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ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * ETBFSI AWARDS 2022 * GLOBAL INSURANCE BROKERS PVT. LTD * ETBFSI.COM CONVERGE Thriving in the world of digital * ETBFSI CXO CONCLAVE Connecting Financial Institutions Digitally * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION * ETBFSI FINNEXT SUMMIT The Future of NBFCs and FinTechs * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT * LEARNFEST * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * Millennial Finance * FinTech Diary * ETBFSI Research * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * BFSI Tech Tales * Innovation Masters * POLICY * FINANCIAL SERVICES x * BFSI News * Latest BFSI News * Banking EXCLUSIVE INDIA HAS ALLOWED MILLIONS TO OPEN BANK ACCOUNTS AND PAY IN ONE CLICK, SAYS EU ANTITRUST CHIEF Speaking at the Carnegie India's Global Technology Summit co-hosted with the Ministry of External Affairs on Wednesday, Margrethe Vestager said India has allowed millions of people to open bank accounts and pay in one click and to easily transfer money which increases revenue not just for big players, but also for small shop and street vendors. * Dia Rekhi * ETtech * December 01, 2022, 07:51 IST * * * * * * * * India stack has managed to provide digital identification to almost 90% of the population and has enabled millions of people and businesses to receive payments digitally throughout the pandemic, Margrethe Vestager, European Commissioner for Competition on Wednesday said while complimenting the various public digital goods which have been built by India in the last few years. Speaking at Carnegie India's Global Technology Summit co-hosted with the Ministry of External Affairs on Wednesday, she said India has allowed millions of people to open bank accounts and pay in one click and to easily transfer money which increases revenue not just for big players, but also for small shop and street vendors. "The India stack shows that if we want people to embrace technologies, we need trust and inclusiveness," Vestager said. "This is exactly what we're also pushing here with our European approach to digitization. The European Union is adopting a declaration of digital rights and principles. This will set in stone the idea that the rights we have offline, we also have online." She explained that the right to privacy, the right to be protected from illegal or harmful content should all be ensured through the rights to excellent connectivity, no matter where a person lives or how much they earn. She said these principles were also core in the EU's work to regulate digital platforms. With the DIgital Services Act and the Digital Markets Act, she said the EU was imposing new obligations on large platforms. "With power comes responsibility so they (platforms) must respect and protect us as users," Vestager said. "They must also keep the digital market open and fair, so that smaller businesses can thrive based on their own merits, and not on the decisions of a gatekeeper." Her comments come a month after the Indian anti monopolies watchdog, the CCI came down heavily on Google in two verdicts. On October 20, the CCI imposed a fine of Rs 1,337.76 crore on the search giant for the abuse of its dominant position in multiple markets through the Android operating system. Five days later, the CCI imposed a further penalty of Rs 936.44 crore on Google for making its in-house payment and billing system mandatory for paid apps and in-app purchases on its Play Store. Nick Clegg, global president policy affairs Meta, who was among the other speakers at the event said that if India, the US and the European Union - the 'three great techno-democracies of the world' - could broadly align on internet regulation, it would be a huge development. "There are dialogues going on and some of them are two way or occasionally three way. But if India, the US and the EU can agree on broad principles which are some of the very foundational governance questions, I think that will be transformative," he said. Christophe Kiener, EU Chief Negotiator for Trade in response to a question, said that if India went easy on data localisation the EU and India could together "create a diamond standard for data protection." Interestingly, the Digital Personal Data Protection Bill, 2022 has allowed for the transfer of personal data outside India to 'trusted geographies' which eased data localization concerns that many large technology platforms had raised initially. Mohandas Pai, Co-founder and Chairman, Aarin Capital and 3one4 Capital on his part flagged concerns about the rise of digital monopolies. He said governments are no more the biggest challenge. "The biggest challenge to humanity and geopolitics is the rise of digital monopolies," Pai said. "Apple has 2 billion people (which) is bigger than any country, Alphabet has 4 billion people on Android and Android system, even though open source controls the technology. And Amazon, of course, is the big fish in the room. (These are) Great companies, but what about us as citizens?" He followed this up by saying that if one were to look at the capture of the mobile operating systems, Alphabet is 71% while iOS is 27%. Similarly, (Google) Search has 92% marketshare while social media giant Meta enjoys 79% marketshare. Pai said these are large numbers and hence, this means huge volumes of data - most of which is stored in the US as the country has dominance over data like no other country. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Banking Pay in One Click meta margrethe vestager european commissioner for competition eu antitrust Read on App Read on App PEOPLE WHO READ THIS ALSO READ * How UPI business makes money, what profit margin do they have? * Sensing major opportunity, NBFCs step-in to provide short-term working capital loans for hospitals * Punjab & Sind Bank aims at CASA ratio of 35 pc by March * India's digital rupee fails to excite interest, bankers say SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. BANKING * 2 hrs ago CONSISTENCY OF SERVICE, MAINTAINING TRUST CAN HELP BANKS THRIVE IN THE WORLD OF DIGITAL: BANKERS * 3 hrs ago PUNJAB & SIND BANK AIMS AT CASA RATIO OF 35 PC BY MARCH * 3 hrs ago RBI RAPS BANKS FOR GIVING UP UPI SPACE TO FINTECHS * 21 hrs ago PUNJAB & SIND BANK AIMS AT CASA RATIO OF 35 PC BY MARCH View More EDITOR'S PICK * 2 hrs ago HOW UPI BUSINESS MAKES MONEY, WHAT PROFIT MARGIN DO THEY HAVE? * 2 hrs ago CONSISTENCY OF SERVICE, MAINTAINING TRUST CAN HELP BANKS THRIVE IN THE WORLD OF DIGITAL: BANKERS * 2 hrs ago HOW UPI BUSINESS MAKES MONEY, WHAT PROFIT MARGIN DO THEY HAVE? * 3 hrs ago WAKE-UP CALL: POST DELHI AIIMS CYBER ATTACK, EXPERTS REITERATE IMPORTANCE OF CYBER INSURANCE * 16 hrs ago THE FINTECH SECTOR SEES CRYPTOCURRENCY CURRENCIES AS A MEANS OF ESTABLISHING A SECURE AND TRACEABLE WAY OF TRANSFERRING ASSETS. BFSI VIDEOS * ‘TRANSITIONING FROM LEGACY TO DIGITAL SYSTEM, NOT A CHALLENGE FOR BANKS’: IBA CHIEF Sunil Mehta, CEO, Indian Banks' Association sharing his expert commentary on several buzzing industry topics at the 3rd Edition of the 2 day ETBFSI Converge 2022. * 5 days ago BANKS NEED 360 DEGREE MIGRATION FROM ONE TECH TO OTHER, NOT IN PIECEMEAL: ED, BOM * 6 days ago FINTECH DIARY WITH ASHISH KASHYAP, FOUNDER AND CEO, INDMONEY * 16 days ago FINTECH DIARY WITH SURJENDU KUILA, CO-FOUNDER & CEO, ZOPPER. View More EXCLUSIVE BANKS TURN CAUTIOUS IN CORPORATE LENDING AS CREDIT GROWTH HITS RECORD HIGH Wary of higher NPAs like the ones ratcheted up in the last decade, banks are avoiding risky proposals from corporates with ratings of BB and below. * ETBFSI Click Here to Read This Story * * * * * * * * The yields have also increased by 255 basis points (bps) since April 2022 and was at 6.92 per cent in October 2022, he says in the report.With credit demand at record highs, banks have turned cautious and are raising parameters for lending. Banks are avoiding risky proposals and turning down loan requests from corporates with lower credit rating. However, with interest rates rising and loans becoming more expensive, banks are worrying about the repayment capacity. “The only thing when we do underwriting is we should see that it should suit our appetite. Appetite is not in terms of how much NPA we can have; it should rather be how much lower NPA we should have,” said Dinesh Khara, Chairman, SBI, while addressing the media on November 5, according to a report. “We should identify the risk and have the mitigations in place. And as long as we’re in a position to do that, we will not like to touch the credit which is not in line with our risk appetite,” he added. SBI is now turning down loan requests from companies with ratings of BB and below, said the report. The gross and net NPAs at 3.52 per cent and 0.8 per cent, respectively in Q2 FY23, which is the best level since fiscal 2002. Industry credit growth The credit outstanding of the industry segment registered a robust growth of 12.6 per cent y-o-y in September 2022 from 1.7 per cent in the year-ago period. The growth was due to robust growth in the MSMEs (29.6%) which were driven by ECLGS, inflation-induced working capital requirements, ease of doing business supported by increasing digitisation in the banking system for faster loan turnarounds and demand for new capex. The demand for the new capex is taking place with rising demand from infrastructure (road, telecom, renewables), auto and consumer durable companies. The large enterprise segment (share of 75.7 per cent within the industry) reported a growth of 7.9% from a drop of 2.1 per cent over a year ago. All the industry sub-segments witnessed growth in credit in September 2022. Petroleum, coal products and nuclear fuels witnessed the highest growth of 75.9 per cent y-o-y vs 20.3 per cent in the year-ago period due to higher working capital requirements driven by high crude oil prices and currency depreciation, followed by the chemical and chemical products which rose 22.5 per cent y-o-y versus marginal growth of 1.9 per cent in the year-ago period. The infrastructure subindustry (share of 37.5% within the industry) registered a growth of 10.9 per cent from 3.4 per cent in the year-ago period. Within infrastructure, telecommunication and other infrastructure grew at a robust rate of 16.3 per cent and 19.0 per cent y-oy. Within the infrastructure, roads and airports reported growth of 13.4 per cent y-o-y each in the month. 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