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Google Collaborated with Setu

Published on August 27, 2021
Current Context: Google has partnered with a fintech company, Setu.
Google Collaborated with Setu
  • The partnership will allow its users to open fixed deposits (FD) using Google Pay app.
  • Setu is a fintech company that is an expert in offering APIs (application programming interfaces) and it has created the beta version of API which can offer FDs.
  • The FDs through this beta version are of tenors like 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and 365 days.
  • The interest rates linked to these FDs will vary from 3.5% for the shortest FD to 6.35% for the FD with one year tenor.
  • To avail of this FD, users will have to complete their KYC procedures using Aadhar through OTP submission.
  • The users can open an FD account even without having an account with the bank which offers FD.
  • At the initial stage, FDs of Equitas Small Finance Bank will be offered for a period of 1 year carrying a maximum interest rate of 6.35%.
  • Static Part: 
    • HQ of Google: California, US
    • CEO of Google: Sunder Pichai

Question: 

Q.1 With which company has Google partnered to open fixed deposits (FD) using Google Pay app?
a. Shiksha Finance
b. MoneyTap
c. Lendingkart
d. Setu
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