2017-07-22 :Axis Bank set to deploy tech solutions of three startups from its accelerator project
Private sector lender, Axis Bank has selected three fintech startups from its accelerator programme ‘Thought Factory’ whose solutions it will incorporate across its business units. These three startups include Pally, FintechLabs and Gieom which provide tech solutions targeted at developing innovative solutions and products for bank customers.
2017-07-22 :SBI and Carlyle to jointly acquire GE Capital stake in SBI Card
State Bank of India and Carlyle Group have announced that they will acquire GE Capital’s entire 26 per cent stake in their credit card venture, SBI Card. For this purpose they have signed definitive agreements and have invested 250 million dollar to acquire the entire stake.The transaction between them is expected to close by the fourth quarter of FY17. Simultaneously, SBI also plans to issue secured credit cards for new credit card users by using fixed deposits as a security.
2017-07-22 :Indian Bank net profit rises by 21 per cent at Rs. 372 crore
Indian Bank has registered a jump of 21 per cent in its net profit at Rs. 372 crore for the first quarterof FY18 as compared to Rs. 307 crore during the corresponding quarter of the previous fiscal year. The net profit has increased due to a strong growth in its retail loan segment and net interest income during the current quarter.
2017-07-22 :Finance Minister introduces bill to revoke SBI’s Subsidiary Banks Act
Following the merger of five associate banks with the parent SBI, Finance Minister
has introduced a new bill in the Lok Sabha that will revoke SBI’s Subsidiary Banks Act and the State Bank of Hyderabad Act. The newly introduced bill is aimed to maintain the individual presence of the recently merged five associates including State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) along with the parent bank.
2017-07-22 :SBI launches SBI Infra Management Solutions to provide real estate services
In a bid to improve its operational efficiency, State Bank of India (SBI) has created a wholly owned subsidiary, SBI Infra Management Solutions for providing real estate services to them. The bank has further clarified that it has no plans to transfer its existing commercial, residential as well as the newly acquired property to its newly created subsidiary and will continue to hold them in the future also.
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