IndusInd Bank launches ‘QuickPay’

IndusInd Bank has launched a service called QuickPay, which enables the bank’s customers to send money instantly to their personal contacts and/or business parties through SMS, e-mail and social media.

This does not require the beneficiary bank account details. The sender can transfer money and a personalised message through net banking from the bank’s website by just filling the e-mail ID or mobile number of the receiver.

“Moreover, customers can choose to send e-Gift Cards to anyone, anywhere, anytime,” the bank said in a statement.

The sender gets a ‘Quick code’ that is shared with the recipient. Quickpay takes place via NPCI’s Immediate Payment Service (IMPS Person to Account), which is instant and 24x7, the statement added. Ritesh Raj Saxena, Head (Savings, Digital & Payments Business), said, “IndusInd Bank’s QuickPay is aimed at delighting customers in the digital age. Today’s digitally-savvy customers expect payments to happen instantly. This service empowers consumers to send money on real time basis.”


Source : Thehindubusinessline

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Corporation Bank targets 12% loan growth in FY 16

Corporation Bank today said its credit growth is expected to more than double to 12 per cent in the current fiscal.

“With greater focus on retail, SME and priority sector lending especially agriculture, we expect the credit growth to pick up to 12 per cent in the current fiscal,” Corporation Bank Chairman and Managing Director S R Bansal told PTI.

The bank recorded a loan growth of 5.8 per cent during the fiscal ended March 2015 as it carried a re—balancing exercises during the year, he said.

The bank’s credit portfolio rose to Rs. 1,45,066 crore as compared to Rs. 1,37,086 crore at the end of March 2014. At the same time, the deposits of the bank crossed a level of Rs. 1.99 lakh crore.

“The bank has earned income of Rs. 14.77 crore and expenditure of Rs. 12.70 crore. So we are having profit of Rs. 2.70 crore profit. It is profitable for us,” he said.

The average balance in the non—zero balance accounts is Rs. 3,342 per account as against the national average of Rs. 2,435.

He further said the number of zero balance accounts stood at 27.15 per cent as against the national average of 52 per cent.

The bank has issued Rupay Debit Cards to 98.46 per cent of the accounts and passbook has been issued to 89.76 per cent of the accounts opened under the scheme. Besides, 59.74 per cent accounts have been seeded with Aadhaar.

Source : Thehindubusinessline

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Karnataka Bank to open 25 e-Lobbies

Karnataka Bank Ltd is planning to open 25 e-Lobbies in different parts of the country by the end of the current financial year, according to P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank.

Speaking at the inauguration of the fifth e-Lobby of the bank in the country at Mulund (West) in Mumbai on Monday, he said the e-Lobby provides essential banking facilities under one roof through self-service automation kiosks.

This is the fifth e-Lobby of the bank in the country and the first one on Maharashtra. The bank has plans to open another 20 e-Lobbies across the country during the current financial year, he said.

Customers can deposit cash and cheques into their accounts and update their passbooks whenever they wish to, beyond banking hours, 24 hours a day, he said.

A press release by the bank said here that Vinaykumar M Rathod, Deputy Commissioner of Police, Zone VII, Mulund, Mumbai, inaugurated the e-Lobby facility in the presence of Bhat.

Source : Thehindubusinessline

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IndusInd Bank Q1 net profit jumps 25% to Rs 524 cr

Mid-sized private lender IndusInd Bank reported a 25 per cent growth in net profit at Rs 524 crore for the quarter ended June 30, 2015 on the back of strong interest income and lower gross bad loans.

The bank had posted a profit of Rs 421 crore in the year ago quarter.

Romesh Sobti, MD & CEO of IndusInd Bank said, "Inspite of a tough operating environment, credit off-take has increased to 23 per cent."

Last month, the bank raised capital of about Rs 4,400 crore through a qualified institutional placement (QIP) and is in the process to issue preferential shares to raise further Rs 750 crore.

The total of Rs 5,200 crore capital will support organic growth, Sobti added.

This capital will help the bank increase its capital adequacy ratio from 12.43 per cent at present to about 17 per cent.

During the quarter, the bank’s loan growth was at 23 per cent driven by corporate portfolio growth of 27 per cent and retail growth at 18 per cent supported by growth in medium and heavy commercial vehicles.

“The growth has come from enhancement of existing working capital loans... Vehicle financing has also improved. Earlier, we spoke about uptick in the segment but now it is about trends (growth). So, the portfolio is moving up,” Sobti said.

During the quarter, the core fee income of the bank was up by 23 per cent to Rs 599 crore. Net interest income was up by 22 per cent and non interest income grew 26 per cent.

Recoveries from bad loans helped reduce the gross net performing asset (NPA) at 0.79 per cent as on June end, 2015, as compared to 1.11 per cent as on June end 2014.

Net NPA stood at 0.31% compared to 0.33% y-o-y.

Net interest margin increased marginally to 3.68% in Q1FY16 as against 3.66% in Q1FY15.

By year end, the bank also plans to increase its bank branches to 1,000 from the current network of just over 800 branches. “With the new digital wave, we are remodelling our branches…We are looking at a new construct of branches in the metro and other regions and plan to double the branch network in 3 years,” the bank chief said.

IndusInd bank scrip rose 3.27 per cent to end at Rs 923.90 per share on the BSE.


Source : Thehindubusinessline

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