Two of Capital India Finance arms - RapiPay and RemitX - partner for International outward remittance services ANI | Updated: Mar 16, 2021 13:41 IST
New Delhi [India], March 16 (ANI/NewsVoir): S.K Narvar promoted Capital India Finance Limited (CIFL), a tech-enabled SME Finance player, has announced the partnership of its fintech subsidiary RapiPay and its cross-border remittances business vertical RemitX to provide international outward remittance services to a varied set of customers.
With this development, CIFL has forged an alliance within the group to explore joint synergies by enabling financial technologies to take outward remittances services to India s vast micro-markets and thereby, consolidate its position. CIFL aims to create a digital ecosystem in the financial, payments and banking space to offer its services to customers both in Urban and rural India.
Two of Capital India Finance arms - RapiPay and RemitX newjerseytelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newjerseytelegraph.com Daily Mail and Mail on Sunday newspapers.
Following the promise made recently by RBI Governor Shaktikanta Das, RBI announced on Monday the constitution of an Expert Committee on UCBs, which will be chaired by N S Vishwanathan, Former Deputy Governor.
There is also a representative in the Expert Committee from the co-operative sector. Nafcub President Jyotindra Mehta has been made as one of the members in the committee.
The committee comprises Chairman, six members and a convenor. Besides Vishwanathan, Harsh Kumar Bhanwala, the former Chairman of NABARD, Mukund M Chitale Chartered Accountant, retired IAS officers NC Muniyappa and RN Joshi IAS (Retired), Prof MS Sriram, IIM Bangalore, Jyotindra M. Mehta- President of NAFCUB (National Federation of Urban Cooperative Banks and Credit Societies) are the members and Neeraj Nigam- Chief General Manager-in-Charge of RBI’s Department of Regulation is convenor.
The urban cooperative banking sector is divided on the composition of an Expert Committee, announced by the RBI on Monday for the growth of urban co-op banks. While the RSS affiliated body Sahakar Bharati has welcomed the move, Maharashtra Federation Chief Vidyadhar Anaskar registered his protest raising several points.
Welcoming the committee, Sahakar Bharati National Organizing Secretary Uday Joshi said, “Sahakar Bharati Welcomes the constitution of expert committee for UCBs. The report should pave the way for the orderly growth of the UCB sector”.
Sahakar Bharati also dismissed the charge that the Committee has been partial in the sense that only one representation (Jyotindra Mehta) from the UCB sector has been included.
The Reserve Bank of India (RBI) on Monday said it has constituted an eight-member expert panel to draw up a regulatory road map for urban co-operative banks (UCBs) and study the sector’s consolidation prospects.
Among the terms of reference of this committee will be to suggest effective measures for faster rehabilitation and resolution of UCBs. It has been tasked to look into regulatory measures that the central bank has taken with respect to UCBs and evaluate the impact it has had over a period of five years. It has also been asked to suggest measures to strengthen the sector after amendments to the Banking Regulation Act, 1949, which gives the central bank more teeth to supervise them. The expert committee has been asked to submit its report within three months.