Krishna Kumar is new Canara Bank ED

V. S. Krishna Kumar has assumed charge as Executive Director of Canara Bank with effect from April 4. Krishna Kumar has over three decades of experience and has headed different branches and diverse departments of Allahabad Bank. He joined Allahabad Bank in 1981 as a Probationary Officer and rose to the rank of General Manager in 2009.


Source: thehindubusinessline

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Karnataka Bank appoints 4 new DGMs

Karnataka Bank has promoted four of its Assistant General Managers as Deputy General Managers. They are Muralidhar Krishna Rao, Nagaraja Rao B., Venkappaya K., and Rudraiah H.S.

A press release said here on Friday that Muralidhar Krishna Rao will be in-charge of Treasury and Accounts Department, Nagaraja Rao B. will head the Mumbai region of the bank, Venkappaya K. will be in-charge of Inspection and Audit Department, and Rudraiah H.S. will be in-charge of Planning Development Department at the head office.


Source: thehindubusinessline

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NPCI to launch RuPay global cards by July

National Payments Corporation of India (NPCI) said its RuPay debit card will go international by July and announced a tie-up with an American card issuer.

Announcing the tie-up with Discover here, NPCI Chief Executive A P Hota said both RuPay and the American firm stand to gain from this partnership due to extended distribution network of their respective cardholders.

“The RuPay Card is also leveraging upon EMV technology of Discover to issue global cards. Cards, terminal and host specifications for the RuPay global cards have since been released to the pilot-member banks. Issuance of RuPay global cards will commence in July with two banks,” Hota said.

NPCI and Discover Financial Services also announced operationalisation of acceptance of Discover and Diners’ Club cards in India on NPCI’s NFS (National Financial Switch) network.

As part of a strategic alliance, announced last year, Discover and Diners Club cards now are accepted at over 85,000 NFS ATMs across the country, Hota said.

In the coming months, RuPay global cards will be issued and accepted on the Discover, Diners Club International and PULSE networks for international purchases and cash access outside India. This will be followed by the acceptance of Discover and Diners Club cards access at point-of-sale terminals for purchases in the country.


Source: thehindubusinessline

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12 companies authorised to own, operate ATMs, says RBI official

The Reserve bank of India has given in-principle approval to seven companies to roll out White Label ATMs last month.

White Label ATM (WLA) operator is a non-bank entity which can set up, own and operate an automated teller machine (ATM) as extended delivery channels. The RBI gave final guidelines for prospective WLA operators in August last year.

“Seven companies have been given authorisation (to set up WLAs) while five were given in December last year, taking the total to 12. As soon as they get their act together, they will be in operation,” said Vijay Chugh, Chief General Manager, Reserve Bank of India, at the sidelines of a conference hosted by Discover Financial Services and National Payments Corporation of India.

“Of the total 19 applicants, 17 have been found eligible, 12 have been given the authorisation. We expect one or two operators to kick-start business in the next few months. One of them is Tata (Communications Banking InfraSolutions),” Chugh said.

About 1.5 lakh ATMs can be rolled out in the next three years and two million PoS (Point-of-Sale) terminals in two years if all the 17 companies start functioning. That is the expectation, he added.

Under the RBI guidelines, the authorisation for setting up a WLA operation would be initially valid for a period of one year under three schemes — A, B and C — which specify the rural to semi-urban ATM ratio for network expansion. WLA operators are allowed to charge their customers as per the banks’ charges. Currently, banks are not allowed to charge the customers for the first five transactions in other bank ATMs. Above that, banks levy Rs 15 for cash withdrawal and Rs 5 for balance enquiry.

Beena.parmar@thehindu.co.in


Source: thehindubusinessline

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IRDA removes limit on insurers reverse repo transactions in G-Secs

The Insurance Regulatory and Development Authority (IRDA) has removed the 10 per cent exposure limit on reverse repo transactions by insurers.

Insurance companies will now be free to invest in reverse repo transactions in government securities as per their discretion.

IRDA said reverse repo transactions in Government securities were treated on a par with collateralised borrowing and lending obligation transactions and the 10 per cent investment limit wasn’t applicable to this category, in a circular to the chief executives of all insurance companies

However, in case of corporate bonds, the investment limit would be 10 per cent of all the funds.

deepa.nair@thehindu.co.in

Source: thehindubusinessline

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