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News and Articles
HDFC Bank issues 3 lakh instant credit cards in a year of launching
18 December 2017:India’s second most valuable private lender HDFC Bank has issued 3 lakh credit cards just in a year of its launch. InstaCard was launched in January this year. The bank said in a statement that these cards were delivered to customers within an hour of applying for a credit card. With the help of these cards, customers can do transactions online on e-commerce websites immediately on receipt of the InstaCard. The physical cards are delivered to the customers within a few days. InstaCards are popularly known as digital credit card and is issued using a combination of credit bureau information, pre-qualification algorithm and checks in the application form as per the banks
Payment processor MasterCard Inc (MA.N) to repurchase up to $4 billion of its shares
08 December 2017:RuPay Credit Cards has launched by Corporation bank, which will be accepted at all all RuPay-enabled – around 1.5 million – PoS terminals and 80,000 plus eCommerce merchants in India and all ICS partner acceptance points (POS, e-commerce merchants) globally, Bank Said. Jai Kumar Garg, MD and CEO of the bank, launched the card at the bank’s headquarters in Mangaluru and said the RuPay credit cards will boost digital payment system and will be beneficial in creating a ‘less cash society’. The two cards – RuPay Select credit card and RuPay Platinum credit card – offer personal accident insurance of Rs10 lakh and Rs2 lakh respectively, the press statement added.
RBI caps charges on debit card transactions at Rs 200 for small traders
08 December 2017:In order to promote digital payments, the Reserve Bank on Wednesday came out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders. (MDR is the rate charged to a merchant by a bank for providing debit and credit card services). According to the latest notification, MDR charges for small merchants with an annual turnover of up to Rs 20 lakh has been fixed at 0.40 per cent with a cap of Rs 200 per transaction by debit cards through Point of Sale (PoS) machines or online transactions. For transactions above Rs 1,000 and up to Rs 2,000, it was capped at 0.5 per cent of the transaction value. Before that, the MDR was capped 0.75 per cent for transaction up to Rs 2,000 and not exceeding 1 per cent for payments above Rs 2,000. Commenting on RBI's move, Ashwani Kumar, Chairman and Managing Director of Dena Bank, said introduction of differentiated MDR and a cap on the absolute amount is expected to increase acceptance of debit card usage and "will also bring down the cost of transactions for small merchants".
Paytm Aims to Become World’s Largest Full Service Digital Bank – Alibaba
30 November 2017:Paytm Payments Bank aims to create the world’s largest digital bank with 500 million accounts, envisioning an online financial services provider of everything from wealth management to credit cards and stock market trading. The bank, backed by the country’s largest digital wallet of the same name, launched formally Tuesday and is targeting people who don’t have access to professional financial services. That aligns with Prime Minister Narendra Modi’s ambition to broaden access for the under-banked in the nation of 1.3 billion people. “We are unveiling our money market fund, launching our debit card and we’ll have the capabilities to allow enterprises to open business accounts,” Paytm founder Vijay Shekhar Sharma said in a phone interview that coincided with a formal inauguration in New Delhi attended by Finance Minister Arun Jaitley. “Digital payments was our entry point, we want to become a vertically-integrated financial services company.” India’s government is supporting financial technology with incentives and a string of initiatives such as digital lockers and user-authentication based on its digital identity program, Aadhaar. Paytm was one of fewer than a dozen entities that secured permits to start payments banks, which can accept deposits and remittances but cannot lend. It said it will operate a mobile-first bank with zero fees on online transactions and no minimum balance. Paytm Payments Bank is majority-owned by Sharma. One97 Communications, which operates Paytm and is backed by Alibaba Group Holding Ltd. and Jack Ma’s Ant Financial, holds the remaining 49 percent. The bank grew out of Paytm’s digital wallet, which amassed over a hundred million customers after India took high-denomination bills -- or nearly 90 percent of the value of cash -- out of circulation last November. Sharma may have found a way around the regulatory hurdles that bar lending. One97 Communications will introduce a charge card and offer monthly installment-based loans, he said. “We will launch share trading and insurance products very soon,” he added. “We want to become an internet-age financial services company.”
RBL Bank Selects 10 Startup Winners in The Big Pitch 2.0 Finale
24 November 2017:RBL Bank, one of India’s fastest-growing private sector banks, announced 10 winners at the grand finale of The Big Pitch 2.0 — a major startup incubation and funding contest held at Amity University, Noida. The Top 10 finalists; FullTank Technologies, LittlePixi, SocioGraph Solutions, Team Rentezee, Tnine, GalaxyCard, ilove9months, NDAX, Loktra and Veda Labs were selected for funding and incubation opportunities. These companies demonstrated innovative solutions such as unique business models like Use of artificial intelligence in improving sales, app based credit cards and blockchain based asset exchange. Surinder Chawla, Head – Geography, Branch and Business Banking, RBL Bank, said, “At RBL Bank, we have been committed and focused on serving the dynamic needs of the start-up ecosystem right from ‘seed and development’ to ‘maturity’. The Big Pitch 2.0 – a one-of-a-kind start-up incubation event that was held for the second year in succession, gave potential startups a robust platform to seek advice from professionals, articulate ideas behind their business models and gain access to funding for their proposed ventures. I am delighted that RBL Bank’s The Big Pitch 2.0 and India startup Club (ISC) has been catalytic in introducing startups to reputed mentors and encouraging them to achieve their entrepreneurial goals.”
Ryots urged to form farmer clubs, NABARD promises to help achieve self reliance
22 November 2017:It’s an official announcement of the National bank of Agriculture and Rural Development (NABARD) said the bank was willing to assist farmers financially if they manage themselves into smaller groups and form farmer clubs, to grow as a community. NABARD Deputy Managing Director H. R. Dave said “We will assist you in marketing your agriculture produce, and also produce from allied activities”. He also said “When a village becomes one unit and sets up cattle hostels (like in Gujarat), growth exceeds estimates and makes communities stronger”. The officials (NABARD) interacted with the villagers. They inaugurated card swiping services for farmers and disbursed Rupay-Kisan Credit Cards to eligible persons.