Sumitomo Mitsubishi Bank approved for GIFT City branch
Japan’s leading financial powerhouse, Sumitomo Mitsubishi Banking Corp (SMBC), has secured approval to establish a branch within Gujarat International Finance Tec-City (GIFT City) situated in Gandhinagar.expand_more This strategic move signifies SMBC’s commitment to propelling Japanese investment into the dynamic Indian market. According to the Indian government, Japanese FDI into India has surpassed $30 billion since […]
RBI Advises Banks on Alternative Investment Fund Investments
The Reserve Bank of India (RBI) took a cautious step towards harmonizing regulations for bank investments in Alternative Investment Funds (AIFs) with a recent advisory issued on March 27, 2024. This revision follows a December 2023 circular that caused a ripple effect within the banking sector, with estimates suggesting a potential freeze on ₹2 lakh […]
Sonata Finance Acquired by Kotak Bank for Rs 537 Cr
Continuing its aggressive growth strategy, Kotak Mahindra Bank (Kotak Bank) announced a significant acquisition on Thursday, March 28, 2024. The bank signed a definitive agreement to acquire Sonata Finance Pvt Ltd, a prominent NBFC-MFI (Non-Banking Financial Company – Microfinance Institution), for Rs 537 crore. This strategic move strengthens Kotak Bank’s position in the rapidly expanding […]
Federal Bank Joins NPCI for ‘Flash Pay’ Contactless Payment
Federal Bank, in a strategic alliance with the National Payments Corporation of India (NPCI), has introduced a revolutionary payment solution – ‘Flash Pay’. This innovative offering takes the form of a RuPay smart keychain, empowering users to experience the convenience and security of contactless NCMC (National Common Mobility Card) payments. Effortless Transactions at Your Fingertips […]
Innoviti Payments, Concerto Software Secure RBI Licences
The Reserve Bank of India (RBI) has injected fresh momentum into India’s booming $88.13 billion digital payments arena by granting Payment Aggregator (PA) licences to Innoviti Payments and Concerto Software. This move elevates both companies to the ranks of established players like Razorpay, Cashfree, and Amazon Pay, further intensifying competition and innovation within the sector. […]
PolicyBazaar Expands: Launches PB Pay Private Ltd
PolicyBazaar, a dominant force in India’s online insurance and loan comparison market estimated at ₹18.5 lakh crore in 2023 , is making a bold move to expand its reach. The company recently announced the formation of PB Pay Private Limited, a wholly-owned subsidiary that marks its foray into the realm of payment aggregation services. This […]
Titan SBI Card: Fusion of Finance and Fashion
SBI Cards and Payment Services Ltd (SBI Card) continues its strong partnership with Titan Company Ltd by offering the feature-rich Titan SBI Card. This co-branded credit card, launched in 2018, specifically caters to watch enthusiasts and frequent shoppers at Titan brands. As of March 2024, the Titan SBI Card remains a popular choice due to […]
Axis Mutual Fund, Enparadigm Launch AI Learning
Mumbai, India – March 22, 2024 – In a move poised to reshape employee development within the Indian financial services sector, Axis Mutual Fund, a leading asset management company with over ₹2.6 lakh crore in Assets Under Management (AUM), has joined forces with Enparadigm, a pioneer in AI-driven experiential learning solutions. This groundbreaking partnership signifies […]
Airtel Payments Bank Introduces Smart Watch Payment
Airtel Payments Bank is shaking up the traditional payment landscape with a feature-rich smartwatch designed for ultimate convenience. Partnering with Noise, a leading Indian smartwatch brand, and Mastercard, a payment technology giant, Airtel Payments Bank offers a sleek and secure way to make contactless payments using your wrist. Beyond Payments: A Feature Powerhouse The Airtel […]
DBS Bank India Launches $250M Support for Start-ups
DBS Bank India has made a resounding statement of confidence in India’s burgeoning startup scene. On March 21, 2024, the bank unveiled a substantial $250 million lending commitment specifically dedicated to fostering the growth of “new-age” startups and “new economy” companies. This strategic initiative underscores DBS Bank India’s unwavering commitment to nurturing a vibrant environment […]