NBFCs are shadow banks which can offer loans to customers, and in most cases do not take any deposits from them. They raise money from banks and other financial institutions and lend to their customers, thereby making money out of the interest margin.
An NBFC licence would allow fintechs to offer loans from their own books, thereby build an asset base. Without this licence, they remain confined as marketplaces to source loans for banks and other NBFCs.
Taking to Twitter, Musk updated fans with the new option and tweeted, "Block is going to be deleted as a 'feature', except for DMs,". "Makes no sense," he added.
Meta started blocking news on its Facebook and Instagram platforms for all users in Canada earlier this month in response to a law requiring internet giants to pay for news articles.
Business correspondents (BCs) are being roped into the government’s financial inclusion plans in a big way. Besides providing traditional services such as account opening and payments, these last-mile banking intermediaries have now ventured into more complex areas like credit and insurance. This and more in today’s Morning Dispatch.
The government does not want consumers or industry to be hit by fixing a timeline for the setting up of the Data Protection Board under the Digital Personal Data Protection Act, minister of state for electronics and IT Rajeev Chandrasekhar said.
The company generated $55 million in profit on $1.5 billion in revenue during the January-to-March period, according to the report.