Page 8 - Banking Finance August 2023
P. 8

BANK UPDATE


          locker-holders, irrespective of any of
                                            Board clears IDFC merger
          them having already executed a simi-                                    Attention Subscribers
                                            with IDFC First Bank
          lar locker agreement on stamp papers                                  Please renew your Subscription of The
          last year, following an earlier circular  The board of directors of IDFC and  Insurance Times Journal to receive
          issued by RBI in October 2022.    IDFC Financial Holding approved the  copy of the journal uninterruptedly.
          The notifications  issued  by different  merger between both the entities and  You can now pay by GPAY, Phonepe,
          banks pointed out that as desired by  announced a share exchange ratio of  Paytm, Amazon, ICICI Pay, BHIM UPI
          RBI, banks-and not customers-would  155 shares of IDFC First Bank for every
          have to procure the stamp papers,  100 shares held in IDFC.
          worth Rs 10, for the agreement. But
                                            The share swap ratio will create a pre-
          several branches claimed they found it
                                            mium of about 20 per cent on the clos-
          difficult to get hold of stamp papers in
                                            ing market price of the shares of IDFC.
          bulk.
                                            The merger of IDFC with IDFC First
          An SBI branch manager told, "We are  Bank will create value for sharehold-
          trying to arrange for the stamp papers  ers. The board of directors of both the
          but it is difficult to  get so  many to-
                                            companies  approved  composite
          gether. We had to buy it in black. Now,
                                            Scheme of Amalgamation in its board
          we are requesting our customers if
                                            meeting on July 3.
          they can procure the stamp papers
          themselves because it is easier to get
          them in ones and twos instead of get- FM  Sitharaman  nudges
          ting 50 or 100 of them at one go. Oth-
                                            PSU banks to take swift
          erwise,  the entire process might be
          delayed," he added.               action against frauds, wil-

                                            ful defaulters
          IBA  plans  common  call          Finance Minister Nirmala Sitharaman

          centre for PSBs                   has asked public sector banks (PSBs)
                                            to take swift action in cases concern-
          The Indian Banks' Association (IBA) is
                                            ing fraud and wilful defaults to reduce
          working on a proposal to establish a
                                            bad loans and take steps to accelerate  Sashi  Publications Easy Payment
          common  customer  care  centre  to
                                            growth momentum, sources said.       Modes :-
          serve all its 12 public sector bank (PSB)
                                                                                 i) UPI ID: SASHIBOOKS@KOTAK
          members, aiming to save on costs and  Banks have written off Rs 11.17 lakh
          offer a consistent customer experi-  crore bad loans from their books in the  ii) GPAY: 9830171022@okbizaxis
          ence, two people aware of the devel-  last six years till the financial year  iii) PAYTM: 9830171022@paytm
          opment said.
                                            2021-22.                             iv) NEFT: Current A/C
          The idea is to provide a single helpline                                 402120110000327 of 'SASHI
                                            In a recent meeting with heads of PSBs,
          number that customers across banks                                       PUBLICATIONS PRIVATE
                                            the finance minister urged them to
          can  dial for queries  and complaints.                                   LIMITED, Bank of India, VVK
                                            focus on having robust risk manage-
          According to the proposed plan, an                                       Road Branch., Kolkata, India,
                                            ment practices and mitigating Cyber
          interactive voice response (IVR) system                                  IFSC Code : BKID0004021
                                            Security risks.
          would greet customers and  address
                                                                                 v) Credit Card:
          initial queries, with calls transferred to  During  the  meeting,  it  was  also
                                                                                   www.sashipublications.com
          respective bank call centres to address  emphasised that banks should follow a
                                                                                 For  any  query  please  call
          complex issues that require human in-  strong internal audit framework and
                                                                                 9073791022/9883398055
          tervention, the people said on condi-  adherence to caveats of internal poli-
          tion of anonymity.                cies, sources said.                  www.sashipublications.com
            8 | 2023 | AUGUST                                                              | BANKING FINANCE
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