Banking Daily News: 1st AUG 2023

Paytm's 4G Payment Devices Unveiled

Paytm, owned by One97 Communications Limited, has introduced two 4G-enabled payment devices - the Pocket Soundbox and Music Soundbox. The Pocket Soundbox offers audio payment alerts for mobile merchants, while the Music Soundbox functions as a speaker, providing payment notifications and entertainment. These devices target on-the-go merchants, including cab drivers, electricians, and delivery agents. Paytm maintains its leading position in in-store payments, with over 79 lakh merchants already using their payment devices.

Key Facts:

• Paytm launches 4G-enabled payment devices - Pocket Soundbox and Music Soundbox.
• Pocket Soundbox provides audio payment alerts for mobile merchants.
• Music Soundbox doubles as a speaker and issues payment notifications alongside music or cricket commentary.
• Devices cater to on-the-go merchants like cab drivers, electricians, and delivery agents.
• Over 79 lakh merchants already use Paytm's payment devices for in-store payments.

India's Bank Credit Surges

Bank credit in India saw significant growth in June 2023, rising by 16.3% year-on-year, surpassing the previous year's 15% growth. The services sector led the expansion with a 26.7% increase, driven by non-banking financial companies and trade. Personal loans also surged by 20.9%, while credit to the industry sector slowed to 8.1%. Credit to agriculture and allied activities improved to 19.7%.

Key Points:

• Bank credit in India surged by 16.3% YoY in June 2023, surpassing the previous year's growth rate.
• Services sector experienced the highest growth at 26.7% due to increased credit uptake by non-banking financial companies and trade.
• Personal loans grew by 20.9%, with housing and vehicle loans being major contributors.
• Credit growth to the industry sector slowed to 8.1%.
• Credit to agriculture and allied activities improved, recording a growth rate of 19.7%.

PMJDY Surpasses 49.49 Crore

As of July 12, 2023, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has achieved remarkable milestones since its launch in August 2014. It has facilitated the opening of 49.49 crore bank accounts with total deposits of Rs 2,00,958 crore. Furthermore, the scheme has issued 33.75 crore Rupay cards, benefiting 27.49 crore women beneficiaries. The PMJDY aims to provide universal banking services to unbanked households, and it has successfully covered 99.63% of inhabited villages with banking outlets within a 5 km radius. Each unbanked adult is entitled to a Basic Savings Bank Deposit (BSBD) account with an overdraft limit of Rs. 10,000.

• PMJDY has achieved significant milestones since August 2014.
• 49.49 crore bank accounts with deposits of Rs 2,00,958 crore.
• 33.75 crore Rupay cards issued, benefiting 27.49 crore women beneficiaries.
• Scheme covers 99.63% of inhabited villages with banking outlets within 5 km radius.
• Unbanked adults entitled to Basic Savings Bank Deposit (BSBD) account with Rs. 10,000 overdraft limit.

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