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Economy Current Affairs November 2016

BANKING CURRENT AFFAIRS

ICICI Bank Deployed Software Robots

• The country’s largest private lender ICICI Bank here became the first bank in India to deploy software robots, that emulate human action, in its over 200 business processes, thereby reducing the response time to customers by up to 60% on September 7, 2016.

• This initiative marks a milestone in the banking innovation in the Indian banking industry as it joins a select group of overseas organisations which have deployed this unique state-of-the-art robotic technology in such a large way.

• The software robots are processing oyer 10 lakh transactions daily, bringing in operational efficiency, accuracy and a massive reduction in processing time for customer services.

CORPORATE CURRENT AFFAIRS

Kotak Mahindra Bank Acquired BSS Microfinance

• Kotak Mahindra Bank has bought 99.49% stake in Bengaluru-headquartered BSS.Microfinance Private Limited for Rs 139.20 crore on October 3, 2016.

• BSS Microfinance, a non-banking finance company, has a networth of about Rs 73 crore and microfinance loans of Rs 483 crore in its books, as of June 30. It will become a subsidiary of Kotak Mahindra Bank.

• This acquisition gives Kotak access to BSS Microfinance’s growing customer base, which now stands at 2.17 lakh and a network of 78 branches.

• It also gives Kotak a deeper reach into the low income segment and at the same time increases the access of BSS Microfinance’s customers to a wider array of banking products and services. BSS Microfinance’s loan book qualifies for priority sector lending.


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Mansi Agarwal
Mansi Agarwal

Hey, I am Mansi Agarwal - owner of this site. I am basically from Lucknow. I did B.Tech and now working as a full time blogger. Blogging is my passion and my permanent job also. If you have any suggestion for the improvement of this site then feel free to tell me. You can connect with me on FB and Twitter for more updates.

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