Page 27 - Banking Finance June 2017

INTERVIEW

All of our terminals comply with necessary standards and About Mr. Niranj Sangal
certifications. With reference to MobiSwipe, the solution is As Group CEO, OMA Emirates Group, Mr. Niranj Sangal
MasterCard preferred and Visa ready. This indicates that the oversees 12 regional office with 300 employees maintain-
start to end process is a secure mode to accept payments. ing OMA Emirates' strong international presence. He joined
the company in 2006 as a Business Development Manager
All PCI DSS certified companies like MobiSwipe have to with seven employees and one office. Since then Mr. Sangal
undergo inspection on regular basis to maintain the license has been responsible for the growth of OMA Emirates into
to handle, process and transmit card data thus maintaining becoming a renowned and reputed IT solutions provider.
Under his leadership, the asset value of the company has
a strong and secure technology interface. Our solution are
risen from USD 1 million to USD 400 million, and annual
also PA DSS compliant, thus making our security team in
turnover increased from USD 35 million to USD1.5 billion
touch with latest mandates from regulatory bodies across over the last 10 years.
the globe. Mr. Sangals' focus on innovation has turned around OMA
Emirates' business mode land as a result has led to strate-
In which cities you are operating and any plans gic alliances followed by large sized mergers and acquisi-
of expansion tions. This adds to the company's value added services and
customer offerings. In line with his vision of expanding to
OMA Emirates is headquarteredin the United Arab Emirates
over 25 countries by 2020, his strategy of investments in
with offices spread across 9 countries including India. In
foreign entities began with acquisitions in Africa, Eastern-
India, we are headquartered in Mumbai and are also Europe and APAC.
operational in Chennai. We aim to scale up our operations Moreover, Sangal is a golfing enthusiast and his dedica-
in India quickly by having a presence in at least 10 cities by tion to the sport are evident in the keen interest he shows
end of 2017. The idea is to not restrict ourselves by only PoS not only in his personal game, but to also works with or-
and mPoS but to make a wide range of services available as ganizations that make a concerted effort to promote the
sport.
well. T

100% FDI in firmsing cash, ATMs

Cash and ATM management companies are not required to comply with the Private Security Agencies (Regulation) Act
(PSARA) and they may be permitted to infuse 100 % foreign direct investment. There are about a dozen cash manage-
ment players in the country, including Writer Safeguard, SIS Securitas, CMS, Secure Value, Logicash, Brinks Arya,
Securitrans and Scientific Security Management Services. The same issue was discussed by the Prime Minister's Office
(PMO) in a recently held meeting.

State Bank's bad loans soar high

State Bank of India's bad loans have inflated approximately 50 % in a span of a year and those of its 5 associate banks
by 170 %.The Bank may have to boost its provisioning for bad loans - setting aside money to partly cover the Non-
Performing Assets (NPAs) succeeding its merger with the five subsidiaries. "Depending on the age of the NPAs, we
provide provisioning as per the norms," SBI Managing Director Dinesh Kumar Khara said. SBI's five associate banks
reported a 172.8 % increase in gross NPAs at Rs. 55,164 crore in December 2016, as compared to Rs. 20,218 crore in
the same period in 2015-16. The net NPAs of the banks rose 218.7 % in the same period.

The combined gross NPAs of SBI along with its 5 associate banks as on December 31, 2016, stood at Rs. 1.6 lakh crore
or 8.70 % of the total assets, while the net NPAs were at 5.33 %. "As far as the corporate books of associate banks are
concerned, we started converging the NPA books of corporates from the September quarter. So I don't envisage any
surprises on that," Khara said. The Reserve Bank of India had asked banks to clean up their balance sheets and had
given a deadline of March 31 for asset quality review.

BANKING FINANCE | JUNE | 2017 | 27

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