Page 32 - BANKING FINANCE JUNE 2016

PRESS RELEASE

ICICI Bank signs MoU with New Development Bank for business

ICICI Bank, India’s largest private bank, has signed a Memorandum of Understanding (MoU) to establish a strategic
partnership with the New Development Bank (NDB), a multilateral development bank established by the BRICS states
namely Brazil, Russia, India, China and South Africa.

The two banks will consider each other as “preferred” partners and will harness their respective resource advantages
and professional expertise, to build a long-term, stable and mutually beneficial relationship in the areas of bond issuances,
co-financing, treasury management and human resources. Ms. Chanda Kochhar, MD & CEO, ICICI Bank and Mr. K V
Kamath, President, NDB, signed the MOU on behalf of their organizations. ICICI Bank is the first Indian bank to sign an
MoU with NDB.

State Bank of India launches ‘mVisa’ – a mobile-based payments
solution

State Bank of India (SBI), country’s largest commercial bank, announced the launch of mVisa, a mobile-based payment
solution. The service will enable customers to make payments from their smartphones, by simply scanning the unique
merchant QR (Quick Response) code, at merchant outlets.

mVisa is a card-less solution which facilitates payment by scanning the QR code displayed at the merchant outlet or from
the merchants mobile. SBI customers (both Debit Card holders as well as Internet Banking customers, having transaction
rights) can now make easy payments to the merchants by simply scanning QR code image, thereby eliminating the need
to swipe the physical card at a point-of-sale (PoS) machine. Bank customer can simply download the latest version of SBI
Anywhere application, from ‘Google Play Store’ and need to register for mVisa payments by simply clicking the mVisa
icon on the home screen.

Similarly, SBI mVisa merchant app is also available in ‘Google Play Store’ and is used for receiving the payment notification,
generation of static and dynamic QR codes, viewing transaction history etc. by the merchants. SBI mVisa merchants can
accept payment from any mVisa customers. While in case of static QR code amount is filled by the mVisa customer
himself, in case of dynamic QR code amount can be filled by merchants and can be authorized by the customer after
scanning of QR code.

The mVisa service is a Bank agnostic and an interoperable low cost solution i.e. any Bank mVisa customer can transact
on any mVisa merchants and likewise any mVisa merchant can accept payment from mVisa customers of any bank. It
provides convenience of quick transaction, along with enhanced security, as customers need not share his/her Card or
Mobile with the merchant anytime during the payment process.

In first phase, State Bank of India’s mVisa service has been introduced in Bangalore city and Bank has already on-boarded
sizable number of merchants in prominent market places at Bangalore. This facility will be gradually expanded to other cities.

Union Bank of India launches Sydney Branch in Australia

Union Bank of India announced it presence in Global City by launching its Branch in Sydney, Australia. The inauguration
was done by Shri Arun Jaitley, Honorable Minister for Finance. Also present on the occasion were His Excellency Shri
Navdeep Suri, High Commissioner of India to Australia, Shri Arun Tiwari, Chairman & Managing Director, Union Bank of
India.

Union Bank of India is actively increasing its international presence through overseas branches and representative offices.
Union Bank now has four foreign branches, at Hong Kong, Dubai International Financial Centre (DIFC), Antwerp, Belgium
& Sydney, Australia and one wholly owned subsidiary at London. The Bank has representative offices at Shanghai (China),
Abu Dhabi (UAE), & Beijing (China). Union Bank has positioned itself as a prime remittance service provider for expatriates.
With its Branch at Sydney, the Bank will enhance lending to businesses promoting Australia- India trade, by offering
Term Loans, Syndicated Loans (participation), Working Capital, Trade Finance, etc.

32 | 2016 | JUNE | BANKING FINANCE

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