Spice Money: Industry Monitoring 14 March 2019
- Priyanka Kanodia
- Mar 18, 2019
- 3 min read
Spice Money
Competitors
Bandhan Bank's proposed 14.9 pc stake to HDFC will test RBI 2016 guidelines
Publication- The Asian Age
Edition- Online
Date- 14 March, 2019
The Bandhan Bank's proposed 14.9 per cent stake allotment to HDFC for merging Gruh Finance will test the Reserve Bank of India's regulations of 2016 on shareholding in private sector banks. Gruh Finance, the affordable housing finance arm of HDFC, was taken over in January by Kolkata based Bandhan Bank in a share swap deal. "RBI's approval had been sought for allotment of 14.9 per cent stake of Bandhan Bank to HDFC post-merger. Though there is no apparent regulatory hurdle in this regard, this is the first case going through the RBI regulations of 2016," sources involved in the deal told PTI.
The deal will allow Bandhan Bank's promoter Bandhan Financial holding to come down to about 61 per cent from about 82 per cent, and HDFC to hold around 15 per cent in the merged entity from about 57 per cent in Gruh. "HDFC is not going to get any board berth and controlling premium in the deal," a top Bandhan Bank source said adding that analysts are not taking these factors into account. Moreover, both the companies (Bandhan Bank and Gruh Finance) are listed entities and the swap ratio was determined by exchange traded prices on which no one has any control, he said.
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Industry News
Creation Investments pumps more money into Vivriti Capital
Publication- VC Circle
Edition- Online
Date- 14 March, 2019
Vivriti Capital Pvt. Ltd, which runs an online platform for institutional debt in India, on Wednesday said that it has raised an additional Rs 110 crore ($15.8 million) from existing investor Creation Investments. The investment comes a little over two months after the US-based impact investor had provided Rs 200 crore in equity funding to Vivriti Capital. The Chennai-based company will use the fresh capital to scale its business and invest in technology to build its credit engine and deepen its product suite, Vivriti Capital co-founder Gaurav Kumar said in a statement.
Founded in 2007, Chicago-based Creation Investments makes bets in financial services, particularly small-and-medium enterprise lenders, microfinance institutions and other social ventures in emerging markets. The firm started investing in India in 2011 and since then has made multiple investments in the country. Its other recent deals in India include bets on Gurugram-based online lender Of Business and domestic remittance services provider Eko India Financial Services Pvt. Ltd.
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Niki.ai partners with Google Pay to enable bharat's next billion to transact online
Publication- ET CIO
Edition- Online
Date- 14 March, 2019
Niki.ai, a conversational commerce solution for the next billion internet users of Bharat, has taken another leap forward towards getting Indians from Tier 2 and Tier 3 cities, online. The AI-powered bot has recently collaborated with Google Pay (formerly Tez), Google's mobile payment solution for India, to further simplify online transactions for masses.
Ensuring that every Indian can transact online independently, Niki provides users with the ease of voice and text enabled transactions on a simple chat interface with multi-lingual support. It has empowered over 3 million Indians to transact online, as they can shop for numerous products and services ranging from movie booking, bus booking, hotel and cab booking to utility bill payments, mobile recharges, local deals, among others, simply by talking to Niki.
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To protect digital payments from frauds, PCI aims to make your card data valueless
Publication- The Financial Express
Edition- Online
Date- 14 March, 2019
As India takes a quantum jump towards a cashless or less-cash society, especially after demonetisation, the instances of digital payment – both online and card – frauds are on the rise. According to the Reserve Bank of India (RBI) and India Macro Advisor (IMA) data, there was 330 per cent rise in UPI payments in 2018 over 2017, about 388 per cent increase in mobile banking, about 244 per cent increase in mobile wallets and over 569 per cent increase in prepaid payment instruments (PPI) over the same period.
Acknowledging the growth, Infosys Co-Founder and Chairman Nandan Nilekani, who is also the Chairman RBI Committee on Digital Payments, in an interview with PCI Security Standards Council, said, “I think a lot of very interesting and exciting things have already happened in the payments space and in the last couple of years, there has been a dramatic expansion of people having cards or other forms of payment, more retail points accepting cards, POS devices and so on.”
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