All News and Announcements

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COVID-19 Second Wave Takes a Toll on Digital Payments

Digital payment transactions have fallen sharply between April and May after sustaining a rising trend till March, hit by the second wave of COVID-19 pandemic in India.

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Opportunity International Leverages Network Across India to Provide Emergency COVID-19 Relief to Millions

The 50-year-old nonprofit is marshalling its resources to deliver public health education, food supplies and direct medical support to millions in nine of the hardest hit states in India.

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Fight Against India's COVID-19 Second Wave: UAE Firms Waive Charges on Remittances

Money transfer companies in the UAE are trying to contribute in their own way to fight the COVID-19 pandemic situation in India by waiving charges to funds being transferred to India’s PM Cares Fund and Kerala Chief Minister’s Distress Relief Fund

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IFC, JC Flowers Launch Platform to Help Indian Financial Institutions Resolve Distressed Assets

Under the project, an expansion of IFC's Distressed Asset Recovery Program's work in India, IFC will invest up to $100 million in the J.C. Flowers India Opportunities Fund if certain conditions are met, with an initial commitment of $40 million.

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State-Specific Lockdowns to Hit Microfinance Institutions

The senior director and deputy chief ratings officer at Crisil said the sector's collection efficiency has stalled at 90 to 94 percent over the past few months, compared with the pre-pandemic level of 98 to 99 percent.

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Mastercard and Razorpay Team up to Advance SMB Digital Payments

The tie-up will enable Indian startups and SMBs to fold technology into their operations and accelerate digitalization while also maintaining business continuity and preparing for alternatives to cash payments.

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ICICI Bank Launches First Mobile Banking App

ICICI Bank announced that it has transformed its state-of-the-art mobile banking app, iMobile, into an app that offers payments and banking services to customers of any bank.

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IFC, Aavas Financiers to Help Catalyze Affordable Green Housing Finance for Low-Income Borrowers in India

An endeavor to address a critical gap in affordable green housing in India will benefit scores of low-income borrowers, including women.

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The COVID Pandemic’s Sledgehammer Blow to Remittances

Remittances are an important source of income for low/middle-income countries. But nations that rely more on these inflows have been hit harder.

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Indians’ Access to Mobile Money Jumps 17-Fold in Four Years: IMF

IMF’s financial access survey for 2020 said the number of registered mobile money accounts per thousand adults jumped from 73 in 2015 to 1,265 in 2019.