6 lakh SBI debit cards recalled; HDFC, Axis, ICICI, Yes Bank cards also compromised
Deepak Kumar 6 lakh SBI (State Bank of India) debit cards have been blocked due to a suspected security breach in their financial data . Termed to be one of the largest debit card replacement in the country, the country’s nationalised bank and other major private banks are taking all steps to stem any potential trouble. The steps taken by banks include asking their customers to change their PIN numbers of their debit-cum-ATM cards. This got escalated to the level wherein banks have changed cards when customers did not comply with changing their PIN numbers, a bank official revealed. HDFC has asked its customers not use the ATM’s of other banks. Apparently card network companies like NPCI, MasterCard and Visa had sent ...
RBI launches new debt restructuring scheme
The Dollar Business Bureau The Reserve Bank of India on Monday launched a new scheme ‘Sustainable Structuring of Stressed Assets’ (S4A) which allows lenders to divide the stressed loans into sustainable and unsustainable portions. Under sustainable portion, banks need to divide the existing debt of a company into sustainable (a share which can be serviced by the company even if cash flows remain the same as now) and ‘unsustainable’ which can be converted into equity or compulsory convertible debentures. To smoothen things the Govt will take the help of an independent agency to ascertain the economic viability of the project and the resolution plan. The aim of this scheme is to permit banks to rearrange stressed loans of over Rs.500 crore including accumulated interest ...
FIPB clears worth Rs 13k cr FDI proposals
The Dollar Business The FIPB (Foreign Investment Promotion Board) has cleared proposals amounting to Rs.13,030 crore that includes the proposals of Axis Bank asking to increase the shareholdings of foreign investors to 74 percent. According to the finance ministry sources, in its meeting on Friday, the government panel has cleared five proposals out of 14. Axis Bank, the third largest private sector bank in India, got the nod from the government to increase the limit of foreign direct investment (FDI) from 62 percent to 74 percent. The proposal involves an inflow of foreign investment of around Rs 12,900 crore. Currently, the private banks in India have a limit on accepting foreign investment to 74 percent, and the limit for Foreign Institutional Investors (FII) is ...
Axis Bank strengthens remittance offering in Gulf countries
Axis Bank caters to NRIs through its offices in the UAE offers automated remittance processing engine Source: PTI Axis Bank has its presence in Singapore, Hong Kong DIFC - Dubai, Colombo and Shanghai, Representative Offices at Dubai & Abu Dhabi and Dhaka Axis Bank has announced its ambitious plans to further strengthen its remittance offering in the Gulf Cooperation Council (GCC) region by providing new channels of money transfer to existing NRI customers. "The Bank continues to expand its partner network across the GCC region with specific focus on getting into more arrangements with Correspondent Banks while continuing to actively manage our large existing exchange house relationships," said Rajiv Anand, group executive & head, retail banking at Axis Bank. Anand said that this has ...
