Tata Power–Bank of Baroda Pact Unlocks ₹10 Crore Collateral-Free Loans for Solar Projects up to 10 MW

Tata Power Renewable Energy Limited (TPREL), one of India’s leading renewable energy companies and a subsidiary of The Tata Power Company Limited (Tata Power), has signed a Memorandum of Understanding (MoU) with Bank of Baroda, one of India’s premier public sector banks, to facilitate financing solutions for MSME and Commercial & Industrial (C&I) customers opting for solar energy.

Under this partnership, Bank of Baroda will extend financial assistance to borrowers purchasing solar equipment and projects of up to 10 MW capacity through TPREL or its authorized channel partners. This initiative is designed to help MSME and C&I businesses adopt renewable energy with greater ease, reduce operating costs, and contribute to India’s sustainability goals.

The financing scheme offers several key benefits, which include an attractive rate of interest starting from 7.75%, collateral-free loans of up to ₹10 crore CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) coverage, flexible repayment tenure of up to 120 months, pan-India financing coverage, reduced margin requirements (starting from 20%), and concessional processing fees.

As of August 2025, TPREL has successfully completed over 2.49 lakh rooftop solar installations, achieving a cumulative capacity exceeding 3.6 GWp. In the C&I segment, TPREL has catered to a diverse set of customers across various sectors viz - Hospitality, Automotive, Aviation, Education, HVAC, Chemical, Steel, Electronics, and Textiles, among others.

This collaboration underscores TPREL’s commitment to accelerating clean energy adoption across industries and highlights Bank of Baroda’s focus on strengthening green financing to support India’s transition towards a low-carbon economy.

It further reinforces TPREL’s position as a leader in India’s renewable energy journey, contributing to the nation’s target of achieving 500 GW of renewable energy capacity by 2030.

Bank of Baroda Empowers Small Businesses with bob Digi Udyam—Fast, Collateral-Free Loans up to ₹50 Lakh

Bank of Baroda (Bank), one of India’s leading public sector banks, announced the launch of bob Digi Udyam – a digital, collateral-free lending platform offering Micro and Small Enterprises (MSEs) quick access to working capital loans above ₹10 lakh to ₹50 lakh. The initiative, aligned with the Union Budget 2024–25 announcement that public sector banks would develop in-house capabilities for MSME credit assessment, leverages the digital footprint of MSEs to enable faster credit assessment and reduce reliance on external assessment. This marks a major step in strengthening credit accessibility for India’s small businesses. The scheme is open to both existing and new customers of the Bank.

The bob Digi Udyam platform leverages a wide range of digital data points to comprehensively assess credit applications. It generates an automated, risk-based scorecard that enables seamless credit assessment, significantly reducing the turnaround time for loan processing. A provisional sanction is provided within minutes, after which the application is automatically routed to branches through TEJAS, the Bank’s Loan Origination & Processing System for the MSME segment, for final sanction and post-sanction formalities.

Eligible entities can apply for loans under bob Digi Udyam through both Do-it-Yourself (DIY) and Assisted mode at branches. The platform conducts digital eligibility checks, risk assessment, and credit limit calculations, ensuring a seamless and transparent lending process.

Speaking on the launch, Shri Lal Singh, Executive Director, Bank of Baroda, said, “MSEs are key drivers of India’s economy, yet timely credit remains a challenge. With bob Digi Udyam, we bring a digital, cash flow-based lending model that delivers quick, collateral-free working capital finance. bob Digi Udyam is a step towards making MSE credit truly accessible, with plans to expand the offering to cover a wider range of credit needs and higher ticket sizes.”

bob Digi Udyam – At a Glance

• Purpose: Digital, cash flow-based working capital finance for MSEs
• Facilities: Cash Credit & Overdraft facilities
• Loan Size: Above ₹10 lakh to ₹50 lakh
• Tenure: 12 months
• Collateral: Nil – covered under CGTMSE

bob Digi Udyam aligns with the Government of India and Reserve Bank of India’s vision for digital transformation in MSE lending, broadening access to bank credit and empowering India’s MSE businesses to grow sustainably. Bank of Baroda is aligned with the Government’s vision of Viksit Bharat@2047.

Applicants can apply for bob Digi Udyam, by clicking on https://mllps.bankofbaroda.co.in/BOBSTPCustomerPortal/

About Bank of Baroda

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over ~180 million through around 65,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank.

Visit us at www.bankofbaroda.in

IREDA Partners Union Bank of India and Bank of Baroda To Co-Finance Renewable Energy Projects in Tier-2/3 Cities and Rural India

The Indian Renewable Energy Development Agency Ltd (IREDA) has signed MoUs with Union Bank of India (UBI) and Bank of Baroda (BoB), on September 5, 2023, to accelerate the growth of renewable energy in India, particularly in tier-2 & tier-3 cities and rural areas.

The MoUs signed with UBI & BoB will empower IREDA to collaborate in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging Renewable Energy technologies.

In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.

Expressing his happiness about these partnerships, CMD of IREDA, Shri Pradip Kumar Das said, "Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches."

"This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers. We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister for Atmanirbhar Bharat and sustainable growth," the IREDA CMD said. 

Recently, IREDA has also signed an MoU with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects including Small Hydro projects. Both the entities will strive to also fix interest rates for IREDA borrowings for a period of 3 to 4 years.

As on 21 August 2023, IREDA has financed 3,137 renewable energy projects with cumulative loan sanction of ₹1,55,694 crore and loan disbursement of ₹1,05,245 crore and has supported renewable energy capacity addition of 22,061 MW in the country.

IREDA recorded its highest-ever loan sanction of Rs 2,3921.06 crore and disbursement of around Rs 16,070.82 crore in 2021-22.

Formed in 1987 as a Mini Ratna (Category – I) Government of India Enterprise, IREDA is administratively controlled by the Ministry of New and Renewable Energy (MNRE). It is a Public Limited Government Company and a Non-Banking Financial Institution with an objective of setting up projects relating to new and renewable sources of energy across India.

Bank of Baroda Launches the bob World Kisan app – a One Stop Solution for Farmers

Features encompass Loans & Investments, Mandi services, Agri advisory and Value-added services

Partnered with six agri companies to provide a diverse set of services to farmers

Both Existing & New to Bank custom mers can access the platform

Bank of Baroda (Bank), one of India’s leading public sector banks, today launched the ‘bob World Kisan’ app – a one-stop solution for farmers for all their agricultural needs. bob World Kisan is a holistic platform that helps in digitising the agroeconomic journey by offering new-age solutions related to agri-financing, insurance & investments; mandi services such as monitoring of crop prices; agri advisory services like weather forecasting, monitoring crop health and other value-added services including buying of agricultural inputs & hiring of equipment, using tech to increase productivity etc. All these services are available to both existing customers & non-customers alike.

The Bank has also partnered with six agri companies such as AgriBegri, AgroStar, BigHaat, Poorti, EM3 and Skymet to provide a diverse set of services to farmers within the app itself. Moreover, the app is available in three languages at present i.e. English, Hindi, and Gujarati – making it accessible to a wider base of farmers.

Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda said, “As one of the country’s leading public sector banks, we have a deep and enduring relationship with the Indian agriculture community. Bank of Baroda’s vision is to support Indian farmers right through their “Sow to Sell” journey. bob World Kisan is a state-of-the-art and an all-inclusive platform that will provide a wide range of services to our annadatas, helping them maximise their yields and income.”

Shri Akhil Handa, Chief Digital Officer, Bank of Baroda said, “The bob World mobile banking app that was launched last year transformed the banking experience for millions of our customers. With the launch of the bob World Kisan app, our promise is to do the same for our farmers. It is one integrated app with a simple & intuitive design, providing a range of banking and agri services at the user’s fingertips – digitising the entire experience.”

bob World Kisan’s features fall into four categories:—

• Finance
• Instant loans and renewals
• Insurance
• Investments

• Mandi
• Monitor crop prices
• Monitor prices at nearby mandis
• Monitor the maximum and minimum prices of crops in the selected mandis
• Option to add multiple crops/multiple mandis and compare

• Weather
• Weather forecasting
• Monitor soil moisture and crop health

• Value-added Services
• Buy agri inputs such as seeds, fertilizers, and insecticides & hiring of equipment
• Use of technology to improve productivity and profitability

The launch of the ‘bob World Kisan’ app takes place in the midst of the ‘Baroda Kisan Pakhwada’ – the annual farmer engagement programme organised by Bank of Baroda that is now in its 5th year. The aim of Baroda Kisan Pakhwada is to boost engagement with the Indian farming community and create awareness about various agri products, schemes & delivery channels offered by Bank of Baroda and initiatives taken by the Government for the benefit of farmers.

About Bank of Baroda

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over 150 million through over 46,000 touchpoints spread across 17 countries in five continents. Through Its state-of-the-art digital banking platforms, it provides all banking products and services in a seamless and hassle-free manner.

The recently launched bob World mobile app provides customers with a saving, investing, borrowing, and shopping experience, all under one single app. The app also serves non-customers by enabling account opening through video KYC. The Bank’s vision matches its diverse clientele base and instills a sense of trust and security. It is moving well in that direction and bob World is a testimony of its roadmap towards Digital Transformation.

BoB Financial and Snapdeal Launch Co-Branded JCB RuPay Contactless Credit Card

The co-branded card will offer up to 5% cashback on spends done on the Snapdeal app and website

·Cardholders can also get benefits worth up to INR 500 by activating their credit card within 30 days of issuance

BOB Financial Solutions Limited (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB) and Snapdeal in partnership with National Payments Corporation of India (NPCI) and JCB International Co. Ltd. have announced the launch of the Snapdeal BoB JCB RuPay Credit Card. The card is designed keeping in mind the purchase behaviour of shopping enthusiasts and will offer a host of attractive benefits and rewards. The card will also be usable at international merchants and ATMs through the extensive JCB global network.

Users of the co-branded credit card will receive up to 5% unlimited cashback (accrued as 20 reward points on every INR 100 spent) on the Snapdeal app and website. Activation of the co-branded credit card within 30 days of issuance will entitle the cardholder to shopping benefits on Snapdeal worth up to INR 500.

The card also offers 10 Reward points per INR 100 spent on online, grocery and departmental store spends. For purchases in all other categories, customers will get 4 reward points for every INR 100 spent. The cardholders will also enjoy free Add-On cards for family members, waiver of 1% fuel surcharge, easy EMI options (pre and post purchase), and periodic offers across merchants.

Commenting on the partnership, Shailendra Singh, MD & CEO, BOB Financial said, "We are happy to launch our co-branded credit card with Snapdeal, in partnership with NPCI, at a time when both new customer acquisition as well as usage from smaller cities and towns continue to grow at an impressive pace. The challenges brought about by the pandemic have resulted in a rapid adoption of digital payments even in interior locations of the country. Our co-branded credit card will offer additional value to this large segment of customers that constitute Bharat!".

Himanshu Chakrawarti, President, Snapdeal Limited said, “Snapdeal’s target audience is the value-savvy, mid-income, price-conscious buyers who predominantly live in the smaller cities of India. The partnership between BOB Financial, NPCI and Snapdeal brings together parties with a deep understanding of this mega-segment of consumers and how they are evolving in terms of their use of technology and digital payments. Our co-branded card is another important step in offering additional value to our users.”

Ms. Praveena Rai, COO, NPCI said, “We are happy to associate with BOB Financial and Snapdeal for the launch of the distinctive co-branded JCB RuPay Contactless Credit Card. We believe that this proposition will appeal strongly to millions of Snapdeal and BOB Financial’s customers at large by offering them a unique and rewarding experience. At NPCI, we are strategically focussing on creating a wide array of offerings in the credit segment for the customers to experience delightful and memorable retail as well as e-commerce shopping.”

Mr. Yoshiki Kaneko, President and COO, JCB International Co. Ltd. said, “We are extremely excited to partner with BFSL and Snapdeal through our esteemed network partner RuPay. This product, besides offering great value and benefits within India, comes with unique benefits and privileges internationally. This includes access to exclusive JCB in-city lounges at many key international travel destinations and special discounts exclusively for JCB cardmembers at many international merchants. We are sure the cardmembers will enjoy the benefits of carrying this card with them wherever they go.”

About BOB Financial Solutions Limited:

BOB Financial Solutions Limited was established in the year 1994. It is a Non-Banking Financial Company, wholly owned by Bank of Baroda. The Company’s primary business is in credit cards with its key differentiator being simple, easy-to-understand products that are fairly priced and efficiently serviced. A pioneer in the space of credit cards, BOB Financial offers an array of products catering to all segments of customers. It is leveraging state-of-the-art technology to provide unique payment solutions to its customers.

For more information, visit www.bobfinancial.com

Bank of Baroda — 10 Interesting Facts To Know About

A nationalized bank, the Bank of Baroda is governed by the Reserve Bank of India and the Government of India. Gujarat's Vadodara is home to the company's headquarters. It is currently ranked as the fourth-largest banking partnership. 

It was initially established in 1908 and has since greatly increased its clientele. With 132million customers, a US$218 billion in annual revenue, and a global footprint of 100abroad offices, it is the second-largest PSB in India after SBI. 

It is included on Forbes Global 2000 at position 1145 as of 2019 statistics. It offers several essential services like card services, customer support, and online banking that are popular with the general public.

Facts about Bank of Baroda:

1. The bank, along with 13 other central Indian commercial banks, was nationalized by the Indian government on July 19, 1969, and is now considered a profitable public sector enterprise PSU. The State Bank of India is the highest ranked bank, closely followed by the Bank of Baroda at number four. Then-princely kingdom of Baroda, Gujarat was established in 1908 by the ruler Sayajirao Gaekwad III.

2. Bank of Baroda was founded by Maharaja Sayajirao Gaekwad on 20th July1908. After two years, the Bank of Baroda opened its first branch in the Gujarat city of Ahmedabad. Tagline - India's International Bank - More than100 branches in 24 countries.

3. A particular interpretation of a symbol. It is made up of two 'B' letterforms, each with the sun's rising rays. This is known as the Baroda Sun. The sun is agreat metaphor for what our bank represents. It is the single most potent source of energy and light, and its radiance illuminates everything it touches by banishing darkness. Bank of Baroda aims to be the resource that enables allof our stakeholders to achieve their objectives. It aims to be its clients' go-to, trustworthy partner who can assist them with a variety of financial issues

4. Bank of Baroda got a new citizen bank of India in 1961. It helps to expand the network in Maharashtra. Bank of Baroda established its first international branch in Guyana on the North Atlantic Coast of South America in 1965. Bank of Baroda was nationalized in the year 1969. Bank of Baroda has 8214 branches across India as of the year 2020. 

More than 85,000 employees are working in Bank of Baroda5. Bank of Baroda offers services like net banking, card services, withdrawals, and deposits, just like many other nationalized banks. Net banking transactions are approved and carried out over the internet's gateway under the jurisdiction of the Bank of Baroda. On the Bank of Baroda website, under the net banking section, services like RTGS and NEFT are conveniently available. Baroda Connect is the name of Bank of Baroda's online banking Platform.

6. Customers can withdraw money, make deposits, or continue theirt ransactions on this website at any time, around-the-clock, from the comfort of their homes. This lessens the need to wait in line for a long time, especially during the heat, which is bad for many people's health. Seniors and people with disabilities can more easily complete their transactions while staying linked to the banks and without experiencing any difficulty thanks to the netbanking capability.

7. Cards are offered to consumers by Bank of Baroda just like other banks. These cards are available in a wide variety, with each having a different credit limitand more appealing incentives like reward points on each transaction. They are therefore excellent to possess and providing clients with a variety ofOptions.

8. For railway employees, there are specific BOB cards that let them take advantage of extra perks while travelling by train. Large organizations find it appealing because they have BOB cards for corporate offices.

9. The Bank of Baroda website also includes all contact information, including phone numbers and email addresses for the bank's customer service department. The website not only lists the customer service information, but it also offers a section with a list of the phone numbers for their international branches and you can even find the IFSC code of Bank of Baroda for various branches.

10. One important aspect of their customer service is the promptness of their responses, and their toll-free line is available around-the-clock. Customers frequently share with others thatthey frequently receive responses to their emails sent to customer service within two days or less. As a result, the bank's the customer base can grow.

Conclusion:

In a developing country like India, the banking industry is critical to the progress of theeconomy. Banks make loans to both commercial and agricultural players. 

Because peasants and farmers continued to rely on money lenders, the fact that the country's major banks were privately held throughout independence create grave anxiety.

Bank of Baroda and RBI's Innovation Hub Partner to Boost Financial Inclusion of Women Using Technology

RBIH launches Swanari TechSprint - a programme aimed at developing digital solutions to bridge the gender gap

Recently RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of India, has signed an MoU with IIT Madras Incubation Cell (IITMIC) to develop a fintech ecosystem in India that is necessary to support and scale fintech startups in early stage.

Now in a latest, Bank of Baroda, one of India’s leading public sector banks, announced today that it is  partnering the Reserve Bank Innovation Hub (RBIH) to promote financial inclusion of women in India. RBIH has launched a programme on Gender & Finance named "Swanari" that seeks to combine technology with a greater focus on women to help women achieve financial security and independence. To that end, RBIH is launching the inaugural edition of Swanari TechSprint, which Bank of Baroda is supporting as a scale-up partner, to create digital solutions to close the gender gap.

TechSprints are problem-solving sessions that promote innovation and collaboration to create technology-driven solutions to complex problems. The core objective of the Swanari TechSprint is to improve financial inclusion of women in India using technology and will serve as a platform to encourage women-led start-ups and women in tech to create and produce smart, creative and sustainable solutions for underserved women from low and middle income backgrounds and women-owned enterprises in India. The Swanari TechSprint will be held from April 18 to April 22, 2022.

Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “Using technology to provide solutions to the country’s critical problems is a powerful idea. Bank of Baroda is proud to extend support to RBIH’s Swanari TechSprint initiative to help bridge the gender divide in India. A collaborative approach, centered on innovation will ensure the best outcomes for women, accelerating financial inclusion and boosting the economic empowerment of women in the country.”

The Swanari (स्व-नारी) TechSprint will bring together fintechs, financial service providers, innovators and subject matter experts to collaborate, ideate and find solutions to specific problems and code prototype solutions in real-time.

There are seven problem statements that have been identified and two event tracks are available for participation. One track will focus on creating a minimum viable product (MVP) with enough usable features to be tested by and validated by users. The second track will focus on solving problems and designing prototypes in collaboration with others. Registrations are open at www.swanaritechsprint.in.

RBIH has also released a whitepaper titled “Gender and Finance in India” supporting the Swanari TechSprint, which is available at www.swanaritechsprint.in.

About Bank of Baroda:

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over 150 million through over 46,000 touchpoints spread across 18 countries in five continents. Through Its state-of-the-art digital banking platforms, it provides all banking products and services in a seamless and hassle-free manner. The recently launched bob World mobile app provides customers with a saving, investing, borrowing and shopping experience, all under one single app. The app also serves non-customers by enabling account opening through video KYC. The Bank’s vision matches its diverse clientele base and instills a sense of trust and security. It is moving well in that direction and bob World is a testimony of its roadmap towards Digital Transformation.

Bank of Baroda Launches Digital Lending Platform Aimed at Paperless Process for Retail Customers

Bank of Baroda, country’s third largest public sector bank, has launched the Digital Lending Platform, which enables prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice.

 
Pre-approved Micro Personal Loan is offered to existing selected customers to shop anything through offline / online partner channels and pay later in easy EMIs. Customers can also avail the amount into their Savings bank account and convert it to EMIs from 3 to 18 months through m-Connect+ (Bank’s mobile banking app) in 60 seconds.

Shri. Vikramaditya Singh Khichi, Executive Director, said, “The primary objective is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization. Bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed bank to reduce time-to-market for their products. Bank envisages to outpace the banking industry growth by 1.50 times at CAGR of 16% over next 5 years by adopting digital first lending approach across retail, MSME and agriculture segments.”

Further, the Digital Lending Platform provides ‘In Principle approval’ for Home Loan, Car loan and Personal Loan in 30 minutes without human intervention. The digital loan process is done from the various sources of the loan applicant’s financial profile and the applicant will get ‘In Principle approval’ in 4 simple steps. The prospective applicants can avail the facility through multiple channels - website, mobile banking, internet banking and social media as well.
 
The Bank will offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, which enables the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility.
 
With launch of Digital lending Platform, Bank believes that personal loan disbursements will be completely digitized first followed by MSME and Agriculture disbursements. As such Bank envisages that the digital share of disbursement in retail lending will grow to 74% over 5 years.
 
Dr. Ramjass Yadav, Chief General Manager, Bank of Baroda said, “We endeavour to accelerate our digital journey and continue to invest and innovate to transform Bank into a completely digitised organisation. Digital lending platform will help the Bank to double the non-corporate book by 2025.”
 
Shri. Akhil Handa, Head- Fintech, Mobility and Digital Lending Dept. Bank of Baroda said, “Our aim is to reposition existing operating models with a ‘Digital First’ model and to achieve this, we will rapidly launch new products to serve our increasingly digital customer base.”

Bank of Baroda’s Credit Card Arm Readies for Digital Transformation with Implementation of Fiserv Technology

BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda, has chosen Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, to enable the digitization of their end-to-end card issuance and processing cycle and support the launch of several new and high-tech products including contactless credit cards, tokenisation and integration with branded wallets, and virtual credit cards.

BFSL is one of the earliest issuers of credit cards in India and has a reputation for delivering superior card products and services to its customers. To advance their digital strategy and keep pace with rapidly changing consumer expectations, BFSL will utilize FirstVision^TM from Fiserv, an end-to-end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle.

The service-oriented architecture and open APIs of FirstVision facilitate rapid application development, enabling new capabilities to be brought to market more quickly and at a lower cost. The software as a service (SaaS) solution is hosted locally in India and enables card processing for major issuers across the country, helping ensure compliance with local payment and customer data regulations.

“Delivering robust, secure products and a superior experience to our customers is our priority,” said Shailendra Singh, managing director and CEO at BOB Financial Solutions Limited. “Fiserv understands our market, and we value the fact that their card processing capabilities are hosted in India. The scalable, integrated technology provided by Fiserv will allow us to deliver the experiences our customers expect now and into the future, as we accelerate the launch of new products and services being adopted by all major issuers.”

The FirstVision platform will enable BFSL to move forward on their digital transformation journey with a fully integrated suite of card management tools including digital cards and loyalty management, advanced fraud modules, risk management and analytics solutions.

“The speed at which financial services providers need to satisfy customer demand for digital services has further accelerated as a result of the impact of COVID-19,” said Ivo Distelbrink, EVP and head of Asia Pacific at Fiserv. “With Fiserv, BFSL can reimagine customer journeys and launch to market with speed in order to better serve their customers in a rapidly changing digitally-centric world.”

About BOB Financial Solutions Limited

BOB Financial Solutions Limited (formerly known as ‘Bobcards Limited’) was established in the year 1994. It is a Non-Banking Financial Company, wholly owned by Bank of Baroda, one of the top banks of India. The Company's primary business is in credit cards with its key differentiator being simple, easy-to-understand products that are fairly priced and efficiently serviced. For details, please visit www.bobfinancial.com.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover^® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500^® Index and the FORTUNE^® 500, and is among FORTUNE World’s Most Admired Companies^®. Visit fiserv.com and follow on social media for more information and the latest company news.

FISV-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20200729006111/en/

For Co-Origination of Loans to MSMEs, Bank of Baroda Ties with Fintech Firm KapitalTech

Bank of Baroda, the third largest public sector bank in the country, entered into a partnership with KapitalTech, a fintech lender, for co-origination of loans to the MSME sector, under the co-origination guidelines of the Reserve Bank of India.

The partnership aims at offering working capital business loans to MSMEs in over 200 micro markets across India. The focus will be to reach out to small businesses in need of capital in Tier II & Tier III cities that are traditionally underserved by financing channels.

“We are committed to working jointly with various partners to support MSMEs, and we have entered into this MoU to enhance our footprint in delivery of products and services in the MSME eco-system,” said Shri Vikramaditya Singh Khichi, Executive Director at Bank of Baroda.

‘We will be using our end-to-end paperless Tech-stack which includes ‘DEXTER’ – a Machine Learning underwriting Engine. This partnership is a validation of our high-quality portfolio and our ability to cater to wide-ranging MSME customers,” KapitalTech company statement said.

KapitalTech is among the fastest growing Fintech Lenders in India. KapitalTech has lent over INR 2000 crore so far, spread across 15000+ MSME customers with loan tenures ranging from for 12 to 36 months.

Established on July 20, 1908, Bank of Baroda is India’s third largest bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

Amazon To Offer Micro-Loans To Its Sellers; Ties Up With Bank of Baroda

Global ecommerce biggie Amazon is trying hard to become the numero uno player in the Indian ecommerce market by beating its arch rival Flipkart. Understanding that the best way to achieve this faster is by maintaining a wide variety of sellers on its platform, the American giant has decided to offer micro loans to its sellers. The firm has even tied with state-run lender Bank of Baroda for the same.

According to a report in the Economic Times (ET), the programme was piloted by Amazon in July this year in association with the bank. Under the programme, Amazon will be offering the loans to the marketplace sellers on invite-only basis. Amazon sellers will be receiving pre-approved indicative offers from the bank for the loan amount that they are eligible. The sellers will be able to make use of their sale disbursements on Amazon's platform to directly repay the loans that they have taken.

"We clearly understand the specific needs of SMEs for e-commerce business and are proud to partner with Amazon India to provide comprehensive banking solutions to their over 2 lakh seller base," said Bank of Baroda's managing director and CEO, P S Jayakumar.

The programme will see Bank of Baroda extending loans in the range of Rs one lakh to Rs 25 lakh at an annual interest rates between 18 and 30 per cent. The bank is hoping to enrol 15 to 20 per cent of Amazon's sellers in this programme by next 12 months.

Commenting on the new initiative, Amazon India director and general manager (seller services) Gopal Pillai said, "Through our engagement with sellers, we realised that the lack of financial resources can hinder the growth of small businesses as they scale up which can impact expansion, especially ahead of the festive sales."

Amazon seems to have taken a great liking for the Indian market. After deciding to double its office space in India by next year and setting up its largest standalone Fashion Imaging Studio called BLINK in India's Gurgaon recently, the global ecommerce giant is reportedly also planning on setting up Lab126, its secretive consumer devices development arm in the country's financial capital, Mumbai.

Amazon To Offer Micro-Loans To Its Sellers; Ties Up With Bank of Baroda

Global ecommerce biggie Amazon is trying hard to become the numero uno player in the Indian ecommerce market by beating its arch rival Flipkart. Understanding that the best way to achieve this faster is by maintaining a wide variety of sellers on its platform, the American giant has decided to offer micro loans to its sellers. The firm has even tied with state-run lender Bank of Baroda for the same.

According to a report in the Economic Times (ET), the programme was piloted by Amazon in July this year in association with the bank. Under the programme, Amazon will be offering the loans to the marketplace sellers on invite-only basis. Amazon sellers will be receiving pre-approved indicative offers from the bank for the loan amount that they are eligible. The sellers will be able to make use of their sale disbursements on Amazon's platform to directly repay the loans that they have taken.

"We clearly understand the specific needs of SMEs for e-commerce business and are proud to partner with Amazon India to provide comprehensive banking solutions to their over 2 lakh seller base," said Bank of Baroda's managing director and CEO, P S Jayakumar.

The programme will see Bank of Baroda extending loans in the range of Rs one lakh to Rs 25 lakh at an annual interest rates between 18 and 30 per cent. The bank is hoping to enrol 15 to 20 per cent of Amazon's sellers in this programme by next 12 months.

Commenting on the new initiative, Amazon India director and general manager (seller services) Gopal Pillai said, "Through our engagement with sellers, we realised that the lack of financial resources can hinder the growth of small businesses as they scale up which can impact expansion, especially ahead of the festive sales."

Amazon seems to have taken a great liking for the Indian market. After deciding to double its office space in India by next year and setting up its largest standalone Fashion Imaging Studio called BLINK in India's Gurgaon recently, the global ecommerce giant is reportedly also planning on setting up Lab126, its secretive consumer devices development arm in the country's financial capital, Mumbai.

10 Startups News That Made Headlines This Week

Missed your daily updates on startup world? Not to worry. We at IndianWeb2 brings for our readers a weekly roundup. From Snapdeal raising funds to FreeCharge in talks with BoB and Times Internet for its acquisition, we brings to you all the important happening of the ecosystem.

Here are are Seven news that made headline this week:

Snapdeal Bags Rs.113 Cr In An Emergency Funding Round

Despite all the troubles and bleeding loses, homegrown e-commerce major has managed to bagged Rs 113 Cr from the existing investor Nexus Venture Partners and the company’s founders Kunal Bahl and Rohit Bansal, in lieu of its 2015 acquisition of Unicommerce eSolutions.

This emergency round of funding round comes as a surprise as Snapdeal has been in talks with to get acquired by its rival Flipkart.

According to RoC (Registrar of Documents) filled by Sanpdeal, and accessed by corporate research and mentoring platform Tofler, Nexus Venture Partners was issued 14,810 preference shares, valued at Rs 96.26 crore while the founders — Bahl and Bansal, were each allotted 1,300 Series J1 preference shares, which have a cumulative value of Rs 16.90 crore (Rs 8.45 crore each) making a total of Rs 113 crores.Now we have to see how this latest funding round will help the company. Will it affect the company’s talks with Flipkart for

Now we have to see how this latest funding round will help the company. Will it affect the company’s talks with Flipkart for a plausible sellout or not? Only time will tell this.

DIPP To Pump In Rs 1600 Cr Fund of Funds for Startups Underway

Department of Industrial, Policy and Promotion (DIPP) has sought Rs 1,600 crore from the finance ministry in the supplementary demand for grants for the Fund-of-Funds (FFS) for startups in the current financial year.

Notably, around Rs 500 crore fund of funds is a backlog and now DIPP has sought an additional Rs 1,100 crore for the fund-of-funds making it a total of Rs. 1600 crore.

Earlier in June 2016, the Union Cabinet has approved setting up of Fund of Funds for Startups (FFS) under Small Industries Development Bank of India (SIDBI) for extending support to Startups.

E-wallet FreeCharge Is In Talks With BOB, Times Internet

For An All Cash Acquisition

Jasper Infotech’s e-wallet FreeCharge is in talks with Bank of Baroda (BOB) and Times Internet for an all-cash acquisition. The deal size is expected to be in the range of $60 – $75 million. This deal will allow BOB to expand its mobile wallet service, M-Clip which was launched last year and also to get access to millions of young customers FreeCharge has on its platform.

Whereas with this deal Times Internet looks to add the wallet service to its online ventures like as Indiatimes Shopping and Gaana to name few.

India Ranked 3rd Among Countries With Most Unicorns

As per a report by CB Insights, there are 197 companies in the world that can be currently identified as “unicorns”. Of these 197, 22 new unicorns were added this year (till May 26, 2017) alone indicating a good time for the global startup industry.

Further, the report highlighted that India with 4 percent of the world’s unicorns based out of its land, is ranked 3rd in countries with most unicorns.

The unicorns, which are collectively valued at a jaw-dropping $679 billion and have raised a whopping $142 billion in funding, belong to 13 verticals, which includes- e-commerce/marketplace, internet software & services, fintech, social, cybersecurity, on-demand, big data, healthcare to name few.

11 Year Old VC Firm, Helion Ventures Reaches Its Dead End

Helion Ventures, one of India’s oldest venture capital firms has reached its dead end. The firm had invested in startups like MakeMyTrip, Big Basket, Shopclues in their early stages.Founded in 2006 by Rahul Chandra, Ashish Gupta, Kanwaljit Singh and Sanjeev Aggarwal, Helion was left with only one co-founder, Rahul Chandra, when in 2016 the other three co-founders made exit from the VC firm.

Now in the latest development, Rahul Chandra is launching a $100 million early-stage fund — Unitary Helion . The fund will invest in sectors like fintech and digital marketplaces and with this move, it’s officially the end of Helion, an 11-year-old VC firm.

Flipkart’s COO Nitin Seth Step Down

Flipkart’s one of the top ranking executives, Nitin Seth has put in his papers. Serving as Flipkart chief operating officer, Seth was in charge of logistics unit Ekart besides corporate functions like strategy and human resources (HR).

Nitin’s exit will put CEO Kalyan Krishnamurthy in charge of all the key functions of the organisation which will further tighten the grip the former Tiger Global Management Executive. Prior joining Flipkart, Nitin worked as the MD and country head for Fidelity International. Before that he led McKinsey’s global knowledge center in India for 8 years.

IndiQus Technologies Acquires Dartboard Analytics

Indiqus Technologies has acquired Delhi-based Dartboard Analytics, an analytics company providing data-driven insights into customer operations to grow customer revenue. In an all-stock deal, the Dartboard founders will join the IndiQus leadership team.

Dartboard is IndiQus’ second acquisition in the last two years. In April 2016, IndiQus had acquired shopping assistance startup Amicus to add intelligence to their Infrastructure-as-a-Service (IaaS) catalog for enterprises and cloud service providers. With Dartboard’s acquisition, IndiQus enhances its product portfolio with the much-in-demand analytics solution for cloud platforms.

Milind Shah Joins Unitus Seed Fund as Healthcare Venture Partner

Former MD of Medtronic, Milind Shah has Joined Unitus Seed Fund as a Healthcare Venture Partner. Shah brings to Unitus Seed Fund over three decades of leadership experience in sales, marketing, and corporate planning positions across varied businesses, including healthcare and speciality chemicals with global industry majors like Medtronic, Henkel, 3M and Shell.

Shah joins Fund with a mandate of furthering healthcare innovation for India’s billion-plus population by investing in 8-10 innovative and scalable healthcare businesses. In line with this aim, Unitus Seed Fund has earmarked INR 100 crore to invest in healthcare and also has launched the AmpHealth program, providing non-dilutive catalytic capital of up to Rs 1.75 crore ($250, 000) to fund immediate pre-commercialisation coupled with up to Rs 3.5 crore ( $500, 000) of seed capital.

Indian Tech Startups Receives Invite From S Korea for Global Competition

South Korea government is currently inviting tech startups from all around the world to take part in K-Startup Grand Challenge 2017. Backed by the Korean government, the K-Startup Grand Challenge 2017 will provide tech startups from any part of the world to lock in business agreements with Korean companies and giants. According to the website dedicated to the challenge, one of the key purposes of this event is to promote vigorous collaborations and exchange of ideas between domestic (Korean) and foreign startups.

According to the sources, 50 startups will walk away with a $12,000 prize for living expenses during their four-month stay in South Korea. Of these 50, the selected 25 will be given a grant of $27,000 each at the Demo Day.

These 20 Indian Startups Will Setup Business in London

20 Indian startups have been selected for assistance to set up their businesses in London as a part of the India Emerging Twenty (IE20) programme. The winners will now get an opportunity to go to London during London Tech Week scheduled to happen this month. The IE20 programme, which is being supported by global tax, accounting and advisory network BDO aspires to discover 20 of India’s most innovative and high-growth companies with global aspirations. Started in 2016, the programme nurtures startups across various sectors such as technology, media, telecom, life sciences, financial and business services sectors, in order to help them grow their international business presence through London.

IAMAI To Set up Mobile App Incubator in Kozhikode

According to a Kerala IT official, the Internet and Mobile Association of India (IAMAI) will set up their third incubator and the first one in the mobile app sector at the Cyber Park in Kozhikode. Opened on Monday, Cyber Park is spread over a 2.88 lakh square feet area. It is said that concerned authority has set aside 10,000 square feet space at the Cyber Park exclusively for the Mobile app incubator facility for the IAMAI.

BOB, Times Internet In Talks To Acquire Jasper Infotech's E-wallet FreeCharge

Jasper Infotech-owned digital wallet FreeCharge is in talks with Bank of Baroda (BOB) and Times Internet for an all-cash acquisition. According to a report, the deal size is expected to be in the range of $60 - $75 million. This deal will allow BOB to expand its mobile wallet service, M-Clip which was launched last year and also to get access to millions of young customers FreeCharge has on its platform

Whereas with this deal Times Internet looks to add the wallet service to its online ventures like as Indiatimes Shopping and Gaana to name few.

Prior to this, it was reported that both Paytm and MobiKwik are also in talks for the FreeCharge acquisition. While Paytm has already signed a non-exclusive term sheet with FreeCharge at an expected deal value of $45 – $90 million, MobiKwik deal has still not moved beyond speculation.

Founded in 2010 by Kunal Shah and Sandeep Tandon, FreeCharge was acquired by Snapdeal in April 2015 for $450 million which is currently valued at less than 80%. Not only this, recently it also received an investment of $3.38 million from Jasper Infotech.

Company backed by investors such as Valiant Capital Management, Tybourne Capital Management, and Sequoia Capital had secured total of $177.65 million in six rounds of funding including the funds infused by its parent company.

These acquisition talks have come into picture at a time when parent company Snapdeal is already on the verge of finalizing a merger deal with it rival firm Flipkart.

BOB, Times Internet In Talks To Acquire Jasper Infotech's E-wallet FreeCharge

Jasper Infotech-owned digital wallet FreeCharge is in talks with Bank of Baroda (BOB) and Times Internet for an all-cash acquisition. According to a report, the deal size is expected to be in the range of $60 - $75 million. This deal will allow BOB to expand its mobile wallet service, M-Clip which was launched last year and also to get access to millions of young customers FreeCharge has on its platform

Whereas with this deal Times Internet looks to add the wallet service to its online ventures like as Indiatimes Shopping and Gaana to name few.

Prior to this, it was reported that both Paytm and MobiKwik are also in talks for the FreeCharge acquisition. While Paytm has already signed a non-exclusive term sheet with FreeCharge at an expected deal value of $45 – $90 million, MobiKwik deal has still not moved beyond speculation.

Founded in 2010 by Kunal Shah and Sandeep Tandon, FreeCharge was acquired by Snapdeal in April 2015 for $450 million which is currently valued at less than 80%. Not only this, recently it also received an investment of $3.38 million from Jasper Infotech.

Company backed by investors such as Valiant Capital Management, Tybourne Capital Management, and Sequoia Capital had secured total of $177.65 million in six rounds of funding including the funds infused by its parent company.

These acquisition talks have come into picture at a time when parent company Snapdeal is already on the verge of finalizing a merger deal with it rival firm Flipkart.