Page 7 - Banking Finance December 2019

BANK UPDATE

SBI's Rajnish Kumar ap- SBI card introduces contactless payment using mobile
pointed as IBA chief for phones
'19-20 SBI Card has declared the launch of 'SBI Card Pay', a feature which allows
contactless payment using mobile phones at PoS ter-
SBI chairman minals. Using SBI Card pay, customers can make
Rajnish Kumar contactless payments at near field communication
has been ap- (NFC) enabled point of sale terminals with just one
pointed as the
tap of their mobiles, without using the physical credit
new chairman of
card or entering any PIN.
Indian Banks’ As-
SBI Card Pay is a payment feature based on Host Card Emulation (HCE) technol-
sociation, a deci-
sion taken in its meeting. He suc- ogy for faster, convenient and more secure card payments using mobile phones,
the company said in a release.
ceeds Sunil Mehta, who was the MD
& CEO of Punjab National Bank. "As a first of its kind payment solution in India, it is built as part of the SBI Card
Rakesh Sharma, MD & CEO of IDBI mobile app providing ease to customers to use just one app to manage their
Bank will be honorary secretary of credit card account as well as make contactless payments," it said.
IBA for 2019-20. SBI Card MD & CEO Hardayal Prasad said SBI Card Pay will allow customers to
set desired per transaction and daily transaction limits.
United Bank, Srei join
Currently, other HCE enabled apps allow per transaction limit of up to Rs 2,000
hands to offer loans and daily transaction limit of up to Rs 10,000, restricting the effective usage of
Srei Equipment Finance Ltd, a this feature, he said.
wholly-owned To use SBI Card Pay, cardholders will have to do a one-time registration of their
subsidiary of card on the latest version of SBI Card mobile app. Once the card is registered,
Srei Infrastruc- users can complete payments simply by unlocking their phone screen and bring-
ture Finance, ing the mobile device near the point of sale terminal.
has entered into a partnership with The facility has been launched on VISA platform and will function on any An-
the United Bank of India (UBI) to droid smartphone with Android OS KitKat version 4.4 and above. SBI Card has a
offer loans to the MSME sector and customer base of 90 lakh and a market share of 17%.
retail customers under a co-lending
arrangement.
Yes Bank sells over 17 lakh shares of Reliance Capital
The NBFC and the bank jointly
organised Loan Utsavs across 20 cit- Shares of Reliance Capital have been offloaded by Yes Bank for the third con-
secutive session. The bank sold 17,22,587 shares of Reliance Capital at Rs 16.51
ies. These loan melas were held
per share through bulk deal, according data on NSE showed on November 26.
many cities including Delhi, Mumbai,
This took the total transaction value to Rs 2.84 crore.
Hyderabad, Ahmedabad, Jaipur,
Ranchi, Patna, Vijaywada, Yes Bank sold more than 16 lakh shares of Reliance Capital for around Rs 3 crore
Chandigarh, Lucknow and Bhopal. through an open market transaction. As per the deal data available with the
National Stock Exchange (NSE), the private sector lender sold 16,78,900 shares
Loans were offered to the MSME sec-
tor and other retail customers against at an average price of Rs 16.26 apiece. This took the total transaction value to
Rs 2.72 crore.
purchase of construction equipment.
According to a release, loan to value The private sector lender had sold more than 13 lakh shares of Reliance Capital
of up to 90% of the equipment were for over Rs 2 crore through an open market transaction. After three consecu-
offered for tenure of up to 5 years, tive days of selling, Yes Bank has sold over 47 lakh shares of Reliance Capital
while a moratorium of 30-60 days was worth nearly Rs 8 crore.
also awarded depending on the loan Shares of Reliance Capital Ltd ended 4.89% down at Rs 15.55 while those of Yes
structure and size. Bank closed 0.71% lower at Rs 64.20 on the NSE.

BANKING FINANCE | DECEMBER | 2019 | 7