. As per the Memorandum of Understanding (MoU), the bank will provide competitive dealer finance options to the medium and heavy commercial vehicle company dealers, it said in a statement. The Punjab National Bank (PNB) will offer customised financial products to Ashok Leyland dealers to support their working capital and inventory funding needs, it added. This c

NEW DELHI, Nov 2: IndusInd Bank promoter IndusInd International Holdings and US-based Invesco on Sunday announced that they have completed the formation of their asset management joint venture, following IIHLs acquisition of a 60 per cent ownership stake in Invesco Asset Management India. Following all regulatory approvals and closing conditions, Invesco Ltd, with the remaining 40 per cent stake, will hold joint sponsor status with the Hinduja Group firm IndusInd International Holdings Ltd (IIH

KOLKATA, Oct 4: The Reserve Bank of India (RBI) has kept the possibility of future rate cuts open, with its monetary policy committee (MPC) sharply revising its inflation forecast downwards, according to a recent report by Crisil Intelligence. The central bank had on October 1 kept its policy interest rate unchanged at 5.5 per cent for the second consecutive time, citing concerns over tariff uncertainties. The report said the MPC acknowledged that GDP growth would face downside risks in the [] T

MUMBAI, Aug 25: RBI Governor Sanjay Malhotra on Monday asked banks and corporates to come together and drive the animal spirits to create an investment cycle, as the country navigates a choppy global economic environment. In his inaugural address at the annual banking conference FIBAC 2025, the Governor said RBI is examining measures to expand bank credit including the sunrise sectors. I would like to emphasise that we might seem to be on opposite sides, with the regulated entities [] The post

NEW DELHI, Aug 24: In a bid to enhance other income, Punjab National Bank (PNB) plans to give a fresh push to its credit card operations from November onwards as it expects its revamped IT infrastructure to be in place by that time. PNB credit card is not visible in the market, although the features are at par with any other card in the market. Therefore, we have strengthened the credit card division and put a general manager in-charge for [] The post Credit card biz to get a fresh push from Nov

KOLKATA, Aug 11:A civil society organisation advocating banking stakeholders interests has written to the Finance Ministry, requesting its intervention into ICICI Banks decision to raise the minimum average balance (MAB) requirement for new savings accounts, and said such a move is detrimental to the governments vision of inclusive banking and growth. In a letter to the finance secretary, Bank Bachao Desh Bachao Manch termed the private lenders decision as unjust and regressive. The bank has rai