Page 7 - Banking Finance October 2022

BANK UPDATE

Bandhan will open 551 more branches have correspondent bank relations automobile, furniture, travel and
in 2022-23 taking the total count over with only those Russian banks that are dining.
6,000, the MD & CEO added. "Major- not under Western sanctions. But now,
The list of brands offering attractive
ity of these will be outside of eastern both Russian banks that have opera-
offers include Flipkart, Amazon,
India." He said Bandhan will continue tions in India - VTB bank and Sberbank
Myntra, Bigbasket, Blinkit,
to expand its product portfolio. - are under sanctions. Moreover, there
MakeMyTrip, iPhone 14, Samsung,
is a chance that the smaller Russian
Ajio, Reliance Digital, Croma, LG, Dell,
Rupee trade: Indian banks banks that are not covered under sanc- Swiggy, Zomato. Special offers on bank-
tions right now may also come under ing products such as loans (home loan,
weigh the risks of tying up
sanctions. Russian banks That's a point personal loan, and gold loan) can also
with Russian lenders of worry," said the source. be availed.
Indian banks are weighing the risk of
opening correspondent banking rela- ICICI Bank launches ‘Fes-
Attention Subscribers
tions with Russian banks, including ones
tive Bonanza’ for its cus-
that have a presence in India, such as Please renew your Subscription of
Sberbank and VTB Bank, to carry out tomers Banking Finance Journal to receive
bilateral trade in Indian rupee. There Private lender ICICI Bank on Thursday copy of the journal uninterruptedly.
are concerns about irking the Western announced the launch of ‘Festive Bo- You can now pay by GPAY, Phonepe,
nations that have imposed banking nanza’, a wide variety of offers for all
Paytm, Amazon, ICICI Pay, BHIM UPI
sanctions against Russia, said a person its customers at the onset of the fes-
tracking the matter. tive season.
Banks in India, such as UCO bank and The customers can enjoy the benefit of
Canara Bank, involved in talks with discounts and cashbacks upto Rs.
Russian banks, will also need to see 25,000 which can be availed using the
whether aligning with Russian banks Bank’s credit cards, debit cards,
for rupee-denominated trade would internet banking, consumer finance
lead to economic gains as it did while and cardless EMI.
carrying out rupee-rial trade with Iran, “We are delighted to announce the
the source added. launch of ‘Festive Bonanza’ for our
customers which will include a plethora
"In the case of Iran, UCO Bank was
of offers, discounts and cashbacks on
getting a lot of money that stayed in
purchases and spends,” said Rakesh
the account for a long time. But in case
Jha, Executive Director, ICICI Bank.
of rupee-denominated trade with Rus-
sia, the rupee balance can be used for “We have collaborated with leading
investment in securities or infrastruc- brands and e-commerce platforms
ture. across a wide range of products and
services. In addition, we have intro-
"So, banks are not sure whether the
duced festive benefits across our bank-
money will be available with them for
ing solutions –home loan, balance
a long time," said the source.
transfer, loan against property, per- You can also make payment for
These issues came up for discussion at sonal loan, auto loan, two wheeler purchase of Books/Exam Guides
a meeting earlier this month between loan.” from www.sashipublications.com
the banks from both countries to dis- through above QR Code
The Bank has curated a bouquet of
cuss the details of carrying out rupee
offers to meet the festive needs of For any query please call
trade, which has now been permitted
customers in categories ranging from 9073791022/9883398055
by the RBI.
electronics & gadgets, global luxury
www.sashipublications.com
"Initially, Indian banks were hoping to brands, apparels & jewellery, grocery,
BANKING FINANCE | OCTOBER | 2022 | 7