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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...

7Mar By PriyankaNo Comments

ACQUISITION

SBI to Pick up 49 pc Stake in Yes Bank

India's leading government bank State Bank of India (SBI) will pick up 49 percent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said SBI has "expressed its willingness" to make an investment. Earlier in the day, SBI Chairman Rajnish Kumar met the finance minister. A former SBI CFO has already been appointed administrator of the Yes Bank, whose board has been superseded. "The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post infusion it holds 49 per cen...

6Mar By AnkitaNo Comments

INDIA

Indian Payment Apps Hit Amid Yes Bank crisis

As Yes Bank went into moratorium, many Indian digital payment platforms bore the brunt on Friday as transactions were disrupted, including Walmart owned PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for...

Paytm to buy Stake in Yes Bank from Co-founder Rana Kapoor

10Sep By PriyankaNo Comments

BUSINESS

Paytm to buy Stake in Yes Bank from Co-founder Rana Kapoor

As per the latest update, India's leading payments app Paytm is in discussions to buy stakes in Yes Bank from co-founder Rana Kapoor. The sources, privy to the discussions, said Kapoor has held preliminary discussions with Paytm. They said the structure of the deal would depend on the approval from the Reserve Bank of India (RBI), given that Paytm founder Vijay Shekhar Sharma already owns stake in Paytm Payments Bank. Paytm declined to comment on the matter. Kapoor and associated entities own a 9.6 per cent stake in Yes Bank. Rana Kapoor didn't answer on the email of Pixr8 News. Also, Yes bank group didn't clear whether Rana Kapoor and family will sell their entire stake in the bank. Ravneet Gill, the current chief executive officer of Yes Bank who took charge in March, has...

Yes bank acquires 18.5% stake of Cox & Kings

27Jul By AdityaNo Comments

ACQUISITION

Yes bank acquires 18.5% stake of Cox & Kings

Global leading bank group Yes Bank has acquired 18.55 percent stake in Cox & Kings by invocation of pledged shares. The bank has invoked pledge on 3.27 crore equity shares having a nominal value of Rs 5 per share, constituting 18.55 percent of the post-issue paid-up share capital, of Cox & Kings, Yes Bank said in a regulatory filing. Cox & Kings Limited has a consolidated turnover revenue of Rs 5,693.5 crore as on March 31. Besides, the bank invoked pledge on 34,080 equity shares having nominal value of Rs 10 per share, constituting 30 percent of an unlisted company Ezeego One Travel & Tours Limited. In another filing it said, the bank in ordinary course of its business continues to explore various means of raising capital or funds through issuance of securitie...

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...

Yes Bank Gets Another $150 M From OPIC To Fund SME Lending

14Jul By Press Trust of IndiaNo Comments

FUNDING

Yes Bank Gets Another $150 M From OPIC To Fund SME Lending

Private sector Yes Bank has received another round of USD 150 million funding from US government and Wells Fargo to fund SME lending. This is the third round of funding as part of arrangement between the Overseas Private Investment Corporation (OPIC) US government development finance institution and Wells Fargo, with the objective to increase lending to small and medium enterprises in India. OPIC will provide USD 75 million in financing to Yes Bank and up to USD 75 million as a syndicated financing from Wells Fargo Bank, a part of financial services provider Wells Fargo & Company. This is the third transaction between OPIC and Yes Bank and comes close on the heels of last years USD 265 million OPIC facility, which the bank will use to extend SME financing in India, Yes Bank sa...

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....

Yes Bank Launches Digital Wallet ‘Yes Pay’ Across Android, iOS Platforms

30Aug By AdityaNo Comments

News

Yes Bank Launches Digital Wallet ‘Yes Pay’ Across Android, iOS Platforms

India's fifth largest private sector bank Yes Bank has announced the launch of 'Yes Pay', a digital wallet across Android and iOS mobile platforms. As a new development in the realm of digital payments, Yes Pay is also built as a Facebook app. The fact that the wallet can be accessed through Facebook without any additional registration, Yes Pay has now empowered all social media and Smartphone users to be money-wise. Apart from mobile recharge and bill payment which are the key offerings for most digital wallets in India, Yes Pay also features functionalities that allow both 'users' and 'non users' to send and receive money. "Our wallet does not require that both the transacting parties be registered on the wallet. That brings to fore immense possibilities. Think of a businessman wh...

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

2May By NitishNo Comments

News

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

Every woman needs to be treated in a special way and to do so, VelvetCase.com has conceptualised a festival titled Women's Online Shopping Festival (WOSF), wherein various lifestyle and fashion brands will be coming together to provide a shopping paradise to the modern women. Talking about the festival, VelvetCase.com's Founder and CEO, Kapil Hetamsaria said, "I am super-excited to see how an idea born over a dinner conversation a few months ago has snowballed into an event that has the potential of becoming a premier annual property driven by leading brands." Talking about the idea behind WOSF, Neha Kant, Founder of Clovia said, "We see women buyers as significant contributors to the growth of e-commerce and online purchase in India, this made us pop with the idea of WOSF." Meanwhi...