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Infibeam to raise 2000 Cr to set up its payments bank

30Jun By Lavina TolaniNo Comments

BUSINESS

Infibeam to raise 2000 Cr to set up its payments bank

Ahmedabad based E-commerce Major Infibeam is now ready to expand its business in IT segment as it looking forward to setting up its payment bank along with raising $292 Mn (INR 2000 Cr). In a recent company's general meeting held on June 28, 2018 shareholders have approved a change in the company name from “Infibeam Incorporation Limited” to "Infibeam Avenues Limited", according to a regulatory filing. The company has sought shareholders approval to apply for authorisation from Reserve Bank of India for its payment bank. It is also approached the apex body to seek approval to explore the business opportunity in the manufacturing of IT hardware. Post-RBI Approval, Infibeam wants to leverage its financial technology and expand business in the domain to issue all kind of prepaid paym...

5Jun By AdityaNo Comments

BUSINESS

Infibeam Looking to Raise 2000 Crore To Start Payment Bank Business

India's first profitable E-commerce company Infibeam will seek shareholders approval on June 28 to expand business in IT industry and also to launch a payments bank. The Gujrat based company said in its official statement, "We are looking to enter into payment bank business and to raise Rs 2,000 crore". The company has also proposed to change the name from Infibeam Incorporation Limited to "Infibeam Avenues Limited". Infibeam business profit in 2018 was more than doubled after tax to Rs 88.1 crore from Rs 43.5 crore a year ago. The e-commerce venture is also mulling to explore the business opportunity in the manufacturing of IT hardware. The company seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other pre-paid payme...

Paytm to Start Payments Bank Operations From May 23

17May By Press Trust of IndiaNo Comments

News

Paytm to Start Payments Bank Operations From May 23

After months of delay, Paytm is now all set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India (RBI). "Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice. The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity PPBL under the payments bank licence awarded to a resident Indian, Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm. After May 23, the Paytm wallet will move to PPBL. In case consumers do not wish for that, they have to inform Paytm, which will in turn transfer the wallet balance to the consumers bank accou...

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...

Alibaba Acquired 1% More Equity in Paytm, Up Stake to 41%

7Mar By AnkitaNo Comments

ACQUISITION

Alibaba Acquired 1% More Equity in Paytm, Up Stake to 41%

Reliance Capital has sold its nearly 1 percent stake in popular digital payments firm Paytm for Rs 275 crore to China's Alibaba Group in a deal reaping huge gains for the Anil Ambani-led group firm. The financial services arm of Reliance Group had invested Rs 10 crore for this stake in Paytm. The deal gives a valuation of over USD 4 billion to Paytm, which is already backed by Alibaba group as a strategic investor. Sources said that Reliance Capital has retained a stake in Paytm e-Commerce, which it had got free of cost by virtue of the investment in the parent firm. In the latest fund-raising round, Paytm e-Commerce was valued at USD 1 billion. A Reliance Capital spokesperson declined to comment on the deal while Paytm spokesperson also did not comment. Earlier, Reliance C...

India Post Gets Payments Bank Licence to Start Services

28Jan By Press Trust of IndiaNo Comments

News

India Post Gets Payments Bank Licence to Start Services

India Post has received payments bank licence from the Reserve Bank of India to start rollout of banking operations commercially under the permit. "India Post has received payments bank licence. The service will be launched as per schedule," a Department of Posts official said. India Post Payments Bank is the third entity to receive payments bank permit after Bharti Airtel and Paytm. Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses. The new model of banking allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and oth...

Paytm Gets RBI Licence For Payments Bank

3Jan By NitishNo Comments

News

Paytm Gets RBI Licence For Payments Bank

Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. On its blog, Paytm announced this news. However, Airtel is the first company which already start a pilot project of payment bank in Rajasthan. In a statement Paytm said, "At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions of unserved or undeserved Indians." With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. Earlier today,...

Airtel Payments Bank opens 10,000+ savings accounts in 2 days

27Nov By NitishNo Comments

News

Airtel Payments Bank opens 10,000+ savings accounts in 2 days

Payments Bank said over 10,000 customers have opened savings accounts with it within two days of going live with a pilot project in Rajasthan. Majority of these accounts have been opened by customers in semi-urban and rural areas, underlining the potential for growth of banking services in such areas, Airtel Payments Bank said in a statement. Last week, Airtel Payments Bank became the first Payments Bank to go live in the country with the rollout of pilot services in Rajasthan. "We are offering the highest interest rate on savings account deposits in the country along with personal insurance of Rs 1 lakh and may look at sweetening the value proposition further and introduce more benefits in the coming days to accelerate the onboarding," Shashi Arora, MD and CEO, Airtel Payments Ba...

Airtel Pips Paytm, Launched First Airtel Payments Bank in Rajasthan

23Nov By AdityaNo Comments

News

Airtel Pips Paytm, Launched First Airtel Payments Bank in Rajasthan

Sunil Mittal Led Bharti airtel launched first payment bank in Rajasthan on pilot project basis. The branch will be a testing point before full-scale pan-India launch, company statement in a press release. The bank known as "Airtel Payments Bank" will offer interest rate of 7.25 percent per annum on deposits in savings accounts. The company said customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic banking services. "With this, Airtel Bank becomes the first payments bank in the country to go live. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets (in Rajasthan)," the statement added. "Airtel Bank plans to expand it...

Paytm Plans to Open Multi-Format Physical Touch Points Soon

17Sep By Press Trust of IndiaNo Comments

News

Paytm Plans to Open Multi-Format Physical Touch Points Soon

Mobile payment firm Paytm, which has remained restricted to the digital format this far, will soon have physical branches and touch points, a top company official said today. "We will have physical touch points in various formats. We have submitted a 12 months business plan," Paytm Payment Bank VP Ruchita Taneja Aggarwal said on the sidelines of a CII organised banking event here. She said that these physical touch points have become necessary after Paytm forayed into payment bank business and received the regulators nod. "We are waiting for the final license from RBI, but we expect to start payment bank operations by Diwali," Aggarwal said. With payment bank license, Paytm would be able to give interest on wallet balance to those who upgrade their accounts to savings bank, but Agg...

Exclusive: Dilip Shanghvi, IDFC Bank Withdraw From Payments Bank

20May By PriyankaNo Comments

News

Exclusive: Dilip Shanghvi, IDFC Bank Withdraw From Payments Bank

Telenor Financial Services, IDFC Bank and Sun Pharma's Dilip Shanghvi have decided to withdraw their licence to set up a payments bank. They are the second applicant to withdraw from the licence after Cholamandalam group pulled out of payments banks race a couple of months back. In a joint press statement, the partners said: "Dilip Shanghvi, IDFC Bank and Telenor Financial Services jointly agree to withdraw plans to establish a payments bank venture and consequently the payment bank licence will not be pursued." Last September, Dilip Shanghvi, Chairman of Sun Pharma, as lead applicant along with Telenor Financial Services and IDFC Bank, was granted in-principle licence by Reserve Bank to form a payments bank. "Following the mutual decision to withdraw from setting up a payments bank,...

Payments Banks Do Not Have a Viable Business Model: SBI Chief

19Apr By Press Trust of IndiaNo Comments

News

Payments Banks Do Not Have a Viable Business Model: SBI Chief

Small and payments banks have not yet devised a business model which can be termed viable, SBI Chairperson Arundhati Bhattacharya said today. "Neither the payments banks nor small finance banks seem to have as yet devised a business model that can be said as viable," said Bhattacharya, whose bank has tied up with Reliance Industries for a payments bank venture. Addressing a banking seminar organised by industry lobby IMC here, she added, "...a mobile banking customer, who is also a customer for payment services, will be less free to migrate to a competition for mobile services. Hence, it is hard to see payment banks taking away customers or income from commercial banks in a big way. Similar arguments hold for small finance banks. "Admitting that the entry of other non-banking co...