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SWIFT report on Nostro reconciliation using DLT

Reported by | Updated: October 16, 2017

SWIFT has come out with an interim report on the proof of concept (PoC) for real-time Nostro reconciliation using a SWIFT-developed distributed ledger technology (DLT) sandbox with 33 global transaction banks, as part of its SWIFT gpi service. The PoC is testing whether DLT can help banks reconcile Nostro accounts more efficiently and in real-time, […]

DBS Bank files petition against GST

Reported by | Updated: October 16, 2017

Singapore’s DBS Bank challenged the directive to pay integrated goods and services tax (IGST) on banking services provided to its head office in Singapore. The bank has filed a writ petition in the Delhi High Court in this regard and the high court has admitted the petition and issued notices to the government and the […]

Kotak Mahindra Bank gets 100% control in insurance subsidiary

Reported by | Updated: October 16, 2017

Kotak Mahindra Bank said it has completed the acquisition of 26% equity stake in life insurance subsidiary Kotak Mahindra Old Mutual Life Insurance from Old Mutual, UK, for Rs 1293 crore. The bank had completed an agreement in April to buy the entire stake held by Old Mutual in the insurance subsidiary. The bank now […]

Union Bank of India launches new app

Reported by | Updated: October 16, 2017

Union Bank of India has launched an Android app, Union Sahyog, as part of its drive to digitize various customer-facing banking services. The bilingual app – in English and Hindi – covers all mobile-based banking applications, missed call/SMS-based services, internet banking login and self-user creation, deposit and loan product information, online account opening, online loan […]

StanChart opens GBS center in Bengaluru

Reported by | Updated: October 16, 2017

Standard Chartered Bank has opened its new Global Business Services (GBS) center in Bengaluru. The new center will complement the bank’s existing GBS centers in China, India and Malaysia which collectively provide employment opportunities to 19,000 people. The bank expects to have 30% of its total GBS employees based in the Bengaluru center over the […]

RBI to launch pilot project on financial literacy

Reported by | Updated: October 16, 2017

The Reserve Bank of India is expected to launch a financial literacy drive in 80 blocks in 9 states on pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. Six NGOs registered with the Depositor Education and Awareness Fund – CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro […]

IndusInd Bank, Bharat Financial Inclusion merge

Reported by | Updated: October 16, 2017

IndusInd Bank said microfinance institution Bharat Financial Inclusion has merged with it. The boards of directors of the two institutions had earlier approved the merger with a view to create a stronger and more sustainable platform for financial inclusion. Romesh Sobti, MD and CEO, IndusInd Bank, said the merger is a natural progression of a […]

ICICI Bank to provide Rs 10 cr for the armed forces

Reported by | Updated: October 13, 2017

ICICI Bank will provide financial assistant to the tune of Rs 10 crore to the Indian armed forces and the first tranche of the funding was handed over by Chanda Kochhar, MD and CEO of the bank, to Nirmala Seetharaman, union minister for defense recently. The second contribution will be made in 2018. The funding […]

Axis Bank completes acquisition of Freecharge

Reported by | Updated: October 13, 2017

Axis Bank said it has completed the acquisition of mobile wallet firm Freecharge. The bank also said Sangram Singh will be the CEO of the Freecharge. The bank said in a filing with the stock exchanges it has completed the acquisition of Freecharge for a cash consideration of Rs373.27 crore, on a cash free, debt […]

YES Bank, ADGM in fintech collaboration

Reported by | Updated: October 13, 2017

YES Bank has entered into an MoU with Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi to further foster cross-border exchange between the fintech ecosystems of the UAE and India.  The collaboration will enable fintech innovators from the Middle East region and India to apply into YES fintech programs and the […]