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After a $370 million investment round headed by Tiger Global, India s BharatPe is valued at over $2 billion

After a $370 million investment round headed by Tiger Global, India s BharatPe is valued at over $2 billion
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BharatPe banks on engineers

BharatPe banks on engineers SUBSCRIBE Thank you for subscribing to Morning Dispatch We ll soon meet in your inbox. / Morning Dispatch In June, a three-year old fintech startup won a rare banking licence from the RBI a prize that has eluded many of India’s biggest business barons. BharatPe now plans to launch India’s first merchant-focussed bank in the next three to four months. We spoke to several experts to make sense of the company’s foray into traditional banking. Also in this letter: Why IT services firms are on a hiring spree Govts need to hold (L-R) BharatPe cofounder Ashneer Grover, Centrum Group chairman Jaspal Bindra, BharatPe group president Suhail Sameer

bharatpe: Making sense of BharatPe s banking foray

Synopsis The story of how BharatPe, a three-year-old fintech startup, partnered 44-year-old NBFC Centrum Finance to acquire a banking licence and make a play for the troubled PMC Bank has more to it than meets the eye. ETtech (L-R) BharatPe cofounder Ashneer Grover, Centrum Group chairman Jaspal Bindra, BharatPe group president Suhail Sameer Mumbai | Bengaluru:BharatPe’s proposed joint venture with non-banking financial company Centrum Finance to set up a small finance bank and acquire troubled Punjab and Maharashtra Co-operative (PMC) Bank is a landmark event for fintech players harbouring banking ambitions. The deal, however, has not been easy to stitch up.

BHIM UPI transactions more than double to 273 cr in March | मार्च में भीम UPI से 273 करोड़ ट्रांजेक्शन, इसमें 5 लाख करोड़ रुपए का लेन-देन हुआ

BHIM UPI transactions more than double to 273 cr in March | मार्च में भीम UPI से 273 करोड़ ट्रांजेक्शन, इसमें 5 लाख करोड़ रुपए का लेन-देन हुआ
bhaskar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bhaskar.com Daily Mail and Mail on Sunday newspapers.

Six consortiums apply to RBI for NUE licence for retail payments

We ll soon meet in your inbox. Please wait. The bank consortium is led by Axis Bank and ICICI Bank, with 20% each and co-promoting an entity called MoPay. This consortium also has BillDesk, Pine Labs, Amazon and Visa with 15% stake each, sources directly aware of the talks told ET. A consortium led by Reliance Industries and Infibeam Avenue has also submitted its proposal Wednesday. Facebook and Google are set to have minority stakes in this entity, as reported by ET in February. Tata Group has also applied for the NUE licence through its subsidiary Ferbine Payments. It will own 40% in the entity while Airtel Digital, Mastercard and Nabard will hold 10% each. Flipkart, through its subsidiary FlipPay, and Naspers-backed PayU will own about 5% each in the Tata entity. HDFC Bank and Kotak Mahindra Bank will hold 9.99% each in Ferbine.

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