All posts by banking

Mobile prepaid recharges permitted in BBPS as addition of biller

Reported by | Updated: June 20, 2021

Bharat Bill Payment System (BBPS) had started as an interoperable platform for repetitive bill payments, which covered bills of five categories viz. Direct to Home (DTH), Electricity, Gas, Telecom and Water. The system provided standardised bill payment experience, centralised customer grievance redressal mechanism, prescribed customer convenience fee and ensured availability of a bouquet of anytime, […]

6 Mn BharatPe merchants to attract new customers via PAYBACK

Reported by | Updated: June 20, 2021

 BharatPe has acquired PAYBACK India from American Express and ICICI Investments Strategic Fund, for an undisclosed amount. The first-ever acquisition is in line with BharatPe’s strategy to build a robust and engaged network of over 20 million small merchants by 2023. With PAYBACK India, BharatPe will be able to enhance its value proposition for the […]

RBI permits Centrum, PhonePe to set up SFB, then take over PMC Bank

Reported by | Updated: June 20, 2021

The Reserve Bank of India has granted ‘in-principle’ approval to NBFC Centrum Financial Services to set up a small finance bank, which on formation will take over the beleaguered Punjab Maharashtra Cooperative Bank. The plan is for Centrum Capital, a unit of Centrum Financial Services, and its partner PhonePe, a payments system company, to infuse […]

StanChart introduces SOFTEX for software exporters

Reported by | Updated: June 18, 2021

Standard Chartered Bank has come out with an industry-first innovative digital SOFTEX solution intended to support clients in their software export processes that run through the bank’s digital platform Straight2Bank. The bank said the solution will simplify the filing process for software exporters and simultaneously ensure regulatory compliance. The process begins with Software Technology Parks […]

Yes Bank now has a music logo

Reported by | Updated: June 18, 2021

Yes Bank has taken a first step towards sonic branding by launching a musical logo, called MOGO, which is a versatile sound signature to greet and connect with customers across platforms and geographies. The bank said the sonic logo takes the form of a joyful, heart-stirring melody that represents the brand in an acoustic form. […]

Consultative document on MFI regulation

Reported by | Updated: June 18, 2021

The Reserve Bank of India has released a Consultative Document on Regulation of Microfinance to receive feedback from stakeholders on a suggested framework for MFIs. The document is intended to be made applicable to the microfinance loans and is aimed at protecting the microfinance borrowers from over-indebtedness as well as enabling competitive forces to bring […]

RBI extends last date to send feedback to RRA 2.0

Reported by | Updated: June 18, 2021

The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from 1 May 2021 and a Group of Advisors to assist RRA was also constituted on 7 May. The Group of Advisors has sought feedback and suggestions from all regulated entities, industry bodies and […]

LIC launches gift card Shagun

Reported by | Updated: June 18, 2021

LIC Cards Services has launched a contactless prepaid gift card – ‘Shagun’ – in collaboration with IDBI Bank on the RuPay platform. The card is expected to expand the gift card market with an intent to promote cashless ways of gifting and present a wide range of end-use choices and in future foray into the […]

Federal Bank assigns new roles for senior staff

Reported by | Updated: June 18, 2021

Federal Bank has assigned new roles and responsibilities to its top management. Accordingly, Shalini Warrier will be ED & Head – Retail Banking, Pitchai Mahalingam, who was Head – Operations & Transaction Banking, will assume the role of Head – Internal Audit, Ashutosh Kajuria, who was CFO will now be ED and Head – Treasury […]

Exim Bank funds Eswatini to build new Parliament

Reported by | Updated: June 18, 2021

Export-Import Bank of India has extended a Line of Credit of $108.28 million to the Government of the Kingdom of Eswatini (Swaziland) for the construction of a new Parliament building in the country. An agreement to this effect was signed through exchange between Nirmit Ved, General Manager, Exim Bank, and Neal H Rijkenberg, Finance Minister, […]

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