Axis Bank to launch NFC technology in multi-currency forex cards for overseas travellers
- Bank launched contactless multi-currency forex cards in partnership with Visa - the payments gateway company.
- Axis Bank's would be the first bank to issue multi-currency contactless card or 'tap and pay' card which can be loaded in 15 currencies such as Saudi Riyal, Swiss Franc and Hong Kong dollar besides the three main currencies - US dollar, Euro and British Pound. Axis Bank has also launched contactless debit and credit card for its premium customers.
- 'Tap and pay' refers to the use of near-field communication (NFC) technology, which enables holders of 'contactless cards' to make payments by waving or tapping the card near the card reader. The NFC technology is picking up as the customers does not have to punch in the four digit PIN.
- In India, the Reserve Bank of India allows payments upto Rs 2000 thought the tap and pay, however in countries like US and Australia, individuals can pay up to $ 100 and in euro 25 through the contact less cards.
- Applicants for small finance bank license such as Grama Vidiyal Microfinance and Sonata Finance have raised Rs 85 crore between them in a pooled fund raising which help them to get a better rating and attract mutual funds as investors.
- These MFIs raised the fund through non-convertible debentures at 12-14% coupon and the NCDs were subscribed to by three mutual funds.
- Arohan Financial Services, Asirvad Microfinance and Future Financial Services have also been part of the exercise.
- Grama Vidiyal along with Asirvad and Future Financial raised Rs 20 crore each. Arohan raised Rs 15 crore with Sonata raising Rs 10 crore. Arohan's majority stakeholder IntelleCash Microfinance Network, is also in the race for acquiring a small finance bank license.
- Reserve Bank of India is expected to offer the first set of licenses by the end of August 9.
HDFC Bank launches 'Dhanchayat' in Punjab
- Private lender HDFC Bank launched an awareness initiative 'Dhanchayat' - an educational film made by the bank to raise awareness on the dangers of borrowing money from the unorganised sector, particularly in rural areas.
- This film, which was launched in Punjab, has been released under the aegis of 'Swachch' Banking, the Bank's latest CSR initiative.
- Through the film, the bank will showcase to the rural population the importance of transparency in financial dealings.
- Under this initiative, Dhanchayat video vans will travel across East, West, South, North and Central India, covering villages across the country.
- Punjab is the second state after Maharashtra where the bank is rolling out this initiative, it said.
- The vans were flagged-off from here by Govind Pandey, Branch Banking Head, HDFC Bank. The bank will cover 1,200 villages across Punjab.
- At national level, the Bank will cover 5,000 villages in phase-1, encouraging the local populace to join the organized banking sector in line with the government's vision for financial inclusion.
- IndusInd Bank raised Rs.5,081 crore through Qualified institutional placement (QIP) and preferential issues.
- Bank said “With the completion of the preferential issue to promoters, IndusInd Bank has, in combination with the recent QIP issue, successfully raised Rs.5,081 crore of common equity through issuance of 6 crore new shares.”
- The raised capital will be used to support bank’s growth and also augment total capital adequacy ratio, it added.
