Page 13 - Banking Finance April 2021

ROUNDUP

Both the organisations will now jointly which had nearly two crore registered Y The SMS and OTPs, when sent by
do due diligence and co-originate the UPI users at its peak during mid-2020. user entities will be checked
loan at an agreed ratio. PNB Housing Its banking partners included ICICI against the templates pre-
Finance will serve the customers Bank and Bank of Baroda. Now their registered by them on the
through the entire loan lifecycle Truecaller UPI ID will be deregistered blockchain platform. This process
including sourcing, documentation and after ensuring zero-settlements with is known as scrubbing.
collection with an information-sharing partner banks.
arrangement with Yes Bank. The notice read, "All your data Paytm joins hands with
including transaction history, account
Wipro to acquire Capco information and other sensitive Ola & others to apply for
for $ 1.45 billion information related to UPI will be RBI's digital payments
Wipro Limited has recently signed an deleted from Truecaller systems after umbrella entity
agreement to acquire Capco, a global a statutory period of 180 days as Vijay Shekhar Sharma, Founder & CEO,
management and technology directed by regulatory authorities." Paytm, has confirmed that they are
consultancy providing digital, applying to constitute a New Umbrella
consulting and technology services to New TRAI regulations Entity (NUE) in partnership with
financial institutions in Europe, interrupt banking services several players including Ola, aiming to
Americas and the Asia Pacific. develop innovative digital payments
like SMS, OTPs
This acquisition is expected to make solutions.
Wipro one of the largest end-to-end The Telecom Regulatory Authority of The consortium will also include a
global consulting, technology and India has recently released a guideline bank, a fintech company, a payments
transformation service providers to the under which the contents of every SMS bank, a small finance bank, a tech
will have to be verified before it is
banking and financial services industry. startup, and an NBFC to become one
By combining Wipro's capabilities in delivered. The process, which is known of the most diverse NUEs ever seen,
as scrubbing, has been implemented.
strategic design, digital Vijay Shekhar Sharma stated.
transformation, cloud, cybersecurity, IT TRAI has suspended the new norms for
The RBI, in August, 2020, had put
and operations services with Capco's commercial text messages for a week together the idea to create a non-
domain and consulting strength, clients as institutions dealing with banking, profit umbrella entity to manage and
will gain access to a partner who can payment saw massive disruption in SMS operate new payment systems,
deliver integrated solutions to help and OTP deliveries. The new norm especially consumer-facing products.
fuel growth and achieve their aims at filtering out spam messages. As it was envisioned by the RBI, the
transformation objectives. But now TRAI has decided to give consortium will be responsible for
establishments a week's time to switch developing new methods and
Truecaller discontinues UPI to the new system.
technologies of payment, as well as
services in India What is the new system? coming up with innovative ways to
Caller ID app Truecaller has recently Y The new norms, based on boost financial inclusion in semi-urban
discontinued all Unified Payments blockchain technology, aimed at and rural India.
Interface (UPI) payments services in curbing unsolicited and fraudulent VSS further added, "We've been saying
messages.
India. The app had begun notifying the that payments have become
users of the decision two weeks ago. Y Telecom companies, as mandated mainstream, and it is important for us
"As per guidance from regulators, we by TRAI, switched to the new norms. to create more payment options and
gave two weeks' notice to users," opportunities for consumers and
Y According to the new rules,
quoted a Truecaller spokesperson in companies are to link themselves businesses alike. RBI took note of it and
the formal notice. so that no fraudulent message, out has given an opportunity to apply for
The company had been offering UPI of the registered format, get sent NUE. We are going to apply for sure...
services in India through Truecaller Pay to customers. the process is on."

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