RBI order to throw up opportunities in RegTech space: Newgen Software
Published On : 2024-12-04T23:02:24+0530 [ IST ] |
Author : Mayur_Tembhare
Reading Time : 1 mins
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Newgen Software expects its recent order from the Reserve Bank of India to open up new opportunities in the RegTech and financial sectors.
The RBI project involves implementing a system to streamline regulatory applications and ensure compliance. Newgen's success in this competitive bid where it bid alongside companies like TCS and IBM could enhance its credibility and attract new clients in the financial sector
The order is worth 32 crore and will be executed over seven years.
Sunil Pandita Head of Sales at Newgen highlighted the company's integration of data analytics and artificial intelligence into its solutions as a key factor.
In the first half of fiscal 2025 Newgen reported revenue of 676 crore a 24% increase from 545 crore in the same period last year. For the September quarter Newgen Software reported a consolidated net profit of 70.3 crore up by 47% quarter-on-quarter
Newgen's core strength lies in its low-code platforms which automate various business applications. Building on its success in automating loan application processes for banks and finance companies Newgen is developing new products to automate deposit mobilization and improve lenders' response to early default signals. The company's software applications sit between the bank or financial
The early warning system applications can trigger corrective actions whether it's activating a dialler or initiating legal proceedings said Pandita. In addition to lending deposits and early warning systems the company also automates processes for co-lending, trade financing and lead generation.
Source : Reporters From Sunrise Chronicles
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Summary :
Newgen Software expects its recent order from the Reserve Bank of India to open up new opportunities in the RegTech and financial sectors.
The RBI project involves implementing a system to st
