Economy and Banking Current Affairs September 2015 (Part 6)

Indian Bank Launched ‘IndPay’ Mobile App

  • State-owned Bank, Indian Bank launched ‘IndPay’ mobile app on August 30, 2015. Its customers can operate their banking accounts anytime and anywhere using this app.
  • The app is compatible with Android, Windows and iOS mobile operating systems. Customers can operate their banking needs like enquiry, mini statements and transfer of funds to any desired account using the app.
  • Indian Bank is one of the oldest bank in India, established in 1907 as a private bank headquartered in Chennai (Tamil Nadu).

See Also – International Current Affairs August 2015 Part 2.

SBI Launched Mobile Wallet App ‘Buddy’

  • India’s largest lender, State Bank of India, launched on August 18, 2015 a mobile wallet app, SBI Buddy, in collaboration with Accenture and Mastercard. The app will be available to existing as well as non-SBI customers.
  • The mobile wallet app can be used to send money to new and registered customers, book for movies, flights, hotels as well as for shopping. It also has features like reminders to settle dues, recharge and pay bills instantly.
  • The app is available oh Google Play Store, at present, and soon will be launched on Apple App Store. State Bank of India also launched SBI Foundation, which will be the implementing agency for Corporate Social Responsibility (CSR) activities of the lender.

ICICI Bank Launched ‘Digital Locker’

  • India’s largest private sector lender ICICI Bank, launched the first of its kind fully automated digital locker named Smart Vault on August 18, 2015. The digital locker would be available to customers even on weekends and post banking hours.
  • The locker is equipped with multi-layer security system, including biometric and PIN authentication and debit cards, among others. Customers can access it without any intervention by the branch staff.
  • The ‘Smart Vault’ is made in line with ‘Make in India’ programme as it has been designed and manufactured by Indian partners. The vault uses robotic technology to access the lockers from the safe vault and enables customers to access their lockers.

Axis Bank Launched ‘Multi-currency Contactless Card’

  • Axis Bank launched contactless multi-currency forex cards on August 13, 2015 in partnership with Visa, the payments gateway company. The bank has also launched contactless debit and credit cards for its premium customers.
  • India’s third largest private sector lender, Axis Bank, will upgrade close to about one-fourth, or 50000, of its Point of Sale (PoS) machines, so that they can accept debit and credit card payments from contactless cards.
  • Thus, Axis Bank would be the first bank to issue multi-currency contactless cards or ‘tap and pay’ cards which can be loaded in
  • 15 currencies such as Swiss Franc and Hong Kong dollar besides the three main currencies i.e., US dollar, Euro and British Pound.

IRDAI Allowed Banks to Tie-up with more than One Insurer

  • The Insurance Regulatory and Development Authority of India (IRDAI) allowed banks in India to tie-up with more than one insurer i.e., 9, from life, non-life and standalone health insurance segments on August 13, 2015.
  • However, it will not be mandatory for banks to implement the same and it has been left up to them to take a call on the subject. IRDAI is likely to come up with its guidelines on bancassurance norms very soon.
  • IRDAI had constituted a 7 member committee earlier to study the reviewing of the existing architecture of the Banacassurance model.

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Updated: December 30, 2015 — 5:37 am

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