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<ul><li>The top <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps in terms of volume were <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword>, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> and <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword>. </li><li>The number of transactions through mobile wallets was 1.52 billion in Q2 2022. </li><li>The total number of credit and debit cards in circulation reach one billion. </li><li>Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala recorded the highest transactions at physical merchant stores. </li></ul>UPI is India’s most preferred online payment platform clocking over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value in April-June 2022, according to the ‘India Digital Payments Report’ for Q2 2022 by <keyword id="2195010" type="General" weightage="80" keywordseo="worldline" source="Orion">Worldline</keyword> India, a global digital payments solution company. In Q2, 20.57 billion transactions in volume and ₹36.08 trillion in terms of value was processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions, the report said. Payments through credit and debit cards accounted for 8% in volume and 14% in value, the report added. “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers are live on Bharat BillPay ecosystem,” Ramesh Narasimhan, chief executive officer-India, Worldline, said. The top five states that recorded the highest transactions at physical merchant stores were Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. The top five cities were Hyderabad, Bengaluru, Chennai, Mumbai and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. How does India pay? UPI (Unified Payments Interface) transactions volume and value have seen an increase of about 118% and over 98% respectively in Q2 2022 as compared to the same quarter last year. The top UPI apps in terms of volume were PhonePe, Google Pay and Paytm. “What could be a game-changer for UPI transactions will be linking credit cards onto the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes,” Worldline said. The average ticket size (ATS) for UPI P2P transactions was ₹2,425 and for UPI P2M transactions it was ₹820 as of June 2022, the report said. The top remitter banks during the quarter were <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank. The transaction volume passing through Bharat Bill Payment Central Unit (BBPCU) during the quarter stood at 238.31 million while the transaction value was ₹403.02 billion. It registered a growth rate of 99% and 108% in volume and value respectively as compared with Q2 2021. The total number of credit and debit cards in circulation reach 1 billion Alongside UPI, adoption of credit cards is growing at a healthy pace, revealed Worldline. The total number of credit and debit cards in circulation has reached 1 billion in Q2 2022 especially with festivities around the corner. “While the number of credit cards increased by 25% from ₹62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2% from ₹906 million to ₹921.75 million during the same period,” Worldline said. As of June 2022, the top credit-card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank while the top debit-card issuing banks were SBI, BOB, Union Bank, <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> and Canara Bank. Credit cards volume and value stood at 688.65 million and ₹3.28 trillion respectively. “Even though credit card volume at POS and e-commerce are nearly equal, the value of e-commerce transactions is higher as compared with the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space,” Worldline said. In terms of value, consumers transacted ₹1,226.29 billion at POS terminals and ₹2,053.66 billion at e-commerce through credit cards in the second quarter. In Q2 2022, debit card transactions volume and value stood at 973.12 million and ₹1.91 trillion respectively. Prepaid cards transaction volume and value was 412.29 million and ₹206.36 billion respectively. When it comes to mobile payments, the number of transactions through mobile wallets was 1.52 billion and the value was ₹574.64 billion. Transactions through wallets are growing steadily recording a 38% increase in volume and 27% in value when compared to Q2 2021, revealed Worldline data. National Electronic Toll Collection (NETC) processed about 829 million transactions worth ₹129 billion. As of March 2022, about 52.9 million NETC FASTags have been issued since the inception of the NETC program. Aadhaar-Enabled Payment Service transactions recorded a substantial volume of over 679 million transactions, registering about 38% growth over Q2 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/railways-increased-the-speed-of-500-mail-express-trains-by-10-70-minutes/articleshow/94641676.cms">Railways increased the speed of 500 mail express trains by 10-70 minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report

<table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Name of Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Location </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 17 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dadumajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 30 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 22 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Punjab and Sind Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 34 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oriental Bank of Commerce </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 8 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Central Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Daria </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 47 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 40 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dhanas </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 27 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 37 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 35 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 9 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 20 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #000000 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Industrial Area, Phase-2 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allahabad Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hallomajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Andhra Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kishangarh </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Maharashtra </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 38 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Corporation Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Manimajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 7 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Overseas Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 28 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Syndicate Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 45 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Manimajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #000000 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Industrial Area, Phase-1 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Citi Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 8 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">United Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 17 </td></tr></tbody></table>

Only 27 bank branches will remain open in Chandigarh as Coronavirus curfew restrictions ease

Andhra Bank, Punjab and <keyword id="149809" type="COMPANY" weightage="20" keywordseo="Sind-Bank">Sind Bank</keyword> and <keyword id="6361176" type="CITY" weightage="20" keywordseo="State-Bank">State Bank</keyword> of No matter whether the banks got a logo makeover or looks chic inside, not a single public service bank has secured a position in Top 10 chart of service standards, as shown by the <keyword id="414760" type="ORGANIZATION" weightage="20" keywordseo="Banking-Codes-and-Standards-Board-of-India">Banking Codes and Standards Board of India</keyword> (BCSBI). And the ones coming in the top 5 are RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC. Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and <keyword id="4376212" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword> have hit the lowest position. The BCSBI - a body set up by the Reserve Bank of India (RBI) - is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect. According to <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> report, the survey was conducted using five parameters - information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity. Andhra Bank, Punjab and Sind Bank and State Bank of No matter whether the banks got a logo makeover or looks chic inside, not a single public service bank has secured a position in Top 10 chart of service standards, as shown by the Banking Codes and Standards Board of India (BCSBI). And the ones coming in the top 5 are RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC. Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and State Bank of Patiala have hit the lowest position. The BCSBI - a body set up by the Reserve Bank of India (RBI) - is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect. According to Economic Times report, the survey was conducted using five parameters - information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity.

These government banks have the worst service record, according to RBI approved body

<ul><li>Indian Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> just announced multiple mergers of public sector banks.</li><li>The mergers will shrink the total number of public sector banks in India from 27 to 12.</li><li>The merger between <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB), Oriental Bank and United Bank will make the second largest state owned bank in India.</li></ul>Indian finance minister Nirmala Sitharaman today announced the merger of ten state-owned banks into four mega banks. This is a part of the government’s agenda to shrink the number of public sector banks in India from 27 to 12. As a part of the merger, Punjab National Bank (PNB) will be merging with Oriental Bank and United Bank which will be the second largest public sector bank in India. While PNB will retain its identity as the anchor bank, it will be ‘acquiring’ the other two smaller banks. <keyword id="6357132" type="COMPANY" weightage="20" keywordseo="Canara-Bank">Canara Bank</keyword> will merge with Syndicate Bank to become the fourth largest bank. Union Bank of India will subsume with Andhra Bank and Corporation Bank to turn into the fifth largest state-owned bank. Indian Bank and Allahabad Bank will also merge to become the seventh largest public sector bank. The BSE Bankex surged by a massive 172 points today to close at 30,949 as the merger buzz pushed the stocks of PSU banks. Professionally managed banks Sitharaman also promised to ensure that these merged banks will be run professionally while shedding some of bureaucratic pains that have dogged public sector institutions. The merged entities will be able to make succession plans, and will be more accountable to the board. "The banks will also be able to recruit a chief risk officer from the market at market-linked compensation," she said. Sitharaman stated that the total non-performing assets or toxic loans are at a massive ₹ 7.9 lakh crore. However, they came down from ₹8.46 lakh crore in December last year. These bank mergers will create stronger entities allowing them to support the slowing credit growth in the country. Third set of bank reforms — with more to follow This is the third time that the Narendra Modi government is consolidating the public sector banking industry. In April 2017, he announced the merger of five associate banks and the Bharatiya Mahila Bank with the State Bank of India (SBI). In April this year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. India’s former Finance Minister, the late Arun Jaitely stated, "India needs fewer, mega banks which are strong, because in every sense, from borrowing rates to optimum utilisation, the economies of scale as far as the banking sector are concerned are of great help." The total number of banks is expected to reduce even further to around only four or five as per the Indian government’s plans for the sector.

Indian government decides to merge ten public sector banks to form four large entities

Is it a car? Is it a taxi? Or is it an ATM? It’s just another <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> Cab fitted with ATM. 
 After petrol pumps, cash can now be withdrawn by swiping debit cards at select Ola cabs as India's largest ride-hailing service partners with lenders like <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) and <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> to ease cash crunch, according to a news report by an agency. 
 
With banks and ATMs not being able to cope with the rush for access to lower denomination or new currency after old Rs 500 and 1,000 notes were banned, cash dispensing through swipe of debit cards at POS machines was introduced at around 3,700 petrol pumps. 
 The same is being replicated by Ola on a test basis in its cabs in <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> and Hyderabad where taxis with a bank officer and POS machine are parked at different locations and dispense cash of Rs 2,000 per card. 
 Ola Chief Operating Officer <keyword id="2904207" type="UNKNOWN" weightage="20" keywordseo="Pranay-Jivrajka">Pranay Jivrajka</keyword> told that the initial response has been tremendous and the company was exploring with banks to expand this service to other cities with cash being dispensed on the go rather than current experiment of cars being parked at a particular busy point. 
 In Kolkata, Ola has partnered with Punjab National Bank (<keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>), while for Hyderabad, it has collaborated with SBI and <keyword id="6358006" type="CITY" weightage="20" keywordseo="Andhra-Bank">Andhra Bank</keyword>. "The week-long activity, that is already servicing thousands of citizens, will continue till end of the month. It (cabs) will visit areas like Chandni Chowk Metro Station, Esplanade Metro, Barabazaar, Salt Lake, Exide and <keyword id="2668672" type="UNKNOWN" weightage="20" keywordseo="Rashbehari">Rashbehari</keyword> (in Kolkata)," he said. 
 Cars carrying POS machine are servicing citizens in popular areas in Hyderabad like <keyword id="184466" type="COMPANY" weightage="20" keywordseo="KBR">KBR</keyword> Park, JNTU, Inorbit Mall over the weekend, he added. 
 
"We are also looking at flagging off the programme in other key cities, including Delhi. The banks are providing on-ground executives to enable people withdraw cash seamlessly," he said. 
 
Following the government's move to scrap old Rs 500 and Rs 1,000 notes earlier this month, there have been serpentine queues at banks and ATMs as people lined up to withdraw valid currency. 
 
There have been demands for setting up more mobile ATMs across the country and also refilling them more often as there seems to be a crunch of liquid cash given the long queues. 
 
Ola, which has its mobile wallet service, claimed it has seen 1500 per cent growth in recharge of 'Ola Money'. 
"The number of trips paid in cash has certainly gone down. More people are now paying using digital platforms like Ola Money and credit/debit cards," he said.

You can now swipe
card and collect cash on Ola Cabs

<ul><li>Yesterday, India’s finance ministry approved a plan to pump ₹482.4 billion into 12 public sector (PSU) banks. </li><li>Rather than dipping into its own pockets, the government will raise funds for the initiative from the markets through “recapitalisation bonds”. </li><li>The move is linked to helping these state-owned banks, which comprise a lion’s share of the banking sector’s non-performing loans, avoid or exit the Reserve Bank of India’s <keyword id="6417074" type="ORGANIZATION" weightage="20" keywordseo="prompt-corrective-action">Prompt Corrective Action</keyword> (PCA) framework. </li></ul> The great bank <keyword id="6572576" type="UNKNOWN" weightage="20" keywordseo="recapitalisation">recapitalisation</keyword> continues. Yesterday, India’s finance ministry approved a plan to pump <a href="https://twitter.com/rajeevkumr/status/1098171729686511616">₹482.4 billion</a> into 12 public sector (PSU) banks. The Nifty PSU Bank index opened up over a percent in trade, defying an otherwise flat market. The move brings the government within a hair’s length of it’s ₹1.06 trillion recapitalisation target for the financial year - which exceeds budget estimates by ₹400 billion. The balance ₹50 billion will go to Bank of Baroda, which is the process of <a href="https://www.businessinsider.in/indias-central-government-approves-the-merger-of-three-state-owned-banks/articleshow/67358889.cms">a three-way merger</a> with two smaller banks. Rather than dipping into its own pockets, the government will raise funds for the initiative from the markets through “recapitalisation bonds”. This will likely be facilitated through a holding company so the debt doesn’t add to the government’s fiscal deficit. The capital is squarely linked to helping these state-owned banks, which comprise <a href="https://economictimes.indiatimes.com/markets/stocks/news/total-net-loss-of-public-sector-banks-topped-rs-87000-crore-in-fy18/articleshow/64527973.cms">a lion’s share of the banking sector’s non-performing loans</a>, avoid or exit the Reserve Bank of India’s Prompt Corrective Action (PCA) framework, which imposes lending limits and curbs on hiring and expansion. If they aren’t on this watchlist, they can lend freely to small businesses and stimulate economic activity in a crucial election year. Two struggling lenders - Allahabad Bank and Corporation Bank - will receive nearly ₹160 billion, or a third of the funds. This will help them exit the PCA framework, enabling them to restart lending operations. The lenders will join fellow state-owned banks Bank of Maharashtra, Oriental Bank of Commerce and Bank of India - all of which were taken off the PCA watchlist on January 31st at the behest of the government. This was largely done with the government’s <a href="https://www.thehindubusinessline.com/economy/budget/a-rocky-ride-for-banks-over-the-past-five-years/article26154513.ece">assurance</a> that it would pump in funds when required, like an ATM. Over 40% of the funding amount, or ₹197 billion, will go towards preventing four banks - <keyword id="62034" type="COMPANY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, Union Bank, Syndicate Bank and Andhra Bank - from entering the PCA framework by ensuring their capital buffers and risk ratios don’t fall below a minimum threshold and enable two lenders who just exited the PCA - Bank of India and Bank of Maharashtra - to stay out of it. Finally, four <keyword id="6355548" type="UNKNOWN" weightage="20" keywordseo="Public-sector-banks">public sector banks</keyword> on the watchlist - Central Bank, United Bank, UCO Bank and Indian Overseas Bank – have been given the remaining ₹125 billion to help them meet minimum regulatory norms. However, if the bad loans at these banks continue to mount, they will only require further rounds of recapitalisation, something that the finance ministry is aware of. In addition to the recapitalisation announcement, the finance ministry said that it expected <a href="https://www.moneycontrol.com/news/business/finmin-expects-npa-recovery-of-rs-1-80-lakh-crore-in-fy19-3565411.html">recoveries of ₹800 billion</a> for the country’s banks before the end of the current financial year in March. The ministry explained that some resolutions under the insolvency code were in their final stage, especially that of Essar Steel, which would result in a recovery of ₹520 billion. However, the prediction seems overly optimistic. For example, the resolution of Essar, the bidding for which commenced more than a year, ago <a href="https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/after-steel-war-at-ibc-ruias-and-mittals-may-make-peace/articleshow/68072243.cms">has been mired in judicial proceedings </a>as ArcelorMittal butts heads with the former owners of the steelmaker over the resolution plan. An agreement doesn’t look likely within the next 40 days. Furthermore, the banks are on the PCA watchlist for the reason that they can slowly be revived back to financial health. Taking them off the framework too early or capitalising them without the requisite governance changes only risks putting good money after bad and accelerating their short-term recovery at the cost of their long-term stability. Finally, the funding amount won’t be enough. In a report released at the end of January, the State Bank of India said that public sector banks would require a further <a href="https://www.businesstoday.in/top-story/public-sector-banks-would-need-additional-rs-50000-crore-recapitalisation-in-2019-20-report/story/314963.html">₹500 billion</a> worth of recapitalisation funds to meet credit growth targets. 
 <div type="image" title="psuBI" msid="68090222" hostid="261"></div>

 SEE ALSO: <a href="https://www.businessinsider.in/indias-finance-ministry-claims-that-state-owned-banks-will-recover-20-of-their-bad-loans-this-year/articleshow/65960981.cms">India’s finance ministry claims that state-owned banks will recover 20% of their bad loans this year</a> <a href="https://www.businessinsider.in/indias-central-government-approves-the-merger-of-three-state-owned-banks/articleshow/67358889.cms">India's central government approves the merger of three state-owned banks</a>

Indian markets cheer government’s cash support for its ailing banks

<ul><li><keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword> has invited applications from freshers for its internship programme of two years.</li><li>The last date to apply for this internship programme is October 23.</li><li>Interns would be offered a monthly stipend of ₹27,500 and also an opportunity to earn incentives up to ₹20,000 per month based on internship grades.</li></ul>Private sector bank, Federal Bank, which has its headquarters in Kochi, has invited applications from freshers for its internship programme. The duration of the internship programme is two years, which will help freshers to have a deeper understanding of banking, business communication, financial planning and wealth management. The last date to apply for this internship programme is October 23. Federal bank has partnered with Manipal Global Education Services (MaGE), which will help the interns with relevant domain knowledge while experiencing retail banking. Interns would be offered a monthly stipend of ₹27,500 and also an opportunity to earn incentives up to ₹20,000 per month based on internship grades. The interns will also be offered personal accident coverage of ₹2,00,000 and medical insurance coverage of ₹2,00,000. On successful completion of the programme, the participant will also be awarded with a post graduate diploma certificate in banking from Manipal Academy of Higher Education (MAHE). The selection process involves four rounds — online aptitude assessment, group discussion, robotic interview and final interview. The date for online aptitude assessment is tentatively November 7. The 80 minutes test comprises five sections -- English/verbal ability, quantitative ability, logical reasoning, general awareness, and sales awareness. There will be negative marks of 0.25 for each wrong answer. The online test will be followed by a psychometric questionnaire for a maximum duration of 15 minutes. Candidates who are shortlisted shall pay a learning fees of ₹1,00,000 plus taxes to get admission in the internship programme. After completing the internship programme, two interns with top internship grades will be offered a full time role with the bank as probationary officer in retail banking subject to good conduct. The learning fees paid by the interns, who will be offered full-time roles, will be reimbursed. Eligibility criteria for the internship programme — <ol><li>Candidates should have a minimum aggregate of 60% or above in class 10, class 12 and graduation (in any domain from a recognised university).</li><li>The maximum age cap for applying for the internship programme is 27 years as on October 1, 2021.</li><li>The place of domicile of the candidates can be any of the states of Andhra Pradesh, Delhi, Goa, Haryana, Gujarat, Karnataka, Kerala, Maharashtra, Punjab, Tamil Nadu, Telangana, or Uttar Pradesh.</li></ol>Here’s how you can apply for the internship opportunity — <ol><li>Open the bank’s official <a href="https://www.federalbank.co.in/">website</a> on any smart device. </li><li>Then click on careers and then click on the option named as ‘Federal Internship Programme’ . </li><li>Then click on the ‘Apply Now’ button to register for the programme. </li><li>Enter your mobile no, email id, and then click on ‘Verify’ after entering the one-time password (OTP), which will be sent to your mobile. </li><li>Then enter your personal details and academic qualifications. Make sure you enter correct information. </li><li>After adding all the details, click on ‘I Agree’ in the declaration tab after verifying all your details. </li><li>Upload your signature and photo as per required specification. </li><li>Then click on ‘Proceed to pay’ which will be visible on your screen. </li><li>Click on ‘Proceed Pay’ only after verifying the details. </li></ol>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-plans-to-rebrand-itself-to-a-metaverse-company-with-a-new-name/articleshow/87150303.cms">Facebook plans to rebrand itself to a metaverse company with a new name</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/google-pixel-6-vs-pixel-6-pro-heres-whats-different/slidelist/87150487.cms">Google Pixel 6 vs Pixel 6 Pro: Here’s what’s different</a>

Federal Bank is offering internships for fresh graduates — Check out stipend, incentives and other details

<ul><li>In June, the interim Finance Minister Piyush Goyal said that preparations were underway to fill 30 high-level roles at state-owned banks. </li><li>On 19 September, the government named the heads of 10 public-sector banks. Five of these people served as deputy MDs of State Bank of India. </li><li>Meanwhile, the RBI decided to limit the tenure of <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, the CEO of private sector lender Yes Bank, to 31 January 2019. </li></ul>Not only have India’s public-sector banks had to contend with the lion’s share of the banking sector’s bad loans and a run of quarterly losses, but they have also faced a crisis of leadership as the CEO position at most of them have been lying vacant for the past few months. This has translated into consistent lapses in governance and delays in strategic decisions on issues like restructuring. While <keyword id="6358006" type="COMPANY" weightage="20" keywordseo="andhra-bank">Andhra Bank</keyword>, Punjab &amp; Sind Bank and Dena Bank have been “head-less” for nearly a year, the CEOs of Bank of Maharashtra and <keyword id="6358005" type="COMPANY" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword> were removed from their positions earlier this year owing to allegations of corruption. The Indian government has made a conscious effort to correct this. In June, the interim Finance Minister Piyush Goyal said that preparations were underway to fill <a href="https://timesofindia.indiatimes.com/india/govt-aims-to-fill-30-vacant-posts-at-psbs-in-a-month-piyush-goyal/articleshow/64512914.cms">30 high-level roles</a> at state-owned banks. At the time, Goyal said the appointments would be finalised within a month. Now, two and a half months later, the appointments committee of <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s Cabinet has finally named the heads of 10 public-sector banks. And it looks they’ve played a game of musical chairs, choosing from the top ranks of these banks and switching people around. Five of these people served deputy managing directors at State Bank of India, the country’s largest bank. Padmaja Chundru will take over the reins of <keyword id="66841" type="COMPANY" weightage="20" keywordseo="Indian-Bank">Indian Bank</keyword>, Pallav Mohapatra will lead Central Bank of India while Mrutyunjay Mahapatra and J Packirisamy will head Andhra Bank and <keyword id="6368628" type="COMPANY" weightage="20" keywordseo="syndicate-bank">Syndicate Bank</keyword>, respectively. The government has also appointed Karnam Shekhar as the CEO of Dena Bank, which is slated to merge with Bank of Baroda and Vijaya Bank within a year. In addition to the aforementioned appointments, Ashok Kumar Pradhan has been promoted from executive director (ED) of Andhra Bank to its CEO while the ED of Syndicate Bank, S S Mallikarjuna Rao, has been made the CEO of Allahabad Bank. Finally, A S Rajeev, the ED of Indian Bank, has been appointed the CEO of Bank of Maharashtra and Atul Kumar Goel, the ED of Union Bank of India, and S Harisankar, the ED of Allahabad Bank, will take over <keyword id="49007" type="COMPANY" weightage="20" keywordseo="Uco-Bank">UCO Bank</keyword> and Punjab and Sind Bank, respectively. Meanwhile, as the government fills up vacancies at public sector banks, it is also opening them up at private sector ones. On 19 September, the Reserve Bank of India (RBI) gave Rana Kapoor, the CEO of Yes Bank, until 31 January to hang up his boots. Earlier this year, the RBI also refused to greenlight the re-appointment of Shikha Sharma as the CEO of Axis Bank.

The Indian government has finally appointed the CEOs of 10 “head-less” public-sector banks

New Delhi, Mar 17 () Indian Bank will issue 115 shares for every 1,000 shares of Allahabad Bank for merging the latter with itself, according to an exchange filing. As per the fair equity share exchange ratio approved by the board of directors of the bank, 115 equity share of Indian Bank are to be exchanged for every 1,000 shares of Allahabad Bank, Indian Bank said in a regulatory filing.In a separate filing, Union Bank said it has set March 23, 2020, as the record date for issuing and allotting equity shares of Union Bank of India to the shareholders of Andhra Bank and Corporation Bank.In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four mega mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.As per this plan, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India. KPM MRMR

Indian Bank board approves share swap for Allahabad Bank merger

New Delhi, Apr 1 () The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. Six public sector banks (PSBs) namely Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank lost their individual identity as they were merged into four bigger lenders with the objective to make them globally competitive. "PSBs' amalgamation today will mark a new dawn for #IndianBanking. Bigger &amp; stronger PSBs to to offer faster loan processing, banking @ home, need-driven credit &amp; specialized products for customers," the Department of Financial Services, which comes under the Ministry of Finance, said in a tweet. The exercise assumed significance as it took place at a time when the entire country is under the grip of the COVID-19 outbreak, which has triggered a 21-day nation-wide lockdown. Earlier in the day, Punjab National Bank said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches. The merger has created the second largest nationalised bank of the country - both in terms of business and branch network after the State Bank of India (SBI). The amalgamated bank will have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. "The bigger geographical footprint will help us serve our customers more effectively and efficiently," said PNB managing director S S Mallikarjuna Rao said. Experts were of the opinion that merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks exuded confidence. "We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation we have done so that there is no disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told . The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown. "For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation, we will be continuing old system till the situation comes under control," he said. With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added. As per the mega consolidation plan announced in August last year, Oriental Bank of Commerce and United Bank of India is merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following the consolidation, there will be now seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017. The total number of public sector banks in the country has come down to 12. The merger has resulted in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore. These banks now have scale comparable to global banks and capable of competing effectively in India and globally. In addition, the consolidation is expected to provide impetus to the merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank. These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP MKJMKJ

Mega bank merger marks new dawn for Indian banking space: FinMin

(Eds: Adding more info) New Delhi, Mar 31 () The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive.The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus.Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence."We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation. We have done so that there is not any disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told .The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown."For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation we will be continuing old system till the situation comes under control," he said.With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added.As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones.There were as many as 27 PSBs in 2017. The total number of public sector banks in the country will come down from 18 to 12 beginning next financial year.Speaking on preparedness, Indian Bank MD Padmaja Chunduru said harmonisation of products -- both on the loan and deposit sides -- has been completed and the same products will be offered to all customers.She also said all the deposit and loan products, including access to Indian Bank's emergency credit lines launched in the wake of Covid-19 would be made available to the customers of Allahabad Bank."We have focused all our resources on the important things that matter for day one -- treasury integration has happened and IT integration to the extent of product harmonization and rolling out of the same products has happened," she said.She expects the entire IT integration to be completed by December 2020.Following this merger, PNB will become second largest after the State Bank of India (SBI), Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.Commenting on the consolidation, Canara Bank MD L V Prabhakar said, "We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services".The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction, Prabhakar said.The merger will result in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.In addition, consolidation would also provide impetus to merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank.These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP HV RS BAL

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