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New Delhi, <keyword id="1457214" type="General" weightage="80" keywordseo="mastercard-india" source="Orion">Mastercard India</keyword> on Thursday announced the appointment of former <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword> head <keyword id="254056" type="General" weightage="50" keywordseo="rajnish-kumar" source="Orion">Rajnish Kumar</keyword> as its non-executive chairman. In this critical, non-executive advisory role, Kumar will guide <keyword id="6368201" type="General" weightage="100" keywordseo="mastercard" source="Orion">Mastercard</keyword>'s South Asia executive leadership team led by <keyword id="693741" type="General" weightage="50" keywordseo="gautam-aggarwal" source="Orion">Gautam Aggarwal</keyword>, Division President for South Asia &amp; Country Corporate Officer, India, in navigating the vibrant domestic payments landscape, Mastercard India said in a statement. "Kumar will be keenly involved in augmenting the local leadership team in its efforts to expand our domestic footprint, while bolstering Mastercard's ongoing commitment to forging strategic partnerships with stakeholders across the payments ecosystem - from banks to fintechs to governments, non-profits and more," said Ari Sarker, President, Asia Pacific, Mastercard. With its relentless focus on partnering for progress and driving prosperity through inclusive growth, Mastercard has the technologies, capabilities, resources, and heart to contribute greatly to India's vibrant payments technology landscape, Kumar said.

Mastercard India appoints former SBI head Rajnish Kumar as its chairman

New Delhi, Mar 14 () The All India Bank Officers' Confederation (AIBOC) has condemned the purported "unsavoury attack" on SBI Chairman Rajnish Kumar by Finance Minster Nirmala Sitharaman during a banking event last month in Guwahati. The association claimed that an audio clip has gone viral on social media that revealed the finance minister coming down heavily on SBI chief, accusing him of poor credit uptick, during an outreach programme in late February. The AIBOC is the largest bank officers' organisation having membership of around 3,20,000 officers. The AIBOC "vehemently condemns the direct and unsavoury attack on the Chairman of State Bank of India, Rajnish Kumar by the Union Finance Minister Nirmala Sitharaman recently in Guwahati as revealed in an audio clip, which has gone viral on social media", it said in a statement dated March 13. It appears that on February 27, 2020, while attending the SBI Financial Inclusion Outreach programme at Guwahati, the finance minister came down heavily on State Bank of India and its chairman Rajnish Kumar in presence of finance minister of Assam and other officials of DFS, state government, heads of various other banks, the AIBOC said. "She launched a vituperative verbal tirade at Rajnish Kumar and accused him of being responsible for all the failures of extending loans, especially to tea garden workers in Assam," it added. She even went on to brand SBI as a "heartless bank" and literally humiliated Rajnish Kumar, chairman of the largest bank of the country in the forum, it claimed. "On the top of all, it is disheartening to observe that the entire episode has been recorded by someone and it has been ensured that the same goes viral on social media. "We deem it nothing but an unfortunate deliberate attempt on part of certain unidentified miscreants who can unauthorisedly can go to the extent of recording and spreading the humiliation of SBI Chairman at the hands of the finance minister at an official conclave," the banking officers' union said. It said the intent to make the audio and letting it go viral on social media is has the only possible motive of demeaning and tarnishing the image of the largest public sector bank in the eyes of public at large. "We are of the view that representatives of the people should abstain from indulging in such misdemeanor with any top level executive of the public sector banks." AIBOC further said: "We also demand an immediate investigation in the matter of recording of the Financial Outreach Programme Enclave at Guwahati and misuse of social media by certain miscreants." KPM KKS MRMR

AIBOC condemns purported verbal attack on SBI chief

<keyword id="19956322" type="General" weightage="20" keywordseo="BharatPe" source="keywords" meta.keywordsubtype="org" meta.entityname="BharatPe" meta.hostid="83" meta.entityid="BharatPe">BharatPe</keyword> Group and <keyword id="19993869" type="General" weightage="20" keywordseo="PhonePe" source="keywords" meta.keywordsubtype="org" meta.entityname="PhonePe" meta.hostid="83" meta.entityid="PhonePe">PhonePe</keyword> Group have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe', a joint statement read. Both companies had been involved in long-drawn legal disputes across multiple courts, over the past five years. "The settlement will put an end to all open judicial proceedings," the joint statement dated May 26 read. As a next step, they have already taken steps to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks. Further, both organizations will undertake other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the <keyword id="19895875" type="General" weightage="20" keywordseo="Delhi-High-Court" source="keywords">Delhi High Court</keyword> and <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords">Bombay High Court</keyword>, the statement said. <keyword id="19956324" type="General" weightage="20" keywordseo="rajnish-kumar" source="keywords">Rajnish Kumar</keyword>, Chairman of the Board, of BharatPe, said, "This is a positive development for the industry. I appreciate the maturity and professionalism shown by the Management of both sides, working closely to resolve all outstanding legal issues and moving ahead to focus their energy and resources in building robust digital payment ecosystems.'' Sameer Nigam, Founder and CEO of PhonePe, said, ''I am glad that we have reached an amicable resolution in this matter. This outcome will benefit both companies to move forward and focus our collective energy on growing the Indian fintech industry as a whole. I would like to thank Mr Rajnish Kumar and his team for working with us to get to this positive outcome." BharatPe, the brand name of Resilient Innovations Pvt Ltd, was founded in 2018. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions per month. PhonePe Group is also India's leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in August 2016. In seven years, the company has scaled rapidly to become India's leading consumer payments app with 535+ million registered users and a digital payments acceptance network of 39+ million merchants. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank">Poco F6 vs Realme GT 6T – which mid-range smartphone should you buy?</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank">India’s wearable shipments rise by 2.1% in Q1 2024, average price declines</a>

BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> has introduced a new home loan option, called the <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> <keyword id="3231248" type="UNKNOWN" weightage="100" keywordseo="flexipay">FlexiPay</keyword> Home Loan. The specialty of this home loan is that the repayment terms come in the form of lower EMIs in initial years, followed by higher EMIs. 
 
The public sector lender has refused to term it as a ‘teaser loan’, a term introduced by the bank in February 2009. SBI officials stated that it is not offering any discount in the interest rates or offering more loan to value. 
 
The statement released by the bank said that the new offering will enable young working professionals to get hold of higher loan amounts as compared to their loan eligibility under the standard home loan schemes. 
 
“This product cannot be called teaser loan as we have taken adequate safeguards like making it available only for salaried professionals and not for all categories of customers,” said Rajnish Kumar, managing director, SBI.

‘FlexiPay’ home loan by SBI comes with 3-5 yrs interest moratorium

<ul><li>Rajnish Kumar, the chairman of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) said that additional mergers with smaller banks would give the bank <keyword id="67392" type="ENTERTAINMENT" weightage="20" keywordseo="Monopoly">monopoly</keyword> powers. </li><li>Kumar’s statement comes a few days after the Indian government ordered the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> of Bank of Baroda, Vijaya Bank and Dena Bank in lieu of further mergers of state-owned banks. </li><li>In April 2017, SBI began the process of merging with five of its subsidiaries- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank. </li></ul>Rajnish Kumar, the chairman of State Bank of India (SBI) has categorically ruled out any absorption of smaller banks by SBI in the short term. Speaking to media outlets in New Delhi, Kumar’s statement comes a few days after the Indian government ordered <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">the merger </a>of Bank of Baroda, Vijaya Bank and Dena Bank in lieu of further mergers of state-owned banks. SBI is India’s largest bank, holding a little under a quarter of all the assets in the banking system, which begs the question: how much room does it have for economies of scale from mergers? While Kumar agreed that there were far too many public sector banks in India and that they required <keyword id="76844" type="PERSON" weightage="20" keywordseo="Consolidation">consolidation</keyword> for improved management and capital strength, he explained that any further acquisitions of state-owned banks by SBI would give it monopoly powers. Kumar added that SBI was still focussing on the integration of the six banks it absorbed last year, explaining that it would take around two to three years for the synergies from the merger to start manifesting themselves. In April 2017, SBI began the process of merging with five of its subsidiaries- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank. While the merger proved to be a drag on SBI’s profitability and added to its already-high level of non-performing loans and provisioning requirements, Kumar said <a href="https://www.thehindubusinessline.com/money-and-banking/sbi-to-be-back-in-black-from-sept-quarter-says-chairman/article24773447.ece">last month</a> that he expected the bank to report a profit in the quarter ending September. Separately, Kumar said that SBI was on course to resolve around 7 to 8 stressed power accounts before the expiration of the Supreme Court’s grace period on 11 November. The resolution of around ₹170 billion worth of non-performing loans will come as a significant relief to the bank, which currently holds nearly 20% of all the bad loans in India’s banking sector.

The chairman of India’s largest bank has said that it shouldn’t absorb any more banks

Mumbai, Mar 17 () Yes Bank CEO-designate Prashant Kumar on Tuesday said complete operational normalcy will be restored from 6 pm on Wednesday as he emphasised there are absolutely no worries about liquidity. In past three days, more money came to Yes Bank compared to withdrawals as only one-third of customers withdrew Rs 50,000 from their accounts. The moratorium imposed on crisis-hit Yes Bank would be lifted on Wednesday. SBI and few other private banks have invested in Yes Bank under a revival plan. SBI Chairman Rajnish Kumar said not even a single Yes Bank share it holds will be sold before three-year lock-in period. BEN RAM DRR

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Mastercard India appoints former SBI head Rajnish Kumar as its chairman

PTI

AIBOC condemns purported verbal attack on SBI chief

PTI

BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix

ANI

‘FlexiPay’ home loan by SBI comes with 3-5 yrs interest moratorium

BI India Bureau

The chairman of India’s largest bank has said that it shouldn’t absorb any more banks

Dilsher Dhillon

Absolutely no worries on liquidity front, says Yes Bank CEO-designate

PTI

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