SBI Partners with Moneyboxx for Rural Expansion, Moneyboxx Finance Expands in South India
Moneyboxx Finance, backed by State Bank of India and other lenders, is expanding its reach to underserved rural markets, offering business loans to micro-entrepreneurs. This initiative has already disbursed over INR 1,300 crore to 1.6 lakh borrowers
Moneyboxx Finance has opened 28 new branches across Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana, expanding its total network to 141 branches. This move aims to boost financial inclusion for micro-entrepreneurs in rural areas. By October 2024, the company plans to reach 156 branches, supported by INR 176 crore in new capital
UPI Market Cap Expansion Considered
The National Payments Corporation of India (NPCI) is reviewing its cap on UPI market share, which currently limits providers like Google Pay and PhonePe to a 30% market share. This could be raised to 40%, offering more flexibility and competitive growth in digital payments
RBI Clears Aditya Birla Finance Merger
The Reserve Bank of India has approved Aditya Birla Capital's merger with its subsidiary Aditya Birla Finance. This consolidation will create a unified non-banking financial company (NBFC), strengthening their market presence and improving operational efficiencies
NBFCs Outperform Banks in Deposit Growth
Non-Banking Financial Companies (NBFCs) saw a 21% rise in deposits during FY24, outpacing banks’ 13.5% growth. Major players like Bajaj Finance and Shriram Finance have been attracting customers with higher interest rates
Navi Overtakes Amazon Pay on UPI
Fintech unicorn Navi has surpassed Amazon Pay to become the sixth-largest UPI player in India, with 88.7 million transactions in August 2024. This marks a significant rise, driven by increasing customer demand for its digital payment solutions
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