Category: Banking

WhatsApp’s payments service gets NPCI permission

November 6, 2020

• The National Payments Corporation of India (NPCI) has finally approved the Facebook-owned messaging platform “WhatsApp” to roll out its payments service in the country in a “graded” manner.
• The declaration by NPCI came after the organization made a significant change to its regulations concerning the use of the Unified Payments Interface (UPI).

ICICI Bank starts ‘Mine’ a comprehensive banking programme

November 6, 2020

• Private lender ICICI Bank has started a comprehensive banking programme for its millennial customers, (in the age limit of 18 years to 35 years ), called ‘ICICI Bank Mine’.
• The ‘ICICI Bank Mine’ is India’s first and unique product started by the bank to offer a mobile-first, highly personalized and experiential led banking experience to the millennial customers.

CCI Approves Acquisition of Bharti AXA by ICICI Lombard

November 2, 2020

• The Competition Commission of India (CCI) has approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited.

DMRC & SBI card launch multi-purpose smart card

October 30, 2020

• The SBI Card in association with the Delhi Metro Rail Corporation launched a contactless multi-purpose card that can function as a credit card and as a metro smart card.

IDBI Bank launches banking services on WhatsApp

October 20, 2020

• IDBI Bank announced the launch of banking services on WhatsApp that will enable IDBI Bank customers to avail various essential services such as account balance information, last five transactions, request for a cheque book and an email statement, interest rates, as well as details of IDBI Bank branches/ATMs in the vicinity, to begin with.

IMF projects India’s GDP to contract 10.3% in 2020

October 14, 2020

• The International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3 per cent in 2020-21.

Axis Bank in partnership with Google Pay launches ACE Credit Card

October 14, 2020

• Axis Bank in partnership with Google Pay launches ACE Credit Card with an aim to bring a seamless, digital experience to users from application to issuance.

RBI: Maximum aggregate exposure limit for small businesses to Rs 7.5 crore

October 14, 2020

• The Reserve Bank of India (RBI) now raised banks’ maximum aggregate retail exposure limit to small businesses with turnover up to Rs 50 crore to Rs 7.5 crore, up from Rs 5 crore.

ADB approves 300 million US dollar loan to Rajasthan

October 13, 2020

• India and the Asian Development Bank (ADB) has signed a 300 million US dollar loan to finance inclusive and sustainable water supply and sanitation infrastructure and services in 14 secondary towns of the state of Rajasthan.

‘MSME Prerana’ launched by FM as a business mentoring programme

October 9, 2020

• An online business mentoring programme for MSMEs by state-run Indian Bank named ‘MSME Prerana’ has been launched by the Finance Minister Nirmala Sitharaman.