YES BANK Launches KuchNayaSocho Campaign Across India

As India unlocks in phases from the current COVID-19 situation, YES BANK has launched a campaign, ‘KuchNayaSocho.’ Through this campaign, the Bank endeavours to instill hope amongst people and give a positive message to the society that we can adapt to the new normal through collaboration and innovative thinking. Since the lockdown was announced, the Bank launched a range of innovative solutions to help its customers adapt to the new normal.

All through our lives, be it at school, college or workplace, we have been encouraged to think innovatively and this approach has become an indispensable part of how we think. Building on this, the Bank has launched a campaign to partner communities and support them by building a bridge to a new future - KuchNayaSocho, a campaign embracing change and innovation to support customers and partners, alike. The campaign is being amplified across YouTube and Facebook.

Commenting on the launch, Jasneet Bachal, Chief Marketing Officer, YES BANK said,” While the last few months transformed our lives beyond imagination, bringing in a whole new world of isolation and social distancing, it has also reminded us that we are all interconnected like never before - a part of one another. The ‘#KuchNayaSocho’ campaign mirrors the way this transformation has impacted us, and how innovative thinking will pave the way for us to embrace the ‘new normal’. Through this campaign, we have also showcased how YES BANK is supporting all our stakeholders in adapting to the COVID-19 induced normal through digital solutions. The campaign urges ‘innovative thinking’ in order to adapt to the evolving changes, in readiness for the new.”

Keeping in mind the financial health, well-being, and daily travel requirements of commuters, the Bank recently launched solutions such as Fixed Deposit + COVID-19 Insurance Cover, an Overdraft against Fixed Deposit to meet financial and liquidity needs, a tap and go card for making contactless payments during bus travel, and a UPI payment solution for excess baggage during flight check-in for travelers of a renowned airline.

IDBI Bank Launches “IDBI Swarna Kalash” - Specialized Gold Loan Branches

IDBI Bank announced the launch of four specialized gold loan branches branded as “IDBI Swarna Kalash”, by remodeling its existing branches. These branches are located at Neelamangalam, Sivaganga, Vijaya Nagar, Bengaluru and L .B. Nagar, Hyderabad.

IDBI Bank in their Q1 FY21 Financial Results reported an increase in the growth trajectory with Gold Loans as one of the premium product with minimum delinquencies.

These specialized Gold Loan Branches will facilitate quick, transparent and hassle free Gold Loan financing. The Gold Loans are offered at a competitive interest rate, starting from 8% p.a., to cater to the increasing credit demand in the Agri, PSL, and rural markets. Overdraft facility is also available under these loans and can be applied via a digital platform.

Shri. Rakesh Sharma, MD & CEO, through a virtual mode, inaugurated these four branches in the presence of Deputy Managing Directors Shri Samuel Joseph and Shri Suresh Khatanhar, and Executive Director Shri Rajeev Kumar.

Speaking at the launch program, Shri Rakesh Sharma MD & CEO said that “We have witnessed a surge in the demand gold loan and have conceptualized “Swarna Kalash” as a premium offering of IDBI Bank. Our focus is on creation of such specialized branches to cater to the demand in the market and facilitate an easy access to our gold loan customers.”

MYPINPAD Expands Global Presence Through Partnersip with Mswipe and Visa in Indian Market

Global secure personal authentication expert joins forces with Mswipe - India’s leading independent financial services platform for SMEs and merchants, and Visa – the world’s leader in digital payments

MYPINPAD, the global leader in secure personal authentication solutions today announces new strategic partnerships with Mswipe, India's largest independent mobile POS merchant acquirer and network provider, and the world’s leader in digital payments, Visa, to propel contactless payments in India.

The announcement follows MYPINPAD becoming the first, and currently only company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software only Contactless Payments on Commercial off-the-shelf (CPoC) solution. 

This is an especially important market for MYPINPAD, given that tap-to-pay or contactless card payments in the Indian market are in hypergrowth, led by Visa with over 30mn contactless cards issued.

Mswipe is at the forefront of driving tech innovations that enable micro, small and medium Enterprises (MSMEs), and merchants to accept payments through cards, wallets, mobile payment apps and bank apps, contactless and QR payments.  With over 675,000 POS and 1.1 million QR merchants, it is the largest independent mobile POS acquirer and network provider in India.

The global impact of the COVID-19 pandemic has fuelled the need for contactless transactions, with Visa recently announcing a commitment to support 10 million small businesses across Asia Pacific. The pledge is part of a global program that sees Visa supporting 50 million small businesses worldwide. As part of the commitment, the company is introducing a range of programs and solutions to help small and medium enterprises (SMEs) drive efficiency and sales by accepting and making digital payments to meet increased demand for cashless payments – both online and in-store.  

CEO of MYPINPAD, Colin Greene, commented: “MYPINPAD makes it easy and affordable for merchants to become a part of digital acceptance and the payments ecosystem. Mswipe has spearheaded technology innovation in digital acceptance and payments for small and medium businesses in India. This important milestone, following our recent world-first PCI SSC CPoC certification, is another huge step for the industry in simplifying digital acceptance for the smallest of businesses to the larger retailers.”

CEO of Mswipe, Manish Patel adds: “What we plan to achieve alongside MYPINPAD will be incredibly significant for consumers, merchants and India in its entirety. The company’s technology will enable true democratisation of payments and accelerate the contactless revolution in India, which will result in huge socioeconomic benefits. We look forward to deploying the solution, and where the partnership will take us in the future.”

Shailesh Paul, Head, Merchant Sales & Acquiring and Cybersource, India & South Asia, Visa said:

“Consumer preference for tap to pay or contactless payments offers a transformational opportunity for our collaboration with MYPINPAD and Mswipe. By empowering small merchants to use their mobile phones to accept tap to pay digital payments and without the need to invest in a standalone terminal, this solution should truly help propel digital payments far and wide across India.”  

MYPINPAD’s solution is easily integrated into third party applications and delivered ‘As-a-Service’. It significantly reduces cost across the entire face-to-face payment ecosystem by meeting PCI security standards through software updates alone. This relieves pain-points such as the cost of traditional payment and POS hardware for the smallest retailers, while also serving larger retailers by significantly reducing maintenance, replacement costs of aging hardware-centric POS systems and ultimately providing stronger customer service with trusted and familiar devices.

About MYPINPAD:

MYPINPAD is the global leader in secure personal authentication solutions residing on commercially available smartphones and tablets. Our proprietary and globally patented technology secures and protects the input of sensitive information on touchscreens creating a trusted environment. MYPINPAD’s innovative solution set removes the reliance on specialised hardware for personal authentication; reduces cost and complexity, promotes rapid adoption and leverages the connected capabilities of smart devices. 

About Visa Inc.

Visa Inc. is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

COVID-19 Triggered Economic Distress Sees Sharp Spike in Smuggling of Goods

FICCI Cascade

* In order to create large-scale awareness of this menace, FICCI CASCADE has been conducting several interactions with government and enforcement agencies across several states in India on the ways and means to mitigate this challenge.

* Applauding enforcement agencies for recent seizures, FICCI CASCADE urges Government to keep up the vigilance as current tough economic environment leads to economic crimes

* Gold, Cigarette and Liquor, having high tax arbitrage top the list of smuggled goods

* Smugglers using innovative measures like ferrying illegal cigarettes in COVID-19 Special Trains

FICCI’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy, (CASCADE) has appealed to the policy makers that illicit trade should be treated as a national threat. Illicit trade has emerged as one of the most formidable challenges before our nation, especially during the current pandemic which has led to an economic distress. This comes in the wake of several cases of smuggling of goods such as gold, cigarettes, liquor which have been reported amid the COVID -19 pandemic.

Mr. Anil Rajput, Chairman, FICCI CASCADE while congratulating the officers of the enforcement agencies for successful seizures, said, “The perpetrators of illicit trade are always looking at innovative ways to deceive the system to carry out their activities. This deeply harms the economic interests of the nation and the society ends up paying a huge cost. While the recent efforts of enforcement officers are laudable, we cannot afford to let the guard go down. At a time when the country is already dealing with the coronavirus triggered financial stress, it is even more important that the government maintains strict vigil to ensure that these offenders are kept at bay.”

In less than a week, the customs officials had two major seizures of smuggled cigarettes at New Delhi Railway station where the smugglers were using COVID- 19 special trains for ferrying these products. These seizures come on the back of two other major busts of foreign cigarette smuggling rackets, first in Mumbai and second one in Hyderabad. The combined value of the seizures is over Rs. 15 crores. Earlier this month, large seizure of smuggled gold worth Rs 1.5 crore and 15 crore was also made by the Kerala Airport Authority and customs at Thiruvananthapuram Airport respectively.

Not only does smuggling dent the government exchequer, by creating opportunities from tax arbitrage, but also threatens local industries on which livelihoods of many depend. In a recent study by FICCI CASCADE, it was estimated that due to smuggling over 16 lakh jobs were lost in India in 5 industry sectors alone in 2017-18. Besides unemployment and massive financial losses, it also creates large scale destabilization by fomenting crime and funding insurgency and terrorism.

SBI to hire 4,280 employees for associate banks

The country's top lender, State Bank of India, said it is looking to hire more than 4,200 employees for its associate banks -- a development that comes within days of its plan to recruit 25,000 people.

SBI said in a public announcement today that it plans to recruit 4,280 clerical staff at its various associate banks for operations across the country.

The recruitment drive for its associate banks follows SBI saying earlier last month that it would hire 25,000 people in the current fiscal -- a move that comes at a time when banks across the world are mostly trimming their workforces in the backdrop of a global financial crisis.

The various associate banks for which SBI is looking to recruit the staff include State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Indore, State Bank of Patiala and State Bank of Travancore.

There are more than 1,000 vacancies each with State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore, between 240 and 440 employees would be recruited for each of State Bank of Bikaner and Jaipur, State Bank of Indore and State Bank of Mysore.

SBI Chairman O P Bhatt said on November 16 that SBI was hiring 20,000 clerical staff and 5,000 people in supervisory positions in the current fiscal. In its previous major hiring spree, SBI had announced, about a year ago, plans to increase its as well as the associate banks' headcount by about 10,000 people.

Last month, another state-run lender IDBI Bank said it was looking to hire about 650 people for its retail banking and SME finance businesses.

However, foreign banks have been mostly cutting down their payrolls, with biggest of them, Citigroup, recently saying that it plans to trim down its headcount by over 50,000 employees across the world, which reportedly includes about 1,000 employees in India.

Citi, which has already laid off over 25,000 people so far this year, plans to bring down its headcount to below 3,00,000 in the next few weeks, from more than 3,75,000 at the end of 2007.

American Express also recently said that it would lay off about 7,000 employees globally, which includes about 100 employees in India.