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UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

16Aug By Gauri SinghNo Comments

INDIA

UPI 2.0 to be Launched Today by RBI Governor Urjit Patel

Following a number of delays and a few hurdles, the updated version of UPI which is commonly called UPI 2.0 is set to be introduced to the people by the National Payments Corp of India. The UPI 2.0 will be launched today at an event in Mumbai. Urjit Patel, the Governor of The Reserve Bank of India along with Rajnish Kumar, State Bank of India chairman and Nandan Nilekani, the non-executive chairman of Infosys are looking forward to formally launch the updated version. It has been reported that around 10 banks will join UPI 2.0 from the beginning which includes: - SBI - HDFC Bank - Axis Bank - ICICI Bank - Yes Bank However, the other banks are in multiple stages of updating the payment product. "NPCI wanted the updated UPI to be launched by the Governor himse...

State Bank of India appoints Arijit Basu as Managing Director

The appointment committee at cabinet has appointed Arijit Basu as the managing director of country's largest lender State Bank of India. Basu will finally fill in the position that was vacant since the elevation of Rajnish Kumar as Chairman. The new appointment will make SBI have four managing directors. As per governemnt's official statement, Arijit Basu has been appointed as the managing director with effect from the date of taking over charge till his superannuation in October 2020. A graduate in in Economics and a Master of Arts in History, Basu joined SBI first in 1983 as a probationary officer. He has handled several key positions in various cicles of SBI including the bank office at Tokyo. Basu has served as Chief Executive Officer at SBI Life Insurance for four years. Mean...

SBI To Sell 49% Stake in Investment Arm SBI Capitals

Country's largest public sector bank, State Bank of India (SBI) is selling 49% stake in its investment banking subsidiary SBI Capital Markets ( SBI Caps) while looking for a joint venture. The stake sale will be a part of 20,000 crore capital raising exercise by the lender of fiscal 2019 to fund growth. The Bank is looking forward to a merger with its advisory businesses of SBI Caps. Chairman Rajnish Kumar said, "This year, we will be looking at bringing in a partner for SBI Caps. We will be shedding 24-49% stake.” Moreover, the bank is also proposing to sell its 3 to 5 % stake in SBI General Insurance in FY 18. Kumar also added that they are looking forward to SBI Caps as a pure investment bank. Additionally, SBI had got its subsidiary Life listed through an offer for sale of its ow...