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RBI and Singapore central bank to link payment systems by July 2022
- The Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS) will link their payment systems--Unified Payments Interface (UPI) and PayNow--to enable "instant, low-cost fund transfers" for users.
- The RBI and MAS hope to complete the linkage by July 2022
- The UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore
- PayNow enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.
BCs emerging as predominant delivery channels for banks to expand last mile outreach: RBI study
- From being an alternate model, the Business Correspondent (BC) model is emerging as the predominant delivery model for banks to expand their last mile outreach in unserved/ underserved areas of the country, per a Reserve Bank of India (RBI) study.
- The number of BCs across the country have grown at a compounded annual growth rate (CAGR) of 13.05 per cent to 11,76,221 as at March-end 2020 from 6,37,029 as at March-end 2016.
- BCs are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM
MF staff under 35 get two years to comply with the 20% norm
- Market regulator SEBI has eased the ‘skin-in-the-game’ norm for mutual fund employees by allowing those below 35 years to comply with the rules over the next two years.
- Junior members of fund management teams can invest 10 per cent of their salary in the schemes they manage between October 1, 2021 and September 30, 2022 and 15 per cent from October 1, 2022 to September 30, 2023. After October 2023, they will need to invest 20 per cent of their income.
- However, other designated employees, who are older than 35, have to invest 20 per cent of their annual salary in the scheme they manage from October onwards
- In April, SEBI had mandated that a minimum of 20 per cent of the salary of key employees should be paid in the form of units of the mutual fund schemes in which they have a role or oversight, with the allotments locked for three years.
LIC launches ‘PRAGATI’ mobile app for Development Officers
- Life Insurance Corporation of India (LIC) has announced the introduction of a new mobile app ‘PRAGATI’ (Performance Review Application, Growth And Trend Indicator) for the exclusive use of its Development Officers.
- LIC launches AI based app – “Jeevan Saakshaya”: It an an AI technology based application, was launched by LIC that offers retired employees for online submission of life certificates.
Tamilnad Mercantile Bank launches initiatives to celebrate 100th anniversary
- TMB has launched the TMB Mobile DigiLobby and a Mobile Vaccination Drive to create awareness about Covid-19 Vaccination under cenetary celebrations
- The bank's managing director and CEO, K V Rama Moorthy
- HQ - Tuticorin, Tamil Nadu
Kotak Mahindra Bank partners with IISc to set up AI-ML Centre in Bengaluru
- Kotak Mahindra Bank in partnership with the Indian Institute of Science (IISc) will set up an Artificial Intelligence & Machine Learning Centre (Kotak-IISc AI-ML Centre) on the IISc campus in Bengaluru.
- Artificial Intelligence (AI) was coined in 1956 by John McCarthy.
- IIT Hyderabad is the 1st Indian Educational Institute starting B Tech in AI.
Kotak Mahindra Bank launches healthcare financing
- Kotak Mahindra Bank on Tuesday announced that it has launched a suite of healthcare financing solutions ranging from healthcare infrastructure loans, medical equipment finance, and unsecured healthcare loans for key stakeholders including hospitals, laboratories, diagnostic centres, nursing homes, clinics, doctors, and medical equipment manufacturers and dealers.
- This includes innovative lending facilities such as the Insta Programme for quick approval of loans up to ₹50 lakh
Kotak Mahindra Group acquires vehicle financing portfolio of Volkswagen Finance
- Kotak Mahindra Bank on Thursday announced the acquisition of German carmaker Volkswagen's captive vehicle finance business for an undisclosed sum.
- The deal involves the private sector lender's in-house NBFC Kotak Mahindra Prime acquiring the passenger car and two-wheeler portfolio, while Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio from Volkswagen Finance (VF), as per an official statement.
Kotak Mahindra Bank to acquire 9.98% stake in KFin Technologies
- Incorporated in 2017, KFin provides a wide array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives, insurance, and pension
- KFin is majority owned by funds managed by General Atlantic.
Punjab & Sind Bank ties up with Indiabulls
- Punjab & Sind Bank (PSB), a public sector bank, has entered into a strategic co-lending alliance with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL) for MSME and Priority Sector Housing Loans respectively.
- S Krishnan, MD & CEO - Punjab & Sind Bank
HDFC Bank partners with Paytm to launch co-branded credit cards
- HDFC Bank and Paytm, on September 20, announced a plan to launch a range of credit cards powered by VISA
News Source : ET, BL, BS, FE and Mint
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