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Two new MFIs raise hopes for Indian sector amid repayment trouble
Microfinance companies may be in the hot seat after demonetisation-led non-repayment of loans and Uttar Pradesh government's farm loan waiver announcement, but there are people who are still keen to put money in a market where borrowers in general take joint liability to repay loans.
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- Agriculture
- Region
- South Asia
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New RBI plan could bring bad news for m-wallets like Paytm and Mobikwik
Mobile wallet company executives last week expressed their concerns to Reserve Bank of India officials over the proposed guidelines for the sector, in their formal feedback to the regulator on them. RBI had issued draft guidelines for prepaid payment instrument (PPI) licence holders in March and several had flagged issues such as know your customer (KYC) norms.
- Categories
- Technology
- Region
- South Asia
- Tags
- digital payments
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Special Investigation Team to Probe Allegations of Misconduct Against Indian Microfinance Institutions
Government on Wednesday announced that a four-member Special Investigation Team (SIT) will probe allegations of misconduct against micro-finance institutions.
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- Uncategorized
- Region
- South Asia
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Rescuing Myanmar’s farmers from the debt trap
WHEN Myo Than was a young man, his family had 12 hectares of farmland in Dala, a rural township just across the river from Yangon, Myanmar’s biggest city. His mother sold most of it after his father died. Mr Myo Than grows rice on what’s left, but water shortages mean he reaps just one harvest each year. He borrows money from the Myanmar Agricultural Development Bank (MADB)—1.5m kyats ($1,100) this year, at an annual rate of 8%—to cover planting costs.
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- Uncategorized
- Region
- South Asia
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Amazon India gets RBI nod for mobile wallet
Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm.
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- Technology
- Region
- South Asia
- Tags
- digital payments
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MoneyOnMobile plans to invest US $100 million in Mumbai startup
MoneyOnMobile, a Dallas based fintech Investment Company plans to invest about US $100 million in the Mumbai–based pre–paid mobile wallet and remittance service startup, My Mobile Payments Limited (MMPL).
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- Uncategorized
- Region
- South Asia
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Xiaomi Launches Mobile Micro-Loan Service In China
Xiaomi is launching a new mobile service in China today called Xiaomi Mi Loan. As its name suggests, Xiaomi Mi Loan is an application designed to allow customers in China to apply for micro-credit directly from their smart devices. The application was announced earlier today via Xiaomi’s official MIUI page on China’s social media website Weibo. It is currently available for download on Android smartphones in China, but there’s currently no information on whether the app will also make its way to other platforms, though it’s unlikely to ever be launched outside of Xiaomi’s home country.
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- Technology
- Region
- South Asia
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Digital Payments Made Through UPI See Massive Jump in India
Digital payments through the Unified Payments Interface (UPI), the mobile-based national payment system, continue to surge even after the end of demonetisation-induced cash shortage, latest data from Reserve Bank of India shows.
- Categories
- Technology
- Region
- South Asia
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