In an attempt to ease out regulations for fintech companies, the Reserve Bank of India (RBI), on Wednesday (February 5), has agreed to allow non-compliant know-your-customer (KYC) accounts to continue making payments through mobile wallets.

RBI is expected to permit transactions by giving customers the option to convert their ‘minimum KYC’ accounts to the central bank’s newly introduced ‘low KYC’ PPI (Paid Payments Instruments) accounts.

Paytm CEO Vijay Shekhar Sharma told ET that the customer’s consent will be taken before the ‘low KYC’ conversion of the accounts happen.

RBI Introduces Video-Based KYCOver the years, fintech companies have been writing to RBI to find alternate solutions to smoothen the KYC process, and cut the cost incurred from physical onboarding and verification of customers.

Most importantly, this will eliminate physical onboarding and verification process of customers. | To read full story, visit https://startuparound.com/read/1580889630.8911555/RBI-Introduces-‘Low-KYC’-To-Help-Fintech-Companies-Retain-Customers?ref=audio_experience

Hosted by the Digital Empowerment Foundation, over 159 nominations across South Asia were received for the sixth annual eNGO Challenge Awards and Conference.

Titled ‘Smart Solutions for Smart Communities,’ it featured innovative projects and initiatives by civil society organisations across seven sectors.

Harish HandeThe rise of social media bodes well for social entrepreneurs, observed Osama Manzar, Founder of the Digital Empowerment Foundation.

Here are the civil society organisations which were declared Winners or were awarded Special Mentions and Chairperson’s Distinction at the eNGO Challenge 2020.

The Deepak Foundation aims to bridge the gap between government schemes and the intended beneficiaries. | To read full story, visit https://startuparound.com/read/1580887868.2542105/Digital-transformation:-how-civil-society-organisations-are-improving-social-impact?ref=audio_experience

Instamojo, a Bangalore-based startup that helps merchants and small businesses accept digital payments, establish presence and sell on the web, has acquired Times Internet-owned Gurgaon-based startup GetMeAShop.

But most small businesses, especially neighbourhood stores and merchants, remain offline.

A wave of startups in the country today are trying to make it easier for these merchants and businesses to come online.

The seven-year-old startup began its journey as a payments provider for small businesses.

Over the years, it has launched an online store, an app store, and a lending service to serve more needs of a business. | To read full story, visit https://startuparound.com/read/1580886023.5000172/Instamojo-acquires-Times-Internet’s-GetMeAShop-to-serve-more-small-businesses-in-India-–-TechCrunch?ref=audio_experience

Xoogler held its Demo Day in Bengaluru on February 2nd where 11 startups and 50+ investors from the Xoogler community participated.

The community started Demo Days in the US, London, Singapore and now Bengaluru to help Google alumni led startups with their fundraising process.

The event saw participation from Pre-seed, seed, Series-A stage startups led by Xooglers.

Xoogler.co's investment syndicate has $1.8M+ in backing from 500+ investors to invest in each ex-Google led startup.

They also have an active slack group where Xooglers can help each other, a Google Cloud credits program for Xoogler led startups , an angel group, and an investment syndicate to invest in ex-Google startups. | To read full story, visit https://startuparound.com/read/1580884208.4838958/Xoogler-Demo-Day-yielded-results-for-11-startups?ref=audio_experience

NEW DELHI: Avaana Capital, has infused fresh funds in AlphaVector, owner of India’s fastest growing bicycle brand - Frog.

Rohit Bansal and Kunal Bahl as part of Titan Capital have also invested as part of this round.Frog is focusing on innovations to improve the bicycling experience for everyone.

It will use the funds from Avaana and Titan to expand its product offerings to cater to the growing Indian-middle-class and to launch electric bicycles.

The company also plans to invest in a state-of-the-art manufacturing facility with a capacity of 1 million cycles per year under the “Make in India” program.

As the fastest growing aspirational brand with a singular focus on creating affordable, comfortable, and stylish products for this target segment, we expect AlphaVector’s Frog cycles to emerge as a major player.” | To read full story, visit https://startuparound.com/read/1580882443.3222554/Avaana-Capital-infuses-fresh-funds-in-Frog-Cycles?ref=audio_experience

Because many community banks and local credit unions share similar attributes—like personalized customer service and community support—standing out from the competition can seem challenging.

Focus on Digital MarketingFor local banks and credit unions, search engine optimization (SEO) should play a major role in digital marketing.

For local banks and credit unions, content can take many forms, including product pages, blogs, resource centers, and videos.

Local banks and credit unions owe it to their community, members, stockholders, and insurers to operate honestly and reliably.

Despite the fierce competition from national banks, local credit unions and community banks continue to thrive due to their commitment to serving the community. | To read full story, visit https://startuparound.com/read/1580880614.3163643/3-Ways-Community-Banks-And-Credit-Unions-Can-Crush-The-Competition?ref=audio_experience

Noida-based payments major Paytm had an astonishing rise after India’s infamous demonetisation in 2016, and claimed market leadership.

In an exclusive interview with YourStory, Paytm chief Vijay Shekhar Sharma talks about future plans and how Paytm plans to transform itself into a profitable financial services behemoth.

YS: Over the last two years, the company has launched multiple verticals, including Paytm FirstGames and Paytm Money.

Our 2020 mission is Financial Services, and Paytm looks to build a large moat on that.

VSS: We divide our Financial Services business into three parts - Wealth, Lending, and Insurance. | To read full story, visit https://startuparound.com/read/1580878805.1809425/[Interview]-Paytm-Founder-Vijay-Shekhar-Sharma-reveals-road-to-profitability,-IPO-for-digital-payments-major?ref=audio_experience

Nandan Nilekani says MDR would have trended to zero even without government | To read full story, visit https://startuparound.com/read/1580877005.7498949/Nandan-Nilekani-says-MDR-would-have-trended-to-zero-even-without-government?ref=audio_experience

Homegrown bicycle brand Frog’s parent company AlphaVector has raised an undisclosed amount from Avaana Capital and Titan Capital, which is an investment arm of Snapdeal’s cofounders Rohit Bansal and Kunal Bahl.

Founded in 2015 by Sachin Chopra, AlphaVector’s Frog is a range of bicycles that assures safety, durability, comfort, and style.

With the new funding round, Frog plans to expand its product offerings and also launch an electric cycle.

Moreover, AlphaVector plans to invest in a state-of-the-art manufacturing facility that will have the capacity to produce one million cycles annually.

Previously, AlphaVector raised funding from early-stage investor Fireside Ventures’ Fund I, which has a corpus of $50 Mn. | To read full story, visit https://startuparound.com/read/1580875206.2686718/Snapdeal-Founders,-Avaana-Capital-Invest-In-Cycle-Brand-Frog?ref=audio_experience

Homegrown bicycle brand Frog’s parent company AlphaVector has raised an undisclosed amount from Avaana Capital and Titan Capital, which is an investment arm of Snapdeal’s cofounders Rohit Bansal and Kunal Bahl.

Founded in 2015 by Sachin Chopra, AlphaVector’s Frog is a range of bicycles that assures safety, durability, comfort, and style.

Alongside its offline channels, Frog Bikes also sells through its portal with free shipping.

It also has a formidable retail presence in over 250 cities across 600+ retail points.

The company sells its bikes at INR 10,999 flat. | To read full story, visit https://startuparound.com/read/1580873406.0298486/Snapdeal-Founders,-Avaana-Capital-Invest-In-Cycle-Brand-Frog?ref=audio_experience