Application Programming Interfaces (APIs) integration has become crucial for frictionless communication and data sharing between various systems in today’s quickly expanding digital ecosystem. Implementing API connectivity for bank transactions within the banking industry is a game-changing move towards boosting productivity, increasing consumer experiences, and opening up fresh doors for innovation. However, this procedure is not […]
The arrival of technology and rapid digitisation has certainly revolutionised the global financial sector. Apart from a few exceptions, the speed of innovation has taken a majority of financial institutions by surprise, leaving a significant gap in their ability to adapt and integrate new technologies into their existing processes. As technology continues to impact different […]
GSTR Analysis for Fintech Startups: Why it’s Crucial for GST Review and Compliance The supply of goods and services in India is subject to the products and Services Tax (GST). In India, the GST law was enacted in July 2017 and has since replaced several indirect taxes, including VAT, service tax, excise duty, etc. Compliance […]
The market size of the digital lending industry in India was worth just $ 9 billion in 2012. By the end of 2023, it is projected to reach a value of $ 350 billion. Fintech companies have played a major role in the accelerated growth of digital lending, and in particular, small business financing. The […]
Non-banking Financial Companies (NBFCs) are integral to the financial system. Their contribution to financial inclusion initiatives, dissemination of timely credit to the Micro, Small and Medium Enterprises (MSMEs) and infrastructure development projects are all significant chapters in the story of India’s thriving digital economy. As of October last year, India has 9500 registered NBFCs with […]
NBFCs play a vital role in the financial ecosystem by extending a broad range of banking services to SMEs, entrepreneurs, and individuals lacking access to traditional banking services. A report by Research And Markets forecasts a promising future for the NBFC sector, with an anticipated CAGR of 18.5% between 2021 and 2026. Financial institutions are […]
A Non-Banking Finance Corporation (NBFC) is a company that carries out the business of a financial institution as per Section 451(c) of the RBI Act. Their functioning falls under the purview of the Ministry of Corporate Affairs and the Reserve Bank of India. Presently, NBFCs are involved in lending activities, leasing, hire-purchase, insurance, receiving deposits […]
The last five years have witnessed a significant rise in the market share of fintech companies. For instance, the global fintech lending market size alone was estimated to be valued at $449.89 billion. By 2030, it is projected to rise to $ 4957 billion, growing at a CAGR of 27.4%. Small businesses, in particular, are […]
The rapidly evolving digital space has impacted the banking and finance sector and triggered a massive transformation. The emergence of innovative technologies like fintech solutions, APIs (Application Programming Interfaces), and new regulations are transforming how people use financial services. These developments have also given rise to a new-age banking practice, open banking. Simply put, open […]
According to data released by the Reserve Bank of India (RBI), During the fortnight ending on February 10, India’s banking system credit showed a 16.1 % year-on-year (YoY) increase to a ticket-size INR 134.17 trillion. This is a significant increase from when credit growth stood at just 9% a year back. The rising demand for […]
