Banking Current Affairs 2015

SBI inks MoU with Amazon for payment, commerce solutions

India’s largest public sector lender, State Bank of India (SBI) has signed memorandum of understanding (MoU) with e-commerce giant Amazon. The MoU seeks to identify and tap the potential areas of collaboration for payments and commerce solutions between both signatory parties.

Through this tie, SBI is seeking to enrich customers’ payment experience and opening up the windows of e-commerce to its small and medium enterprise (SME) customer’s base which is the largest in the country.

While e-tailers like Amazon are set to gain even if a percentage of SBI’s SME customers after they adopt the online payment platform for their businesses.

SBI is also looking to tap Amazon’s expertise and talent in order to connect potential buyers and sellers, along with efficient ways of sourcing raw materials for existing customers.

SBI is also seeking to ink similar agreement with other e-commerce players such as Snapdeal and Paypal for similar payments and commerce solutions.

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ICICI Bank’s first Chinese branch inaugurated in Shanghai

ICICI Bank’s first branch in China was inaugurated in Shanghai, a major global financial hub. It was inaugurated by Prime Minister Narendra Modi in the presence of ICICI Bank’s MD and CEO Chanda Kochhar.

The new branch will begin its operation with 17 banking professionals handling different functions including finance, operations, corporate banking and treasury. Apart from it, this branch will also play important role in the growing trade and investment opportunity between India and China.

It should be noted that ICICI Bank’s Shanghai Branch had received the formal regulatory approval in March 2015 to commence operations.

Currently ICICI Bank is India’s biggest private sector lender with a total consolidated asset base of US $ 132 billion and has presence in 17 countries.  Earlier in 2003, ICICI Bank had opened a representative office in China.

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SBI launches sbiINTOUCH, NFC-enabled Contactless Debit and Credit Cards

India’s largest lender, State Bank of India (SBI) has launched contact-less credit and debit cards sbiINTOUCH.

sbiINTOUCH is based upon latest near-field technology (NFC) that enables customer to transact using the card by just tapping or waving it against the reader of the point-of-sale machine

Cards incorporated with NFC technology are secure and hassle-free. SBI is also proving a fraud liability cover of 1 lakh rupees on these cards.

With this, SBI has joined league of private lenders like ICICI Bank and HDFC Bank. It should be noted that ICICI bank was first to introduce contact-less credit and debit cards in India.

RBI rules on contact-less credit and debit cards

  • Presently, Reserve Bank of India (RBI) allows banks to enable transactions in case of contactless cards up to Rs. 2,000 without the requiring a separate PIN authentication.
  • But incase of amounts higher, banks should provide customers with an option of contact payment and pin authentication requirement.

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