innovationinbanking

29 th June, 2016 is a red letter day in the annals of Bangalore FinTech industry. On this day, Axis Bank announced the launch of innovation lab with an in-house innovation team. The innovation lab spread over 10,000 sq ft will launch a 3 month accelerator program where start-ups will be mentored. “We will enable start-ups to raise money by introducing them to investors and Axis Bank also has the option to invest in some of these as appropriate,” the bank’s Executive Director for Retail Banking Rajiv Anand said. The idea behind the initiative, called ‘Thought Factory’, is to take innovation to the next level and also keep abreast of changes in technologies, he said. The bank will work with companies in various stages of maturities, including those at the ideation level, he said, adding that there can be two-way benefit to the lender through the initiative. It can either get existing problems solved by start-ups or integrate their solutions into its business, Ana...

           The building blocks of BBPS are slowly getting ready. Spice Digital has received an in-principle approval from Reserve Bank of India (RBI) to operate under the Bharat Bill Payment System (BBPS). Readers are aware that BBPS is a centralized bill payment system that will allow users to use a single website or outlet to pay all your monthly or repetitive bills such as mobile phone and electricity. Reserve Bank of India has said that it is communicating the decision of who gets a licence directly to the applicants. Hence, the full list of In-principle BBPS license holders will slowly trickle down in the next couple of weeks. Last week, newspapers announced that Spice Digital is one of the operators to receive the in-principle approval from Reserve Bank of India. In May 2015, Spice Digital obtained a licence from RBI to operate a semi-closed digital wallet. It launched the digital wallet under the brand name ‘Spice Mudra’, in Septemb...

          Reserve Bank of India has imposed a monetary penalty of INR5,00,000/- on The Industrial Co-operative Bank Ltd., Guwahati.           The Bank is situated in Pan Bazaar, Guwahati.           Pan Bazaar in Guwahati, is an important part of the city centre on the southern bank of the river Brahmaputra. The District Court (Kamrup) is major landmark of this area. The area also includes many libraries, major government offices and a shopping district. Restaurants and bookshops in the area provide a unique environment. It is also a major wholesale market for drugs and pharmaceutical products and a hub for printing and publication. Kachari Ghat, next to the district court is an important local river port. Place of interest: -- Pan Bazaar is known as one of the cultural and educational hotspots of Gauhati. Area is house for many ...

          The preparations for Rio Olympics 2016 are in the last stage. Last minute fine-tuning is being done for a memorable experience for all the Participants.           Participants at Rio Olympics 2016 are Athletes, Sports Officials, Support Staff, Volunteers, Spectator Guides, Tourists etc.           The Games open on 5 th August 2016 and go on till 21 st 2016.           The games are spread over 37 venues, with 206 participating countries in 42 Sports Disciplines further divided into 306 events.           Rio de Janeiro has 32 venues, plus five football co-host cities: Belo Horizonte, Brasília, Manaus, Salvador and São Paulo.           Millions of financial transactions take place during th...

  Reserve Bank of India has imposed a monetary penalty of INR1,00,000/- on Sri Kalahasti Co-operative Town Bank Ltd., Sri Kalahasti Co-operative Town Bank Ltd., is located at North Mada Street, SriKalahasti, Andhra Pradesh The monetary penalty was for violation of Section 20 and Section 20 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) and directives/guidelines of the Reserve Bank on loans and advances to directors and their relatives. The town of SriKalahasti is famous for one of the most famous Shiva temples in South India SriKalahasti temple is the only temple which remains open during Grahanam (Solar and Lunar Eclipse) also. The temple is located on the banks of the river Swarnamukhi, it is 36 km away from Tirupathi in Chittoor district of Andhra Pradhesh. Another famous temple in SriKalahasti is the Bhakta Kannappa Temple It is also the origin of the popular textile painting art called kalamkari. Srikalahasti...

          A monetary penalty of INR1,00,000\- has been imposed by Reserve Bank of India on Agroha Co-operative Urban Bank Ltd., Hyderabad, Telangana.           The monetary penalty has been imposed for violation of directives/guidelines of the Reserve Bank on loans and advances to directors and their relatives.                   Agroha Co-operative Urban Bank Ltd. is located at: 21-2-750, Patel Market, Reqab Gunj, Reqab Gunj, Hyderabad, Telangana 500002.           The local menaing of Gunj in Hyderabad is MARKET. There are a number of localties with suffix as ‘GunJ’, in Hyderabad. Examples are : - Afzal gunj,Rani Gunj ,maharaj gunj,Shahinayat Ganj,Misri-Gunj,RIKAB GUNJ, Osmangunj,Shamsher Gunj,Mehboob Ganj,SHAH GUNJ,MUKHTYAR GUNJ,Kishan Ganj,Shamsha Ganj,...

India’s only BankTech Museum is in Hyderabad, Telangana                     The city of Hyderabad known for its Pearls and Biryani, has added another feather in its cap. India’s only Bank Tech Museum was formally inaugurated on April 28th, 2016 in Hyderabad, Telangana.           At present, the BankTech Museum is housed in IDBRT campus, located at ‘Institute for Development and Research in Banking Technology’, Castle Hills, Road No.1, Near NMDC, Masab Tank, Hyderabad-57.           The main aim of BankTech Museum is to depict the changes in the Banking sector in the last few decades. The incredible journey of Banking Technology in India is told well at BANKTECH MUSEUM .           The depiction is not limited to India, but draws inspiration from arou...