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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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Cipla shareholders approve proposal to raise up to Rs 3,000 crore
Posted on 17th August 2019
Drug major Cipla on Saturday said its shareholders have approved a proposal to raise up to Rs 3,000 crore through issuance of equity shares or other securities convertible into equity shares.

Drug major Cipla on Saturday said its shareholders have approved a proposal to raise up to Rs 3,000 crore through issuance of equity shares or other securities convertible into equity shares.


Two RCom promoters pledge 11.5% more stake in Axis Trustee services
Posted on 17th August 2019
Two promoter entities of Reliance Communications (RCom) have pledged 11.5 per cent more stake in favour of Axis Trustee Services, according to regulatory filings.

Reliance Communications Enterprises and Reliance Telecom Infrainvest on August 16 pledged about 11.51 per cent of their holding in Reliance Communications amounting to 31.82 crore shares in favour of Axis Trustee Services acting as security/debenture trustee.


M&M sets up first car assembly plant in Sri Lanka with Ideal Motors
Posted on 17th August 2019
Mahindra & Mahindra (M&M), along with its local partner in Sri Lanka Ideal Motors, has set up the island nation's first passenger car assembly plant.

The Indian carmaker has set up a joint venture with Ideal Motors, its dealer partner in Sri Lanka for 10 years. The 65:35 JV between Ideal Motors and M&M is christened Mahindra Ideal Lanka Private Limited, which will operate the assembly plant at Welipenna, about 60 km from Colombo.


Sebi imposes restrictions on mutual fund investments in short-term bank deposits
Posted on 17th August 2019
NEW DELHI: Mutual fund houses should ensure that banks -- where a scheme has parked funds in the lender's short-term deposits -- do not invest in that particular scheme, according to Sebi.

The markets watchdog has issued a clarification regarding 'parking of funds in short-term deposits of scheduled commercial banks by mutual funds -- pending deployment'.


Restrictions lifted, landline services partially back in Valley
Posted on 17th August 2019
Srinagar: Restrictions on the movement of people in the Kashmir Valley were eased on Saturday, with landline services restored in some areas of the city, even as stringent security arrangements continued to be in place, officials said.

Seventeen out of a little over 100 telephone exchanges were made operational. These exchanges are mainly in Civil Lines, Cantonment and the airport area of Srinagar district.


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