CCI approves Bandhan Bank merger with GRUH Finance

Regulatory body Competition Commission of India (CCI) approved the merger of Kolkata-based Bandhan Bank with affordable housing finance company GRUH Finance. On January 7, 2019, board of directors of both the companies had approved the merger and said that it would be completed within six months. The merger comes after the Reserve Bank of India […]

TCS Deploys Core Banking Software At ChinaTrust Commercial Bank In Taiwan

IT firm Tata Consultancy Services (TCS) said that it has deployed its core banking product TCS BaNCS at ChinaTrust Commercial Bank (CTBC) in Taiwan. BaNCS is TCS’ main product for banks, and offers various solutions for core banking, internet banking, treasury, wealth management, mobile banking and insurance. “We chose TCS BaNCS as our preferred solution […]

TCS deploys Core Banking Software at National Bank of Bahrain

IT firm Tata Consultancy Services (TCS) said that it has deployed core banking software TCS BaNCS at National Bank of Bahrain (NBB). BaNCS is TCS’ main product for banks, and offers various solutions for core banking, internet banking, treasury, wealth management, mobile banking and insurance. BaNCS will standardise and streamline NBB’s operations across multiple countries, […]

IndoStar buys CV finance business of IIFL

IndoStar Capital Finance Ltd, a lender promoted by private equity fund Everstone Group, announced the completion of its acquisition of the commercial vehicle finance business of India Infoline Finance, a subsidiary of IIFL Holdings. The acquisition includes the entire commercial vehicle finance assets under management of Rs 3,620 crores. Indostar will also acquire a total […]

Xiaomi launches Mi Pay wallet in India with ICICI Bank

India’s largest smartphone maker Xiaomi has launched Mi Pay, its payment service, in India, marking the first time the service has been expanded beyond its home market of China. The company will use the National Payment Corporation of India’s UPI and Bharat Bill payment network for its core functionality. The company has tied up with […]

ICICI Lombard, MobiKwik join hands to provide cyber-insurance cover

ICICI Lombard, one of India’s leading private sector general insurance companies, said it has entered into a strategic partnership with one of India’s largest retail payment platform MobiKwik to provide cyber-insurance cover. The newly formed partnership aims to provide the customers protection against unauthorized and fraudulent transactions online across bank accounts, debit/credit cards and mobile […]

SBI starts ‘doorstep banking’ for senior citizens

India’s largest commercial bank, State Bank of India (SBI), launched ‘doorstep banking’ for senior citizens, the differently-abled and infirm customers, including those with visual-impairment. Under this facility, doorstep services will be made available to fully KYC-compliant customer holders with a valid mobile number registered with the bank and residing within 5-kilometre radius from their home […]

Paytm to set up 1,000 branded ATMs?

Paytm, India’s largest digital wallet player, is reportedly planning to set up 1,000 ATMs across the country under a branding tie-up with Tata Communications Payment Solutions Ltd. Although Tata Communications did not confirm the news, the network connectivity provider said it has a “co-branding alliance” with a “leading payments bank recognized as India’s largest digital […]

With Hitachi, SBI hopes to beat back competition from PayTM, PhonePe

State Bank of India and Hitachi Payment Services announced the start of operations of their payment processing venture in India as India’s largest bank tries to stay on top of the merchant-payment business. Hitachi took a 26% stake in SBI Payments in January for an undisclosed amount. SBI Payments was already India’s biggest merchant-enabler payment […]

Demo Man Hasmukh Adhia appointed Bank of Baroda chairman

Former Finance Secretary Dr. Hasmukh Adhia, credited with the effective implementation of demonetization two years ago, was on Friday appointed as the Non-Executive chairman of the Bank of Baroda for a period of three years. “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment […]

RBI fines UCO Bank over fraud reporting

The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed a penalty of Rs 2.00 crore for non-compliance of instructions […]

Flipkart’s PhonePe eyes PayTM as it readies to sign up half a crore merchants in 2019

PhonePe, the payment app backed by Flipkart, announced that it has crossed the 1 mln merchants milestone and plans to add another five million this year. This is likely to help the company narrow the gap with market leader PayTM, which had an estimated 10 mln (1 cr) merchants in its network as of late […]

Morgan Stanley calls dollar top, predicts end of Fed balance-sheet normalization

Morgan Stanley Research, part of the MS financial services group, said the US currency has likely peaked already and that the US Federal Reserve is likely to follow a more accommodative monetary policy going forward. Fed Chairman Jerome Powell had softened his stance early this month after his December comments about balance-sheet normalization at the […]

Edelweiss’ NBFC arm to raise up to Rs 1,000 cr via debentures

ECL Finance Ltd, the NBFC arm of Edelweiss Group, said it plans to raise up to Rs 1,000 cr in the form of non-convertible debentures, a form of debt. The non-convertible debentures have a face value of Rs. 1,000 each, and the company could raise anywhere between Rs 250 cr or Rs. 1,000 cr, depending […]

TCS acquires US-based management consultant Bridgepoint Group

Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”. The company did not disclose the value of the transaction. “TCS currently partners with eight of the top […]