IFC Received RBI’s Approval for Acquiring 9.7% stake in the Federal Bank
Details
- In July 2023, Federal Bank raised 959 crore from IFC through a preferential issue of shares, which amounted to 4.99% of the bank’s post-issue paid-up capital.
- On September 28, 2023, Federal Bank received an intimation from the Reserve Bank of India (RBI) that it had accorded its approval to IFC for acquiring an aggregate holding of up to 9.70% of the paid-up share capital or voting rights of the bank, subject to the conditions specified therein.
- The RBI’s approval is in response to IFC’s application and is contingent on compliance with several regulatory provisions, such as the Foreign Exchange Management Act, 1999, the Banking Regulation Act, 1949, and the RBI’s guidelines on foreign investment in India.
- The stake acquisition by IFC is expected to strengthen Federal Bank’s capital base, support its growth plans, and enhance its environmental, social and governance (ESG) standards.
SBI launched a ‘Mobile Handheld Device’
Current Context: SBI launched a ‘Mobile Handheld Device’ to bring financial inclusion to Doorstep. This is a significant move towards enhancing accessibility and convenience in availing banking services for the customers who face challenges in accessing CSP outlets due to health issues, senior citizens and Divyangjan.About
- The device will provide five core banking services in its initial phase, such as cash withdrawal, cash deposit, fund transfer, balance inquiry and mini statement.
- The bank also plans to expand its offerings by including services such as enrolments under social security schemes, account opening, remittance and card-based services shortly.
- The device is set to revolutionize banking accessibility by bringing kiosk banking directly to customer’s doorstep. The initiative was unveiled by the Chairman of SBI, Shri Dinesh Khara.
Outlook Group & IDFC FIRST Bank Launched “Outlook Money 40 After 40”
Current Context: The Outlook Group, in association with IDFC FIRST Bank, has launched a unique retirement planning event called "Outlook Money 40After40". This two-day event and expo will be held at the Jio World Convention Centre in Mumbai on January 23-24, 2024.Key Points
- The event is designed to be a one-stop shop for all conversations around timely retirement, featuring panel discussions, chats, masterclasses, interactions with planners, product presentations, and more.
- The aim is to spread awareness and create conversations around the important but often-ignored need for retirement planning.
- The event is an extension of Outlook Money’s drive towards spreading awareness and creating conversations around the important but often-ignored need for retirement planning.
- It aims to provide invaluable insights and expert guidance to individuals, helping them make informed decisions to secure a prosperous retirement.
- Together, Outlook Group and IDFC FIRST Bank aim to equip attendees with the necessary knowledge and tools to embark on a secure and fulfilling retirement journey.Mastercard launches ALT ID for Enhanced Online Payment Security
Anirban Mukherjee promoted as Global CEO of PayU GPO
Current Context:
Key Facts
- He will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO. He will be responsible for the overall business operations of PayU.
- PayU caters to over 450,000 merchants in India and also services more than two million customers with credit facilities in the country.
- Laurent Le Moal, the previous global CEO of PayU, will step back from operational management but remain with Prosus and PayU in an advisory role.
- He will be succeeded by Anirban Mukherjee, who has been the CEO of PayU India since February 2019.
- Mukherjee said that PayU aims to drive digitisation and financial inclusion especially for small Indian merchants.
YES Bank Becomes the First Lender to
Offer ‘ONDC Network Gift Card’
Current Context:
Key Highlights
- Unlike traditional gift cards, this concept empowers customers to utilise the gift card for purchasing products from any brand and any seller across a wide array of segments, including food, fashion, handicrafts, electronics, home essentials, health and wellbeing.
- The ONDC Network Gift Card is open for sponsorship and utilisation by corporate and individual customers, enabling them to extend thoughtful gestures to their customers, employees, or for their loved ones.
- This card leverages the Rupay network and offers the flexibility to load up to Rs 10,000.It’s indeed a transformative shift in the way India shops and aims to revolutionize the shopping experience for Indian consumers.
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