Kotak Mahindra Bank has announced the successful integration of its recently-launched(july 2022) e-filing portal – eportal.incometax.gov.in. With this integration, it has become one of the first private sector banks to be integrated for direct tax payments. 

 

According to a press release by the bank, this integration will allow both individuals and corporates to conveniently pay their direct taxes online through the e-pay tax tab. 

 

After submitting the required data for tax filing, they will be redirected to the bank’s Netbanking platform. Alternatively, they can also approach the nearest branch to complete the process. The aim is to make the tax-payment process “simple, instant and convenient”, the bank said.

 

Dipak Gupta, joint managing director, Kotak Mahindra Bank said that with this facility, they have become one of the first banks to offer a direct taxes payment ecosystem across all channels..

Source : Outlookindia

The Reserve Bank of India (RBI) on Tuesday(12th July 2022) fined Ola Financial Services Private Ltd over Rs 1.67 crore (Rs 1,67,80,000) for non-compliance of regulations.

 

Announcing the penalty of Rs 1,67,80,000, the RBI said Ola Financial Services did not comply with its Know Your Customer direction.

 

The penalty has been imposed in exercise of powers vested in the central bank under Section 30 of the Payment and Settlement Systems Act, 2007.

 

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers," the RBI said.

 

According to it, Ola Financial Services was non-compliant with the directions issued by the RBI on KYC requirements.

 

Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions, the RBI said..

Source : Businessinsider

India Mortgage Guarantee Corporation (IMGC) on Wednesday(13th July 2022) announced its strategic partnership with RBL Bank to offer mortgage guarantee-backed home loan products to salaried and non-salaried customers.

 

This partnership with IMGC will help RBL Bank extend mortgage guarantee-backed home loans to new borrower segments through the bank’s network of over 500 branches across the country, IMGC said in a statement.

 

The alliance would enable a compelling value proposition for its customers and help create a conducive lending environment for early home ownership by ensuring timely disbursal of housing credit and longer tenure to customers, it said.

 

The tie-up has been designed in a manner to address the needs of a wide range of customers through varied products, it said.

 

Private player IMGC provides mortgage guarantee to lenders for home loans. It has provided guarantee to more than 85,200 home loans amounting to more than Rs 15,400 crore through its partnership with 23 lenders, including banks and housing finance companies..

Source : Financial Express

Private sector lender Karur Vysya Bank on Tuesday(12th July 2022) said the Reserve Bank of India (RBI) has approved the appointment of former RBI executive "Meena Hemchandra" as part-time chairman of the bank for three years.

 

In May, the bank had recommended Hemchandra's candidature for the position of non-executive independent (part-time) chairperson of the bank to the RBI for approval.

 

"We wish to inform...Reserve Bank of India vide their letter dated July 11, 2022, accorded their approval for the appointment of Meena Hemchandra as part-time chairman of the bank," Karur Vysya Bank said in a regulatory filing.


Source : Business Standard

City Union Bank (CUB) and Shriram General Insurance, on Friday(8th July 2022), signed a corporate agency agreement, where the bank will distribute the latter’s insurance products through its network of 727 branches across India.

 

Under this agreement, Shriram General Insurance will offer personal lines of insurance products such as motor, personal accident, home and travel, along with commercial lines of insurance products such as property, marine and engineering insurance to the bank’s customers. The agreement will help deliver enhanced customer experience by leveraging technology and augmenting the services distributed by the bank, says a release.

 

For general insurance, life insurance, and health insurance, the Insurance Regulatory and Development Authority (IRDAI) has allowed banks to form alliances with three different corporations. The bank and Shriram Insurance have recently formed a partnership.

 

In the beginning, the bank collaborated with the broking company Bharat Re Insurance Brokers (of the Shriram Group) to handle customers, assess risks, and settle claims. However, this is no longer present..

Source : Hhindubusinessline

Union Bank of India has announced the launch of a Metaverse Virtual Lounge & Open Banking Sandbox environment. This initiative is in partnership with Tech Mahindra.

 

Uni-verse, the bank’s Metaverse Virtual Lounge, will host product information and videos in the initial phase. Uni-verse will deliver a unique banking experience to customers by providing them information on the bank’s deposits, loans, government welfare schemes, digital initiatives etc. in a way as if they are in the real world.

 

The bank has also launched an Open Banking Sandbox environment through which it will collaborate with fin-techs and start-up partners for developing and launching innovative banking products.

 

A Manimekhalai, MD&CEO, Union Bank of India, affirmed the bank’s adoption of latest technologies including Metaverse to transform customers’ banking experience to another level, at the launch event organised in Mumbai. Nitesh Ranjan, Executive Director, Union Bank of India, reiterated the bank’s commitment of facilitating an innovative banking experience to its customers through the launch of Metaverse and Sandbox..

Source : Mint

Punjab National Bank (PNB), the nation’s leading Public Sector Bank, has signed(7th July 2022) a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to provide specially designed products to the defence personnel under the bank’s flagship scheme of ‘PNB Rakshak Plus’.

The scheme covers personal accidental insurance, air accidental insurance to serving, retired and trainees of the defence forces, central armed police forces, state police force, metro police and retired defence pensioners.

The South Indian Bank has signed an agreement with Kerala’s Forest and Wildlife Department to enable digital collection of payments at eco-tourism centres, Vanasree shops, mobile Vanasree units and eco-shops across the State.

 

Through this partnership, the digital collection system of South Indian Bank will now be available at all 124 tourist spots that fall under the Forest Department.

 

The tie-up will commence with the setting up of 124 POS machines at various eco-tourism centres, Vanasree shops, mobile Vanasree units and eco-shops under 36 forest department agencies across Kerala.

Sanchay Kumar Sinha, Country Head of retail banking department, South Indian Bank, said, “The bank’s digital payment system will be very convenient for customers who visit sales outlets run by the Kerala Forest and Wildlife Department..

Source  : The Hindu Businessline

The Reserve Bank of India (RBI) on Monday(4th July 2022) imposed a monetary penalty of Rs 1.05 crore and Rs 1 crore on Kotak Mahindra Bank and IndusInd Bank, respectively, for deficiencies in regulatory compliance.

 

In case of Kotak Mahindra Bank, the RBI found that the private lender failed to maintain margin on advances to stock brokers; credit (shadow reversal) the amount involved in the unauthorised electronic transactions to the customers’ account within 10 working days from the date of notification by the customer; and credit eligible amount to the Depositor Education and Awareness Fund within the period prescribed. This was found in a statutory inspection for supervisory evaluation of the bank conducted by RBI with reference to its financial positions as on March 31, 2018 and March 31, 2019.

 

As for IndusInd Bank, the monetary penalty was imposed on it as it failed to adhere to customer due diligence procedure in the accounts opened using OTP based e-KYC, in non-face-to-face mode..

Source : Business Standard

Axis Bank, a private lender, has announced the introduction of Dining Delights for bank clients in collaboration with EazyDiner, a top platform for table reservations, cuisine discovery, and restaurant payments. Numerous advantages will be provided by the service, including the ability to select from over 10,000 upscale restaurants in India and Dubai, fast confirmation of table bookings, and special discounts for reservations made through the EazyDiner app.

 

* In comparison to pre-Covid days, the number of clients who choose to find and eat at upscale restaurants has increased by about 132 percent, according to EazyDiner real-time data analytics.

* Delhi-NCR, Mumbai, and Bengaluru are in the forefront of this huge rebound, followed by Goa, which has recently begun to gain in popularity.

* Additionally, with tremendous momentum building across the nation, consumers are dining out 3.2 times per month as opposed to 2.1 times per month prior to Covid.

* For premium cardholders, Dining Delights will soon offer “Celebrations with Axis Bank and EazyDiner,” an exclusive birthday celebration experience.

* During this experience, they can receive customised dining recommendations for their birthday from the EazyDiner culinary concierge and receive a 50% discount on their meal..

Source : Hotelierindia