Get all accounts on net banking by March 31: Govt to banks
The government may make all savings bank accounts automatically Internet-enabled by March 31, in another step to further ease the use of cashless transactions. Also, plans are afoot to provide RuPay cards to the maximum population through a mass circulation drive. As of now, 65 per cent of bank account holders are Internet banking-enabled and 35 per cent have not linked their accounts to Internet banking. The government wants to make these accounts Internet-enabled by March 31.
American Express launches ‘Buyer Initiated Payments’ to eliminate cheque, draft payments
Global leader in payment solutions American Express has announced the launch of Buyer Initiated Payments (BIP), an electronic payment platform linked to corporate card that reduces processing costs and offers extended payment terms compared to traditional invoice payments.BIP enables companies to increase the Days Payable Outstanding (DPO) while still paying vendors on time. This web-based tool linked to Corporate Card fits and works within existing processes and includes reconciliation reporting that simplifies tracking vendor payments.
Lakshmi Vilas Bank ties with Centrum for its wealthy clients
Centrum Group will offer wealth management services to rich clients of Lakshmi Vilas Bank (LVB) as part of a tie-up. The bank will refer its high-net worth individual (HNI) clients to Centrum Wealth Management, which will manage their investment portfolios. Centrum Wealth manages assets of around Rs10,000 crore. Lakshmi Vilas Bank’s customers are mostly in south India.
World Bank offers over $1-billion loan to Maharashtra
The World Bank has announced an assistance programme of over $1 billion in the areas of urban transport and climate resilient agriculture in Maharashtra, over the next 2-3 years. This was announced by the World Bank’s Chief Executive Officer, Kristalina Georgieva, at the end of a day-long visit to the city. Over the last five years, World Bank had invested over $1.4 billion in Maharashtra in urban transport, rural water supply and agriculture.
Banks insisted by RBI to initiate special camps to literate about digital payments
The Reserve Bank of India has advised bank-operated Financial Literacy Centres to conduct special camps for one year beginning April 1, 2017 on “going digital” through Unified Payments Interface and the *99# service, in view of the government’s emphasis on increasing digital transactions post-demonetisation. Besides these camps, FLCs will continue to conduct camps for five target groups — farmers, small entrepreneurs, school children, senior citizens and Self Help Groups.The RBI said the tailored content for each target group is being prepared and will be shared with banks/FLCs in due time.
ET Money ties up with HDFC Life to launch data-led insurance policy
Long-term life insurance provider HDFC Life has launched an exclusive Data-Led Group Term Insurance Plan in partnership with personal finance app ET Money of Times Internet.This is the country’s first term insurance plan which is based on the spending pattern of the users. ET Money Benefit, the group term life insurance plan can be exclusively availed by 1 million users of the ET MONEY app.
SBI to charge for breaching monthly average balance in saving accounts
From the beginning of the next financial year (April 1), failing to maintain a monthly average balance (MAB) in your State Bank of India (SBI) savings accounts will attract a charge.SBI had suspended this charge in July 2012 to expand its customer base and generate low-cost deposits, as those in savings account earn interest rate of only 4 per cent.The bank said it is resuming the charge to partly cover costs for maintaining systems and operations of savings accounts.
HDFC Bank launched chatbot Eva for customer services
HDFC Bank announced the launch of an electronic virtual assistant (EVA), an artificial intelligence-driven chatbot, for customer services. Eva is India’s first AI-based banking chatbot and can answer millions of customer queries across multiple channels instantly.
SBI launches ‘Work from Home’ facility for employees
• The State Bank of India (SBI), country’s largest lender has launched a new facility to enable its employees to work from home.
• The board of SBI has recently approved the ‘work from home’ policy to enable its employees to work while at home using mobile devices to address any urgent requirement they may have, that prevents their travelling to work.
• The SBI will be using mobile computing technologies and shall have continuous control over all the enabled devices centrally to manage and secure the data and applications on the mobile devices.
Karur Vysya Bank launches 3 technology services
To keep pace with technology across the globe, Karur Vysya Bank (KVB) has launched three technology services for the benefit of customers. Briefing reporters on the services, KVB Managing Director and CEO K Venkataraman said FASTag was launched in association with Indian Highways Management Company, a subsidiary of National Highway Authority of India, wherein pre-loaded tags affixed to vehicles help them move on without having to join queues at
toll plazas and handing cash for payment.
toll plazas and handing cash for payment.
RBI Restricts Cash Loan against Gold by NBFC to Rs.25,000
The Reserve Bank of India has sharply brought down the threshold above which non-banking finance companies (NBFCs) can disburse loans against gold only by cheque. The central bank said with immediate effect such loans amounting to Rs. 20,000 and above can be disbursed only by cheque as against the earlier threshold of Rs. 1 lakh and above. This move is in line with the rules issued under the Income Tax Act.
Intel buys self-driving tech startup Mobileye for $15.3 bn
Intel, the chipmaking giant it would pay $15.3bn to buy Mobileye, the maker of autonomous driving technology, in one of the biggest deals yet in the emerging field of self-driving cars and Israel’s biggest-ever cross-border acquisition. The two companies announced a definitive agreement under which a subsidiary of Intel will begin a tender offer to buy all of Mobileye’s shares for $63.54 each in cash.
Boeing to set up first overseas factory in China
US aircraft giant Boeing will set up its first overseas factory in eastern China aiming to deliver 100 Boeing 737 planes a year. Boeing and Chinese aviation manufacturer Commercial Aircraft Corporation of China Ltd (COMAC) will start to build a Boeing 737 completion centre in Zhoushan by the end of March, scheduled to make its first delivery in 2018.
UCO Bank, Future General tie up
Private insurer Future General India Insurance Company (FGII) has entered into a corporate agency tie-up for its products with public lender UCO Bank. The PSU lender will provide a window at its bank branches for marketing FGII’s offerings. The company has tie-ups with over 100 banks across the country. At present, the bancassurance model accounts for 5 per cent of the insurer’s total business. The company aims to achieve a growth of 80 per cent by FY18.
State Bank of India signs MoU with CREDAI
State Bank of India and real estate developers’ body CREDAI have signed a memorandum of understanding (MoU) to jointly conduct various initiatives towards development of the realty sector. The MoU will be in force for a period of 3 years. CREDAI is the largest real estate association in the country with over 11,500 members. We see a lot of synergies in working with CREDAI.
HDFC Bank to offer online loans against securities
HDFC Bank has launched an instant digital loan against securities (LAS) facility in collaboration with the National Securities Depository (NSDL). The bank said customers can avail themselves of overdraft facility against shares in three steps — select the shares to be pledged on net banking; accept agreement through one-time password (OTP); and pledge the shares with NSDL online through OTP. The bank, in a statement, said its demat customers can calculate their eligibility for overdraft limit against shares, and open a current account instantly.
Kerala gets first private bank: ESAF Small Finance Bank
ESAF Small Finance Bank, Kerala’s first private sector bank, was launched by Chief Minister Pinarayi Vijayan. The bank, promoted by ESAF Microfinance and Investments (P) Ltd, has announced that in its first year it will open 85 branches. As per RBI guidelines, the bank is required to open 25 per cent of its branches in unbanked rural centres besides in cities like Bengaluru, Kolkata, Mumbai, Delhi and Hyderabad in the first year.
Ministry gives approval for RBI to print Rs.10 plastic notes
The government has said the RBI has been authorised to conduct field trials of plastic notes of Rs10 that have a longer life span. In a written reply in the Lok Sabha, minister of state for finance Arjun Ram Meghwal said “it has been decided” to conduct a field trial with plastic banknotes at five locations of the country. Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates has been conveyed to the RBI.
ICICI Bank launches new app for rural customers
India’s largest private sector bank by consolidated assets, announced the launch of a mobile banking app for rural customers that allow them to access banking services as well as information on agri services. The app is open for both bank customers as well as others and is available in eleven different languages. Named ‘Mera iMobile’, it allows users in rural areas to avail as many as 135 services some of which are unprecedented in the industry on their mobile phone.
India and ADB Signed $350 Million Loan for Roads in Madhya Pradesh
The Asian Development Bank (ADB) and the Government of India signed a $350 million loan for improving about 1,500 kilometers of major district roads in Madhya Pradesh in line with the State’s Road Development Plan.After signing the loan agreement, Mr. Raj Kumar, JS(MI) said that this project would complement the efforts of Government of Madhya Pradesh to bring about seamless road connectivity across the State by linking State Highways and Rural roads through District roads. It would provide an easier access to basic services and markets to people.
SBI Chief Among Fortune’s 50 Greatest Leaders Of The World
State Bank of India (SBI) chief Arundhati Bhattacharya has been ranked 26th in the Fortune’s top 50 greatest leaders. She is the only Indian corporate leader in the list. Arundhati Bhattacharya, Chairman, SBI, has been ranked 26th in the fourth edition of Fortune’s World 50 Greatest Leaders list. By this, Arundhati Bhattacharya becomes the only Indian corporate leader to be featured in the list.
eBay’s India operations to be acquired by Flipkart
The global biggies such as Amazon and China’s Alibaba, the Bengaluru-headquartered ecommerce major Flipkart is likely to snap up US-headquartered eBay’s India operations. The move is part of the company’s overall plans to raise $2 billion from a series of investors, including fund infusion from eBay in return for its operations getting acquired by the Indian etailer giant.
RBI allows exchange of Rs 4,500 in old notes in Nepal
The Reserve Bank of India (RBI) will allow an exchange of up to Rs 4,500 in banned Indian currency notes to each Nepali national, a visiting team of the Indian central bank in Kathmandu hinted. The Indian proposal has sent waves of nervousness among the Nepali public as India had earlier allowed Nepali citizens to possess up to Indian Rs 25,000 each.An RBI team led by Dipali Pant Joshi, executive director, RBI, held talks with a Nepali team, led by Nepal Rastra Bank (NRB) Deputy Governor Chintamani Siwakoti, in Kathmandu and offered to provide exchange facilities up to INR 4,500 in banned Indian currency notes and gave one week’s window to complete the exchange formalities.
GIC to be first PSU general insurer to launch IPO
General Insurance Corporation (GIC Re) is likely to be the first PSU insurer to tap the capital market as the finance ministry has started scouting for merchant bankers to manage its IPO. Two months after the Union cabinet gave a go ahead to the listing of five general insurance companies, the Department of Investment and Public Asset Management (DIPAM) has set the ball rolling for listing of GIC Re.
Use of Bitcoin not authorised by the RBI, says Govt
The government has said use of virtual currencies like Bitcoins is not authorised by the RBI and could result in breach of anti-money laundering provisions.The RBI had cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from their usage.
Vijaya Bank inks MoU with Piaggio Vehicles
Vijaya Bank has entered into an MoU with Piaggio Vehicles for providing financial support for the purchase of vehicles under Small Road Transport Operators (SRTO) scheme in Bengaluru. Vijaya Bank Managing Director and Chief Executive Officer Dr Kishore Sansi flagged off the first batch of vehicles under the MoU in the presence of Executive Directors B S Rama Rao, Y Nageswara Rao, and Piaggio Vehicles Vice-President Praveen Nagpal and others.
Syndicate Bank opens 40 ‘Ananya’ branches
Syndicate Bank has digitally inaugurated 40 ‘Ananya’ transformed branches. “Project Ananya is a two-year large-scale transformation project undertaken by the bank to provide customers with ‘best in class’ services while improving and modernising the whole bank,” said Arun Shrivastava, Managing Director and CEO, Syndicate Bank.
ICICI Bank partners Truecaller for UPI-based mobile payment solution
ICICI Bank has announced a partnership with mobile app firm Truecaller for a new UPI-based mobile payment service. The new feature shall be called Truecaller Pay, and it will allow users of the app to instantly create a UPI id, send money to any UPI id or a mobile number registered with the BHIM app, ICICI Bank said in a statement.
Tata AIA launches m-Insurance with Tata Teleservices
Tata AIA Life Insurance and Tata Teleservices have jointly launched m-Insurance for the telecom provider’s pre-paid customers. The pilot has been launched in Andhra Pradesh and Telengana.The term life plan offered through m-Insurance comes with two options for the sum assured Rs 50,000 and Rs one lakh.Customers are automatically enrolled on purchase of Tata DoCoMo’s selected mobile recharge coupon (Special Tariff Voucher-STV). There is no need for any additional documentation at the time of purchasing the STV.
SBI launches ‘Unnati’ credit card
SBI Card has launched a unique credit card ‘SBI Card Unnati’ targeted at all SBI customers, including Jan Dhan account-holders across the country. Tailored for new users of credit cards — those who do not have a credit history — ‘Unnati’ would have no annual fees for the initial four years and will be offered through the 20,000-plus SBI branches. The card was launched by Piyush Goyal, Minister of State (Independent Charge) for Power, Coal, New and Renewable Energy and Mines.
Paytm, The first e-commerce company to become ASCI member
The country’s fast-growing e-commerce industry will finally mark its presence at the Advertising Standards Council of India (ASCI), with Paytm set to become a member of the self-regulatory voluntary organisation next month. The move is significant because advertising violations by ecommerce companies, which are big spenders on television, print and digital media have been on the rise in recent years.
Paytm, The first e-commerce company to become ASCI member
The country’s fast-growing e-commerce industry will finally mark its presence at the Advertising Standards Council of India (ASCI), with Paytm set to become a member of the self-regulatory voluntary organisation next month. The move is significant because advertising violations by ecommerce companies, which are big spenders on television, print and digital media, have been on the rise in recent years.
IRDAI imposed penalty on ICICI Pru Life
The insurance regulator has imposed a penalty of Rs.20 lakh on ICICI Prudential Life Insurance Company on various charges, including free look cancellations not being in line with regulations; maturity claims not being settled within prescribed time period, resulting in huge number of claims outstanding; and delay in processing surrenders/partial withdrawals. The Insurance Regulatory and Development Authority of India has also charged the private sector life insurer for considerable number of annuities being outstanding for want of verification certificate.
Samsung Pay launched in India
Android phone maker Samsung will launch its digital payment application, called Samsung Pay, in the country as Indians look to shift to newer payment methods after Prime Minister Narendra Modi’s demonetisation exercise.The early access service is available only with a few banks – Axis, HDFC, ICICI, SBI, and Standard Chartered. Samsung is expected to add support for Citibank and American Express soon.
India signs First Loan Agreement with New Development Bank
The Loan Agreement for New Development Bank (NDB) financing of US$ 350 Million for Development and Upgradation of Major District Roads Project in Madhya Pradesh was signed between Government of India and the New Development Bank (NDB). This is the First Loan Agreement for NDB assisted project in India.The Project Agreement was signed by Mr. Pramod Agrawal, Principal Secretary, Public Works Department and Mr. Manish Rastogi, Managing Director, Madhya Pradesh Road Development Corporation (MPRDC), on behalf of Government of Madhya Pradesh.
Karnataka Bank, SBI Card launch co-branded credit card
Karnataka Bank and SBI Card have launched co-branded credit cards for the customers of Karnataka Bank. Through this alliance Karnataka Bank and SBI Card will launch two variants of the co-branded credit card – ‘Karnataka Bank Platinum SBI Card’ and ‘Karnataka Bank SimplySAVE SBI Card’. Karnataka Bank SimplySAVE SBI Card’ is aimed at value conscious consumers and offers rewards and features that enable customers to maximise their savings on their regular spends.
RBI says payment systems to remain closed on April 1
The Reserve Bank of India (RBI) has said all payment systems will remain closed on April 1, in a change from its earlier directive asking banks to remain open on the first day of the next fiscal beginning April 1. Electronic fund transfers using payment channels like RTGS and NEFT would remain closed. However debit card and credit card transactions would remain unaffected.RBI had stated on March 25 that all payment systems as on a normal working day, during the period March 25 to April 1, 2017. On reconsideration, it was decided that all payment systems will
remain closed on April 1, 2017.
remain closed on April 1, 2017.