Microfinance: GK, Current Affairs, Questions, Trivia and News

Airtel Payments Bank launches ‘Bharosa savings account’

The Airtel Payments Bank has launched the Bharosa Savings Account to deepen the financial inclusion in the country. It has been designed to serve the unique needs of under-banked and unbanked population of India. The account offers free Personal Accident Insurance cover worth Rs 5 Lakhs on maintaining a balance of just Rs 500 along ..

India Post Payments Bank to be converted into Small Finance Bank

Indian Posts has made a decision to convert India Post Payments Bank into Small Finance Bank. This will enable the Bank to offer small loans to customers. Payment Banks Payments banks were introduced by the Reserve Bank of India (RBI) to meet the government’s financial inclusion target. A payment Bank will be set up as ..

RBI committee under chairman ship to deepen digital payments

The Reserve Bank of India (RBI) has recently appointed 5-member committee under the chairmanship of Nandan Nilekani to further deepen digital payments and enhance financial inclusion through Fintech. The panel would assess the current levels of digital payments in financial inclusion, suggest measures to strengthen the safety and security of digital payments, provide a road ..

World Bank signs loan pact for NRETP to boost rural incomes in India

On 4th March 2019, the World Bank (WB) and the Government of India (GoI) has signed a $250 million loan agreement for the National Rural Economic Transformation Project (NRETP) to boost Rural Incomes across 13 States in India. The loan will help women in rural households develop viable enterprises for farm and non-farm products. The ..

RBI appoints a 5-member committee headed by Nandan Nilekani to suggest ways to improve digital payments

The Reserve Bank of India (RBI) has appointed a 5-member committee headed by Nandan Nilekani to suggest ways to improve digital payments. The committee will review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them and assess the current levels of ..

Major Banking Reforms of 21st Century

India is one among the top 10 economies in the world. Banking sector in India is robust and forms the most dominant segment of the financial sector. The banking industry acts as a pivot in the economic development of the country. The face of the banking industry has been witnessing changes over the years. The ..

Repco Micro Finance Ltd wins 2018 NABARD award for its service to Self-Help Group (SHG) linkage

Repco Micro Finance Ltd (RMFL), a non-banking finance company promoted by Repco Bank, has won the 2018 NABARD award for its service to Self-Help Group (SHG) linkage in Tamil Nadu for the fiscal year 2017-18. Since its inception, the NBFC has disbursed loans amounting to Rs 2,500 crore to over 10 lakh beneficiaries through 50,000 ..

Global Findex database, 2017 [Key Findings]

At the time the governments pet project Aadhaar is facing huge criticisms, a respite has come from the World Bank in its global Finindex database 2017. The World Banks observations in its Global Findex database 2017 related to financial inclusion are India’s “strong government” push to increase account ownership through biometric identification cards helped narrow ..