29th Mar 17 ICICI Bank ties up with Truecaller for making UPI payments
ICICI Bank has tied up with the Swedish communication company Truecaller to launch a new UPI (Unified Payment Interface) based payment service that will operate via truecaller app. Truecaller will allow its 150 million customers to transfer money using UPI application of the bank. Customers can make payments though the app by creating UPI ID instantly and transfer money to the mobile number registered with BHIM app.
29th Mar 17 SBI to close merger of six banks within three months
State Bank of India is in the process of completing the merger with its five associate banks including State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and Jaipur and State Bank of Patiala and Bhartiya mahilla Bank. The bank has requested RBI to grant them three months time to complete the merger and successfully integrate the associate banks. Customer of associate banks, can however, start availing banking services from the merged entity from 1st April, 2017. The bank is expected to shut down 1,600 branches post merger to rationalise costs incurred due to running duplicate branches in one geography.
29th Mar 17 SBI to raise stake in SBI card by the end of June
SBI is expected to raise its stake in its credit card joint ventures from the existing 74 percent by the end of first quarter of FY18. Under the process, SBI will infuse Rs. 1,160 crore in the two joint ventures. Earlier this month, SBI got an approval from its board to raise stake to 74 percent in two of its credit card joint ventures with Generic Electric Company.
29th Mar 17 IDFC Bank sells bad loans of Rs. 5,000 crore to Edelweiss ARC
IDFC Bank has sold its major nine stressed business loan portfolios to Edelweiss Asset Reconstruction Company for Rs. 5,000 crore. As per the available data, the list of default accounts sold includes the name of leading companies such as Essar and Lanco. The bank is likely to start the recovery process from the next fiscal year.
29th Mar 17 Kotak Mahindra Bank may buy M and M Financial Services
Bank sources have indicated that private lender Kotak Mahindra Bank is intended to raise capital via shares to raise funds for buying M and M Financial Services, a leading non banking finance company. The bank is expected to buy the company in part cash and part stock deal.