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Paytm takes cue from Alibaba, launches credit score check facility for app users
Posted on 23rd April 2019
Digital payments company Paytm has now enabled users to check their credit scores on its mobile app. Users can access the service by clicking on ‘My Credit Score’ under their user profile section. Paytm-backer Alibaba’s financial services affiliate Ant Financial had launched a similar service called Sesame Credit in January 2015 for individual credit scores of customers and small business owners. Tencent too has reportedly started testing a credit score feature recently for WeChat Pay.

Paytm said that users will able to be able to get a detailed credit report on their emails that would provide information about their credit utilizations and repayment history based on the age of the credit accounts.

Using this, customers can know their credit score that has become the key metric for raising bank loan or seeking credit card approval, the company said in a statement.

“This is a strategic move by Paytm to become the universe of financial services. Through this Paytm wants to create a centralised system based on which it can provide multiple services to customers who have a better credit score as it serves as a key parameter to serve customers with different financial services,” Pavel Naiya, Senior Analyst at Counterpoint Research told Financial Express Online.

Further, the report would also provide a snapshot of a user’s all active credit card and loan accounts along with information on improving their credit scores etc.

Users would be able to avail offers such as Paytm Postpaid based on their credit scores to get a credit of up to Rs 30,000 each month.

“This becomes a point where you get more engagement over your customer base,” said Naiya.

Paytm had set up its financial services subsidiary Paytm Financial Services in March 2017 for various offerings such as insurance, mutual funds etc., through Paytm Payments Bank and drive revenue from this even as it cannot directly lend money.

Paytm had partnered with ICICI Bank in November 2017 to offer interest-free credit of Rs 3,000 to up to Rs 20,000 for up to 45 days for everyday requirements such as bill payments, movie tickets, booking flights etc.

Related Companies: Paytm   

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EC rejects Opposition's demands concerning EVMs
Posted on 22nd May 2019
New Delhi: The Election Commission of India (EC) has rejected the demands of the opposition regarding Voter Verifiable Paper Audit Trail (VVPAT) on Wednesday.

The issue to change the protocol for counting was discussed by the Chief Election Commissioner Sunil Arora at his meeting with election commissioners Ashok Lavasa and Sushil Chandra.


Big PSU bank merger on cards if Modi wins 2019 election; PNB may merge these banks with itself
Posted on 22nd May 2019
The government is planning to merge state-run Punjab National Bank with two other PSU banks — Oriental Bank of Commerce, Andhra Bank and Allahabad Bank after the new administration is in place following the 2019 Lok Sabha elections, Reuters reported citing unidentified sources. This is in a bid to keep 5-6 larger banks in the country, which the ruling Narendra Modi-government has been advocating for some time.

YES Bank begins provisioning for exposure to ADAG, Essel group firms
Posted on 22nd May 2019
YES Bank, which has exposures to Anil Ambani's Reliance group and Essel group companies, has started making provisions for loans given to both entities. The provisioning began after rating agencies downgraded debt instruments of both groups.

YES Bank has an exposure of Rs 13,000 crore to Reliance group entities and another Rs 3,300 crore to Essel group companies, according to analysts.


Reliance tops IOC in sales
Posted on 22nd May 2019
Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue.

In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.


Sensex rises over 150 points; Nifty tests 11,700
Posted on 22nd May 2019
The benchmark BSE Sensex jumped over 150 points in early trade on Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

The 30-share index was trading 157.51 points, or 0.40%, higher at 39,127.31. In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26%, to 11,740. In the previous session, the Sensex ended 382.87 points, or 0.97%, lower at 38,969.80, and the Nifty plunged 119.15 points, or 1.01%, to 11,709.10.


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