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BharatPe raises $20 Million from Alteria Capital, ICICI Bank

18Jan By AdityaNo Comments

FUNDING

BharatPe raises $20 Million from Alteria Capital, ICICI Bank

New Delhi, 18th Jan 2021: Indian fintech company BharatPe raises about USD 20 million in debt funding from venture firm Alteria Capital and ICICI Bank that will be used to strengthen its lending business and provide credit to merchants. Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, and others. BharatPe co-founder and CEO Ashneer Grover said $13 million in debt came from Alteria Capital, while the remaining $7 million was from ICICI Bank. Bharat Pay also facilitates loan facility for its merchant partners. Last week, BharatPe raised around $8 million in debt funding from Innoven Capital. With this, BharatPe has raised a total of USD 28 ...

PhonePe Says Services Resumed after Partner With ICICI Bank, Shares Jump 30 Percent

9Mar By AnkitaNo Comments

News

PhonePe Says Services Resumed after Partner With ICICI Bank, Shares Jump 30 Percent

A day after its UPI services were impacted by Yes Bank moratorium, financial app PhonePe announced a resumption in services. It has now partnered with India's second largest private sector lender ICICI Bank to act as a payment service provider in place of Yes Bank. Its chief executive Sameer Nigam thanked ICICI Bank and the National Payments Corporation of India for making the transition possible in quick time. After being put under moratorium, Yes Bank was put under severe restrictions including caps on payments, which impacted its ability to settle transactions on behalf of partners like PhonePe. At last count, there were 15 firms which were dependent on Yes Bank for the services and may be impacted in different measures. Also, Shares of Yes Bank on Monday zoomed over 30...

ICICI Bank Introduces ‘Cardless Cash Withdrawal’ through ATM

21Jan By AnkitaNo Comments

INDIA

ICICI Bank Introduces ‘Cardless Cash Withdrawal’ through ATM

Mumbai, 21st January 2020: Indian private sector bank ICICI announced the launch of a ‘Cardless Cash Withdrawal’ facility from its ATMs. This service enables customers to withdraw cash from over 15,000 ATMs of the bank by simply raising a request on ‘iMobile’, its mobile banking application. It is a simple and convenient way to withdraw cash without using a debit card. The ‘Cardless Cash Withdrawal’ service can be used for self-withdrawal when customers do not wish to carry the debit card. The daily transaction limit as well as per transaction limit is set at Rs. 20,000. Speaking on the launch, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has been at the forefront of digital innovations since its inception. The offering of ‘Cardless Cash Withdrawal’ from...

10Jan By PriyankaNo Comments

FUNDING

ePayLater Raises pre-Series A funding from ICICI Bank & Others

Mumbai, January 10, 2019: ePayLater, the leading innovator in the digital credit market, is beginning 2019 on a high note. It has closed its Pre-Series A funding round which was led by ICICI Bank, the second largest private bank in India and also saw participation from GMO Global Fintech Fund, the investment fund of the internet conglomerate in Japan along with family offices like Parekh and Patni and foreign investors from the UK. With this capital infusion, ePayLater is better poised to ramp up its technology architecture as well as strengthen its product. The company had earlier raised USD 2 million during its angel round of funding. ePayLater has quickly made its mark in India as one of the top digital credit solutions, providing interest-free credit terms for a 14-day period th...

29Aug By Gauri SinghNo Comments

INDIA

Google to Partner With Four Indian Banks to Offer Online Loans

The multinational technology giant Google is reportedly teaming up with four Indian banks for the purpose of granting consumer loans online. This move comes as the fight for a $1 trillion digital finance market is intensifying. The banks that the largest search engine is partnering with include HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Federal Bank. These banks in collaboration with Google will offer instant, pre-approved loans to customers “right within Google Pay in a matter of seconds.” In this technology-driven era, internet giants are joining the league to provide financial services in the world’s fastest-growing mobile arena. Online lending is becoming the next big thing as mobile users look for small loans with minimal paperwork and formalities. This also helps to save ti...

9Aug By Gauri SinghNo Comments

INDIA

This is How Indian Government Looting The Money of Common People in the name of AMB

It was yesterday morning and the first text message that greeted me was from one of India's leading private bank. My bank account was in that leading bank and the SMS was, "UPDATE: Balance in A/c XX1628 has gone below minimum limit of INR 5,000.00. Yesterday's balance: ...... Check A/c statements on the MobileBanking App" Seeing the remaining amount, I thought that how the balance is so low? Well, after login through net banking I found that it was a penalty amount called "Account Minimum Balance (AMB)" that the Indian banks, nowadays, are collecting from the common of India for the non-maintenance of minimum account balance. However, the shocking part is that my money was deducted despite maintaining the minimum account balance in the first week of the month. When enquired a...

MoneyOnMobile to Invest $6.2 Mn to Boost its Indian Expansion

27Jun By Lavina TolaniNo Comments

BUSINESS

MoneyOnMobile to Invest $6.2 Mn to Boost its Indian Expansion

US-based digital payment company MoneyOnMobile has plans to invest $6.2 Mn to boosts its Indian expansion plans, as informed by its chief executive officer, Harold Montgomery. The announcement for fresh infusion plans has come right after the firm raised $5 Mn Series H funding from S7 Group. MoneyOnMobile's chief executive officer Harold Montgomery told that with India emerging as one of the most exciting payments markets in the world, he wants to expand the company’s footprint to enable the rural and the poorer sections of the country to start transacting digitally. He also added, We have retail outlets where end consumers can just walk in and do transactions like bill payments, remittances and cash out. We have also enabled Aadhaar-enabled transactions, thereby creating a mini-ATM...

Sandeep Bakhshi appointed as ICICI Bank’s COO, Chanda Kochhar goes on Leave

19Jun By Lavina TolaniNo Comments

News

Sandeep Bakhshi appointed as ICICI Bank’s COO, Chanda Kochhar goes on Leave

India's second largest private bank, ICICI has appointed ICICI Prudential Life Insurance CEO Sandeep Bakhshi as whole-time director and chief operating officer (COO). Meanwhile, Bank’s managing director Chanda Kochhar who is facing conflict-of-interest allegations will remain on leave until a committee investigating allegations of impropriety completes its work. The ICICI Bank board, in its meeting held on Monday, has appointed Bakshi for a period of five years. In addition, the top-level reshuffle at the bank, executive director N.S Kannan will be replacing Sandeep Bakshi as chief executive of ICICI Prudential Life Insurance company. The bank has also said that in its official statement that Bakshi will be reporting to Kochhar who will continue her role as MD and CEO of ICICI ban...

I-T Dept Issues Notice to Deepak Kochhar over Videocon Loan Case

4Apr By Lavina TolaniNo Comments

INDIA

I-T Dept Issues Notice to Deepak Kochhar over Videocon Loan Case

The ICICI-Videocon Loan Row case has already blazed too much attention and adding to it, now the Income Tax Department has issued a notice to Deepak Kochhar, husband of Chanda Kochhar, CEO, and MD at ICICI Bank. Issued under I-T Act, section-131, Deepak has been asked to submit all details relating to his personal expenses, Income tax returns and his business transactions with NuPower Renewables. Section-131 of I.T act deals with issues relating to production and discovery of evidence wherein income tax officials can ask for account books and statements. Indian tax officials will seek information from its Mauritian counterpart regarding investments made in entities and the person behind those entities under the amended tax treaty. As per inside sources, a bank official said that F...

ICICI shares plunge in the midst of Videocon Loan Row

3Apr By Lavina TolaniNo Comments

Market

ICICI shares plunge in the midst of Videocon Loan Row

India's leading private multinational bank, ICICI had its shares drop considerably by 7 percent on the first trading day of the financial year 2018-19 right after Central Bureau of Investigation(CBI) imposed an inquiry relating to the loan sanctioned to Videocon Group. After a close at Rs. 261.9 and down by 5.93 percent on BSE from the highest price since August 24, 2015, ICICI Bank market evaluation has worn down to Rs. 1.68 million on the BSE. As per the reports, CBI is probing actively on verifying allegations of corruption and looking into a possible nexus between Venugopal Dhoot, Chairman Videocon Group and Chanda Kochar's husband, Deepak Kochhar. ICICI bank also declared reports of conflict " malicious and unfounded" completely denying Kochar's favor recommendations to the agglome...

Fino Paytech Plans To Launch Its Payments Bank Within Two Months

11Apr By PriyankaNo Comments

News

Fino Paytech Plans To Launch Its Payments Bank Within Two Months

Fino Paytech is seeking help from ICICI Bank to set up its payments bank venture and is aiming to launch the new entity within two months, a top official said. "We are aiming to launch payments bank in one-and-a- half to two months. We're taking assistance from ICICI Bank for setting up the bank," chief executive Rishi Gupta told Pixr8. The ICICI Group owns a 20 per cent stake in the bank. Fino, a banking correspondent company which received the final nod from the Reserve Bank last month, needs one more set of internal approvals before launching the operations which include one from the board for operationalising, he said. Apart from the internal nods, integration with payment systems, which will help interoperability for its customers, will take a bulk of time, Gupta sai...

ICICI Launches Eazypay Mobile App For Merchants

27Dec By NitishNo Comments

News

ICICI Launches Eazypay Mobile App For Merchants

In what it claims to be a first in the country leading private sector lender ICICI Bank today launched 'Eazypay', an app for merchants, retailers and professionals to accept payments on mobiles from multiple digital modes. The Eazypay, based on the Unified Payment Interface (UPI) of the National Payment Corporation, allows a person to make payments through credit/debit cards and online banking, and also through the 'Pockets', which is the digital wallet of ICICI Bank, the bank said in a statement. Any current account holder of ICICI Bank can instantly download the Eazypay app and start using it, it said, adding the facility can also be used by non- ICICI Bank customers. The app is available on smartphones with Android operating systems now and will shortly be available on the iOS ...