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Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.
Happy Tuesday! Traditional financial services firms are the latest to launch so-called super apps. This and more in todays ETtech Morning Dispatch.
The Reserve Bank of India has approved the migration of Paytm's UPI-based payments business from Paytm Payments Bank to other banks, including Axis Bank, to ensure compliance and business continuity. The move brings Paytm on par with other fintechs offering payment services through UPI.
The RBI said on Friday that Paytm can transfer its Unified Payments Interface-based payments business from Paytm Payments Bank to four to five other banks.
Sujay Das, who spent more than 12 years at HSBC Bank and then was with Bajaj Finance, heading its analytics team, had joined Bengaluru-based lending startup Freo (previously Moneytap) in 2020.