National Company Law Tribunal (NCLT) has approved merger of private sector lender IndusInd Bank with Bharat Financial Inclusion (BFIL), a microfinance company.
With this merger, BFIL will become subsidiary of IndusInd Bank. Earlier this merger had received ‘No Objection’ from Reserve Bank of India (RBI), National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Karnam Sekar was appointed as new Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank.
He will succeed erstwhile CEO and MD. R Subramaniakumar. Prior to this appointment he was working as officer on special duty and Whole Time Director in IOB. Prior to this, he was Managing Director of Dena Bank.
Kotak Mahindra Bank has launched first debit card-based authentication solution based on National Payments Corporation of India (NPCI’s) e-Mandate (electronic mandate) API (Application Program Interface) platform.
With this, it also became first ever destination bank to go live with both net banking and debit card-based e-mandate authentication.
It will enable Kotak customers to create electronic mandates similar to former eNACH with Aadhaar + OTP, eNACH- Electronic National Automated Clearing House; OTP- One Time Password via both debit card and net banking provision.
It also allows Kotak Mahindra Bank to go live as sponsor or acquirer bank for corporates and merchants seeking recurring payments.