Page 5 - Banking Finance February 2021

BANK UPDATE

Banking News

ICICI Bank launches one- technology-enabled services and "Today, so much data is available on
leveraging on its global footprint to customers that we have the ability to
stop portal for foreign drive India-linked business, ICICI Bank give the right price to the right guy."

companies will continue to build strong The private lender did a closed user
ICICI Bank has launched an online relationships with MNCs in India," the group pilot with 15,000 of its
platform to enable foreign companies bank said. employees before the launch.
to establish or expand business in India.
IDFC First Bank enters
"The platform, called 'Infinite India', Ladakh to hold stake in
offers banking solutions as well as credit card venture J&K Bank
value-added services such as IDFC First Bank is set to launch Credit
incorporation of a business entity, cards with lowest finance charges that The board of directors of Jammu &
corporate filings, licences and would be synchronized with customer Kashmir Bank gave approval for
registrations, HR services, compliances ratings. The lender is set to levy finance transfer of 8.23 per cent of Jammu &
and taxation among others," the bank charges at an annual rate of 9% for the Kashmir government's stake to the
said in a statement. best rated customer, climbing up to Union Territory of Ladakh. The transfer
of 4.583 crore shares is in accordance
The value-added services will be 36% for lower rated customers. with the implementation of Jammu &
available in association with a leading Generally, the annual percentage rate Kashmir's general administration
cloud-based business accounting and or the APR for other banks ranges from department notification (October 30,
corporate services firm, while the bank 34-40%. Customers can also use 2020), and based on October 31, 2019
will continue to induct more partners interest-free cash withdrawal facilities levels, the Bank said in a disclosure to
to expand its bouquet of services on at ATMs of up to 48 days. They will have stock exchanges. As on December 30,
the platform. to pay a nominal fee of Rs 250 per the J&K Government, which is
ICICI Bank claimed it is an industry-first transaction against Rs. 500 charged designated as promoter of the bank,
initiative, and it eliminates the need of and interest charges levied by other held 68.18 per cent in the bank.
co-ordinating with multiple major lenders.
touchpoints "leading to a hassle-free "We are hoping to shake-up the SBI, ICICI Bank and HDFC
experience of doing business in India." industry with these disruptive first-of- Bank will continue to be
The bank said it aims to strengthen its its-kind initiatives; we hope with this
position in the multinational we will be a reasonably strong and one D-SIBs: RBI
corporations (MNC) segment. "Driven of the most preferred cards as we go The Reserve Bank of India said that
by its dedicated team of relationship along," B Madhivanan, chief operating State Bank of India, ICICI Bank, and
specialists, a comprehensive suite of officer, IDFC First Bank, told. HDFC Bank will continue to be

BANKING FINANCE | FEBRUARY | 2021 | 5