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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...

28May By AnkitaNo Comments

ACQUISITION

Tech Mahindra to Acquire Target Group

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering, has agreed to enter into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The transaction is expected to close in Q2 FY17, subject to the receipt of regulatory approvals. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and a platform which helps automate end-to-end processes in the lending, investments and insurance market. The acquisition will enhance Tech Mahindra's capabilities and allow Tech Mahindra to capture a larger share of the GBP 45-60 billion annual spend by UK BFSI companies on software and services. Tech Mahindra intends to leverage its global footprint and enhance the platform to service other market...

One More Down, Tech Mahindra Pulled Out From Payments Bank Race

24May By PriyankaNo Comments

News

One More Down, Tech Mahindra Pulled Out From Payments Bank Race

IT firm Tech Mahindra today said it will not pursue its plans to set up payments bank operations in the country, becoming the third player to pull out from the race. "With reference to the earlier communication dated August 20, 2015, about the in-principle approval granted by RBI for setting up a payments bank, Board of Directors of the company have decided that the company will not pursue this opportunity," it said in a filing to the BSE. Sun Pharma founder Dilip Shanghvi who along with IDFC Bank and Telenor got in-principle approval from the Reserve Bank for payments bank, also pulled out of the race last week. A couple of months back, Cholamandalam group also dropped plans of setting up a payments bank. "It was a conscious decision that we wanted to be in this business. We ...

Tech Mahindra To Launch ‘Startup Garage’ For Its In-House Entrepreneurs

6Mar By Press Trust of IndiaNo Comments

News

Tech Mahindra To Launch ‘Startup Garage’ For Its In-House Entrepreneurs

MUMBAI: In a first for a corporate entity, Tech Mahindra is all set to create a 'startup garage' for its in-house entrepreneurs. "Within our set-up, we have a number of companies that is working already. But we are about to launch a garage soon ...ours will be the first corporate garage for the startups," TechM chief strategy officer and head of the 'growth factories' initiative Jagdish Mitra told PTI recently. At present, as many as 15 businesses have emerged from among the over 1.05 lakh TechM employees and they work as part of the 'growth factories' set-up, Mitra said. He said all the businesses which are getting incubated will be physically housed together in the garage and doing so will give them independence to operate. Mentoring the businesses will also be ea...