SBI Group's share in debit card payments touches 25% in FY15
The combined share of SBI and its five associate banks in the debit cards space has touched 25 per cent in the financial year 2015.
Debit card spends at points of sale and e-commerce transactions of the State Bank Group crossed Rs 30,000 crore in FY15, an increase of 38.8 per cent, which resulted in the group topping the market share at 25 per cent of total debit card spends.
As of March end, the SBI Group has issued over 20.59 crore debit cards, which is highest in the country.
In terms of the number of mobile banking transactions, SBI continues to be market leader with a 46 per cent share.
KV Kamath reduces stake in ICICI Bank, sells more than half his holding
KV Kamath, the BRICS Bank president, is quitting ICICI Bank lock, stock and barrel. During the previous financial year, Kamath sold stocks worth about Rs 54 crore, according to ET calculations based on data in ICICI Bank's annual report.
Kamath's holdings in the country's biggest private bank dropped to 9,50,000 shares, or 0.02%, of the company's total shares, at the end of the year from 27,00,000 shares, or 0.05%, at the beginning of the year.
The government had named Kamath as the first head of the New Development Bank in May.
Corporation Bank launches MUDRA Card based on Rupay platform
The government has launched the MUDRA Card, based on Rupay platform. The card is a part of the Pradhan Mantri MUDRA Yojana which aims to 'fund the unfunded' under non-farm micro units in manufacturing, trading and services with affordable credit up to Rs 10 lakh.
Issued by Corporation Bank, the card facilitates withdrawal and use of the working capital finance by micro entrepreneurs. Under PMMY, three loan schemes are offered to the entrepreneurs based on their capacity to repay.
Union Bank takes digital initiatives with M-passbook & more
State-run Union Bank of India today launched a slew of initiatives such as IMPS at branches and M-passbooks for its customers.
The bank has become the first lender to launch immediate payment service (IMPS) through branches for its retail and corporate customers by integrating the platform to its core banking solution.
This will allow customers to instantly transfer funds to any account from the branch. The limit has been set at up to Rs 2 lakh per day.
The digital passbook or M-passbook feature will enable customers to view account statement on mobile.
Jaitley to attend inaugural meet of BRICS bank at Moscow
Finance Minister Arun Jaitley is leaving for Russia on Monday evening to participate in the inaugural meeting of the BRICS-backed New Development Bank.
During the four-day visit, he will also be participating at the functions on the sidelines of the BRICS Summit at Ufa which is being attended by Prime Minister Narendra Modi.
Maharashta to float non-banking finance company to manage surplus funds of PSUs'
Taking a cue from the Gujarat government, Maharashtra has now decided to float a nonbanking finance company to manage surplus funds of different government entities such as the MMRDA and MSRDC.
Maharashtra finance minister Sudhir Mungantiwar disclosed that the state is studying and would float a body like the Gujarat State Financial Services (GSFSL). All state firms in Gujarat park their surplus funds with GSFSL.
The NBFC will offer two options for state-owned companies. In the first option, funds would be placed for a fixed term which the NBFC would then lend to other state entities at `competitive rates', meaning lesser than the rates being charged commercially.
The second option is to place funds for a shorter period in `liquid instruments' and pass on the interest to the entities who have invested the money.
IDFC appoints former CAG Vinod Rai as independent director
Infrastructure financing firm IDFC today appointed Vinod Rai, former Comptroller and Auditor General of India (CAG), as independent director.
The appointment has been made with immediate effect, IDFC said in a filing on the BSE.
World Bank approves $650 million loan for Eastern Dedicated Freight Corridor
The World Bank approved a $650 million debt funding for a part of the eastern arm of the ambitious Dedicated Freight Corridor (DFC) project.
The loan comes with a 22-year maturity period
Loan is expected to help in faster and more efficient movement of raw materials and finished goods between the northern and eastern regions.
This Loan will help build the 401 Km Ludhiana-Khurja section spanning Uttar Pradesh, Haryana and Punjab.
The Project will help increase the capacity of these freight lines by raising the axle-load limit from 22.9 to 25 tons and enable speeds of up to 100 km per hour.