Tag: founder

ToneTag completes RBI’s first cohort of voice-based retail payments

Banking & Finance

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ToneTag has successfully completed the Reserve Bank of India’s first cohort for voice-based retail payments.

It has executed offline voice-based payments via feature phones and smartphones in areas with inconsistent internet connectivity, with people who are digitally not savvy or find it difficult to use apps for banking or payments, making digital payments a reality for all, it said in a statement on Tuesday.

The technology-led payments revolution

With this technology, the company said it hopes to drive financial inclusion across geographies and make digital payments convenient and available for everyone with a mobile phone of any make or model.

72% of payments happen digitally for MSMEs vs 28% cash: Report

“The success of our technology in the cohort will not only bring rural India into the digital payment ecosystem but will also bridge the gap between conventional and futuristic payment options for millions of customers who currently don’t have access to digital payment services,” said Kumar Abhishek, Founder, and CEO, ToneTag.

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tarrakki, inks partnership with smallcase to offer diversified investment options, BFSI News, ET BFSI

Personal Finance

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tarrakki, wealth management startup, today announced its strategic partnership with smallcase to offer long term equity portfolio to their users. The partnership will enable investors to invest in a well-diversified basket of stocks carefully chosen with a multi cap and multi sector strategy. The strategic collaboration further corroborates tarrakki’s mission to make investments easy, hassle-free and transparent.

AlphaQuest by tarrakki provides an easy route for users to invest in a frictionless environment harnessing technology to create an unparalleled advantage for investors at any stage of life and financial planning. With this partnership, investors can get an in-depth overview, factsheets and exposure to a professionally researched portfolio. It will enable the investors to make an informed decision while investing in a smallcase basket of stocks.

Saumya Shah, Founder, tarrakki said, “tarrakki has simplified and modernised the way to investment by giving an alternate option for investing directly in a customised model portfolio. This partnership with smallcase will help investors to intelligently invest in a diversified basket of stocks which will lower the risks present in investing in a single company or a stock. The smallcase integration makes equity investments for the investors simpler by extending the pool of investment options any user has. We look forward to empowering the wealth creation journey of Indians with innovative technological advancements and best in class products and this partnership is yet another step in that journey.”

Vasanth Kamath, Founder & CEO, smallcase Technologies Pvt. Ltd., said, “smallcase is on a mission to change how India invests by partnering with investors, advisors, brokers and other market participants who are open to game-changing innovation. Partnering with a comprehensive wealth management platform like tarrakki is in line with this mission and will encourage Indians to invest more smartly by providing an extensive range of investment options that are qualitative and unique. We are excited to work with tarrakki and enable their clients to take a long-term portfolio-based approach towards equity investing.”



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SEBI orders attachment of Rana Kapoor’s assets to recover ₹1-cr dues

Banking & Finance

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To recover its pending dues from YES Bank founder Rana Kapoor, market regulator SEBI has directed the attachment of his assets.

SEBI had imposed a fine of ₹1 crore on Kapoor in September 2020 and he has failed to pay it. The fine was levied on Kapoor for not making disclosures regarding a transaction of Morgan Credit, which was an unlisted promoter entity of YES Bank. Kapoor had created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Dislcosure Requirements) Regulation, Securities and Exchange Board of India had said in the order.

Also read: SEBI seeks ‘discretion’ in prosecutions

SEBI had sent a demand notice to Kapoor in February this year but he did not clear the dues. The pending dues, totalling ₹1.04 crore, include an initial fine of ₹1 crore, interest of ₹4.56 lakh and recovery cost of ₹1,000, the attachment notice says. SEBI has asked banks, depositories and mutual funds not to allow any debit from the accounts of Kapoor. However, credits have been permitted. Also, the regulator has directed the banks to attach all accounts, including lockers, held by the defaulter.

The Enforcement Directorate (ED) had arrested Kapoor in a fresh money-laundering case linked to an alleged ₹4,300-crore fraud at the Punjab and Maharashtra Cooperative (PMC) Bank in Maharashtra. Kapoor has already been in judicial custody after he was arrested by the central probe agency in March last year in connection with alleged financial irregularities and purported kickbacks paid to him and his family members in lieu of certain loans provided by YES Bank to a number of high-profile borrowers.

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