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The app is PhonePe’s ‘biggest launch of the year,’ according to CEO and co-founder Sameer Nigam.

A QR code for the PhonePe digital payment system at a store in Mumbai. (Bloomberg)

Digital payments platform PhonePe on Wednesday announced its foray into the stock broking segment, doing so by launching an online service called ‘Share.Market.’

Sameer Nigam, CEO and co-founder, PhonePe, described the app as the company’s ‘biggest launch of the year.’

“Earlier this year, we had introduced innovative solutions such as PinCode, but this new offering is our biggest launch of the year,” Nigam said, according to CNBCTV18.

Meanwhile Ujjawal Jain, appointed as the CEO of Share.Market, said, “The service will bring newer demographics into broking, helping people to get started on their investing journey with off-the-shelf quant research-led offerings, including WealthBaskets.”

Share.Market app: All you need to know
(1.) According to CNBCTV18, which cited information from PhonePe, the app will have a one-time onboarding price of ₹199; this includes benefits that users can avail till March 31, 2024.

(2.) Available both as a mobile app and a dedicated web portal, the facility will aid retail investors in buying stocks, doing intraday trading, and purchasing curated WealthBaskets and mutual funds.

Source: https://www.hindustantimes.com/business/phonepe-enters-stock-trading-segment-with-share-market-app-all-you-need-to-know-101693393490477.html

RBI says that users would be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal

The Reserve Bank of India recently launched a centralised web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) for individuals to search such deposits across multiple banks in one place.

What are unclaimed deposits
According to RBI, balances in savings or current accounts which are not operated for ten years, or term deposits not claimed within ten years from the date of maturity are classified as unclaimed deposits.

The platform will aid users to identify their unclaimed deposit accounts and enable them to either claim the same or make them operational at their respective banks. Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.

How to access
Individuals will have to register to access and check for unclaimed deposits on the platform. Users will have to head to the UDGAM portal and enter the relevant details, including name and contact details.

Source: https://www.thehindubusinessline.com/info-tech/how-to/rbis-udgam-portal-what-is-it-how-to-log-in-and-check-unclaimed-deposits/article67215640.ece

Tag: Financial services

PhonePe enters stock trading segment with Share.Market app: All you need to know

RBI’s UDGAM portal: How to register, check details of unclaimed deposits