PM Modi to launch APIX, a banking technology for 2 billion people without bank accounts

Agencies
November 13, 2018

Singapore, Nov 13: Prime Minister Narendra Modi will address some 30,000 people at the world's largest gathering of financial technology companies in Singapore this week and launch a banking solution for two billion people without bank accounts worldwide.

Prime Minister Modi will be in Singapore from November 14 to 15 to attend a series of summits, including the East Asian summit and ASEAN meetings.

He is scheduled to speak at the Fintech Festival which has the largest gathering of global Fintech companies and delegates ranging from the industry leaders to smaller start-ups.

He will address 30,000 people at the festival, the biggest event of its kind in the world, the organisers said.

India with 400 exhibitors is the largest contingent at the event.

Modi will launch APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.

Designed by software experts based in Hyderabad, Colombo and London, APIX is a sophisticated technology by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions.

The Prime Minister will be launching the technology at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank and the ASEAN Banking Association, said Nikhil Menon, Virtusa's senior vice president and Asia regional head.

APIX will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji, said Menon.

Supporting Modi's presence at the festival is India Pavilion of 18 companies.

Eight of these companies are from Mumbai. The Pavilion is organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT).

Mumbai Fintechs at the festival are seeking opportunities in the global markets, said MahaIT Fintech Officer Suniti Nanda.

"Mumbai, as a financial hub, is also a gateway for international fintech companies to enter the Indian market," Nanda said, adding that the festival gives opportunities both to understand global market requirements and present the potential of large-scale Indian consumers.

Malaysian fintechs have expressed interest in joining Indian fintechs to venture into India, according to Tushar Shankar, co-founder of Mumbai-based PhiCommerce which is presenting PayPhi, a three-year old cashless system of making payments.

PayPhi is a socio-economic platform enabling the simple villager to dweller in metro to make payment, he said.

The Malaysians want to tap the online buying power for Indian consumers, he said.

"We are also participating in the festival to get deeper understanding of the global market," said Shankar.

He also highlighted that India has been drawing global fintechs' interest as it has emerged as one of the largest system-based payment markets.

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News Network
December 16,2025

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The deletion of over 58 lakh names from West Bengal’s draft electoral rolls following a Special Intensive Revision (SIR) has sparked widespread concern and is likely to deepen political tensions in the poll-bound state.

According to the Election Commission, the revision exercise has identified 24 lakh voters as deceased, 19 lakh as relocated, 12 lakh as missing, and 1.3 lakh as duplicate entries. The draft list, published after the completion of the first phase of SIR, aims to remove errors and duplication from the electoral rolls.

However, the scale of deletions has raised fears that a large number of eligible voters may have been wrongly excluded. The Election Commission has said that individuals whose names are missing can file objections and seek corrections. The final voter list is scheduled to be published in February next year, after which the Assembly election announcement is expected. Notably, the last Special Intensive Revision in Bengal was conducted in 2002.

The development has intensified the political row over the SIR process. Chief Minister Mamata Banerjee and her Trinamool Congress have strongly opposed the exercise, accusing the Centre and the Election Commission of attempting to disenfranchise lakhs of voters ahead of the elections.

Addressing a rally in Krishnanagar earlier this month, Banerjee urged people to protest if their names were removed from the voter list, alleging intimidation during elections and warning of serious consequences if voting rights were taken away.

The BJP, meanwhile, has defended the revision and accused the Trinamool Congress of politicising the issue to protect what it claims is an illegal voter base. Leader of the Opposition Suvendu Adhikari alleged that the ruling party fears losing power due to the removal of deceased, fake, and illegal voters.

The controversy comes amid earlier allegations by the Trinamool Congress that excessive work pressure during the SIR led to the deaths by suicide of some Booth Level Officers (BLOs), for which the party blamed the Election Commission. With the draft list now out, another round of political confrontation appears imminent.

As objections begin to be filed, the focus will be on whether the correction mechanism is accessible, transparent, and timely—critical factors in ensuring that no eligible voter is denied their democratic right ahead of a crucial election.

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News Network
December 16,2025

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Prime Minister Narendra Modi on Monday held talks with Jordan’s King Abdullah II in Amman, during which the two leaders discussed ways to further strengthen bilateral relations, with the Prime Minister outlining an eight-point vision covering key areas of cooperation.

Describing the meeting as “productive”, PM Modi said he shared a roadmap focused on trade and economy, fertilisers and agriculture, information technology, healthcare, infrastructure, critical and strategic minerals, civil nuclear cooperation, and people-to-people ties.

In a post on social media platform X, the Prime Minister praised King Abdullah II’s personal commitment to advancing India–Jordan relations, particularly as both countries mark the 75th anniversary of the establishment of diplomatic ties this year.

“Held productive discussions with His Majesty King Abdullah II in Amman. His personal commitment towards vibrant India-Jordan relations is noteworthy. This year, we are celebrating the 75th anniversary of our bilateral diplomatic relations,” PM Modi said.

The meeting took place at the Al Husseiniya Palace, where the two leaders also exchanged views on regional and global issues of mutual interest. According to the Ministry of External Affairs (MEA), both sides agreed to further deepen cooperation in areas including trade and investment, defence and security, counter-terrorism and de-radicalisation, fertilisers and agriculture, infrastructure, renewable energy, tourism, and heritage.

The MEA said both leaders reaffirmed their united stand against terrorism.

PM Modi arrived in Amman earlier on Monday and was received by Jordanian Prime Minister Jafar Hassan, who accorded him a formal welcome. Following the talks, King Abdullah II hosted a banquet dinner in honour of the Prime Minister, reflecting the warmth of bilateral ties.

Jordan is the first leg of PM Modi’s three-nation tour. From Amman, the Prime Minister will travel to Ethiopia at the invitation of Prime Minister Abiy Ahmed Ali, marking his first official visit to the African nation. The tour will conclude with a visit to Oman.

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News Network
December 16,2025

Mangaluru, Dec 16: The Mangaluru City police have significantly escalated their campaign against drug trafficking, arresting 25 individuals and booking 12 cases under the Narcotic Drugs and Psychotropic Substances (NDPS) Act between November 30 and December 13. The crackdown resulted in the seizure of a substantial quantity of illicit substances, including 685.6 grams of MDMA and 1.5 kg of ganja.

The success of this recent drive has been significantly boosted by the city’s innovative, QR code-based anonymous reporting system.

"The anonymous reporting system has received an encouraging response. Several recent arrests were made based on inputs received through this system, helping police tighten the noose around drug peddlers," said the City Police Commissioner.

The latest arrests contribute to a robust year-to-date record, underscoring the police's relentless commitment to combating the drug menace.

Up to December 14 this year, the police have registered a total of 107 cases of drug peddling, leading to the arrest of 219 peddlers. Furthermore, they have booked 562 cases of drug consumption, resulting in the arrest of 671 individuals.

The scale of the seizure for the year reflects the magnitude of the problem being tackled: police have seized 320.6 kg of ganja worth ₹88.7 lakh and 1.4 kg of MDMA valued at ₹1.2 crore. Other significant seizures include hydro-weed ganja worth ₹94.7 lakh and cocaine worth ₹1.9 lakh, among others.

The Commissioner emphasized a policy of rigorous enforcement: "We ensure that peddlers are caught red-handed so that they cannot later dispute the case or claim innocence."

To counter the rising trend of substance abuse among youth, the Mangaluru City police have rolled out uniform guidelines for random drug testing across educational institutions.

As part of the drive, tests were conducted in approximately 100 institutions, screening an estimated 5,500 to 6,000 students in the first phase. 20 students tested positive for drug consumption during the initial screening.

Students who tested positive have been provided counselling and are scheduled for re-testing in the second quarter. The testing will also be expanded to students not covered in the first phase. In a move to ensure strict implementation, police personnel were deployed in mufti in some institutions. Reiterating a zero-tolerance stance, the Commissioner confirmed that random testing will continue, and colleges have also been instructed to conduct drug tests at the time of admission to deter substance abuse from an early stage.

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