Skip to main content

Companies also upbeat, say fin services will be key to success

By
Building new markets and cross-selling of banking products will be key to the success of payments banks, companies shortlisted for such licences said.
The banks would work particularly well for entities with good customer reach and a base of operations such as cellphone companies.
Airtel M Commerce Services (a tie-up between Airtel and Kotak Bank), Department of Posts, Reliance Industries (in partnership with SBI), Paytm founder Vijay Shekhar Sharma,
Vodafone m-pesa, National Securities Depository Ltd (NSDL), Aditya Birla Nuvo and Fino PayTech are gearing up to set up payments banks.
But at a time when bad loans are bleeding banks’ balance sheets, what is it that is keeping these entities hopeful?
“We have set an year-end target for the launch, focussing on technology implementation and product development,” said GV Nageswara Rao, MD, NSDL.
NSDL, India’s largest depository, handles securities held and settled in dematerialised form for investors and brokers.
Vodafone and Airtel are India’s largest telecom operators, with customer base of over 194 million and 200 million, respectively.
Last week, India Post received the go-ahead to set up a payments bank with a corpus of ` 800 crore. Capitalising on its network of 154,000 post offices, all 650 branches of postal payments bank will be operational by September 2017.
Vijay Shekhar Sharma, cofounder of mobile wallet arm Paytm, will build on growing financial services to customers, and is in talks with non-banking finance companies and mutual funds.
Payments banks can also act as business correspondents (BCs) — the middleman between banks and customers situated at distant locations.
“We have tied up with 15 banks and have a total customer base of 100 million. With direct benefit transfer routed through bank accounts and being used via the Aadhaar or e-know your client (KYC) norms platform and e-wallets space, we believe the ecosystem is perfect for us to grow,” said Rishi Gupta, MD and CEO, FINO Paytech, India’s largest BC.
HindustanTimes New Delhi,08th June 2016

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more