SUMMER INTERNSHIP REPORT

ON
USE TO FINTECH WITH BANKING COMPANIES
FOR TRADES & SERVICES
PREPARED FOR AND PRESENTED
TO

SBI
THE BANKER TO EVERY
INDIAN

Submitted to
Shri. Manoranjan Pradhan
Assistant General Manager
Local Head Office,
Bhubaneswar
 Prepared By
Pritipadma Mohanty
MBA 1ST YEAR (2021-23)
Trident Academy Of Creative
Technology
Bhubaneswar-751030

CERTIFICATE

This is to certify that the Project report entitled “A Study on RECRUITEMENT

& SELECTION with reference to CHOLA MS GENERAL INSURANCE,
BHUBANESWAR, ODISHA” is a bonafide work done by G ADITYA
PRASAD PATRO bearing Regd .No: 117127207027 in partial fulfillment of the
requirements for the award of the degree of BACHELOR OF BUSINESS
ADMINISTRATION from ADITYA DEGREE COLLEGE, affiliated to Andhra
University, Visakhapatnam.

DECLARATION

I G ADITYA PRASAD PATRO do hereby solemnly declare that the

project report titled “A Study on RECRUITEMENT & SELECTION with
reference to CHOLA MS GENERAL INSURANCE, BHUBANESWAR,
ODISHA” submitted is for the partial fulfillment of the requirement for the award
of BACHELOR OF BUSINESS ADMINISTRATION, from the department of
management studies, ADITYA DEGREE COLLEGE affiliated to Andhra
University is genuine and bonafide work done by me and is not submitted to any
other university or published anytime before.

ACKNOWLEDGEMENT

The internship opportunity had with Learning & Development Department,

State Bank of India was a great chance of learning and professional
development. Therefore, I consider myself fortunate and also grateful for
having a chance to meet so many wonderful people and professionals who led
me through this internship period. The internship program is necessary of
completion of Master in Business Administration (MBA) but it is quite
impossible for anyone to do it alone without the sincere cooperation of some
individuals

At first, am grateful to the Almighty, for giving me patience and ability to

complete the internship program.

I am using this opportunity to express my deepest gratitude and thanks to

Shri. Bishnu Charan Acharya, Assistant General Manager, Learning &
Development Department, SBI, LHO Bhubaneswar for giving me the
opportunity to complete my internship requirement in their organization.
I express my deepest thanks to Shri. Tapan Kumar Sahoo, Assistant General
Manager, Small and Medium Enterprise, SBI, LHO- Bhubaneswar, who in
spite of being extraordinarily busy with his duties, took time out to hear, guide
and keep me on the correct path and allowing me to carry out my project at
their esteemed organization during the internship. choose this moment to
acknowledge his contribution gratefully.

It is my radiant sentiment to place on record, my best regards and deepest

sense of gratitude to

my Faculty Advisor Dr. Manoranjan Mishra for her careful and precious
guidance which were extremely valuable for my study both theoretically and
practically. Finally, I want to express my deep gratitude to my parents and
other family members and also

remember my friends whose enormous helps assist me to complete my report.

perceive this opportunity as a big milestone in my career development, will

strive to use gained skills and knowledge in the best possible way, and will
continue to work on their improvement, in order to gain desired career
objectives. Hope to continue cooperation with all of you in future.
 Letter of Transmittal

17th August, 2021

Shri. Tapan Kumar Sahoo

Assistant General Manager

Small & Medium Enterprise

LHO, Bhubaneswar. 751001

Subject: Submission of Internship Report

Sir.

I would like to inform you that am doing my internship in State Bank of

India, LHO, Bhubaneswar. As my MBA program requirements, am glad to
prepare a report on topic "Use to FinTech with Banking Companies for
Trades and Services". This report is an outcome of the working experience as
an intern. Working with such an interesting topic has given me the
opportunity to experience the practical knowledge. have tried to collect the
reliable data from the reliable sources as possible so as to complete the report.

Therefore, I would like to request you to examine my report and give me kind
approval so that i
can complete my internship process

Yours Sincerely

Amardeep Bal

Student, MBA 1 Year

IBCS, SOA University, Bhubaneswar.

TITLE

CHAPTER-1

 INTRODUCTION
 OBJECTIVE OF THE STUDY
 SCOPE OF STUDY
 LIMITATIONS OF STUDY
 RESEARCH METHODOLOGY

CHAPTER-2
 INDUSTRY PROFILE
 COMPANY PROFILE

CHAPTER-3
 THEORITICAL FRAMEWORK

CHAPTER-4
 DATA ANALYSIS AND INTERPRETATION
CHAPTER-5
 FINDINGS
 SUGGESTION
 CONCLUSION
 ANNEXURE
 BIBILOGRAPHY

INTRODUCTION

WHAT DOES FINTECH MEAN?

FinTech, or financial technology, is a term used to describe any new technology that aims to improve
and automate the use and delivery of financial services. It helps both businesses and consumers better
manage their financial processes with the use of specialized software and algorithms used on
smartphones and computers.

When the term was first used, it referred to the technology banks and other financial institutions used in
their back end systems, but over time, its meaning has shifted to consumer-oriented services. As such,
the definition has also shifted toward consumers.

Fintech now includes retail banking, education, investment management, fundraising and non-profit,
and more. What most people are familiar with in fintech though, is the development and use of
cryptocurrencies like Bitcoin, Litecoin, and Etherum, to name a few.

There are nearly 2 billion people across the globe that don’t have bank accounts. And for them, fintech
makes it easy to participate in financial services without relying on the traditional brick and mortar
institutions. With mobile banking, people can use a debit card and ATM, never needing to set foot in a
branch. It’s even possible to get credit cards without relying on the traditional banking approach.
 “Fintech was developed to make financial processes easier for everyone, with easy-to-use
technology.”

EXAMPLES OF FINTECH

Some well-known companies such as Personal Capital, Lending Club, Kabbage and Wealthfront are
examples of FinTech companies that have emerged in the past decade, providing new twists on financial
concepts and allowing consumers to have more influence on their financial outcomes.

Digital Lending and Credit

FinTech giant Kabbage directly funds small business loans and is powered by transactional data to help
make incredibly quick lending decisions. Tapping into peer-to-peer lending, Lending Club lets users loan
each other money (P2P lending) for business ventures without the involvement from a traditional
financial institution. Each of these innovations is made possible through the use of Big Data and
advanced analytics across digital platforms.

In the growing field of credit reporting, Credit Karma is an example of a FinTech that’s providing a
service (free credit reports) in exchange for the ability to advertise loans and credit cards tailored to the
specific needs of its customers.

Mobile Banking
With consumers looking more towards financial wellness, many financial institutions are adopting or
expanding their mobile banking capabilities with the rising demand for digital banking among
consumers. Most banks now offer some type of mobile banking capability on their platform.

Mobile Banking

With consumers looking more towards financial wellness, many financial institutions are adopting or
expanding their mobile banking capabilities with the rising demand for digital banking among
consumers. Most banks now offer some type of mobile banking capability on their platform.

Mobile Payments
Ask any person under 30 how they prefer to pay and they’ll likely tell you mobile apps are the way to go.
As we’ve moved from a cash-based society to an increasingly digital one, peer-to-peer services such as
Venmo have arisen to replace traditional payment methods. In fact, it’s estimated that in 2018 alone,
mobile point of sale transactions will top $5.4 billion worldwide.

Cryptocurrency & Blockchain

Cryptocurrency exchanges have been able to connect users buying or selling cryptocurrencies such as
bitcoin. Blockchain solutions have aimed to reduce fraud by keeping provenance data on the blockchain.

Insurance
Insurtech is the use of technology designed to maximize savings and gain efficiency from the insurance
industry models. Insurtechs are redefining the insurance customer experience by innovating lengthy
processes including underwriting, claims processing and immediate activation. FinTech companies are
starting to partner with traditional insurance companies to automate processes and enable the
insurance companies to expand coverage.

Trading
Trading and investing has improved with the adoption of FinTech. Information from big data is often
unstructured and unreadable without the help of AI technologies. Using natural language processing,
these technologies can sift through complex datasets and extract insights from data in a matter of
seconds. Now, traders can now run large amounts of data through algorithms and identify trends and
risks.

NEED OF STUDY
Fintech, shortened from financial technology, is assumed to be a modern movement, yet the use of
technology to assist financial services is by no means a recent phenomenon. Financial services is an
industry that introduced credit cards in the 1950s, internet banking in the 1990s and since the turn of
the millennium, contactless payment technology. Yet, fintech’s place in the public conscience has really
taken off in the past three years:

The takeoff of this term has come from startups—actors not within the inner circle of financial services,
taking a more prominent role within the ecosystem. Three core trends have led to this emergence:
Technology
Financial services traditionally was an industry that required fixed assets (for example, branches) to
scale, acting as a barrier to entry to newcomers. Technological advancements now allow upstarts to run
complex operations virtually. For example, neobanks operate purely on technological infrastructure. UK-
based Revolut has amassed 1.5 million customers (of which 350,000 are active daily) without any kind of
live customer-facing function.

Customers
In the aftermath of the Financial Crisis of 2008 and various other scandals, customers are demanding
more from their banking services. Technology now empowers consumers to scrutinize their providers
more heavily and upstarts are harnessing it to provide cleaner and more effective customer service, free
from the shackles of legacy technology.

Regulation
Increased regulatory oversight on banks post-2008 is estimated to cost the six largest US institutions
~$70 billion per year. Citigroup alone employs 30,000 within its compliance division. Aside from
complying with regulations, restrictions on lending have both increased the fully-loaded borrowing costs
to consumers and diminished banks’ ability to offer it. This has allowed startups who, because they are
not de facto banks (and thus under less oversight), step in and offer compelling alternatives.

The narrative that the fintech landscape suggests is that startups are using technology to disrupt
incumbent banks. Yet, there is no reason to suggest that banks are facing their own Kodak or
Blockbuster Video moment. They still remain widely used, profitable, and cash-rich businesses. What
this article will address, though, is how they can respond better to this “fintech vs banks” movement as,
in my opinion, their response so far has been suboptimal.

So far, fintech startups have not looked at the widespread disruption of all financial services. McKinsey
analysis of a sample of startup data shows that 62% of startups are tackling the retail banking segment,
with only 11% focused on large corporate banking offerings. Payments is the most popular area to usurp
and lending is the most lucrative area of banking by revenue being targeted:
The response by banks right now to fintech disruption is critical due to the current stage of the nascent
industry’s development. Fintech startups are broadly focused on the concept of unbundling banks,
offering one type of product/service and concentrating on doing it VERY well.

Innovation thus far has been largely driven on the front-end within these specialized offerings, mainly
through improving customer-facing facets of financial services. Some examples of how this is being done
are:

Better service
A traditional bank largely ties a customer in by offering them a range of services that make them sticky,
through increased switching costs. Without this luxury, specialized fintech companies follow a mantra of
earning trust through better customer service and referral-based client acquisition. 90% of fintech
companies cite enhanced customer experience as key to their competitive advantage.

Better branding: With employees from non-traditional banking backgrounds adding an unbiased
perspective, the fintech industry is refreshing the branding of the legacy services that it is trying to
upend. Modern marketing tools like gamification are making mundane tasks like budgeting appear
exciting and more palatable to consumers.
Cheaper prices:
Having a leaner virtual operation, more flexibility through not being regulated as a deposit-gathering
institution, and cash from venture capital allows fintech startups to attract customers with competitive
pricing.

How Fintech is shaping the future of Banks

Fintech has transformed the art of providing world-class financial services. The convergence of both
finance and technology has resulted in a phenomenal change which in further response has heightened
the pace of evolution and reshaping of the financial as wells as the Banking sector.

And if there is a sector that is the most advantaged due to the introduction of Fintech, it is the small
start-up enterprises. Due to that emphasis on developing innovative technology such as Online Banking
and payments and overall financial management.

OBJECTIVE OF STUDY
Over the past few years, FinTech has been embedded in the financial services ecosystem to such an
extent that the term has now made its way into a few leading dictionaries. While the general perception
of FinTech is ‘products and companies that employ newly developed digital and online technologies in
the banking and financial services industries’,1, we believe that FinTech has evolved to perform a much
more strategic and focused role. The wider objective of FinTech is to serve the unmet financial needs of
those segments of the population which are not the core target segments of traditional financial
services models. Thus, FinTech aims to contribute to the larger goal of financial inclusion.
By creating a sustainable ecosystem, the ultimate aim of FinTech 2.0 would be to ensure a significant
impact of FinTech on the country’s gross domestic product (GDP).

Achieving network effects

Reaching the last mile of financially underserved segments has significant cost implications, which may
not be feasible for small FinTech firms. There is a need to adopt innovative ways to enhance reach. One
of them could be creating a strong influence. The low-income segments are typically driven strongly by
local influencers. FinTechs can draw inspiration from segments such as food, beverages, travel, fashion,
beauty, wellness and lifestyle, where micro and nano influencers drive customer adoption significantly.
These influencers need not be well-known celebrities, but they ought to have the ability to influence the
buying decisions of clusters within the underserved segments.
Driving financial literacy

A plethora of firms are focusing on specific customer transactions, be it digital payments or availing of
loans, insurance products, investing in mutual funds, etc. There is a clear need to transition from
transaction mode to relationship mode. The focus of FinTech 2.0 should be on the overall financial well-
being of the population and not just on particular transactions. One of the key metrics could be ratio of
customer lifetime value (LTV) to customer acquisition cost (CAC). As CAC for the target segment would
be higher, firms would need to focus on the LTV to assess the sustainability of the offering.

One of the ways of lowering CAC is developing strategic partnerships with financial and non-financial,
digital-first innovative firms which have formalised their respective economies. For instance, FinTechs
can piggyback on the existing digital platforms created by aggregators operating in segments such as
healthcare, mobility and hospitality, and leverage customer data for offering customised products. To
reach segments such as marginal farmers and labourers, FinTechs can leverage data from co-operatives
and offer them specific products.

Financial services in a sachet

One of our articles advocated offering small ticket size, contextual and need-based, short-term financial
products to meet specific requirements of the population. People who have been sceptical of buying
one-size-fits-all products would be encouraged to avail such products. While offering deep-level
customisation may be cost-prohibitive, the future could see the development of a pan-India
marketplace. Users can raise specific requests, such as the requirement of an INR 10 insurance product,
either online or through a nearby kirana store, and providers can vie for the same. Sustained and
collaborative efforts can usher in significant strides in financial inclusion.

Cost-effective customer support

Another key cost factor in providing financial services is customer support. The target segments would
need assistance while availing services. One of the ways to contain costs is driving community-based
customer support by forming communities where users answer most of the queries raised by fellow
users. Vernacular language support can further drive adoption of such services and reduce support
costs.

LIMITATIONS OF STUDY
In the last decade, and particularly in the last 5 years, the development of technologies such as
Blockchain, the Internet of Things (IoT), the 5G network, artificial intelligence, among others, have
facilitated and changed the way to perform many processes that used to take a long time in traditional
banking.
From opening a savings account, to receiving payments for a product or service or even investing in the
world’s stock exchanges. These are some of thefinancial services that fintech have democratized to
make them available at the click of a button for everyone with an internet connection.

Breaking paradigms
Although technological development in the financial field is not new and the term fintech has been used
since at least 1980, it must be said, we could consider Bitcoin and the Blockchain technology behind it,
as the most notorious disruptor of the last decade and precursor of the whole escalation of the creation
of financial technology companies.

The specific objectives of blockchain technology are basically to improve cybersecurity in relation to user
data, decrease transaction validation time and minimize transaction-related costs.

With an eye on all these areas of opportunity for conventional financial services, fintech have developed
products, both for financial service providers and demanders, aimed at improving the experience of all
participants in this financial system. They have also dedicated themselves to facilitating access to these
services on a massive scale with the help of the internet and smartphones.

Advantages of Fintech

Greater accessibility. This also translates into an increase in the banked population since anyone with
internet access can open an account and apply for a loan without any problem.

On average, fintech have response times for applicants that range from 10 minutes to 48 hours.

Time optimization. Thanks to the fact that all processes are carried out through the Internet, it is not
necessary, in most cases, to go to a physical branch.

Variety of services. Fintech have managed to segment services, so that a whole range of services is
offered, according to the needs of both financial services users and providers.

On the users’ side, financial services range from opening a savings account, applying for a credit card,
various types of insurance, to investing in a company requesting funds to expand, as well as in
international financial markets.

On the part of financial service providers, fintech offer solutions ranging from analyzing the profiles of
credit applicants, storing data in the cloud, streamlining payment methods, among many others.

Cost reduction. Another of the great differentiators of fintech, with which most of them intend to
compete against traditional financial companies, is that the vast majority of fintech offer lower
commissions than banks.
Disadvantages of Fintech

Lack of physical branches. This can be a disadvantage when there is a problem in the provision of the
service, since everything must be dealt with via email or social networks.

Although in this aspect some fintech offer as a differentiator the use of blockchain technology to
improve security, not all of them do so, a situation that puts the security of user data at risk.

Although for many it is as easy as using their smartphones, the truth is that this condition immediately
excludes a very large part of the population that does not have access to the Internet, and therefore,
will have difficulties to become banked, even with the existence of Fintech.

Lack of regulation. It is a reality that it is such a notorious phenomenon that authorities around the
world continue, in many cases, to study and legislate this phenomenon. So, the regulations around
fintech in the world are no

t perfect, and there is the possibility that some of these may be some potential fraud in the absence of
regulation.

Indian FinTech is one of top five markets by value of capital funding and
investments in the sector with nearly $270 million of funding in 2016. This report
is designed to help in charting direction for a sustainable, and scalable FinTech
sector in India.

Indian FinTech companies could address a few of the critical structural issues afflicting Indian financial
services-increase outreach, improve customer experience, reduce operational friction, and foster
adoption and usage of the digital channel. Legacy prone processes and higher operating cost models of
incumbent banks and financial service providers will give digital FinTech companies an edge, as banks
play catch-up with these more nimble and innovative start-ups. The opportunity for FinTech lies in
expanding the market, shaping customer behavior, and effecting long term changes in the financial
industry.

Indian FinTech companies have the potential to reshape the financial services landscape in three ways:

The FinTech startups are likely to reduce costs and improve quality of financial services. Not being
burdened with legacy operations, IT systems, and expensive physical networks, benefits of leaner
operating models can be passed on to customers.

The FinTech industry will develop unique and innovative models of assessing risks. Leveraging big data,
machine learning, and alternative data to underwrite credit and develop credit scores for customers
with limited credit history will improve the penetration of financial services in India.
FinTech will create a more diverse, secured, and stable financial services landscape. FinTech companies
are less homogenous than incumbent banks and offer great learning templates to improve, both,
capabilities and culture.

Fintech companies can learn and adopt best practices around risk and internal controls, operational
excellence, compliance culture, and employee engagement, that has stood the test of time for most the
banks, and financial services providers in India.

RESEARCH METHODOLOGY
View or download the report
The year 2015 marked the revolution for FinTech companies in India. Even though modern banking
originated in the latter half of the 18th century, numerous FinTech startups emerged in 2015. Fast
forward to 2021, the era of the FinTech companies transforming payments, insurance, lending and
wealth management. The growth of these companies has been accelerated due to the COVID-19
pandemic. The related health crisis created new opportunities for FinTech companies, like Paytm,
Google Pay, Razorpay, Slice, etc., to support financial inclusion. FinTech companies also played a
significant role in mitigating the negative economic impact of the COVID-19 pandemic. On the
macroeconomic front, the country is at the forefront of an impending FinTech revolution set to
transform the face of the banking industry in India.

From economically weaker households to SMEs (Small-Medium Enterprises), the FinTech industry has
improved access to banking (account, transaction, insurance and credit) for everyone in recent years.
The relationship between the Banking industry and the FinTech sector is not competitive but mutually
progressive.

Impact of FinTech Firms on the Banking Sector

Over the last two years, India has warmed up to FinTech startups and supported a massive adoption of
digital financial models. Be it paperless lending, mobile banking, digital payments, mobile wallets,
insurance, lending, or more, and FinTech has revolutionised every sphere of the traditional banking
system. Traditionally in India, banks served as the gateway to payment services. However, a gradual
acceptance of FinTech companies, like Paytm, Razorpay, Google Pay, Amazon Pay, PhonePe, MobiKwik,
etc., have made them omnipresent today. Whether you use digital payment platforms to pay for hotels,
recharge your mobile phones, or buy groceries, there is an increased dependence on these digital
solutions.

In 2019, more than 32 billion digital transactions valued at over Rs 69 trillion were recorded across India.
By 2025, Indian digital transactions are expected to rise above Rs 238 trillion. Such substantial numbers
indicate how the advent of FinTech startups has made banking services easy and convenient. Today,
several online platforms can even help calculate loan EMIs and insurance premiums, improving financial
awareness for consumers.

The FinTech Industry – The Harbinger of Agility and Enabler of a Versatile Digital Experience

Here are some ways through which the FinTech industry has made banking simple:

1. Advanced Self-service Features:

Not so long ago, when you visited a bank, you would expect to wait in long queues for assistance.
Whether it was opening an account, withdrawing or depositing cash, filling forms or completing any
other formalities, visiting a bank was time-consuming. However, with the advent of FinTech, the delivery
of banking services has changed altogether. FinTech banking platforms allow you to access operational
processes, which were earlier only possible by visiting a physical branch. For instance, say you want to
open an IDFC FIRST Bank Savings Account or apply for a Personal Loan, you can now complete such
processes quickly and seamlessly through a digital process. Additionally, you can transfer funds online,
check your account balance, and more digitally, increasing customer convenience.

2. Mobile wallets:

NEFT and RTGS payments have been in place for decades. In addition, the introduction of IMPS made
banking more effortless. However, there was still scope of improvement fulfilled by API-led banking
platforms, particularly mobile wallets - Google Pay, Amazon Pay, PhonePe, Paytm, etc. These mobile
wallets act as a secure platform supporting seamless digital transactions between the bank and
consumers. For instance, a money transfer request sent by mobile wallets is received by banks in real-
time, ensuring a low-effort and faster banking user experience.

3. Instant payment support:

The growing acceptance of digital transactions in India has led to the phenomenal growth of instant
payments. An economy that essentially survived on cash until the last decade is now thriving on Point Of
Sale terminals in most aspects of functioning. Furthermore, government efforts, like demonetisation,
pushed the growth of instant payment platforms. These platforms allow you to make offline and online
payments, easing cashless transactions. You can use the NFC (Near Field Communication) and MST
(Magnetic Secure Transmission) technology, sound-based payments platforms, QR code-based payment,
Aadhaar Enabled Payment System (AEPS) facility or e-wallets like Paypal, Paytm, Yes Pay, Reliance
Money, Mobikwik, Freecharge, etc. Instant payment support has changed the way you spend, save,
lend, as well as improved your financial accountability.

4. Voice bots:

Many banks use chatbots today, along with artificial intelligence, advanced algorithms and natural
language processing to provide instant and easy banking assistance to users. However, with FinTech on
the rise, voice bots are expected to replace chatbots. The adoption of chatbots in banking is expected to
enable functions like generating new passwords, opening an account, checking account balance,
transferring money, etc., through voice commands instead of typing. Further, invisible payments, thumb
impression payment validation, etc., are also some technology-led processes that will revolutionise
banking systems.

5. Neobanking:

They are digital banks that complete all transactions through digital or mobile-only platforms, unlike
traditional banks that require a physical branch setup. Neobanks use phone numbers, emails or social
media identities to support person-to-person payment, mobile deposits, etc. Neobanks like Jupiter, Fi
Money, OcareNeo, Niyo, ZikZuk, RazorPayX, InstantPay, Digibank, etc., are on the rise. In the coming
years, Neobanks are likely to offer a host of banking services, including instant loans, lending products,
opening fixed deposits, investing in a mutual fund scheme, depositing money in a savings account, and
more
CHAPTER-2
 INDUSTRY PROFILE
 COMPANY PROFILE
INDUSTRY PROFILE
The Bank of India was established on April 1, 1935 in accordance with the provisions of the
Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established
in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the
Governor sits and where policies are formulated. Through originally privately owned, since
nationalization in 1949, the Reserve Bank is fully owned by the Government of India.

The Preamble of the Reserve of the Bank of India describes the basic functions of the Reserve
Bank as: to regulate the issue of Bank notes keeping of reserve with to securing monetary
stability in India and generally to operate the currency and credit system of the country to its
advantages; to have a modern monetary policy framework to meet the challenges of an
increasingly complex economy, to maintain price stability while keeping in mind the objective
of growth.”

The Reserve Bank affairs are governed by a central board of directors. The board is appointed
by the Government of India in keeping with the Reserve Bank of India.

Appointed/nominated for a period of four years

Official Directors
Full- time-Governor and more than four Deputy Governors.
Non- Official Directors
Nominated by the Government: ten Directors from various fields and two government official
Others: Four Directors- one each from local boards
Local Boards
One each for the four regions of the country in Mumbai, kolkota, Chennai and New Delhi.
Membership: Consists of five members each appointed by the central Government for a term
of four years.

Functions: To advise the central Board on local matters and to represent territorial and
economic interests of local cooperative and indigenous, to perform such other functions as
delegated by central Board time to time
 COMPANY PROFILE

INRODUCTION
State Bank of India (SBI) A Fortune 500 company is an Indian Multinational, Public Sector
Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and
legacy of cover 20 years, accredits SBI as the most trusted Bank by Indians through generations.

SBI, the largest Indian Bank with 1/4th market share, serve over 44cr customers through its vast
network of over 22,000 branches, 58,500 ATMs, 66,600 BC outlets, with an undeterred focus on
innovation, and customer centricity, which stems from the core values of the Bank- Service,
Transparency, Ethics, Politeness and Sustainability.

The Bank has successfully diversified business through its 11 subsidiaries i.e. SBI General
Insurance, SBI Life Insurance, SBI Mutual Funds, SBI card, etc.

Growing with times, SBI continues to redefine banking in India, as it aims to offer responsible
and sustainable Banking solutions.
 VISITED COMPANY

Product
AEPS- Aadhar Payment System
DMT- Domestic money Transfer
MATM- Micro ATM

REACHARGE
BBPS- Bharat Bill Payment System
LIC-

Two Wheeler Insurance

Rural, Urban Semi urban those who don’t have bank account, mobile, By DMT they can
transfer money to those family member.
And through ACPS anyone can withdraw there money from their bank acc.

MATM- Micro ATM is a service which helps customer to withdraw their cash and check their
balance using debit card, Also helps empower business to act as a bank to provide the
withdrawal service.
CHAPTER-3
 THEORITICAL FRAMEWORK
WHY FINTECH IS IMPORTANT FOR TRADE AND SERVICES?
Fintechs role in society is becoming more vital than ever, particularly due to Covid-19. Whether it’s
online payment systems like PayPal and Square or stock trading apps like Robinhood or Acorns, chances
are we’ve all used fintech in one way or another. In this article, we’ll look at five of the reasons why
fintech is now so important.

Fintech Creates Financial Inclusion

Fintech can be used anywhere, by anyone. Meaning it becomes accessible to people who may never
have taken advantage of financial services before. Continents like Africa are particularly benefiting from
fintech, as providers like M-Pesa and Tala revolutionise how people manage their money. Through
access to basic financial services such as mobile money and e-wallets, fintech companies are helping lift
people out of poverty and create a more financially inclusive world. M-Pesa has already helped lift an
impressive 194,000 households, or 2% of Kenyan households out of poverty.

Fintech is a More Cost-Effective Option

Fintech companies can often deliver the same solution for a lower price compared to traditional
financial institutions. By leveraging technology to automate tasks, fintech companies can save money on
employing people to do the work. They also save money by not having physical branches to service their
customers. Overall, fintech companies usually have relatively low overhead costs, which allows them to
pass the savings on to you. Today you can find bank accounts with no fees and stock trading apps with
no commission. That means more money in your pocket.
WHAT ARE THE FINTECH COMPANIES IN INDIA?

1. Paytm
Founder: Vijay Shekhar Sharma
Founded: 2010

Paytm was founded in 2010 and is India’s largest payment company that offers consumers multi-source
and multi-destination payment solutions. They allow consumers to make payments from any bank
account to any other bank account free of cost, i.e., 0% fee charges. Over 8 million merchants have
availed its comprehensive payment solutions.

Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is licensed by
RBI. The Paytm app allows users to shop for both physical and digital goods, and also pay for DTH plans,
bill payments, and mobile recharges.

The company partnered with Alibaba’s cloud computing arm – ‘AliCloud’ to expand its payment network
on a global scale. They have investors like Berkshire Hathaway, SoftBank Group, and MediaTek and even
raised an undisclosed amount from Ratan Tata in March 2015. It is arguably the biggest fintech startup
in India.
2. Razorpay
Founder: Shashank Kumar, Harshil Mathur
Founded: 2013

Founded in Bangalore, Razorpay focuses on the payment needs of startups and enterprises. With
Razorpay, merchants can easily accept, process, and disburse money to and from their dealers. It was
founded in 2014 by Harshil Mathur and Shashank Kumar.

Thousands of clients use its service as it allows an online business to accept, process, and distribute
digital payments through various modes like debit cards, credit cards, net banking, UPI, and prepaid
digital wallets. It is one of the biggest fintech companies in Bangalore.
3. Upstox
Founder: Ravi Kumar, Kavitha Subramanian and Shrini Viswanath
Founded: 2009

Upstox provides financial services such as investments in stocks, mutual funds, derivatives,
commodities, ETFs, and digital gold. It ensures full transparency in pricing by offering zero brokerage for
equity trades and up to INR 20 per order for intraday, commodities, and currencies.

The founders, Ravi Kumar, Kavita Subramanian, and Srini Vishwanath conceived this idea of making
trading and investing easier and cheaper and created Upstox for fellow young Indians. The Mumbai-
based company is backed by industry giants like Tiger Global and Ratan Tata and currently has more
than 250 employees and the fintech is striving to make trading a second nature for its users.
4. Cred
Founder: Kunal Shah
Founded: 2018

Cred is a fintech startup founded by Kunal Shah, the founder of FreeCharge. The app aims to make
paying credit card bills simpler and rewards you for paying them on time. The app asks for your phone
number to check your credit score with Cibil, CRIF and Experian.
5. ETMoney
Founder: Mukesh P Kalra
Founded: 2005

ETMoney is a full-stack investment platform with a wide range of products in the domains of
investments, credit cards and loans, insurance, and financial tools. It aims to simplify the
financial journey of retail customers.

ETMoney was founded by Mukesh Kalra in 2015. A passionate company that indulges in
personal finance, has become the first fintech company in India to introduce Aadhar-based SIP
payments. With more than 100 crore bank accounts linked to Aadhar, the company plans to
simplify installment payments with Aadhar OTP verifications.

The company has also partnered with Google Pay for a simplified way to invest in Mutual Funds
and National Pension System.
6. Instamojo
Founders: Sampad Swain, Akash Gehani, Aditya Sengupta, Harshad Sharma
Founded: 2012

Sampad Swain, Akash Gehani and Aditya Sengupta co-founded Instamojo in

September 2012. Instamojo started as a solution provider of digital payments which
now has progressively grown into a robust online platform for enterprises like micro,
small, and medium so that they start, manage, and grow their businesses online.
MojoCapital from Instamojo helps disperse bite-sized short-term credit loans which
are worth around $2 million. MojoCapital caters primarily to its merchants on a
monthly basis, and it has shown a projected growth of 25% on the month on month
basis.
7. PolicyBazaar
Founder: Yashish Dahiya, Avaneesh Nirjar, Alok Bansal
Founded: 2008
PolicyBazaar is an online insurance aggregator for comparative analysis of products
that are offered by various insurers using parameters like price, quality, and key
benefits. It helps users compare insurance policies and assists them in selecting
the best or the most relevant policy that can be purchased online or offline.
PolicyBazaar was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar
in June 2008 in Gurugram. They have raised over $650 million as of 2020. The
online platform began as a price-comparison website and an information portal for
learning about insurance and related programs; it then expanded to become a
marketplace for insurance policies.
PolicyBazaar has tied up with insurance brokers which helps it procure information
such as price, benefit, insurance cover, etc. directly from the insurers for the customer
to compare. They do not charge anything from the customer for their service.
The revenue for the company is generated from the fees charged for the marketing and
advertisement stints done by insurance companies on its platform.

8. MobiKwik
Founders: Bipin Preet Singh, Upasana Taku
Founded: 2009
MobiKwik is an Indian fintech company that was founded in 2009 by Bipin Preet
Singh and Upasana Taku. It is headquartered in Gurugram. MobiKwik is a digital
wallet service provider that offers services mobile and online payments, phone
and DTH recharge, mobile transfers, online shopping and a lot more.
It allows users to store up to INR 50,000 in a MobiKwik wallet that can be used to
recharge mobile, pay bills, and shop across various channels. Their users can also use
the partial payment feature for ticket reservations and cash pick-up for bus tickets
booking.
MobiKwik's investors include Sequoia Capital, NET1, GMO Venture Partners to
name a few. Post demonetization, MobiKwik has made it free to transfer money from
your wallet to your bank account.
Before demonetization, they used to charge 4% for a non-KYC compliant user and
1% fee for a KYC (know your customer) compliant user. They have over 100 million
users across India and many more are being added. Non-KYC compliant users can
transfer from INR 1000 to INR 20,000 to their bank account. But once your KYC is
done, you can store upto INR 1,00,000 in your MobiKwik wallet.
9. ZestMoney
Founders: Lizzie Chapman, Priya Sharma and Ashish Anantharaman
Founded: 2015

Do you want to buy something offline on EMI but don’t own a credit card? Zest
Money has a buy now pay later policy and offers an EMI option that you can use to
purchase things online or offline from its partner merchants. It is another Bangalore-
based startup founded by Lizzie Chapman, Ashish Anantharaman, and Priya Sharma.
10. Lendingkart
Founder: Harshvardhan Lunia and Mukul Sachan
Founded: 2014
Lendingkart is an online financing company founded by Harshvardhan Lunia and
Mukul Sachan in 2014. Lendingkart provides loans for working capital needs for
SMEs (small and medium-sized enterprises); these loans are quick and collateral-
free with minimal paperwork.
The company works  across  1300 cities and has disbused loans over INR 3,500+ crores till date
(2020). Aditya Birla Capital, Saama Capital, Mayfield Fund, Bertelsmann India Investments
(BII), and Darrin Capital Management are some of its prominent funding partners. In March
2016, Lendingkart entered into a strategic partnership with Mahindra’s SmartShift – a digitally
enabled aggregator for cargo owners and transporters.
Lendingkart has access to a huge amount of data from data partners dispersed
across the country. These data partners provide Lendingkart with diverse information
about the vendor: educational qualification, family background, reputation,
competitiveness in the market, etc.
11. Refrens
Founders: Mohit Jain, Naman Sarawagi
Founded: 2018
Refrens is fairly new to the fintech industry in India. It was founded by Naman
Sarawagi and Mohit Jain in 2019. Refrens provides a payment gateway system for
freelancers to send and receive payments smoothly.
It offers free invoicing, payments, and expense management systems. For
freelancers, it becomes easy to enable options like adding payment methods, offering
discounts, etc. for their clients. It is so easy to use that it is possible to create an
invoice in just 30 seconds.
12. Pine Labs
Founders: Lokvir Kapoor, Rajul Garg, Tarun Upadhyay
Founded: 1998
Pine Labs is a Gurugram-based fintech platform that provides PoS (Point of Sale)
software solutions for offline retailers and brands. It was founded in 1998 by Lokvir
Kapoor, Rajul Garg and Tarun Upaday.
They initially offered a smart card-based payment and loyalty solution for the
petroleum sector. It then introduced a PoS machine for offline merchants. Its 'Plutus
PoS' solution is a cloud-based software that can be integrated with a generic POS
terminal to allow retailers to accept debit and credit cards, e-wallets, QR codes, and
UPI-based payments.
Pine Labs' offerings include marketing tools, reporting and analytics, payment
gateway API solutions, mobile payment solutions (via myPlutus), loyalty and gift card
programs, value-added solutions like EMIs, discounts, pay by points, loyalty
solutions, e-wallets and others.
The mobile app of Pine Labs is available on Android and iOS and can be used for
targeted promotions, dynamic currency conversion and more. In 2017, Pine Labs
launched its complete suite of services in Southeast Asian markets; it is present in
Malaysia.
13. MoneyTap
Founders: Bala Parthasarathy, Kunal Varma, and Anuj Kacker
Founded: 2015
MoneyTap is India’s first app-based credit line. It provides you credit and you can
repay your credit amount in flexible EMIs of 2 to 36 months. MoneyTap aims to make
credit accessible to the Indians who use internet banking.
It uses customers' details to evaluate the user's eligibility and decide the credit limit.
MoneyTap was launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj
Kacker.
14. Khatabook
Founders: Ravish Naresh, Dhanesh Kumar, and Jaideep Poonia
Founded: 2017
Founded in October 2018, by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe,
Jaideep Poonia, and Ravish Naresh, Khatabook is the world's fastest-growing SaaS
company. It has become India's leading business management app for MSMEs with
20M+ downloads in a remarkably short period of time.
This Bangalore-based mobile app service shares WhatsApp and SMS reminders to
users when money is due to be paid or collected. Khatabook enables micro, small and
medium merchants to track business transactions safely and securely.

15. Capital Float

Founders: Gaurav Hinduja, Sashank Rishyasringa
Founded: 2013
Capital Float is a Bangalore-based digital finance company founded by Sashank
Rishyasringa and Gaurav Hinduja that provides working capital loans and term loans
to small businesses via a technology-led loan origination and credit underwriting
platform.
Capital Float offers loans ranging from INR 1 lakh–INR 1 crore with terms
between 1 – 12 months. The offered loans are based on cash flows, expected
receivables, financials, CIBIL scores, and bank statements. Individuals can apply
online for the loan and once the loan is approved, it is disbursed to their bank account.
If you have ordered from well-reputed corporate customers, you can borrow up to
80% of the value of an outstanding invoice, and repay only after you receive payment
from your customer. The company has partnered with startups like Shopclues, Paytm,
and Uber.
16. Shiksha Finance
Founders: V L Ramakrishnan and Jacob Abraham
Founded: 2014
Many individuals have the potential to become great students but the exorbitant
tuition fees of educational institutions hinder them from pursuing education. Shiksha
Finance provides short-term loans to students for their fees. The loan ranges from
INR 10,000-INR to 30,050 and must be paid within 6-10 months. For a private school
or college, the loan can range from INR 1 lakh-INR 73.5 lakh and can be paid within
6 months to 5 years. It was founded by Jacob Abraham in 2014.

17. Amigobulls
Founders: Chandu Sohoni, Poorna Nayak
Founded: 2013s
Founded by Chandu Sohoni and Poorna Nayak in 2013, Amigobulls provides
solutions to wealth management-related problems. You can get the daily stock
analysis in the form of short, personalized videos.
The personalized videos are created automatically using Amigobulls' technology;
thousands of videos can be created in a few minutes. This fintech company offers
investment advice and news to stock market investors through a patent-pending
video generation technology.  

18. KredX
Founders: Manish Kumar and Anurag Jain
Founded: 2015
KredX is India’s first invoice discounting marketplace platform. It helps
businesses gain quick access to working capital in around 24 to 72 hours by
selling their unpaid receivables while providing investors with an opportunity to earn
low-risk high returns through a unique short-term investment.
Founded by Anurag Jain, the company provides a technological platform that
connects investors, both institutional and individual, with high-growth businesses
looking for working capital through invoice discounting.
KredX's objective is to facilitate short-term working capital to the SMEs raised
against blue-chip companies to a network of financiers. KredX's recent acquisition of
Hummingbill, a New York-based startup – to strengthen technological capability has
assisted the former to progress its growth curve in the lending space.

19. CreditMantri
Founders: Gowri Mukherjee, Ranjit Punja, Rajasundaram Sudarshan
Founded: 2012
Founded by Ranjit Punja, Gowri Mukherjee and Rajasundaram Sudarshan in
2011, Credit Mantri is a credit facilitator which uses data and technology to help
people make better financial decisions. It provides an Equifax credit score that is
one of the four credit bureaus authorized in India by the RBI.
Anyone who needs credit can create a credit profile on CreditMantri's website to
apply for loans and credit card offers based on his or her credit profile. The Equifax
score is used by CreditMantri to analyse the individual's credit profile

20. Mswipe
Founders: Manish Patel
Founded: 2011
Headquartered in Mumbai, Mswipe provides software solutions and payment
devices to merchants. Mswipe works with all kinds of bank accounts; hence,
merchants don’t have to open a new account for their devices. The company was
founded in 2011 by Manish Patel.

21. Financial Software Systems (FSS)

Founders: Nagaraj Mylandla
Founded: 1991
Financial Software Systems Pvt. Ltd. was founded in 1991 and is a Chennai-
based fintech venture that provides electronic payment and financial transaction
processing solutions and services globally. Financial Software Systems records all
of the financial activities within a business organization.
Its products include card management, merchant management, mobile payments,
financial inclusion, messaging middleware, and value-added solutions. FSS also offers
software services that include systems integration, offshore development, project
management and implementation, and 24/7 global helpdesk support services.

22. BankBazaar
Founder: Rati Rajkumar
Founded: 2008
BankBazaar is a Chennai-based online financial platform founded in 2008 by Adhil
Shetty, Arjun Shetty, and Rati Shetty for product distribution and comparison
analysis. It enables users to buy personal loans, home loans, auto loans, and
education loans.
BankBazaar also offers debit and credit cards, life insurance, health insurance, auto
insurance, travel insurance products, mutual funds, fixed deposits, and savings
accounts. With multiple offers from multiple banks, you can compare offers and
check your eligibility in minutes.
Users only need to provide basic details to apply for a product online and can track its
status. BankBazaar’s revenue comes from application-based commissions from
banks. Customers don't need to pay any charge.

23. Active.Ai
Founder: Ravi Shankar, Parikshit Paspulati, Shankar Narayanan
Founded: 2016
Active.Ai provides chatbot solutions to all types of banks and other financial
institutions. Although it is a Singapore-based startup, it has a lab in Banglore and was
founded by 3 Indians - Ravishankar, Shankar Narayan, and Parikshit Paspulati in
2016. The main focus of Active.Ai is on the banking sector.
24. Finly
Founder: Vivek Alike Ganapathy
Founded: 2017
Finly lets companies and startups analyse their expenses. Besides expense
management, Finly also eases the process of fund disbursement, vendor payment,
and helps with the automation of collection. It builds financial software products to
save the companies money and time. It was founded in 2015 by Vivek AG.

25. Ezetap
Founder: Byas Nambisan
Founded: 2011
Ezetap, co-founded by Abhijit (Bobby) Bose and Bhaktha Keshvachar, provides
businesses and financial institutions with smart technological transaction
solutions. The Company develops and commercializes a mobile point of sale (PoS)
solution that allows mobile devices to be converted into PoS terminals by
connecting a card-reader to the headphone jack of the device.

26. Financepeer
Founders: Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye, Debi Prasad Baral
Founded: 2017
Financepeer helps to pay the entire year fees upfront to the School in one
installment and collects fees in 3 to 12 monthly installments from parents at 0
Interest and 0 Cost. It is a Google incubated School (K-12) Fee Financing
Company. Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye and Debi Prasad Baral
launched Financepeer in 2017 to cater to an audience that cannot afford to pay the
school fees all at once.
27. Loanwalle
Founder: Sachin Mittal
Founded: 2015

Loanwalle.com was founded by Sachin Mittal in 2015. It deals in payday loans

which are quick emergency loans disbursed in 30 minutes from the time it is
applied for. To fulfill the fast money requirements of the customers, the loan
approval process is fully automated and is based on an algorithm that assesses the
applicant’s creditworthiness.
28. Money View
Founder: Puneet Agarwal and Sanjay Aggarwal
Founded: 2014
Money View was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet
Agarwal. Money View is a loan financer, and also helps in planning overall
finances. It caters for the user with personal finance management, to keep a check
on everyday finances and also provides loans ranging from INR 10,000 to 5,00,000
within a day or less. The application provides the user with a view of their bank
balance, income spends, and income dues by pulling from their SMSes. The app
runs and is updated even without internet connectivity.

29. Cube Wealth

Founder: Satyen Kothari
Founded: 2016
Cube Wealth was founded by Satyen Kothari in 2016, who had previously founded
Citrus Pay. Cube Wealth provides comprehensive portfolio management
solutions to help busy professionals achieve their goals through investments.
The app helps individuals to invest in multiple asset classes including equities,
mutual funds, P2P lending, gold, and even charitable investing to build a well-
rounded portfolio. It is a subscription-based automated wealth technology
application that works on the concept of disciplined long-term wealth creation.

30. Goal Teller

Founder: Vivek Banka
Founded: 2020
Goal Teller founded by Vivek Banka in 2020 is a financial planning platform that
allows users to build their own financial plans. It is a fintech startup in the investment
planning space and is operating in the B2C space.
31. Kuants
Founders: Ayush Gangwar, Mohit Bansal
Founded: 2017
Kuants was founded in the last month of 2017, by Ayush Gangwar and Mohit Bansal.
Their inspiration for the startup was to ensure that technology never acts as a barrier
to a stock trader while exploring the domain of algorithmic trading. Kuants is a
Fintech startup based in Gurugram, making algorithmic trading easy for those who
cannot code themselves.
32. ePayLater
Founders: Aurko Bhattacharya, Akshat Saxena, Uday Somayajula, Prasannaa
Muralidharan, Shanmu Thiagaraja
Founded: 2015

Akshat Saxena, Aurko Bhattacharya and Uday Somayajula are the founders of
ePayLater. ePayLater provides credit at the point of sale. It offers a simple
checkout experience by providing customers with the ability to conclude a transaction
with just one click of a button. It is a ‘Buy Now, Pay Later’ solution through which
customers can get access to an instant credit limit to make faster purchases.

33. PayKun
Founders: Nirav Solanki, Deepak Dabhi, Vijay Yadav, Nikunj Yadav, Prashant
Kambad
Founded: 2018
PayKun was launched by Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak
Dabhi and Nirav Solanki, who were five friends from Gujarat. It was founded in the
year 2018, with the primary intention to introduce ease and integrity into the online
payment system. PayKun is an online payment gateway integrator that allows
merchants to integrate any payment gateway they prefer. It is an affordable and
secure solution for sellers. And what's more, it does not require the user to have any
technical skills to use it.

34. PaisaDukan
Founders: Ambar Kasliwal, Neeta Ranjan, Rajiv Ranjan
Founded: 2018
PaisaDukan was established by Rajiv M Ranjan in 2017 . It is a P2P platform that
acts as a mediator between investors and borrowers. The company serves as a
digital marketplace to enable borrowers to meet their financial needs, provide
investors with a safer and smarter investment option and aid financial inclusion.

35. Cashfree
Founders: Reeju Datta, Akash Sinha
Founded: 2015
Cashfree, a full-stack payments solution is incubated and backed by PayPal and
YCombinator respectively. Cashfree helps global and Indian businesses collect and
disburse payments via 100+ payment methods including MasterCard, Visa, RuPay,
UPI, NEFT, IMPS, Paytm, and other wallets.
It also claims of being India’s leading API banking platform. Other than payment
gateway products, Cashfree has products such as UPI auto pay, Refunds Suite, Auto
collect options and Marketplace settlements. Cashfree has integrated with major
platforms such as Shopify, Amazon Pay, PayPal, Google Pay, and Ola Money.

36. CoinDCX
Founders: Sumit Gupta, Neeraj Khandelwal
Founded: 2018
Founded by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal in April
2018, CoinDCX is a beginner-friendly crypto exchange platform. Investment in
cryptocurrency has been made easy by CoinDCX. The platform also enables users to
access a wide range of financial products and services backed by insurance protection.
The crypto platform with 1 lakh active users has a more than $40 million trading
volume. Backed by hedge fund giant Polychain Capital, the platform offers crypto
transactions at no cost to investors. For those who trade, it charges a fee of 0.1%.
The company recently launched CoinDCX Go. This product runs on the 7M
framework which studies and analyses the depths of the crypto market and predicts
future threats. On this platform, crypto assets are listed with uncompromising listing
criteria. The product accommodates currencies like Bitcoin, Ripple, Ethereum, Tron,
Bitcoin Cash, Matic, Litecoin, etc.

37. Easy Home Finance

Founder: Rohit Chokhani
Founded: 2017
Easy Home Finance is a housing finance company that offers home loans through
a paperless route. The Mumbai-based company was founded by Rohit Chokhani. It
is registered under National Housing Bank Act as a housing finance company and
aims to tap the market using a paperless experience.
Its products include home loans, home construction/extension loans, loans against
property, and loans through Pradhanmantri Awas Yojana. They also have a pre-
approved property database for home options and instant loan approvals.
The company, backed by Harbourfront Group, aims to streamline the onboarding,
assessment, and management of home loans through an AI-based lending
platform. Easy Home Finances is focused on providing home loans to first-time
buyers and women who wish to enter the property market and also targets customers
in Tier 2 and Tier 3 cities across India. It is also set to launch a Product-as-a-
service (PaaS) with co-lenders and other financing companies.
38. Recko
Founder: Saurya Prakash Sinha
Founded: 2017
Recko is a Bangalore-based fintech startup that is into the reconciliation of
companies. It offers financial services to e-commerce companies, banks, and
insurance providers who have huge volumes of transactions. It is a third-party
transaction layer that ensures authenticity and transparency in all recorded
transactions. Recko’s workings mainly rely on AI models to comprehend and collect
data, connecting payment gateways, banks, and customer management systems.
Backed by Prime Ventures Partners and several angels, Recko was founded by Suarya
Prakash Sinha and Prashant Borde. The fintech company claims to have reconciled
accounts worth $5 billion to date and has integrated with big names in the fintech
industry such as Myntra, Pharmeasy, Meesho, Dunzo, Townscript, and Grofers.
39. FypMoney
Founder: Kapil Banwari
Founded: 2021
Owned by Pockket Payment Technologies Ltd, FypMoney is a platform introduced
for financial literacy in teenagers. The platform aims to target the age group 11-19
who comprise 15-20% of smartphone users. In a seed funding round, it has raised $2
million from angel investors including Leberatha Kallath, Mukesh Yadav, and Dinesh
Nagpal.
FypMoney takes into consideration the concerns of parents with teenagers and has
introduced features like instant pocket money transfers, tracking spending
patterns with real-time transaction alerts, and setting transaction limits.
As for teenagers, it is equipped with quick transfer options like UPI, referral
bonuses, Fyp Debit card, online investments in Mutual funds, savings, and a social
community to interact with FypMoney users. The founder, Kapil Banwari believes
that this platform will make teenagers aware of financial aspects, get them into a habit
of saving and educate them about personal finance.

40. Avail Finance

Founder: Ankush Aggarwal
Founded: 2017
Avail Finance is a fintech startup based in Bangalore that exclusively focuses on
the blue-collar workforce and aims at introducing credit facilities and financial
literacy to them since they’re seldom aware of it. It provides them with a neo-banking
platform and includes every individual on a credit hunt, under the financial umbrella.
The startup aims to reach that segment in the financial market that is oblivious to
credit card penetration, has no credit history, and has a low to almost zero CIBIL
score. The platform offers other financial services including savings, insurance, and
investment products. Founded in 2017 by Ankush Agrawal and Tushar
Mehndiratta, the startup has raised around INR 85 crore in a funding round led by
Alpha wave Incubation.

41. Upwards
Founder: Abhishek Soni. Co-Founder & CEO. 2. Nimesh Verma
Founded: 2017
Upwards is a fintech company that offers personal loans up to INR 2 lakhs within
24 hours to salaried individuals with no credit history and whose earning capacity
is at least INR 15000 per month. The fintech has a wide range of personal loans that
cover weddings, travel, studies, medical emergency, and home renovation. The
company charges an interest rate of 18-32% on its financial products.
The Mumbai-based startup is currently active in more than 30 cities including Tier 2
and Tier 3 towns. Founded in 2017 by alumni of IIT Delhi Abhishek Soni and Nimesh
Verma, the company has disbursed INR 4 crore since its year of inception and is 40%
of its credit demand coming from smaller towns of Karnataka, Rajasthan, and Tamil
Nadu.

42. KreditBee
Founders: Madhusudan Ekambaram, Wan Hong
Founded: 2016
KreditBee is a personal loan platform for self-employed and salaried
professionals where they can avail of a loan starting from INR 1000 to INR 2
Lakhs with minimal paperwork and tenures from two to fifteen months. It offers
loans to even those without a credit history. It hosts multiple non-banking financial
companies (NBFC) that are licensed by the Reserve Bank of India. This includes
KrazyBee Services Pvt Ltd which is a non-deposit financial institution that offers
innovative technology and availability of credit.
Founded in May 2018 by a bunch of intellectuals from various IITs across India,
KreditBee currently has more than 1200 employees and a user base of 20
million. Through its holding entity Finnov, KreditBee has recently raised $70 million
which it says will be utilized towards scaling up the lending portfolio beyond personal
loans.  
43. Finin
Founders: Suman Gandham and Sudheer Maram
Founded: 2019

Finin is a fintech startup that has launched itself as a “neobank”, in partnership

with SBM bank, a wholly-owned subsidiary of the State Bank of Mauritius in India. It
is a platform that focuses on saving rather than lending. The “neobank” has an AI-
driven experience for its users which gets insights from your spend-save behaviour. It
can be linked to all your bank accounts and keeps a track of your transactions and
budgets. Users also receive customized investment options and hyper-personal
financial tips that take into consideration your pay cheque, lifestyle, marital status,
and more.
Finin users have to rely on SBM branch networks for banking activities and the
physical branches which are currently operating in Mumbai, Chennai, Bengaluru, and
Hyderabad. Going against the flow, founder and CEO Suman Gandham believes Finin
will make more revenue from wealth management services rather than lending
services.
44. Sqrrl
Founders: Samant Sikka, Sanjeev Sharma and Dhananjay Singh
Founded: 2016
Sqrrl is an investment and wealth management platform for young individuals and
professionals. The company is registered under AMFI and SEBI and is available in 9
Indian languages. It encourages Indians to save and invest better while guiding them
towards building an investment portfolio with baby steps.
The company uses machine learning, AI, and data science to offer one-on-one
assistance encouraging users to invest in high-performing mutual funds based on the
risks, their goals, and requirements.
Based in Gurgaon, Haryana, Sqrrl has a team of 40 people including the founders
namely Dhananjay Singh, Sanjeev Sharma, and Samant Sikka.
45. Moneyfront
Founders: Mohit Gang, Anil Bang, and Puneet Mehta
Founded: 2015

Moneyfront is a wealth management platform that allows you to invest in funds and

keep a track of them. While many other platforms offer the same, Moneyfront uses a
comprehensive database, news, and statistics and lays out the best options for its
users. It provides model portfolios so that you have more options and you can
measure your risk appetite and choose what’s best suited for your goals.
The fintech company tied hands with Niyogin Fintech, which provides collateral-
free credit to MSMEs. Reportedly, Niyogin has acquired a 50.1% stake in Moneyfront
for INR 12 crore.

46. ClearTax
Founders: Archit Gupta, Srivatsan Chari, Ankit Solanki, Raja Ram Gupta
Founded: 2011

ClearTax is a financial services platform that helps individuals, tax experts, SMEs,
and enterprises streamline income tax returns, GST, Invoicing, Billing solutions, and
more. Cleartax helps businesses save 2-7% of their net GST every month while
individuals have saved up to INR 86000 by filing their tax returns through them.
The company recently launched a GST-compliant billing and e-invoicing product
called ClearOne. ClearOne is an easy, affordable, and compliance-proof solution for
all the challenges faced by SMEs. Founded by Archit Gupta, Srivatsan Chari, and
Ankit Solanki, ClearTax is helping millennials pay their own taxes in a simple and
hassle-free manner.
47. Groww
Founders: Lalit Keshre, Harsh Jain
Founded: 2016
Groww has become the unicorn in the fintech industry by raising $83 million in a
funding round led by Tiger Global. The company has raised $140 million as capital
so far. With a freshly acquired unicorn status, Groww is an investment platform that
allows individuals to invest and trade in stocks, mutual funds, US stocks, and Gold. it
also has fixed deposit options for conventional investors.
Backed by a huge force of investors such as Sequoia Capital India, Ribbit Capital, Y
Combinator, Kauffman Fellows, Propel Venture Partners, and Kairos, Groww plans to
deploy its funding into introducing financial educational content for its 1.5 crore
registered users.
48. LoanTap
Founders: Satyam Kumar, Vikas Kumar
Founded: 2016
LoanTap is an NBFC registered under RBI that offers flexible personal loans
which are EMI-free (partial repayments of principal amounts), and allows personal
overdraft and debt consolidation loans that are best suited for your lifestyle and
requirements. Whether it’s an upcoming holiday, a wedding, a loan repayment, a new
vehicle purchase, or a business loan, LoanTap covers it all.
The Pune-based company recently tied hands with the Bank of Maharashtra into a co-
lending agreement. This agreement would help the bank meet its priority lending
target through a digital lending platform like LoanTap by avoiding visits to the branch
and easier loan disbursals.

49. RevFin
Founder: Sameer Aggarwal
Founded: 2018
Founded by an alumnus of IIT Kharagpur, Sameer Agarwal, RevFin is a digital
lending platform that offers loans through its own NBFC. Its products include
regular personal loans and Revloans, which is an unsecured credit limit that a
customer can use at any time as per their convenience. RevFin has currently
financed E-Rickshaws in several towns across India which include Kolkata, Jhansi,
Dehradun, Hisar, and Delhi.
Headquartered in Delhi, RevFin was founded in 2018 and has captured the sector of
vehicle loans for three-wheelers and two-wheelers. The fintech is backed by several
angel investors including Harsh Jain, Anil Goyal, Anil Lamba, and Krishna B Singh.

50. PayU
Founders: Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki,
Nitin Gupta, Shailaz Nag
Founded: 2002
PayU is one of the best fintech companies in India that provides a payment gateway
and payment solutions for online merchants. The platform provides a seamless
experience when users check out a particular website or mobile app. It integrates
various gateways such as net banking, Visa and MasterCard, UPI, and wallets.
PayU has integrated with giants like Netflix, Myntra, and Cred with unique
payment solutions where customers can choose any payment option on any platform
or website. It also enables customers to accept payments outside India from 100-plus
countries.
PayU India is the flagship company of Naspers Group, based in London. It has also
launched an alternate lending platform called LazyPay to offer credit solutions
such as Small ticket credit (Buy now pay later), App-based Loans, and Point of sale
credit (Merchant EMI).
Conclusion
Startups work hard on their products, marketing, and other business activities but
forget about one crucial aspect: finance. Managing one's finances is of utmost
importance. Business is all about money, you can’t run a business if you don’t think
about money. This list of fintech startups in India should help you understand the
advancements in the world of Finance and give you an insight into India's biggest and
top fintech to keep an eye out for.

What are the fintech companies in Odisha?

Fintech startups in Bhubaneswar:

instaCash7

instaCash7 provides an app-based platform for personal loans. It offers short term and long term
personal loans. Users need to register by providing an email ID, mobile number, bank details, Aadhar
number, and more via the app. The app is available on Android devices.
Founded Year 2019
Location Bhubaneswar (India)

OBring Smile

OBring Smile is an online crowdfunding platform for NGOs and charities. The platform allows users to
create a profile and mention the cause for which funds are to be raised and share it among friends, family,
and collect funds. The product is offered on a subscription-based pricing plan.

Founded Year 2020

Location Bhubaneswar (India)
Uracil

Uracil is a platform to discover, procure and manage research lab needs. Features for discovery include a
marketplace with 100+ local and global suppliers, category & tag filters, comparison of the products and
query feature. Features for the procurement include order request, customized approval & digital
signatures, call for the quote, buying on credit and order tracking. Features for managing lab needs
include inventory management, account payable management, reporting and real-time spend tracking.

Founded Year 2017

Location Bhubaneswar (India

Digital Payment

Digital Payment provides a mobile point of sale solution to the merchant for accepting payments
through credit/debit card or UPI. It offers services like unified payment interface, mobile point of sale,
and immediate payment service. The mobile pos software can be used in mobile or tablet to accept
payment.

Founded Year 2017

Location Bhubaneswar (India)

AccBooks

AccBooks provides cloud-based retail management software. The product offers various features such as
PoS, payment management, inventory management, e-commerce management, store management,
customer management, report generation, and more. It follows the subscription-based pricing model.
Industries catered are FMCG, pharma, apparel, restaurant, etc. Major clients are Biriyani 247, Studio49,
Brand box, etc.

Founded Year 2018

Location Bhubaneswar (India)

UPrik
UPrik is an online platform for mobile recharges and bill payment. Users can pay bills for
multiple household utilities such as gas, electricity, water, landlines etc. It also allows users to
book bus tickets and hostels, recharge mobile, pay insurance premium etc on the platform.

Founded Year 2017

Location Bhubaneswar (India)

WHMCSModule

WHMCSModule provides payment gateways and web automation tools. It provides a Bitcoin payment
gateway for merchants, enterprise, and e-commerce platform to accept payments. It offers automation
tools and solutions for email-verification, PDF invoices, cloud automation, and servers.

Founded Year 2017

Location Bhubaneswar (India

 Webocoin

Webocoin is a platform that facilitates buying and selling bitcoins. Users can sign up for free on the
website to post their trade to buy or sell the bitcoins. They can choose from buying and selling online or
for cash.

Founded Year 2016

Location Bhubaneswar (India)

OMMS

OMMS is a web-based materials management solution developed by Esse Labs. The solution acts as a
marketplace for retail and wholesale trade managing procurement function of the vendors. Features
offered for buyers include raising an RFQ, receiving quotations, automated order clearance, ability to
select payment & logistics option, and customer support. Sellers can receive these requests and can
approve or reject. If approved, sellers and buyers can enter into a contract by defining Terms &
Condition from the T&C module on the platform. The platform also enables vendors to track and provide
after sales service.

Founded Year 2015

Location Bhubaneswar (India)

SmartOdisha
Online wallet for money transfers. Offers prepaid recharge services of mobile, DTH, and data card
operators. Provides a. Online Travel Portal for flight booking, railway ticket booking, and bus ticket
booking with hotels and holiday package booking. Also offers AEPS wherein users can access banking
transactions like cash withdrawal, cash deposit, balance inquiry & fund transfer by using Adhar Card
Number & fingerprint.

Founded Year 2017

Location Bhubaneswar (India)

CHAPTER-4
 DATA ANALYSIS AND INTERPRETATION
Dear Respondents,

I am a student of MBA at Trident Academy of Technology, Bhubaneswar. The aim of this questionnaire is
to survey on the opinions of trade and service providers regarding the benefits of the Fintech platform
that you are using in your day to day operation. I assure you that the information given by you will be
kept quite confidential and it will not be misused. It will be used for study purpose only. You are
requested to fill the questionnaire.

Thank you

Yours Faithfully

Pritipadma Mohanty

SURVEY QUESTIONNAIRE

Q1) Do you know about cashless mode payment

A) YES
B) NO

Q2) What mode of payment do you use for your day to day transaction?

A) Currency Notes
B) Bank Transfer
C) Unified Payment Interface (UPI)
D) Other

Q3) Which type of account do you use for your business transaction?

A) Savings Account
B) Current Account

Q4) Do everyone in your business community use more or less cashless mode of payment everyday?

A) Yes
B) No
C) May be

Q5) Do you Find cashless mode of transaction t be safe?

A) Yes
B) No
Do you know about cashless mode payment?

50 Response

Sales

6%
Yes
No

94%

What mode of payment do you use for your day to day transaction?

50 Responses
 Column1

Currency Notes
34% Bank Transfer
Unified payment
46% Other

20%

Which type of account do you use for your business transaction?

50 Responses

40%
Savins Account
Current Account

60%
Do everyone in your business community use more or less cashless mode of payment everyday?

50 Responses

Sales

8%
Yes
No
May be
30%

62%

Do you find cashless mode of transaction to be safe

50 Responses

Sales

16%
Yes
No

84%
CHAPTER-5
 FINDINGS
 SUGGESTION
 CONCLUSION
 ANNEXURE
 BIBILOGRAPHY
FINDINGS
Out of the 50 responses that I have achieved from the trades and service providers in Bhubaneswar. I
came out with a report which conveys the following things:-

1) People are mostly involve in trades but the number people of service industry are increasing day
by day
2) Till today the number of people relying on physical currency is in a huge numbers as they feel
that the use of currency for various transaction is quite adaptable in their nature to accept new
technology and facilities.
3) Free of costs installation of the UPI platforms product such QR codes, payment Receiver
Announcer Machines, etc.
4) Because of lack of digital awareness about the security related to monetary transaction some of
them still hesitant to the Fintech product.
5) Increasing Cyber Security System by the industry will develop a sese of faith and safety among
the users of their product and thereby enhance the participations by all in the near future.

SUGGESTION
1) There is a need to have a deeper understanding of various Fintech product and their
interaction with the financial sector and, thereby, the implication on the financial
system, before regulating this space.
2) The regulatory action may vary from “Disclosure’’ to “Light- Touch Regulation &
Supervision” to a “ Tight Regulation and Full- Fledged Supervision”, depending on the
risk implication.
3) There is a need to develop a more detailed understanding of risks inherent in platform
based Fintech.
CONCLUSION
At the end of our project, I can say that I am really happy after working eight weeks with India s largest
bank having more then 10000 branches all over the world. I also learned about how to deal with the
customer and to maintain relation with them. I also developed the skill of marketing. This project helped
me to increase my practical knowledge in the banking sector as well as in my personal life, It will be
helpful for the future prospective. I have my best to convince the customer

SBI is a renowned bank in India and all over the world. The bank has taken wise steps in adopting the
financial technology throughout its whole organization and conveying the same to its customer so as to
be a part of a digital era.

BIBLIOGRAPHY
http://bank.sbi

http://sbi.co.in

http://www.rbi.org.in

http://en.wikipedia.org

Report of the working group on the Fintech and Digital Banking- Reserve Bnak of India

Article on Fintech: The Force of Creative Disruption.a

