Reserve Bank of India deputy governor K C Chakrabarty questions payment banks' viability

Outgoing Reserve Bank of India deputy governor K C Chakrabarty has questioned the viability of payment banks and has said that they do not serve the purpose of financial inclusion. The statement comes at a time when RBI governor Raghuram Rajan has indicated that the central bank was in favour of issuing bank licences for limited purposes such as payments.In an interview to a television channel, Chakrabarty said, "My only question about payment banks is what will be their viability? The question is how will they earn money?" The deputy governor...

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Doha Bank to purchase HSBC Bank Oman business in India

Qatar-based Doha Bank has entered into an agreement with HSBC Bank Oman to purchase the latter's banking business in India.HSBC Bank Oman is an indirect 51 per cent owned subsidiary of HSBC Holdings plc.Chairman of Board of Directors of Doha Bank, Sheikh Fahad Bin Mohamed Bin Jabor Al Thani, said that all staff of this operation (the business) will be transferred to Doha bank as a part of the purchase."The business being acquired consists of its two branches and had gross assets of Rs 3.5 billion (about USD 58 million) as on 31.12.2013," he...

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