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