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India’s Top Banks Suspended All Leading Bitcoin Exchanges Bank Account

21Jan By AdityaNo Comments

News

India’s Top Banks Suspended All Leading Bitcoin Exchanges Bank Account

India's leading banks suspended some accounts of major Bitcoin exchanges in India. According to the sources, the reason of this move is suspicious transactions from exchanges side. Banks who suspend bitcoin transaction accounts are State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and Yes Bank. The accounts of cryptocurrency exchanges/platforms in the country such as Zebpay, Unocoin, CoinSecure, BtcxIndia, among others are cancelled. These banks have also capped cash withdrawals for the few accounts which are operational, , the Economic Times reported citing multiple sources. Also no bitcoin exchanges reply on Pixr8's mail during the time of publishing the news. Queries sent to the banks taking the action also did not elicit any response. Eight accounts have likely been su...

27Dec By PriyankaNo Comments

FUNDING

Lendingkart Raises Rs 25 Cr. In Debt Funding From SBI

Online money lending platform Lendingkart has recently raised Rs 25 crore debt funding from State Bank of India. In a press release, Lendingkart said that the funding is in the form of cash credit facility which will allow the company to draw the amount over separate tranches as and when required. This investment also marks the entry of public sector banks in a rush to reach out to more borrowers by backing up startups in the field. Earlier, Lendingkart got backed up by private banks- Yes Bank and Kotak Mahindra. “We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME (small and medium enterprise) sector,” said Harshvardhan Lunia, co-founder and chief executive officer at Lendingkart. “SBI, being...

7Mar By Press Trust of IndiaNo Comments

INDIA

India’s Leading PSU Bank SBI Launches ‘Work from Home’ Facility For Employees

Country's largest lender State Bank of India today launched a new facility to enable its employees to work from home. The Board of the bank has recently approved the 'Work from Home' policy to enable its employees to work while at home using mobile devices to address any urgent requirement they may have, that prevents their travelling to work. The lender will be using mobile computing technologies and shall have continuous control over all the enabled devices centrally to manage and secure the data and applications on the mobile devices, the bank said in a statement here today. The use of technology and services shall be monitored through carefully designed MIS and dashboard to enable improvements and refinements, it said. The bank said going forward cross-sell, marketing, CR...

15Feb By Press Trust of IndiaNo Comments

INDIA

Indian Government Approves Merger of 5 Associate Banks With SBI

The Cabinet today gave go-ahead to the merger of State Bank of India (SBI) and its associate lenders that would make the state-owned lender a global-sized bank. India's largest lender SBI had last month mooted the proposal for merger of its five subsidiary banks with itself and acquisition of the newly set up Bharatiya Mahila Bank. SBI has five associate lenders -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. "Kindly await a structured briefing on that," Telecom Minister Ravi Shankar Prasad said when asked if the Cabinet approved the merger of associate banks with the SBI. Meanwhile, SBI Chairperson Arundhati Bhattacharya said, merger of SBI and its associate banks is a win-win for both the sides....

Now You Can Dispense 2000 Rs Cash From Ola Cab

27Nov By PriyankaNo Comments

News

Now You Can Dispense 2000 Rs Cash From Ola Cab

After petrol pumps, cash can now be withdrawn by swiping debit cards at select Ola cabs as India's largest ride-hailing service partners with lenders like State Bank of India (SBI) and Punjab National Bank to ease cash crunch. With banks and ATMs not being able to cope with the rush for access to lower denomination or new currency after old Rs 500 and 1,000 notes were banned, cash dispensing through swipe of debit cards at POS machines was introduced at around 3,700 petrol pumps. The same is being replicated by Ola on a test basis in its cabs in Kolkata and Hyderabad where taxis with a bank officer and POS machine are parked at different locations and dispense cash of Rs 2,000 per card. Ola Chief Operating Officer Pranay Jivrajka told PIXR8 that the initial response has been trem...

Demonetisation Effect: SBI Collects Rs 1,14,139 Cr Deposits in Last 7 Days

16Nov By NitishNo Comments

INDIA

Demonetisation Effect: SBI Collects Rs 1,14,139 Cr Deposits in Last 7 Days

State Bank of India today said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes. The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here today. The government announced to demonetise Rs 500 and Rs 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 on account of Gurunanak Jayant in major parts of the country. The country's largest lender exchanged Rs 5,776 crore of old Rs 500 and Rs 1,000 notes since November 10. It said there were 151.93 lakh cash withdrawal transactions amounting to Rs 18,665 crore in the last seven days. People are allowed to exchange Rs 4,500 wor...

China Made ATM Machines and Software Affected 6 Lakh SBI Debit Cards

19Oct By AdityaNo Comments

News

China Made ATM Machines and Software Affected 6 Lakh SBI Debit Cards

India's largest public sector bank State Bank of India (SBI) and its subsidiary blocked 6.25 lakh customers debit cards after finding security breach in transactions at third-party ATM machines. The government led bank sent emails and SMS to customers, to alert them about blockage, and also asked them to re-apply for new cards at their respective branches. “About 0.25% of our cards have been blocked. We came to know that some of our customers have used SBI debit cards at Yes Bank ATM machines, the software of these ATM's were designed in Chinese company Hitachi payment services,” said SBI's security officer at the condition of no identity disclose. “In the past 3-4 days, we saw some unidentified and suspicious transactions at some ATMs and hence the cards were blocked immediately....

IRCTC Joins Hands With SBI To Promote Rail Ticketing

20Jul By RishabhNo Comments

News

IRCTC Joins Hands With SBI To Promote Rail Ticketing

Indian Railway Catering and Tourism Corporation (IRCTC) has joined hands with the State Bank of India to chalk out a detailed plan for promotion of rail ticketing activities, including internet ticketing and unreserved ticketing system. IRCTC, a PSU of Railways which handles catering, tourism and Internet ticketing activities, and the SBI have signed an MoU which will also undertake development of Unreserved Ticketing System and such other services which can be jointly undertaken. We will jointly explore areas of cooperation and draw up a detailed plan for promotion of rail ticketing activities, said a senior IRCTC official. In addition, both will offer services jointly, subject to financial viability. "Both parties are desirous of working together to provide improved Internet ti...

SBI Launched mVisa, a Mobile-Based Payment Solution App

7May By NitishNo Comments

News

SBI Launched mVisa, a Mobile-Based Payment Solution App

State Bank of India (SBI), India's largest commercial bank launched mVisa, a mobile-based payment solution app. The app would enable customers to make cashless payments simply by scanning the unique merchant quick response (QR) code at shopping outlets. mVisa is a mobile based payments solution that would facilitate payments by scanning the QR code from the merchant's mobile. SBI customers, including debit card holders and internet banking customers who have transaction rights, can now make payments to merchants by scanning the code. This would eliminate the need to swipe physical cards at a card swiping machine. "With availability of smart phone increasing by leaps and bounds, Mobile-based payments in India have to rise in a big way. Introduction of mVisa, a convenient scan and pay-...

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...

Nita Ambani Most Powerful Businesswoman in Asia: Forbes

7Apr By AnkitaNo Comments

News

Nita Ambani Most Powerful Businesswoman in Asia: Forbes

New York, Apr 7- Reliance Foundation Chairperson Nita Ambani has been named the most powerful businesswoman in Asia by Forbes, leading a list of 50 women leaders from the region that includes eight from India. SBI Chairman and Managing Director Arundhati Bhattacharya has been ranked second on the 2016 Asias 50 Power Businesswomen list that features trailblazing women from China, Indonesia, Australia, Vietnam, Thailand, Hong Kong, Japan, Singapore, the Philippines and New Zealand. Apart from Ambani and Bhattacharya, six women from India have made to the list, including Mu Sigma CEO Ambiga Dhiraj (14), Welspun India CEO Dipali Goenka (16), Lupin CEO Vinita Gupta (18), ICICI Bank Managing Director & CEO Chanda Kochhar (22), VLCC Health Care Founder and vice chairman Vandana Luthra (26) ...

SBI Opens Dedicated Branch For Startups “SBI InCube”

14Jan By Press Trust of IndiaNo Comments

INDIA

SBI Opens Dedicated Branch For Startups “SBI InCube”

State Bank of India became the first public sector lender to launch wealth management service, a space dominated by private and foreign players, to cater to fast-growing affluent segment of the country. The bank also inaugurated a dedicated branch for startups which will provide advisory services to the budding entrepreneurs. “Introducing wealth management has been one of the bank’s top strategic priorities, as we have a number of HNI customers in the bank and potentially many more whose banking needs are more sophisticated and who require a highly specialised service delivery mechanism,” SBI chairman Arundhati Bhattacharya said. The wealth management offering ‘SBI Exclusif’ and the startup branch – ‘SBI InCube’ were rolled out in Bengaluru. ‘SBI Exclusif’ will offer many fir...