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SBI Card Unnati to Issue Credit Cards for Account Holders Without Credit History

State Bank of India has announced that it will offer credit cards to each account holder with Rs 20,000- 25,000. ‘SBI card unnati’ to issue credit cards without going into credit history. SBI on Tuesday said its stake in SBI Card will increase to 74 percent by June end.

The SBI board has already got approved for a hike in the bank’s stake in its two credit card joint ventures with GE. SBI has the approval to infuse Rs 1,160 crore in the two joint ventures - GE Capital Business Processes Management Services Ltd and SBI Cards and Payment Services Pvt Ltd.

“There are a few regulatory issues that are being sorted out. Within the next one month there should be finality on the remaining stake sale,” says, SBI Chairman, Arundhati Bhattacharya at the launch of SBI Card Unnati in New Delhi.

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SBI currently holds 40 percent in GE Capital Business Processes Management and 60 percent stake in SBI Card. The balance in both ventures is held by GE Capital.

The bank made its debut in credit card business in 1998 by collaborating with GE Capital India. GE Capital India was a consumer finance arm of US-based GE Capital then. As per the agreement between GE Capital and SBI back then, the decision to exit the JV must be made under mutual understanding.

SBI Card Unnati targets all SBI customers, including Jan Dhan account holders across the country. The credit cards will be issued through a network of 20,000 plus SBI branches for account holders with Rs 25,000. SBI expects 300 percent growth within a year with this move.

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“To encourage adoption of credit cards and facilitate expansion in the reach of digital payments, the SBI Card Unnati will be offered free, at zero annual fees, for four years,” says, Arundhati Bhattacharya.

SBI Pay App Launched for Android Powered by UPI; Non-SBI Customers Can Register too

State Bank of India (SBI) is the one of the largest bank in India having more than 200 million customer base and 5.2 million users who are using the mobile banking customers.  Now they had finally launched their own UPI (Unified Payment Interface) based app called ‘SBI Pay’.

SBI has become the 18th Bank of India to have their UPI application for the payments and shopping, and there are 30 banks accepting UPI-based payments.

After the announcement from Narendra Modi regarding the currency ban two weeks earlier, analysts were expecting the SBI’s UPI application to be launched as soon as possible. They considered that cashless push would become the major objective during the demonetization and it might be better if it has launched the app earlier. Currently, in India, One-fourth of all the bank customers are from India are on SBI’s Platform.

Demonetisation: RBI Increases Digital Wallets Balance Limit to Rs 20,000 per month

Already other banks like HDFC Bank, Axis Bank, ICICI Bank, and 15 other banks has launched their UPI application.

Chairman of SBI, Arundhati Bhattacharya says, “With the current demonetization drive of the government and the push towards digital or cashless payments, SBI Pay is expected to be a game-changer in the digital payment ecosystem as the bank has the largest customer base in the country,”

NPCI (National Payments Council of India) is yet to come up with the details of the UPI app for iOS platform because SBI hasn’t launched the iOS version of the application. Currently, they had released only for the Android Platform which is available on the Google Play Store.

NPCI is targeting to take up the number of transactions to one million by the March of next year. Currently, the registered users are two million per month, and they want to go up now to three million within a month.

Check out the Top 10 Mobile wallets in India to make Online Transfers

Using the UPI, the customer can transfer money to another person through the unique virtual address, (It is nothing but aliases to the bank account and allowing the customer’s account mapped uniquely), mobile number or Aadhar number. With this the customer doesn’t require the Bank accounts details and IFCS code which makes the process much simpler than before.

UPI is built based on the existing Immediate Payment Service, or IMPS; this will make you the real-time transfer of money 24×7 which is irrespective of the bank. With the release on this new UPI powered SBI Pay app also allows the non-SBI users to can also register.

SBI ATMs Soon Get Rs 20 and Rs 50 notes

SBI ATMs soon get Rs 20 and Rs 50 notes for the convenience of the public. We all know the present situation, people are facing trouble to get money from the banks and ATM’s. After banning of Rs 500 and 1000 rupees notes, it became a troublesome to receive the sufficient amount of cash

From ATM’s we can get Rs 100 rupees and new dimensions of notes. SBI chairman Arundhati Bhattacharya said SBI is going to providing Rs 20 and Rs 50 notes in the ATM’s for people convenience.

Good News for Current Account Holders, Withdraw Limit Increased to Rs 50,000 Per Week

She also stated in all SBI branches workload has been dropped to almost 50% which is sure that people are assured that they can receive the money at their convenience. Up to now SBI has collected Rs 83,702 crore in deposits in the last five days after Rs 500 and Rs 1,000 was banned.

Everywhere ATMs running out of cash soon because of Rs 100 notes and new dimensions of notes, due to that people are facing inconvenience. Economic Minister Secretary Shaktikanta Das said ATM recalibration has started and some of the ATM’s will soon start providing higher denominations including Rs 2000 note from today or tomorrow.

Some Tricks to Identify the newly Released 500 and 2000 Currency Notes are Original or Fake

Govt said there is no need to panic, and we have sufficient resources to provide, and the situation will ease in coming days. Cash withdrawal limit has increased from 2000 to 2500 per day, in banks limit has been increased from 4000 to 4500 in exchanging of 500 and 1000 notes. The weekly limit of 20,000 rupees has been increased to 24,000 rupees.

Arundhati Bhattacharya will be India’s nominee for World Bank MD and COO post

Arundhati Bhattacharya for top post at World Bank

Arundhati Bhattacharya (60 years of age), present chairperson for State Bank of India (SBI) will be a nominee from India for the post of Managing Director (MD) and Chief Operating Officer (COO) at the World Bank

She will become the first Indian ever to hold the office if she is selected for the third most key post in the World Bank Group. She will replace the Indonesian economist Sri Mulyani Indrawati. She returned to her country as Finance Minister in July 2016. The post was vacant since then after her resignation.

Sources say that Prime Minister Narendra Modi has also given his ascent for the nomination. PMO has initiated the required procedures for this process. She will directly report to the World Bank president.

SBI, associates merger by the end of March 2017: Arundhati Bhattacharya

Arundhati Bhattacharya was ranked 25th in the Forbes 2016 list of ‘The World’s 100 Most Powerful Women’. This list features top female CEOs, leaders, investors, entrepreneurs, philanthropists, and scientists.

India’s former deputy chairman of the Planning Commission, Montek Singh Ahluwalia in the year 2001 was appointed as the first director of the independent evaluation office of the International Monetary Fund.

World Bank, a name that is quite commonly heard in almost every country of the globe. It is an international financial institution that provides loans. Developing and under-developed countries take loans for capital programs.

World Bank comprises of two institutions - International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).

India’s GDP has Grown to 7.6% in 2016 : World Bank

This is a component of the World Bank Group, which is part of the United Nations system. South Korean-born Jim Yong Kim is the 12th present president of the World Bank Group. The World Bank Group headquarters bldg. In Washington, D.C.

India stands in the top ten countries regarding the voting eligibility in various departments of the World Bank Group.

SBI, associates merger by the end of March 2017: Arundhati Bhattacharya

State Bank of India has been going at a brisk pace to merge its associate banks and Bharatiya Mahila Bank in itself. In spite of the strikes by the State Bank Associate employees against the merger, the Arundhati Bhattacharya,SBI Chief said that the merger would be completed by the end of the financial year.

“People have to understand that the change is inevitable. There has been a strike at many occasions, but we have to educate them and take them on board” she mentioned on the sidelines on the launch of SBI exclusive, an SBI wealth management offering.

SEBI to allow mutual funds purchases via digital wallet

The Five associate banks that are proposed for the merger are State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. The merger of associate banks started with, State Bank of Saurashtra and followed by State Bank of Indore.

There have been protests in all the 80,000 state bank associate branches on Friday 29th July 2016, against the merger affecting the financial services across the country. The strike was carried out under the All India Bank Employees’ Association (AIBEA) banner. Adding to the strike issue, was the announcement of the merger by the end of March, which made the employees much upset.

Concerns of the State Bank Associate Employees:
• The concerns of the state bank associates are that a forced merger is happening which should not be the current priority.
• The digitalization initiatives taken up by the private sector banks have hit the PSB’S strongly.
• The state bank of India being the largest player in the market with 16500 branches in India and 191 branches overseas has taken the initiatives like mobile wallet, digital banks, etc. to fight the competition, but the associates need time to pick up.
• The merger can be no answer to these issues, in fact, brings new challenges regarding people, technology and branch integration.
• Moreover, the All India Bank Employees’ Association (AIBEA) want associate state banks to emerge as a single largest bank instead of the parent SBI.

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The merger is expected to make state bank one of the largest lenders in Asia with an asset base of 37 lakh crore.As per the states interests, the merger will make the State Bank combined group to a position at 45th rank globally regarding assets. Currently, the position of SBI is 52. The cost to income ratio will come down to 100 points post-merger. The merger will be an advantage to the current economic position of the country, and many such mergers are expected to come, according to the financial analysts.

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