BharatPe

Subject – Economy

Context – RBI grants banking licence to USFBL

Concept –

The Reserve Bank of India on Tuesday granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on SFB business in India.

About BharatPe –

BharatPe is a fintech company that caters to the small merchants and kirana store owners of India.
The company offers a range of fintech products including interoperable QR code for UPI payments, Bharat Swipe (POS machine) for card acceptance, and small business financing.
It facilitates small merchants to accept payments via UPI (Unified Payments Interface) for free, through the BharatPe QR code.
It also offers merchant loans of up to Rs. 7 lacs for a duration of 3 to 12 months.
The other products include and a peer-to-peer lending product called 12% Club.
In 2020 they launched Digital Gold product for merchant.
BharatPe, India’s largest merchant fin-tech company had won the DigiDhan Mission Fin-tech Award 2018-2019 for ‘Innovation in Digital Payments through Emerging Technology’ at the MeitY Start-up Summit 2019.