HDFC Bank launches mobile banking apps in Hindi

HDFC Bank launched its English-language mobile banking application in July-August last year and already has 12 lakh users, and with the Hindi option, it expect the user base to touch 16 lakh soon

Indore: Targeting about 560-million Hindi-speaking populations, HDFC Bank, the second largest private sector lender in India on Tuesday launched a mobile banking application in Hindi language, reports PTI.
Mobile banking services is part of the bank's overall strategy to use convergent communication platform to engage with customers, Senior Executive Vice-President for Direct Banking Channels and Premier Banking Birendra Sahu said.
Today 82% of all customer-initiated transactions happen on electronic channels, he said, adding therefore the bank has launched mobile banking solutions ranging from SMS banking, browser-based and application-based applications for smartphones.
There are around 565 million Hindi-speaking population in the country, he said.
He said the bank launched the English-language mobile banking in July-August last year and already has 12 lakh users, and with the Hindi option, the user base can touch 16 lakh soon.
Quoting a CyberMedia report, he said, Android phones constitute about 56.4% of the total 5.5 million smartphones sold in the first half of the year in the country.
This application will allow customers using an Android smartphone to conduct over 30 banking transactions, ranging from balance enquiry and checking transaction history to fund transfer and bill payments.
As of September, the bank had 2,620 branches and 10,316 ATMs spanning 1,454 cities/towns, he said.
For the September quarter, on the back of high retail loans HDFC Bank reported an over 30% rise net profit to Rs1,560 crore. Its net interest income grew at a healthy 26.7 percent to Rs3,731.7 crore, due to a 22.9% growth in advances.


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Ajay Banga, Chanda Kochhar among Fortune 2012 businesspersons

MasterCard's Banga ranks eighth in the list while ICICI Bank chief Kochhar comes in at the 18th position, one notch ahead of billionaire philanthropist Warren Buffet on the Fortune list of 50 global leaders

New York: MasterCard's India-born CEO Ajay Banga and ICICI Bank chief Chanda Kochhar have been named by Fortune magazine among the '2012 Businesspersons of the Year', an annual ranking of 50 global leaders who are "the best in business", reports PTI.


The list has been topped by Amazon founder and CEO Jeff Bezos with Apple CEO Tim Cook coming in at the second place.


Another Indian giving Banga and Kochhar company in the list of 50 global business leaders is Deepak Narula, founder and managing partner of hedge fund firm Metacapital Management.


Banga, 52, ranks eighth in the list while Kochhar comes in at the 18th position, one notch ahead of billionaire philanthropist Warren Buffet. Narula ranks 36th.


Fortune said investors have so far been impressed with Banga's performance at the helm of MasterCard.


"Since Banga took the helm two years ago, MasterCard's stock has more than doubled, outperforming archrival Visa," it said, adding that the former Citigroup executive wants MasterCard to be a leader in the mobile payments revolution.


Banga's other big bet includes prepaid cards in emerging markets such as Mexico, South Africa and Brazil, a major reason why MasterCard now generates 60 per cent of its revenues outside the US.


On Kochhar, 51, Fortune said a bullish outlook through the recession helped her direct India's second largest bank, which has assets of $93 billion, to a "standout performance".


"Next up for the ICICI lifer: More global clients," the publication added.


On Narula, Fortune said the former Lehman trader's $1.5 billion mortgage-focused hedge fund has "left others in the industry in the dust this year, posting 37% returns through October".


"Metacapital has outpaced other funds for years by taking positions with near perfect foresight of policy change and movement in the housing market".


In compiling this year's businessperson of the year list, Fortune took stock of financial results, stock performance and market value of the company.


It also considered metrics such as strategic savvy, ability to steer a very large organisation, risk taking and cultural significance.


"It was a year of comebacks and cool performances for the executives on Fortune's annual Businessperson of the Year ranking," the publication said.


Bezos, who topped the list, had another stellar year, with revenue up 31% in the past year.


"It is his penchant for taking risks and disrupting industries that earned him the top spot on our list," Fortune said.


Bezos's philosophy of giving priority to long-term gains over short-term profitability is yielding palpable results for the tech giant he built from scratch.


Analysts estimate Amazon Web Services, a cloud-based computing platform used by hundreds of thousands of businesses around the world, could generate as much as $1.5 billion.


"Amazon's Kindle Fire line helped popularise the seven- inch tablet form such that Apple finally released a version of its own," Fortune added.


On Cook, Fortune said despite a shuffling of executive management, the first full-year as CEO for Steve Jobs's successor was "chock-full of milestones".


Apple's stock soared to an all-time high of $705 per share and its latest iPhone sold more than five million units during its first weekend on sale, creating a company record.


Among the other business honchos on the list are Google co-founder and CEO Larry Page at rank 6, Exxon Mobil Chairman and CEO Rex Tillerson (9), Oracle co-founder and CEO Larry Ellison (14), Wal-Mart CEO Michael Duke (17), IBM Chairman and CEO Ginni Rometty (22), Starbucks founder and CEO Howard Schultz (23) and Twitter co-founder and executive chairman Jack Dorsey (48).


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