Banking services and solutions provider Nucleus Software reported a consolidated revenue of Rs 127 crore in the fourth quarter of FY 2019, compared to the Rs 111 crore it generated in the corresponding quarter of the previous year. This is also higher than the Rs 123 crore it posted three months ago and the Rs […]
Privately owned DCB Bank reported significant improvement in its financial performance for the final quarter of FY 2019. The bank’s improved performance comes at a time when the banking sector is undergoing major stress over bad loans. Net profit rose to Rs 96 crore in the final quarter from the Rs 64 crore in the […]
Regulatory body Competition Commission of India (CCI) approved the merger of Kolkata-based Bandhan Bank with affordable housing finance company GRUH Finance. On January 7, 2019, board of directors of both the companies had approved the merger and said that it would be completed within six months. The merger comes after the Reserve Bank of India […]
IT firm Tata Consultancy Services (TCS) said that it has deployed its core banking product TCS BaNCS at ChinaTrust Commercial Bank (CTBC) in Taiwan. BaNCS is TCS’ main product for banks, and offers various solutions for core banking, internet banking, treasury, wealth management, mobile banking and insurance. “We chose TCS BaNCS as our preferred solution […]
IT firm Tata Consultancy Services (TCS) said that it has deployed core banking software TCS BaNCS at National Bank of Bahrain (NBB). BaNCS is TCS’ main product for banks, and offers various solutions for core banking, internet banking, treasury, wealth management, mobile banking and insurance. BaNCS will standardise and streamline NBB’s operations across multiple countries, […]
Mangalore-headquartered Karnataka Bank on Tuesday said it has agreed to distribute insurance products from Bharti Axa General Insurance Ltd. The private sector bank will provide a wide range of life insurance products of Bharti Axa Insurance to its customers across all its 836 branches. “The partnership is an important part of our growth strategy, which […]
IndoStar Capital Finance Ltd, a lender promoted by private equity fund Everstone Group, announced the completion of its acquisition of the commercial vehicle finance business of India Infoline Finance, a subsidiary of IIFL Holdings. The acquisition includes the entire commercial vehicle finance assets under management of Rs 3,620 crores. Indostar will also acquire a total […]
India’s largest smartphone maker Xiaomi has launched Mi Pay, its payment service, in India, marking the first time the service has been expanded beyond its home market of China. The company will use the National Payment Corporation of India’s UPI and Bharat Bill payment network for its core functionality. The company has tied up with […]
ICICI Lombard, one of India’s leading private sector general insurance companies, said it has entered into a strategic partnership with one of India’s largest retail payment platform MobiKwik to provide cyber-insurance cover. The newly formed partnership aims to provide the customers protection against unauthorized and fraudulent transactions online across bank accounts, debit/credit cards and mobile […]
India’s largest commercial bank, State Bank of India (SBI), launched ‘doorstep banking’ for senior citizens, the differently-abled and infirm customers, including those with visual-impairment. Under this facility, doorstep services will be made available to fully KYC-compliant customer holders with a valid mobile number registered with the bank and residing within 5-kilometre radius from their home […]
Paytm, India’s largest digital wallet player, is reportedly planning to set up 1,000 ATMs across the country under a branding tie-up with Tata Communications Payment Solutions Ltd. Although Tata Communications did not confirm the news, the network connectivity provider said it has a “co-branding alliance” with a “leading payments bank recognized as India’s largest digital […]
Days after it imposed a monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank of India has slapped a fine of Rs 1 crore on ICICI Bank for delays in the implementations of the new controls relating to the SWIFT system of international payments. The SWIFT (Society for Worldwide Interbank Financial […]
State Bank of India and Hitachi Payment Services announced the start of operations of their payment processing venture in India as India’s largest bank tries to stay on top of the merchant-payment business. Hitachi took a 26% stake in SBI Payments in January for an undisclosed amount. SBI Payments was already India’s biggest merchant-enabler payment […]
A day after it imposed monetary penalty of Rs 7 crore on four PSU banks, the Reserve Bank on Monday slapped a fine of Rs 4 crore on Mangaluru-headquartered Karnataka Bank for delays in the implementation of new controls relating to the SWIFT system of international payments. The private sector lender was one of the […]
Former Finance Secretary Dr. Hasmukh Adhia, credited with the effective implementation of demonetization two years ago, was on Friday appointed as the Non-Executive chairman of the Bank of Baroda for a period of three years. “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment […]
The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed a penalty of Rs 2.00 crore for non-compliance of instructions […]
PhonePe, the payment app backed by Flipkart, announced that it has crossed the 1 mln merchants milestone and plans to add another five million this year. This is likely to help the company narrow the gap with market leader PayTM, which had an estimated 10 mln (1 cr) merchants in its network as of late […]
Morgan Stanley Research, part of the MS financial services group, said the US currency has likely peaked already and that the US Federal Reserve is likely to follow a more accommodative monetary policy going forward. Fed Chairman Jerome Powell had softened his stance early this month after his December comments about balance-sheet normalization at the […]
ECL Finance Ltd, the NBFC arm of Edelweiss Group, said it plans to raise up to Rs 1,000 cr in the form of non-convertible debentures, a form of debt. The non-convertible debentures have a face value of Rs. 1,000 each, and the company could raise anywhere between Rs 250 cr or Rs. 1,000 cr, depending […]
Tata Consultancy Services said it has acquired the business of BridgePoint Group, LLC, a U.S. management consulting firm that caters to the financial services industry and specializes in retirement services, “through the purchase of select company assets”. The company did not disclose the value of the transaction. “TCS currently partners with eight of the top […]
