IDBI Bank’s 24×7 locker facility at Cuffe Parade in Mumbai

The facility would enable the customers to use their lockers with IDBI Bank round the clock as per their convenience

IDBI Bank today launched a 24×7 Premier Locker Facility at its Cuffe Parade, Colaba Branch in Mumbai.

According to the IDBI Bank, it is the first bank in the world to have a 24×7 locker facility with a feature of biometric access. The Bank would also offer such service in metros and other centers in due course of time.

RM Malla, CMD, IDBI Bank said “The facility would enable the customers to use their lockers with the Bank round the clock as per their convenience. So far, the customers were able to use the lockers only during the banking hours. The facility is highly secured with the access to the locker room through biometric card. Further, in our endeavour to provide the customers best-in-class facility, the locker facility has been set-up in great ambience with a special dressing room, 24 hours availability of tea/coffee arrangement etc. This shall go a long way in serving the individuals as well as corporates and the business community who need such 24×7 organised locker facilities.”

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Sanjiv Misra joins the board of directors of Edelweiss Capital

Sanjiv Misra is finance professional with over 25 years of Asia Pacific and global experience

Edelweiss Capital, India's leading diversified financial services company, has appointed Sanjiv Misra as an independent director on its board of directors. Mr Misra is finance professional with over 25 years of Asia Pacific and global experience with organisations like Citigroup, Salmon Brothers and Goldman Sachs.

Rashesh Shah, Chairman and CEO, Edelweiss Group said "Mr Misra's deep insights drawn from his experience in setting up and leading financial services businesses across the globe will be valuable in guiding Edelweiss as we move to the next growth orbit."

Mr Misra is currently the president of Phoenix Advisers Pte Ltd, an advisory and principal investing firm. Besides, he is also a member of the board of trustees of Singapore Management University (SMU), the SMU Enterprise Board, the Board of Directors of the National University Health System (NUHS), Global Investments Ltd. and the Investment and Audit Committee of the Ministry of Health Holdings (MOHH) of the Government of Singapore. He is also a member of the Investment (IC) Committee of SMU and chairman of the audit and risk committee of NUHS.

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Axis Bank launches My Money Card

My Money Card has a five year validity and has a lost card liability insurance cover of up to Rs50,000

Axis Bank, India’s third largest private sector Bank, today announced the launch of the My Money Card, an innovative money management tool. The Card is a prepaid, re-loadable, rupee-denominated card on the Visa platform which enables parents to disburse money to their children staying away from home. The Card can be used for cash withdrawals at ATMs, PoS transactions at Visa enabled terminals and for online shopping through ‘Verified by VISA’.

According to a spokesperson from Axis Bank, the Card can be loaded for any denomination upto Rs. 50,000 which is the maximum limit on the card. "The card will not be preloaded at the time of issuance. Once the card is delivered to the cardholder, loading/ reloading may be done by the cardholder as per the requirement in any denomination. At present, loading on the card may be done by way of cash deposit/ DD/ cheque at Axis Bank Branches," he added.

The My Money Card is designed to meet the banking/payment needs of the youth. The card also gives parents the opportunity to track their wards’ spends and a convenient mode of disbursement of funds.

There are certain charges, like issuance fees of Rs250, annual fee (from 2nd year onwards) of Rs100, loading/reloading charges of Rs25 per load. Cash withdrawls at ATM's of Axis Bank are free, however, for using other bank's ATM would cost Rs20 per transaction.

One of the major advantages of the card is the fact that parents can set usage limits on the card usage as well as withdrawal limits at ATMs. The card can be funded by parents by paying cash at any Axis Bank Branch or by depositing Cheques/DDs at any branch. The money gets transferred to the card in real time in the case of cash transactions.

According to the Bank spokesperson, the can be bought by youth as well as parents."The Bank is offering two variants of the card: The first can be applied by anyone who is a major (over 18 years of age), this can be applied for by youth as well as parents. In this variant, the applicant would be the actual user of the card. The second variant can be applied for parents for their children and in this case the beneficiary (child) would be the user of the card. This is more relevant if the child is a minor (below 18 years of age)," he added.

The My Money Card has a five year validity and has a lost card liability insurance cover of up to Rs50,000. "The Bank is offering the lost card liability as a complimentary feature on the card and the cardholder is not being charged additionally for the same," the spokesperson added.

The card also offers the user numerous discount offers from merchant outlets of leading youth brands.

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