<ul><li>The partnership aims to help customers and retailers in rural regions easily open and operate savings, current bank accounts.</li><li>The development will simplify banking for local retail shop owners and individuals who can now avoid traveling long distances to operate bank accounts.</li><li><keyword id="107911" type="General" weightage="20" keywordseo="financial-inclusion" source="Orion">Financial inclusion</keyword> in unserved and rural segments of the society has been the focus of the government, RBI and the banking sector alike.</li></ul>Axis Bank today partnered with <keyword id="6120472" type="General" weightage="20" keywordseo="paynearby" source="Orion">PayNearby</keyword>, a fintech platform to provide banking services to rural customers. PayNearby is known to provide branchless and digital banking services to rural customers. The partnership will help rural consumers and retailers open bank accounts at nearby local stores via Aadhaar-led authentication (eKYC). “Our partnership with PayNearby will enable us to extend our banking services to a huge customer base in semi-rural and rural regions and offer them an array of facilities along with the opening of a bank account,” Munish Sharda, group executive and head - Bharat Banking at Axis Bank. This partnership will also help them reach out to potential customers in remote regions of the country, address common issues faced by them such as hassle of documentation, long processes, and fear of a formal environment, the press release says. Anand Kumar Bajaj, founder, MD &amp; CEO at PayNearby, said, “For India to become financially and digitally empowered at the last mile, it is important that the local retailers are given the necessary tools for their growth.” The development will simplify banking for rural customers who can now avoid traveling long distances to operate bank accounts. Financial inclusion drive especially in rural areas Financial inclusion in the unserved and rural segments of the society has been the focus of the government, RBI and the banking sector alike. The RBI governor Shaktikanta Das too had addressed the need for banks to collaborate with fintechs at a Bank of Baroda conference on July 25. “The Indian banking system has undergone significant changes. The increased adoption of technology by traditional banks to self upgradation or collaborating with fintechs is resonating with the idea of new age banking. This is leading to innovative products and services and newer business models,” said Das. Several large banks are making efforts towards financial inclusion. Recently, HDFC Bank introduced 'Bank on Wheels' vans which will visit remote villages located 10-25 kms from the nearest branch, to further accessibility. According to reports, public sector banks are expected to open around 300 brick-and-mortar branches in the unbanked areas of various states by December 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sbi-to-icici-indian-banks-are-entering-an-earnings-upgrade-cycle-says-morgan-stanley/articleshow/94049013.cms">Time to buy banks? Morgan Stanley says yes as banks are entering 2nd leg of earnings upgrades</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/how-flipkart-uses-robots-and-cobots-to-speed-up-delivery/articleshow/94043608.cms">Inside Flipkart’s Big Box: how robots, cobots help pick and pack your package</a>

Axis Bank, PayNearby partner to take banking to rural and remote areas

New Delhi, Apr 30 () Fintech company PayNearby on Thursday said it is launching an assisted job registry that will help migrant workers who have been affected by the pandemic lockdown to seek gainful employment. The company will launch 'JobsNearby' on the occasion the International Workers' Day on May 1. Registrations can be done through its 9 lakh agents across the country, and the company has tied up with banks, NGOs, global foundations and other aggregators, where registered workers can then be placed, the company said in a statement. The company aims to combat burgeoning issue of daily earnings and job losses of thousands of migrant workers across the country, PayNearby said. Whereas the pre-lockdown remittances accounted for Rs 1,500-2,000 crore each month for PayNearby, and around Rs 10,000 crore for the entire industry, it has seen a decline of more than 80 per cent, reflecting loss of earnings for this segment, it said. Through its vast network of more than 9 lakh retail touchpoints, spread across 17,000 plus PIN codes in the country, the company wishes to create a platform where out-of-job workers can register themselves and find suitable placement, the fintech company said. "On the supply side, the company has identified and tied up with multiple partners, including banks, NGOs, global foundations and other aggregators, where registered workers can then be placed," it added. The data can be disseminated through credible sources to the demand side of employers. Anand Kumar Bajaj, MD and CEO at PayNearby, said, "With JobsNearby, we hope to ensure that these workers and their families are not left bereft and can regain their dignity and livelihood. Through our wholesome database, we hope to provide these workers with an opportunity to rebuild their lives, without having to compromise on their skills." PayNearby said job seekers will register for various kinds of job roles that were available earlier besides other roles that can be accommodated as per their skill set, also allowing them to select a location as per their choice. These job data points will then be collated and sent to job supplier agent networks and employers, it said. This initiative is an attempt to create a platform that is apt for blue collar migrant workers in urban areas, PayNearby said. The company is engaged in providing Aadhaar-based banking services, domestic remittances, bill payments, card payments, insurance services, among others to the underbanked and unbanked. KPM AA MKJMKJ

PayNearby to launch job registry to help migrant workers hit by lockdown

Mumbai, Mar 7 () Fintech startup PayNearby, which has a tie-up with Yes Bank to offers cardless and pinless ATM services to customers, on Saturday said its systems are running without any disruptions.The statement comes in the wake of disruption of Unified Payment Interface (UPI) offered by fintech players after Yes Bank was put under moratorium by the RBI.The Reserve Bank of India has imposed a moratorium on the bank and restricted withdrawals to Rs 50,000 per depositor till April 3.Following the restriction, the net banking facility of the bank was affected and customers were not able to log in."At PayNearby, its business as usual. Our systems are up and running without any disruption. We are a strong technology backed fintech company and have multiple banking partners," the company said in a statement.The company said it has worked tirelessly to ensure that customers across the country get served without any disruption."Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again," the statement said.PayNearby Bank, along with Yes Bank provide Aadhaar-enabled cardless and pinless ATM service by which customers can deposit or withdraw money at retailers' place.On Friday morning, PhonePe, another digital payment platforms, which depends on Yes Bank to process its transactions, said it had faced challenges in its operations but services were restored later.Paytm Payments Bank Ltd (PPBL) also restricted transaction settlements, including those done through UPI platform, into cash-strapped Yes Bank's accounts. HV MKJ

Yes Bank crisis: PayNearby says functioning 'without any disruption'

Benchmark BSE <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">sensex</keyword> and Nifty ended lower on Wednesday, dragged down by losses in banking stocks amid weak global market trends. The 30-share sensex declined by 168.08 points or 0.28 per cent to settle at 59,028.91. During the day, it fell 474.1 points or 0.80 per cent to 58,722.89. The broader NSE Nifty dipped 31.20 points or 0.18 per cent to 17,624.40. From the sensex pack, IndusInd Bank, Mahindra &amp; Mahindra, Maruti, Bharti Airtel, State Bank of India, Tata Steel, ICICI Bank and HDFC were major laggards. UltraTech Cement, Tata Consultancy Services, Sun Pharma, Wipro and Bajaj Finance were among the gainers. Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green. Equities in Europe were trading mostly lower during the mid-session deals. The <keyword id="123399" type="General" weightage="20" keywordseo="us-markets" source="Orion">US markets</keyword> had ended in the negative territory on Tuesday. Foreign institutional investors (<keyword id="6368141" type="General" weightage="20" keywordseo="fiis" source="Orion">FIIs</keyword>) were net buyers as they bought shares worth Rs 1,144.53 crore on Tuesday, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-paynearby-partner-to-take-banking-to-rural-and-remote-areas/articleshow/94050937.cms">Axis Bank, PayNearby partner to take banking to rural and remote areas</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sbi-to-icici-indian-banks-are-entering-an-earnings-upgrade-cycle-says-morgan-stanley/articleshow/94049013.cms">Time to buy banks? Morgan Stanley says yes as banks are entering 2nd leg of earnings upgrades</a>

Sensex, Nifty settle lower amid weak global markets

<ul><li>On the basis of strong advance bookings, Elara Capital expects a strong opening with earnings of ₹20-22 crore over the weekend.</li><li>The science-fiction movie has been made at a massive budget of ₹410 crore.</li><li>Over the last few months, multiplexes like PVR and Inox have lost 30-35% of their advertisement business after the dismal performance of the latest Bollywood movies.</li></ul>With two days to go for its release, the mega budget movie <keyword id="7397576" type="General" weightage="20" keywordseo="Brahmstra" source="Orion">Brahmāstra</keyword> is off to a flying start, say business analysts. PVR has said that over one lakh tickets have been pre-booked for the coming weekend. “Finally, some relief for the industry. received #Brahmāstra *day-wise data* (advance booking) of a leading multiplex chain. Observations say that tickets sold are at 11,558 which is a very positive start, since advance opened at select locations only,” <a href="https://twitter.com/taran_adarsh/status/1565973786368675841?t=OJ1okV-x7JlFgPVi5qq65g&amp;s=19">tweeted business analyst </a>Taran Adarsh. On the basis of strong advance bookings, Elara Capital expects a strong opening with earnings of ₹20-22 crore over the weekend. “The lifetime box office (collection) for the film is estimated to be in a wide range of ₹130-200 crore, basis the strong advances,” says a media note by the brokerage firm. However, the science fiction movie as it’s being called, has been made over a massive budget of ₹410 crore and even if the upper end is breached it will earn only half of what was spent on its making. The movie is bankrolled by Karan Johar owned Dharma Productions along with Starlight Pictures, Prime Focus and Star Studios. The movie stars Ranbir Kapoor and Alia Bhatt and is the first of the franchise of three movies. “Brahmastra is the first sci-fi based Hindi franchise, and augurs well, as audiences want to watch large scale content in cinemas with visual effects. The film has seen strong acceptance/advances in the premium format screens (Imax, 3D etc), given the nature of content,” said Karan Taurani of Elara Capital. Word-of-mouth publicity But even for the movie to earn ₹200 crore, it would need a lot of good reviews that would bring the audience to the theatres. “We believe a positive word of mouth and audience acceptance can help the film breach the upper end. It will be tough to provide any concrete estimates unless we get to know reviews, as most recent estimates have been revised downwards post reviews. Hope it’s the other way round (positive side) for Brahmāstra as it’s a very large franchise movie and Hindi Box Office desperately needs a hit movie,” says Taurani. However, if the movie turns out to be a hit, it could rake in the moolah for theatre owners who have been hurt by the dismal performance of the much-hyped recent film releases – <keyword id="4632769" type="General" weightage="20" keywordseo="Liger" source="Orion">Liger</keyword> and <keyword id="14924108" type="General" weightage="20" keywordseo="Lal-Singh-Chaddha-" source="Orion">Lal Singh Chaddha.</keyword> “A film like Brahmāstra can provide support (to) ticket prices and spend-per-head growth too, as the film is available in multiple premium formats – average ticket price and spend per head have been 15-25% higher than pre-Covid levels until last quarter for multiplex chains,” said Taurani. The movie will be released in 3D, IMAX 3D and 4DX 3D formats across theatres, this Friday. Moreover, since it’s dubbed in multiple languages, it can bring in 15-20% of the business from regional markets too. Over the last few months, multiplexes like PVR and Inox have lost 30-35% of their advertisement business after the dismal performance of the latest movies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/retailtech-startup-daalchini-raises-4-million/articleshow/94045971.cms">Retail-tech startup Daalchini raises $4 million in a round led by Unicorn India Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-paynearby-partner-to-take-banking-to-rural-and-remote-areas/articleshow/94050937.cms">Axis Bank, PayNearby partner to take banking to rural and remote areas</a>

Brahmāstra hits the advance booking bulls eye but needs word of mouth publicity

New Delhi, Mar 7 () Panicked Yes Bank customers were seen queuing up at the bank's ATMs at various locations, but to no avail as as most cash-dispensing machines ran dry, after the Reserve Bank placed the crisis-hit lender under a moratorium. However, many a customers said they were able to withdraw the stipulated amount of Rs 50,000 through cheques at Yes Bank branches. Customers are also facing trouble because net banking services are not working and some even complained that their credit cards are also not working. As the Reserve Bank has superseded the board of the private sector lender on a precarious financial condition and has appointed a former SBI executive as its administrator, customers cannot withdraw more than Rs 50,000 under the moratorium period till April 3, 2020. Several customers at a bank branch in central Delhi said they faced no problem while withdrawing the sum of Rs 50,000 through cheques. "Internet banking is not working, even the credit card has stopped working; however, I withdrew my amount through cheque," said Lalit Kumar, a Yes Bank customer of its Gole Market branch here. At an ATM in Ghaziabad, Yes Bank customers queued up to withdraw money, but to no avail as there was no cash. Most of the Automated Teller Machines (ATMs) wore a deserted look due to non-availability of cash. A Delhi-based customer said he was able to withdraw limited cash of about Rs 3,000-4000 only from an ATM, adding the cheque withdrawal helped him take out the remaining amount under the moratorium restriction. However, a display at the Post Office situated at Parliament Street read: "No Yes Bank cheques will be cleared until further orders from the RBI." Besides, people also complained that Yes Bank facilitated meal cards are not working. Payment facilitator for small businesses Instamojo's CEO &amp; Co-founder Sampad Swain said the company will be temporarily withholding payouts to merchants having Yes bank accounts until further clarity on the situation. "This is to ensure that no merchant's funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes bank to another account," Swain said. To soothe the hassled customers, Yes Bank's administer Prashant Kumar in a statement issued on Friday said that there was no need for panic and the bank was working to bring the situation under control before April 3 -- time till when the moratorium remains in place. "The current moratorium has been brought into effect keeping the depositors' interest in mind and towards restoring their confidence. "A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends. The bank is also taking necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic," Kumar said. Fintech start-up in payment and transaction technology space PayNearby said: "At PayNearby, its business as usual. Our systems are up and running without any disruption. We are a strong technology backed fintech company and have multiple banking partners." "Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again," said Anand Kumar Bajaj, MD &amp; CEO, PayNearby. Yes Bank also said it remains available to address all queries and clarifications. Depositors are requested to get in touch with the nearest branch for any assistance. "We would like to inform you that our ATMs are now functional. You can locate the ATM nearest to you here: https://community.yesbank.in," read the Yes Bank tweet, tagging the twitter handles of the Finance Ministry and the Reserve Bank. "Our working hours are Monday-Saturday (9 am to 8 pm)," it added. Stock of Yes Bank came under heavy selling pressure on Friday and plunged by more than 84 per cent intra-day before closing the day down by 56 per cent at Rs 16.20 apiece on BSE. Country's largest lender SBI, which has evinced interest for 49 per cent stake in the private sector lender, said it is evaluating the draft reconstruction scheme for Yes Bank. "We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence," Chairman Rajnish Kumar told reporters in Mumbai on Saturday. Bank officials are doing due diligence of the draft scheme, he added. He also said many potential investors have approached SBI after seeing the draft scheme On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. KPM MKJ

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Axis Bank, PayNearby partner to take banking to rural and remote areas

Bhakti Makwana

PayNearby to launch job registry to help migrant workers hit by lockdown

PTI

Yes Bank crisis: PayNearby says functioning 'without any disruption'

PTI

Sensex, Nifty settle lower amid weak global markets

PTI

Brahmāstra hits the advance booking bulls eye but needs word of mouth publicity

Katya Naidu

Yes Bank customers scramble for cash withdrawal at branches, most ATMs run dry

PTI