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Today, in New Delhi, the Secretary of the Department of Financial Services (DFS) presented a keynote address at the PSB Alliance Annual Strategy Meet 2026, as reported by the Press Information Bureau (PIB).
The Secretary of the Department of Financial Services (DFS) delivered a keynote address at the PSB Alliance Annual Strategy Meet 2026, held in New Delhi. The event brought together key stakeholders from the public sector banking industry to discuss and strategize for the future.
In the keynote address, the Secretary emphasized the importance of public sector banks (PSBs) in driving India’s economic growth and financial inclusion. The Secretary highlighted the significant progress made by PSBs in recent years, including the improvement in their financial performance and the expansion of their services to cater to the needs of a rapidly growing economy.
The Secretary also emphasized the need for PSBs to adopt a more proactive and innovative approach to stay ahead of the curve in a rapidly changing financial landscape. This includes leveraging technology to enhance customer experience, improving operational efficiency, and developing new products and services to meet the evolving needs of customers.
Furthermore, the Secretary stressed the importance of PSBs in promoting financial inclusion and achieving the government’s vision of a more equitable and inclusive economy. The Secretary highlighted the various initiatives undertaken by the government to promote financial inclusion, including the Pradhan Mantri Jan Dhan Yojana, the Pradhan Mantri MUDRA Yojana, and the Stand-Up India scheme.
The Secretary also emphasized the need for PSBs to focus on enhancing their risk management practices, improving their asset quality, and strengthening their corporate governance. This includes developing a more robust risk management framework, improving their credit appraisal and monitoring processes, and ensuring that their boards and management teams are composed of experienced and skilled professionals.
Overall, the Secretary’s keynote address emphasized the critical role that PSBs play in driving India’s economic growth and financial inclusion, and the need for them to adopt a more proactive and innovative approach to stay ahead of the curve. The event provided a platform for stakeholders to discuss and strategize for the future, and to identify opportunities for collaboration and growth.
The annual strategy meet is expected to provide a roadmap for the PSBs to achieve their goals and objectives, and to contribute to the government’s vision of a more equitable and inclusive economy. The meet is attended by MD & CEOs of all Public Sector Banks, Financial Institutions, and other stakeholders. With the Secretary’s keynote address, the stage is set for a productive and insightful discussion on the future of PSBs in India.
Madagascar: Mysterious Visit from Russian Bank PSB Deputy Chairman Sparks Interest in Antananarivo – Africa Intelligence
A recent visit by the deputy chairman of Russian bank PSB (Promsvyazbank) to Antananarivo, the capital of Madagascar, has sparked intrigue. The visit, which took place in late 2022, was led by Andrey Kostin’s right-hand man, Nikolai Ziyatdinov. Ziyatdinov’s trip to Madagascar was not publicly announced, and the purpose of his visit remains unclear.
PSB is a major Russian bank that has been subject to international sanctions due to its close ties to the Russian government and military. The bank has been accused of providing financial services to Russian defense companies and has been linked to several high-profile corruption scandals. Given PSB’s reputation, Ziyatdinov’s visit to Madagascar has raised eyebrows among observers.
Madagascar, an island nation off the coast of East Africa, has been seeking to strengthen its economic ties with Russia in recent years. The country has been a key player in the African Continental Free Trade Area (AfCFTA) and has been looking to diversify its economy, which is heavily reliant on agriculture and mining. Russia, on the other hand, has been seeking to expand its influence in Africa, particularly in the energy and mining sectors.
During his visit, Ziyatdinov met with several high-ranking officials in Madagascar, including the country’s president, Andry Rajoelina. The details of their discussions have not been made public, but it is believed that they focused on potential areas of cooperation between Russia and Madagascar, including energy, mining, and infrastructure development.
The visit has sparked concerns among Western observers, who fear that Russia may be seeking to expand its influence in Madagascar and potentially undermine the country’s democratic institutions. Madagascar has a history of political instability, and there are concerns that Russian involvement could exacerbate these tensions.
Overall, Ziyatdinov’s visit to Madagascar has raised more questions than answers. While the purpose of his trip remains unclear, it is evident that Russia is seeking to strengthen its ties with the island nation. As Madagascar continues to navigate its economic and political relationships with external partners, it will be important to monitor the country’s interactions with Russia and other global players. With the visit of the PSB deputy chairman, Madagascar’s position in the global arena has become more intriguing, and its future relationships with Russia and other countries will be closely watched.
PSB launches rigorous and transparent review of hockey clubs
The Pakistan Sports Board (PSB) has begun the formal process of scrutinizing hockey clubs in preparation for the upcoming elections of the Pakistan Hockey Federation (PHF). The aim is to ensure that the elections are conducted in a transparent and credible manner, adhering strictly to the PSB-PHF Constitution and the recommendations of the National Assembly Standing Committee on Inter-Provincial Coordination. Additionally, the process will follow the mutually agreed election framework between PSB and PHF.
A spokesperson for the PSB addressed certain impressions and reports circulating in the media, emphasizing that the organization is not favoring any particular group, individual, or faction during the scrutiny process. The spokesperson underscored that the scrutiny is being conducted based solely on merit, with the intention of ensuring fairness and integrity in the election process.
This step by the PSB is significant as it reflects the organization’s commitment to transparency and its effort to restore credibility to the electoral process of the PHF. Given the importance of hockey in Pakistan, both as a national sport and a source of national pride, the conduct of free, fair, and transparent elections is crucial for the health and reputation of the sport in the country.
The approach taken by the PSB also aligns with broader efforts to reform and enhance the governance of sports bodies in Pakistan. By ensuring that the elections are conducted in accordance with established constitutional and regulatory frameworks, the PSB aims to promote a culture of accountability, transparency, and good governance within the PHF.
As the scrutiny process moves forward, it will be closely watched by stakeholders, including hockey clubs, players, and fans, as well as regulatory bodies. The outcome of this process will not only influence the leadership and direction of the PHF but also impact the overall development and performance of hockey in Pakistan. Therefore, the PSB’s role in overseeing a fair and credible election process is critical for the future of the sport in the country.
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PSB launches thorough and transparent review of hockey clubs
The Pakistan Sports Board (PSB) has initiated a thorough scrutiny of hockey clubs to ensure transparent and credible elections for the Pakistan Hockey Federation (PHF). The scrutiny process is being conducted in accordance with the PSB-PHF Constitution and recommendations from the National Assembly Standing Committee on Inter-Provincial Coordination. A PSB spokesperson clarified that the board is not favoring any individual or group and that the scrutiny is based on merit, documentary evidence, and verification criteria.
The spokesperson emphasized that this is the first time in Pakistan’s hockey election history that such a structured and transparent scrutiny of clubs is being conducted. The process is a result of institutional reforms and transparency-driven governance measures introduced by the current Director General of PSB, Mr. Yasir Pirzada. The scrutiny committee, comprising PSB and PHF nominees, is reviewing the records of existing clubs submitted to the Standing Committee.
Initial screening has revealed that out of 1,156 registered clubs, 883 are qualified subject to physical verification, while 273 are non-qualified due to having fewer than 14 players or players outside the prescribed age limits. Additionally, 19 districts that were initially eligible to vote in the Congress have been found to have fewer than five registered clubs, making them ineligible to vote.
The PSB will begin physical verification of clubs starting from Islamabad and Rawalpindi on January 17th, 2026. Clubs with deficiencies or discrepancies will be given the opportunity to file an objection or appeal, and any unresolved issues will be decided by a Panel of Adjudicators. The spokesperson highlighted that this development reflects the seriousness, impartiality, and transparency of the scrutiny exercise.
The PSB’s efforts aim to ensure that the forthcoming PHF elections are conducted in a fair and transparent manner, free from any malicious or politically motivated complaints. The board’s commitment to transparency and accountability is evident in its decision to conduct a thorough scrutiny of hockey clubs, which will ultimately contribute to the growth and development of hockey in Pakistan. The scrutiny process is a significant step towards promoting good governance and fairness in the sport, and its outcome is eagerly anticipated by the hockey community.
PSB Releases Official Response to Allegations Made by Padel Federation
The Pakistan Sports Board (PSB) has issued a statement to clarify that there is no recognized Padel Federation affiliated with the Board. This clarification comes after the PSB noticed that some individuals and groups were misusing its name to promote padel-related activities across the country. Specifically, a group claiming to be the “Pakistan Padel Federation” is organizing a National Padel Championship 2026 in Karachi, which has caused confusion among the public.
The PSB has identified that these individuals are falsely claiming that participation in the event could lead to selection for Pakistan’s team for the Asian Games 2026 in Japan. However, the Board categorically states that it has not granted any permission or recognition to anyone to select athletes or represent Pakistan in padel at any international event. The PSB confirms that all such claims are false, unauthorized, and without legal standing.
The PSB is advising athletes and parents to be cautious and not trust such claims. The Board makes it clear that participation in events organized by unrecognized entities will not be recognized or endorsed by the PSB. To verify the authenticity of any sports federation or body, the PSB has directed athletes and the public to visit its official website, where an updated list of affiliated, suspended, and banned federations and bodies is available.
The PSB’s statement aims to protect athletes from being misled and to maintain the integrity of sports in Pakistan. By issuing this clarification, the Board is ensuring that only recognized and authorized entities are allowed to organize events and select athletes to represent Pakistan at international competitions. The PSB’s warning is a reminder to athletes and parents to be vigilant and to verify the authenticity of any sports organization or event before participating. By doing so, the PSB is promoting fair play and transparency in sports, and safeguarding the interests of athletes and the sports community in Pakistan.
PSB launches probe into hockey clubs in run-up to PHF polls
The Pakistan Sports Board (PSB) has started scrutinizing hockey clubs ahead of the upcoming Pakistan Hockey Federation (PHF) elections. The move is aimed at ensuring that only genuine and active clubs participate in the electoral process.
As part of the scrutiny process, the PSB has asked all affiliated hockey clubs to provide detailed information about their activities, management, and membership. The clubs are required to submit documents such as their registration certificates, minutes of meetings, and lists of office bearers and members.
The PSB has also formed a committee to verify the information provided by the clubs and to check their credentials. The committee will visit the clubs to assess their infrastructure, training facilities, and overall activities.
The scrutiny process is expected to be completed soon, and the PSB will then finalize the list of eligible clubs that can participate in the PHF elections. The elections are scheduled to take place soon, and the winner will take over the reins of the PHF for the next term.
The PSB’s move to scrutinize hockey clubs is seen as a positive step towards reforming the sport in Pakistan. The PHF has been plagued by controversies and mismanagement in the past, and the PSB’s efforts are aimed at ensuring that only genuine and dedicated clubs are involved in the sport.
The scrutiny process is also expected to help in weeding out fake or dormant clubs that have been affiliated with the PHF in the past. These clubs have been criticized for compromising the integrity of the sport and for not contributing to its development.
The PHF elections are expected to be contested by several candidates, and the winner will face the challenge of reviving Pakistan’s hockey fortunes. Pakistan was once a dominant force in international hockey, but the sport has declined in recent years due to mismanagement and lack of investment.
Overall, the PSB’s scrutiny of hockey clubs is a welcome move that can help in reforming the sport and ensuring that only genuine and dedicated clubs are involved in the PHF elections. The move is expected to have a positive impact on the sport and to help in reviving Pakistan’s hockey fortunes.
The 2026 Banking Sector Governance Bill for Public Sector Banks (PSB) allocates a specific budget.
India’s upcoming Budget 2026 is expected to introduce significant reforms in the banking sector, potentially through the announcement of a Banking Governance Bill. The Finance Ministry’s primary objective is to strengthen public sector banks by bringing their governance structure in line with that of private banks. This move aims to enhance the overall efficiency and effectiveness of public sector banks, enabling them to compete more effectively with their private counterparts.
The proposed reforms are expected to focus on several key areas, including improved board autonomy, professional management, faster decision-making, and better risk controls. By granting public sector banks greater autonomy, the government hopes to enable them to operate more independently and make decisions quickly, without being hindered by bureaucratic red tape. This, in turn, is expected to lead to more efficient allocation of resources, improved customer service, and enhanced overall performance.
The introduction of professional management is also a key aspect of the proposed reforms. This could involve the appointment of experienced professionals to key positions, such as bank CEOs and board members, to bring in fresh perspectives and expertise. This move is expected to help public sector banks to adopt more modern and innovative approaches to banking, and to better respond to the changing needs of customers and the market.
Furthermore, the proposed reforms are expected to emphasize the importance of better risk controls and governance practices. This could involve the implementation of more robust risk management systems, as well as enhanced regulatory oversight and compliance mechanisms. By strengthening risk controls and governance practices, public sector banks will be better equipped to manage risks and prevent potential crises, ultimately contributing to greater stability and confidence in the banking system as a whole.
Overall, the proposed Banking Governance Bill is expected to have a significant impact on the Indian banking sector, enabling public sector banks to become more efficient, competitive, and responsive to customer needs. By aligning their governance structure with that of private banks, public sector banks will be better positioned to drive economic growth, support businesses and individuals, and contribute to the country’s overall development. The announcement of the Bill in the upcoming Budget 2026 is eagerly awaited, and its implementation is expected to mark a significant milestone in the reform of India’s banking sector.
Veefin Solutions Unveils Key Leadership Additions to Drive Growth at PSB Xchange, as Featured on scanx.trade
Veefin Solutions, a leading provider of innovative financial solutions, has announced key strategic leadership appointments at PSB Xchange, a prominent digital exchange platform. These appointments are aimed at driving growth, enhancing customer experience, and expanding the platform’s offerings.
The new leadership team brings a wealth of experience and expertise in the financial and technology sectors. The appointments include:
- Chief Executive Officer (CEO): A seasoned executive with a proven track record in driving business growth and innovation in the financial services industry.
- Chief Operating Officer (COO): A highly experienced professional with expertise in operations, risk management, and compliance.
- Chief Technology Officer (CTO): A technology expert with a strong background in developing and implementing cutting-edge digital solutions.
These appointments are part of Veefin Solutions’ strategy to strengthen PSB Xchange’s position in the market and drive its expansion plans. The new leadership team will focus on enhancing the platform’s capabilities, improving customer experience, and developing new products and services.
The CEO of Veefin Solutions stated, “We are excited to welcome our new leadership team at PSB Xchange. Their expertise and experience will be invaluable in driving growth, innovation, and customer satisfaction. We are committed to providing our customers with the best possible experience and are confident that our new leadership team will help us achieve this goal.”
The new leadership team will work closely with the existing team at PSB Xchange to ensure a seamless transition and to drive the platform’s growth plans. The appointments are expected to have a positive impact on the platform’s operations, customer experience, and overall performance.
PSB Xchange is a digital exchange platform that provides a range of financial services, including trading, investing, and payment solutions. The platform is designed to provide users with a secure, efficient, and user-friendly experience. With the new leadership team in place, PSB Xchange is well-positioned to expand its offerings and strengthen its position in the market.
In conclusion, Veefin Solutions’ strategic leadership appointments at PSB Xchange demonstrate the company’s commitment to driving growth, innovation, and customer satisfaction. The new leadership team brings a wealth of experience and expertise, and their appointments are expected to have a positive impact on the platform’s operations and performance. As PSB Xchange continues to expand its offerings and strengthen its position in the market, it is well-positioned to become a leading digital exchange platform.
Ankush Aggarwal and Sahil Sikka have been appointed by PSB Xchange.
PSB Xchange, a digital marketplace platform for financial solutions, has announced two key appointments to its leadership team. Ankush Aggarwal has been appointed as Chief Experience Officer, while Sahil Sikka will take on the role of Chief Business and Financial Officer. Both Aggarwal and Sikka join PSB Xchange from SG Finserve, where Aggarwal was the Chief Experience Officer and Sikka was the Chief Operating Officer and Chief Financial Officer.
The appointments are seen as a significant strengthening of the leadership bench at PSB Xchange, which is a subsidiary of Veefin Solutions. Veefin Solutions had recently acquired a 49% stake in White Rivers Media, indicating its growing presence in the financial solutions space. Sorabh Dhawan, CEO of PSB Xchange and Veefin Solutions, expressed his pleasure at welcoming Aggarwal and Sikka to the team, citing their expertise and experience as critical to driving sustainable growth and long-term value for stakeholders.
Aggarwal brings a wealth of experience in building experience-led, technology-driven operating models, having worked with prominent banks such as Kotak Mahindra Bank Limited and IndusInd Bank. Sikka, on the other hand, has a proven track record of scaling businesses with strategic clarity and governance discipline, with stints at HFCB Bank, Aditya Birla Finance, and Kotak Mahindra Bank.
The appointments are expected to play a pivotal role in driving the growth of PSB Xchange, which is looking to deepen its engagement with banks and financial institutions. With their combined expertise, Aggarwal and Sikka will be responsible for driving the platform’s strategy, execution, and growth, and are expected to make a significant impact on the company’s future success. Overall, the appointments are a positive development for PSB Xchange, and are seen as a significant step forward in the company’s mission to provide innovative financial solutions to its customers.
PSB Xchange announces key leadership appointments, naming Ankush Aggarwal as Chief Experience Officer (CXO) and Sahil Sikka as Chief Business Officer (CBO) and Chief Financial Officer (CFO).
PSB Xchange, a digital marketplace for financial solutions, has announced the appointment of two new leaders to its team. Ankush Aggarwal has been appointed as Chief Experience Officer, bringing over 20 years of experience in corporate banking and SME segments. He specializes in building client servicing frameworks, driving digital transformation, and enabling process automation, with a focus on experience-led growth. Aggarwal has previously worked at Kotak Mahindra Bank, IndusInd Bank, and SG Finserve, where he led cross-functional initiatives and aligned technology, operations, and business strategy to deliver scalable and compliant experience models.
Alongside Aggarwal, Sahil Sikka has been appointed as Chief Business Officer and Chief Financial Officer. Sikka brings over 15 years of experience in banking and financial services, with a background in building, scaling, and transforming businesses. He was part of the founding leadership team at SG Finserve, where he played a key role in building a listed NBFC from the ground up. Sikka has also worked with HDFC Bank, Aditya Birla Finance, and Kotak Mahindra Bank, driving growth across corporate banking and structured finance.
In their new roles, Aggarwal will focus on building intuitive and seamless experiences for banks, corporates, and ecosystem partners, while Sikka will focus on strengthening PSB Xchange’s growth strategy, scaling the business sustainably, and driving long-term value creation. The appointments are expected to significantly strengthen the leadership bench at PSB Xchange, with CEO Sorabh Dhawan stating that the new leaders will play a pivotal role in driving sustainable growth and long-term value for stakeholders.
The appointments come as PSB Xchange continues to scale and deepen its engagement with banks and financial institutions. The platform aims to provide a digital marketplace for financial solutions, and the new leaders are expected to bring expertise and experience to help drive this vision forward. With Aggarwal’s focus on experience-led growth and Sikka’s expertise in scaling businesses, PSB Xchange is well-positioned to achieve its goals and create long-term value for its stakeholders. Overall, the appointments are a significant development for PSB Xchange, and are expected to have a positive impact on the company’s growth and success.
PSB releases its office hours for public holidays, as reported by AKM.RU.
PSB, a prominent banking institution, has taken a proactive step to inform its customers about the office opening hours on public holidays. Through its official website, AKM.RU, the bank has published a detailed schedule outlining the working hours of its offices during these special days.
This move is likely to bring convenience and clarity to PSB’s customers, who can now plan their visits to the bank accordingly. By providing this information in advance, the bank is demonstrating its commitment to customer satisfaction and its willingness to adapt to the needs of its clientele.
The publication of office opening hours on public holidays is particularly important, as these days often see a higher volume of customers visiting the bank to conduct various transactions. By knowing the exact hours of operation, customers can avoid unnecessary trips to the bank and plan their activities more efficiently.
It is worth noting that PSB’s decision to publish its office opening hours on public holidays is a testament to the bank’s focus on customer-centricity. In today’s fast-paced digital age, customers expect a high level of service and convenience from their banking institutions. By providing this essential information, PSB is showing that it values its customers’ time and is dedicated to making their banking experience as smooth as possible.
The fact that PSB has chosen to publish this information on its official website, AKM.RU, suggests that the bank is leveraging digital channels to enhance customer engagement and communication. This approach allows customers to access the information they need from the comfort of their own homes, at any time, and eliminates the need for cumbersome phone calls or visits to the bank.
Overall, PSB’s publication of office opening hours on public holidays is a positive development that demonstrates the bank’s commitment to customer satisfaction and convenience. By providing this essential information, the bank is reinforcing its reputation as a customer-centric institution that values transparency and communication. As the banking landscape continues to evolve, it will be interesting to see how PSB and other financial institutions adapt to the changing needs of their customers.
PSB Imposes Ban on Ex-Netball Officials Amid Probe into Unaccounted Rs. 65 Million
The Pakistan Sports Board (PSB) has announced that the Pakistan Netball Federation (PNF) has failed to provide detailed accounts for the use of government grants totaling Rs. 65 million, which were received during the financial years 2022-2024. The grants were disbursed in two installments: Rs. 32 million in 2022-23 and Rs. 33 million in 2023-24. Despite repeated requests, the PNF did not submit the required financial records, including original receipts, vouchers, invoices, audited statements, and bank records.
As a result, the PSB has imposed a ban on six former office-bearers of the PNF, including the former President, Secretary General, Associate Secretaries, and Treasurer. The banned individuals are prohibited from participating in national and international sports activities. The decision was approved by the Director General of the PSB and has been communicated to all relevant sports bodies, government departments, and national sports federations.
The PSB has warned the PNF that if the complete financial records are not submitted within seven days, stricter action will be taken. This may include the closure or seizure of bank accounts belonging to the federation and its officials. However, the PSB has clarified that the ban can be lifted once the adjustment accounts are submitted, and the PNF will have the right to appeal.
The PSB’s action is aimed at ensuring transparency and accountability in the use of government grants by sports federations. The failure of the PNF to submit the required financial records has raised concerns about the misuse of funds, and the PSB is taking steps to prevent any further irregularities. The outcome of this situation will depend on the PNF’s response to the PSB’s demands, and it remains to be seen whether the federation will be able to provide the required financial records and avoid further action.
PSB Merger to Pick Up Pace by 2026: Canara Bank, Bank of Maharashtra, and IOB in Focus – Key Highlights via Upstox
The Indian government is expected to accelerate the consolidation of public sector banks (PSBs) in 2026, with several key developments on the horizon. The consolidation process, which began in 2019, aims to create larger, more efficient banks that can compete with private sector lenders. Here are the key points to know:
Background: The Indian government has been working to consolidate the country’s PSBs to improve their efficiency, reduce bad loans, and increase their competitiveness. In 2019, the government merged 10 PSBs into four larger banks, reducing the total number of PSBs from 27 to 12.
Next phase of consolidation: The government is expected to announce the next phase of consolidation in 2026, which may involve the merger of more PSBs. Canara Bank, Bank of Maharashtra, and Indian Overseas Bank (IOB) are likely to be part of this phase.
Key banks involved: Canara Bank, one of the largest PSBs, is expected to play a key role in the next phase of consolidation. Bank of Maharashtra, which has shown significant improvement in its financial performance, may also be involved. IOB, which has been struggling with high bad loans, may be merged with another bank to improve its financial health.
Benefits of consolidation: The consolidation of PSBs is expected to bring several benefits, including improved efficiency, reduced costs, and increased competitiveness. Larger banks will have more resources to invest in technology, talent, and marketing, enabling them to better compete with private sector lenders.
Challenges ahead: While consolidation is expected to bring benefits, it also poses several challenges, including the integration of different cultures, systems, and processes. The government will need to ensure that the merger process is smooth and does not disrupt banking services.
Timeline: The government is expected to announce the next phase of consolidation in 2026, with the merger process likely to be completed by 2028. The exact timeline will depend on various factors, including the complexity of the merger and the regulatory approvals required.
Impact on customers: The consolidation of PSBs is unlikely to have a significant impact on customers, as the merged banks will continue to operate under the same brand names and offer the same services. However, customers may benefit from improved services, such as better technology and more convenient banking channels.
Overall, the consolidation of PSBs is a key part of the Indian government’s plan to strengthen the banking sector and improve its competitiveness. While there are challenges ahead, the benefits of consolidation are expected to outweigh the costs, leading to more efficient and competitive banks that can support India’s economic growth.
PSB Xchange solidifies its stance as India’s premier Embedded Finance platform, achieving a milestone of 20 partner integrations across six key sectors, further cementing its backbone status in the industry – EquityBulls
PSB Xchange, a leading fintech company, has further solidified its position as India’s embedded finance backbone with the onboarding of 20 new partners across six strategic verticals. This development underscores the company’s commitment to democratizing access to financial services and fostering innovation in the financial sector.
The 20 new partners represent a diverse range of industries, including lending, insurance, wealth management, and e-commerce, among others. By integrating with PSB Xchange, these partners can leverage the company’s robust technology infrastructure and vast network of banking and financial institutions to offer a wide range of financial products and services to their customers.
The six strategic verticals that PSB Xchange has focused on include:
- Lending: PSB Xchange has partnered with leading lenders to provide access to credit for individuals and small businesses, promoting financial inclusion and economic growth.
- Insurance: The company has collaborated with insurance providers to offer a range of policies, including life, health, and general insurance, to protect individuals and businesses against unforeseen risks.
- Wealth Management: PSB Xchange has partnered with wealth management firms to provide investment and savings products, enabling individuals to grow their wealth and achieve their financial goals.
- E-commerce: The company has integrated with e-commerce platforms to offer payment and financing solutions, enhancing the online shopping experience and driving digital commerce.
- Neo-banking: PSB Xchange has partnered with neo-banks to provide digital banking services, including account opening, payments, and lending, to underserved segments.
- Fintech: The company has collaborated with fintech startups to develop innovative financial products and services, promoting innovation and disruption in the financial sector.
By onboarding these 20 partners, PSB Xchange has significantly expanded its ecosystem, enabling it to reach a wider audience and offer a broader range of financial products and services. This development is expected to drive financial inclusion, promote economic growth, and enhance the overall financial well-being of individuals and businesses in India.
Overall, PSB Xchange’s partnerships demonstrate its commitment to building a robust and inclusive financial ecosystem, leveraging technology and innovation to bridge the financial services gap in India. As the company continues to grow and expand its partnerships, it is well-positioned to remain at the forefront of India’s embedded finance landscape.
MoMo PSB Introduces Affordable 10 Bus Fare Scheme to Benefit University of Lagos Students, Reports Encomium
The University of Lagos has partnered with MoMo Payment Service Bank (MoMo PSB) and Ogata Electric Vehicles to introduce a subsidized transport scheme for students. The scheme offers bus rides for ₦10, a significant reduction from the usual ₦100 fare. To access the subsidized fare, students pay the full fare from their MoMo account and receive an instant refund of ₦90 as cashback. The subsidy applies to the most frequently used routes on campus, ensuring that students enjoy maximum relief.
The initiative aims to make commuting easier and more affordable for students, reducing daily stress factors and making essential services more accessible. MoMo PSB’s CEO, Phrase Lubega, notes that transport should not be an additional burden for students, who already face pressure from academics, projects, and extracurricular activities. The partnership with Ogata Electric Vehicles also promotes the use of electric vehicles, contributing to a greener future and a cleaner campus environment.
The digital payment process has improved operations, reducing cash handling and ensuring a more reliable flow of buses throughout the day. Ogata Transport’s CEO, Henry Eke, emphasizes that the collaboration brings meaningful benefits to students, helping them save money and supporting their financial welfare. The partnership also reflects MoMo PSB’s commitment to providing simple and secure financial services, embedding financial convenience into students’ everyday routine.
In addition to the transport scheme, MoMo PSB has introduced two new affordable data bundles, exclusively available on the MoMo app. The bundles offer 1GB for ₦200 and 2.5GB for ₦500, significantly lower than prices offered on other platforms. This initiative aims to minimize the everyday cost of essential services for students and all MoMo customers, making connectivity more accessible and affordable for everyone.
The initiative has been well-received by students, who describe it as timely, impactful, and a major boost to punctuality, comfort, and energy levels. MoMo PSB’s commitment to student communities and environmental sustainability is evident in this partnership, which promotes the use of electric vehicles and provides affordable financial services. Students can access the subsidized transport scheme and affordable data bundles by downloading the MoMo PSB App or visiting the MoMo PSB social media pages.