Usha Ananthasubramanian becomes first woman chairman of Indian Banks’ Association

Usha Ananthasubramanian, MD and CEO of Allahabad Bank, has been elected the first woman chairman of Indian Banks’ Association (IBA) for the year 2017-18. She succeeded Jatinder Bir Singh. Rajnish Kumar, Chairman of State Bank of India, was elected Deputy Chairman of IBA for the year 2017-18. IBA is the banking sector’s industry body, whose ..

Topics: BANK OF INDIA • Banking in India • Businesspeople • Economy of India • IBA • Indian Banks' Association • Rajnish Kumar • Usha Ananthasubramanian

Dilip Asbe appointed as new Managing Director and CEO of NPCI

Dilip Asbe has been appointed as the new Managing Director and CEO of National Payments Corporation of India (NPCI). Prior to this, Asbe was CEO-in-charge of NPCI. He succeeded A.P.Hota, who retired in August 2017. Asbe has been in the NPCI since its inception and has played a pivotal role in designing, building, operationalising and ..

Topics: Banking in India • BharatQR • BHIM • Economy of India • Finance • Financial services • Immediate Payment Service • Interbank networks • Mobile payments in India • National Payments Corporation of India • RuPay • Unified Payments Interface

The Union government to bear MDR charges to promote digital transactions

To promote digital transactions, the union cabinet has recently decided to bear the Merchant Discount Rate (MDR) applicable on digital payments via debit cards, etc., up to Rs 2,000. The MDR applicable on transactions made through debit cards, the Unified Payments Interface (UPI) and Aadhaar-Enabled Payments System (AEPS) up to and including a value of ..

Topics: Banking in India • Debit card • Economy • Finance • Interbank networks • Merchant account • Mobile payments • Mobile payments in India • Money • National Payments Corporation of India • Payment systems • Unified Payments Interface

The Union government engages ICICI to enable cashless payments on e-NAM

The Union government has engaged private lender ICICI Bank to enable online payments at 470 mandis integrated with national portal of electronic National Agriculture Market (e-NAM). At present, e-NAM participants are doing payments through traditional ways via bank branches, debit cards and net banking. Now, ICICI Bank will enable BHIM (Bharat Interface for Money) and ..

Topics: Banking in India • BHIM • E-agriculture • e-NAM • Economy • Economy of India • ICICI Bank • Interbank networks • Mobile payments • Mobile payments in India • Unified Payments Interface

Axis Bank launches ripple-powered instant payment service for retail and corporate customers

Private sector lender Axis Bank has recently launched instant international payment services using Ripple’s enterprise blockchain technology solution for retail and corporate customers. The bank has launched a service for its retail customers in India to receive payments from RAKBANK in UAE and for its corporate customers in India to receive payments from Standard Chartered ..

Topics: Axis Bank • Banking in India • cryptocurrencies • Economy of India • Finance • Financial services • Mobile payments in India • RAKBANK • Ripple Labs