Tag: MoU

Paytm signs MoU with Skill Development Ministry to train youngsters in fintech

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Paytm has signed a memorandum of understanding (MoU) with the Directorate of General Training (DGT) in the Ministry of Skill Development and Entrepreneurship to train 6,000 individuals over a period of three years in the rapidly growing fintech industry.

The selected individuals will undertake a six-month programme, designed by Paytm, in consultation with the DGT. It will equip the trainees with fundamentals and knowledge of the latest fintech IoT products and financial services. The trainees will also undergo professional skills, communications, sales and pitch, and on-the-job training.

Flexi-MoU scheme

The collaboration is part of DGT’s Flexi-MoU scheme wherein industry partners provide an opportunity to the youth to acquire skills related to industries with high job potential through a ‘learn and earn’ approach consisting of a mix of theoretical and on-the-job training. Paytm’s focus is on creating a highly skilled pool of human resources that can contribute to the growth of the fintech and digital payments ecosystem. Paytm will also offer employment to eligible trainees post completion of the course.

Narendra Yadav, Senior Vice-President, Paytm said, “India’s strength lies in the talent and skilled youngsters, who will play an important role in shaping the future of the country’s economy. DGT plays a key role in vocational and craft-based training of eligible youth in the country. We look forward to a fruitful partnership with the DGT that will enhance the quality and number of trained personnel in the fintech industry.”

Neelam Shami Rao, Director-General, DGT, said, “The growth of digital payments has been phenomenal in India and it will continue to rise further in the future. Paytm is one of the pioneers in the digital payments service industry and our focus is to leverage their expertise to train the country’s youth in this field.”

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Paytm signs MoU with Skill Development Ministry to train youngsters in fintech

Banking & Finance

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Paytm has signed a memorandum of understanding (MoU) with the Directorate of General Training (DGT) in the Ministry of Skill Development and Entrepreneurship to train 6,000 individuals over a period of three years in the rapidly growing fintech industry.

The selected individuals will undertake a six-month programme, designed by Paytm, in consultation with the DGT. It will equip the trainees with fundamentals and knowledge of the latest fintech IoT products and financial services. The trainees will also undergo professional skills, communications, sales and pitch, and on-the-job training.

Flexi-MoU scheme

The collaboration is part of DGT’s Flexi-MoU scheme wherein industry partners provide an opportunity to the youth to acquire skills related to industries with high job potential through a ‘learn and earn’ approach consisting of a mix of theoretical and on-the-job training. Paytm’s focus is on creating a highly skilled pool of human resources that can contribute to the growth of the fintech and digital payments ecosystem. Paytm will also offer employment to eligible trainees post completion of the course.

Narendra Yadav, Senior Vice-President, Paytm said, “India’s strength lies in the talent and skilled youngsters, who will play an important role in shaping the future of the country’s economy. DGT plays a key role in vocational and craft-based training of eligible youth in the country. We look forward to a fruitful partnership with the DGT that will enhance the quality and number of trained personnel in the fintech industry.”

Neelam Shami Rao, Director-General, DGT, said, “The growth of digital payments has been phenomenal in India and it will continue to rise further in the future. Paytm is one of the pioneers in the digital payments service industry and our focus is to leverage their expertise to train the country’s youth in this field.”

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Network International, NPCI International sign MoU

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NPCI International Payments has signed a Memorandum of Understanding with Network International to discuss their collaboration on acceptance of the Unified Payments Interface (UPI) in the United Arab Emirates.

“With travel restrictions between India and the UAE recently relaxed, the proposed collaboration will benefit Indian travellers visiting the UAE by allowing them to make payments through UPI-based mobile applications leveraging Network’s trusted payment infrastructure and network strength as the UAE’s largest merchant acquirer,” they said in a statement on Thursday.

Rollout slated for 2022

The proposed rollout of UPI mobile payment solutions on Network International’s merchant network in the UAE is expected to start in the first quarter of 2022 across the company’s key retail merchant partner outlets, including those in sectors such as jewellery, supermarkets, and duty free retailers, the statement added.

Also see: PM Modi exhorts banks to support startups, invest in ideas

Network International is a leading enabler of digital commerce across the Middle East and Africa while NPCI International Payments Ltd (NIPL) is the international arm of the National Payments Corporation of India.

“We are confident that our proven product capabilities, combined with the vast merchant network of Network International, will enable UPI QR-based payment acceptance and scale-up in the UAE. We look forward to working with Network International to empower Indian travellers and the large Indian community in the UAE,” said Ritesh Shukla, CEO, NIPL.

RuPay acceptance

Earlier this year, Network International also announced its acceptance of India’s payment scheme – RuPay – to enhance the range of payment schemes acceptance and business for UAE merchants.

Nandan Mer, Group Chief Executive Officer, Network International, said, “The UAE is among the most favoured destinations for Indian visitors and the availability of a trusted and familiar mobile payment option such as UPI will enable visitors to pay for their purchases in the UAE safely and with ease.”

Also see: India received $87 billion in remittances in 2021; US is the top source

India has been working on popularising the use of UPI in other countries as well.

In September this year, the Reserve Bank of India and the Monetary Authority of Singapore had announced a project to link their respective fast payment systems — UPI and PayNow.

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Bank of Baroda signs MoU with NCDEX e-Markets

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Bank of Baroda has signed a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NEML) to become a “clearing bank” for handling financial transactions in the NeML market place and procurement/auction platform.

NEML, a wholly-owned subsidiary of agricultural commodity exchange, NCDEX, is an online commodities spot market and services company.

Jagdish Tungaria, Zonal Head, Mumbai, BoB, said: “This tie-up opens up multiple opportunities for both institutions. The bank will partner with agriculture marketing federations and other procurement agencies across the country and increase its presence in agri e-commerce through its wide network across the country.

Mrugank Paranjape, MD and CEO, NEML, said this tie-up will help NeML members across the country to further their agriculture businesses.

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Indian Bank inks MoU with NBFCs for priority sector lending

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Indian Bank on Friday announced that it has entered into a memorandum of understanding with three leading non-banking finance companies (NBFCs) and housing finance companies (HFCs) for co-originate loans to the priority sectors.

The Chennai-based lender is partnering with Indiabulls Housing Finance, Indiabulls Commercial Credit and IIFL Home Finance on this co-lending arrangement.

In November 2020, the RBI had issued ‘Co-Lending Model’ guidelines allowing banks to co-lend with all registered NBFCs (including HFCs) to priority sector lending with an aim to improve the flow of credit to unserved and underserved sectors and make funds available to borrowers at an affordable cost.

“The arrangement entails joint contribution of credit at the facility level, by both lenders. It also involves sharing of risks and rewards between the bank and the NBFC for ensuring appropriate alignment of respective business objectives, as per the mutually decided agreement between the bank and the NBFCs,” Indian Bank said in a press release.

The bank expects to generate substantial business under the priority sector through co-Lending during the third quarter of the current fiscal.

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HDFC Bank signs MoU with NSIC to offer credit support to MSMEs

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HDFC Bank signed a memorandum of understanding with National Small Industries Corporation (NSIC) to offer credit support to micro, small and medium enterprises (MSMEs) across the country.

“HDFC Bank will provide MSMEs with set of specially tailored schemes to enhance their competitiveness. Under this financing arrangement HDFC Bank branches will extend support to MSME projects in the areas they are located or other important industrial sectors across the country,” the private sector lender said in a statement on Tuesday.

It will also accept loan applications forwarded by NSIC and consider sanctioning loans on merit basis and as per its lending norms.

“We believe this partnership with NSIC will help expedite the MSME Sector growth which is the backbone of the country both in terms of economic development and job creation,” said Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank.

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ICICI Bank signs MoU with MUFG Bank

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ICICI Bank on Friday announced it has signed a Memorandum of Understanding with Japan’s MUFG Bank for collaboration towards catering to the banking requirements of Japanese corporates present in India.

“The MoU was signed at a virtual event by Vishakha Mulye, Executive Director, ICICI Bank, and Junsuke Koike, Executive Officer and Regional Executive for India and Sri Lanka, MUFG Bank, in the presence of senior officials of both banks,”the private sector lender said in a statement.

The MoU establishes a framework of partnership between the banks across various domains including trade, investment, treasury, corporate and retail banking, it said, adding that it also paves way for the two banks to cater to the banking requirements of Japanese corporates operating in India.

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Bank of Baroda signs MOU with SIDBI to support MSMEs, BFSI News, ET BFSI

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Bank of Baroda signed a memorandum of understanding (MOU) with the Small Industries Development Bank of India (SIDBI) to extend relief to MSME enterprises with an online facility of submitting their loan restructuring proposal.

Automated / Do-It-Yourself (DIY) web-portal ‘ARM-MSME‘ provides MSMEs with a platform to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options.The borrowers can also modify the online application or re-submit a new online application.

Dr. Ram Jass Yadav, Chief General Manager – MSME & Retail Business, Bank of Baroda, said, “As a bank, we are continuously working towards digitization and consumer friendly processes. This has led to our partnership with SIDBI for a platform like ARM-MSME, which will provide time saving convenient solution to MSMEs, at no additional cost. Through this partnership, we will hopefully assist numerous MSMEs who are in need of guidance.”

The Government of India and RBI has come up with several measures to support MSMEs to tide over the present pressing times post pandemic. Furthermore, RBI has extended the One-Time Restructuring (OTR) window till March 2021 to provide relief to MSMEs under financial stress, with credit exposure up to Rs. 25 crores.



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