Banking
Tata Teleservices, ICICI Bank tie up for money transfer service

Tata Tele's unit MMP will act as a business correspondent for ICICI Bank for this service, which will allow customers to transfer money for a nominal fee without opening an account

New Delhi: Telecom operator Tata Teleservices (TTL) through its subsidiary MMP Mobi Wallet Payment Systems has tied up with ICICI Bank for money transfer service, reports PTI.

 

Under this service, people can deposit money in ICICI Bank account through MMP retail stores.

 

"Customers can walk into a retail store of MMP to deposit cash along with an advice giving details of the account of the payee. This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as NEFT, IMPS etc," a joint statement from TTL and ICICI Bank said.

 

MMP will act as a business correspondent for ICICI Bank for this service, which will allow customers to transfer money for a nominal fee without opening an account.

 

"This partnership between ICICI Bank and MMP to offer money remittance services is an important step in that direction. We see lots of synergies between the two brands and are confident that we would be the market changers in mobile remittance and payments services," TTL Managing Director N Srinath said.

 

The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country, the statement said.

 

"The money transfer service will be launched in Mumbai and Delhi to begin with and then in other parts of the country," ICICI Bank Executive Director Rajiv Sabharwal said.

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RBI to speed up process for issuance of banking licences

Referring to issuing of licences to corporates, the RBI deputy governor said first the guidelines on banking licences should be in place

Mumbai: Days after Lok Sabha passed the Banking Laws (Amendment) Bill, Reserve Bank of India (RBI) Deputy Governor KC Chakrabarty said the process for issuing new banking licences will be expedited, reports PTI.

 

"The process will be expedited... I don't think, it should take much time," Chakrabarty told reporters on the sidelines of an event organised by IDBI Bank.

 

He, however, didn't give a timeframe.

 

Referring to issuing of licences to corporates, the deputy governor said first the guidelines on banking licences should be in place.

 

Yesterday, Lok Sabha passed the Banking Laws (Amendment) Bill, 2011.

 

Among other things, the bill seeks to raise the voting rights of retail/minority investors in private sector banks to 26% from 10%.

 

The Bill also allows RBI to supersede boards of private sector banks and increase the cap on voting rights of private investors in public sector banks to 10% from the present 1%.

 

Changes brought by the new Bill will enable RBI to issue new banking licences.

 

Replying to a question whether the RBI is comfortable with the fact that Competition Commission of India (CCI) will regulate mergers and acquisitions in banking space, Chakrabarty said, "This law is approved by the Parliament and in a parliamentary democracy, what Parliament says is supreme.

 

So, I can't say as an institution that I am uncomfortable."

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Employees of four banks unions go on strike

Bank employee unions, AIBEA, BEFI, AIBOA and NUBE claimed that about seven lakh employees of various public sector banks are participating in the strike

New Delhi: A section of public sector bank employees have gone on nation-wide strike on Thursday to protest the Banking Laws (Amendment) Bill, partially affecting normal banking operations in some banks, reports PTI.

 

Employees of four bank unions participating in strike are from All India Bank Employees Association (AIBEA), Bank Employees Federation of India (BEFI), All India Bank Officers' Association (AIBOA) and National Union of Bank Employees (NUBE).

 

Operations have been affected in those banks where these unions have a strong presence.

 

The strike follows the Lok Sabha clearing Banking Laws (Amendment) Bill after the government dropped controversial provisions relating to allowing banks to trade in futures.

 

The Bill is scheduled to be considered by the Rajya Sabha today.

 

The Bill paves the way for foreign investments in the sector and establishment of new private banks. The Bill will allow RBI to supersede boards of private sector banks and increase the cap on voting rights of private investors in PSBs to 10% from 1%.

 

The amendment to the banking laws will dilute the interest of public sector banks, AIBEA General Secretary CH Venkatachalam said.

 

Besides, the striking unions are also against the merger plans of banks and opening of the sector to private players.

 

The unions claimed that about seven lakh employees of various public sector banks are participating in the strike.

 

Many banks, including Indian Bank and Corporation Bank, had informed customers that normal functioning of branches may be affected if strike materialises.

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