Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
For a segment that thrives on promise more than performance, the country's start-up ecosystem is refusing to get carried away by the funding this calendar year. This has created the highest level of uninvested venture capital in seven years as investors wait for corrections in the working and - more importantly - valuation of start-ups while looking for cockroaches instead of unicorns. "Investors are now keen to invest in companies that have good top and bottom lines.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
A bunch of CEOs in their mid-30s and early 40s are trying to rectify the scenario where shady lending applications trap hapless borrowers with astronomically high interest rates and even bodily harm if the money was repaid. Anup Roy reports.
They are not only coming up with whacky names to grab attention but are also stretching the definition of e-commerce.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
Private banks and start-ups offer instant loans on apps as well as through ATMs.
Short-term loans from NBFCs can be more convenient but come at higher cost
While start-ups are making it easier to borrow, one needs to choose carefully.
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