Category: Banking & Finance

The Reserve Bank of India (RBI) has revoked the Certificate of Authorisation (CoA) of Payment System Operators (PSOs) RiddiSiddhi Bullions Ltd and AGS Transact Technologies Ltd for setting up, owning and operating White Label ATMs (WLAs).

The central bank, in a statement, said it has revoked the CoA of the aforementioned PSOs in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007.

The RBI cited non-compliance with regulatory requirements as the reason for revocation of the CoA. ATMs set up, owned and operated by non-banks are called WLAs.

As of December-end 2020, RiddiSiddhi Bullions and AGS Transact Technologies had 533 and 129 ATMs, respectively, according to RBI data.

Karur Vysya Bank and Cholamandalam Investment and Finance Company Ltd (Chola), the financial services arm of the Murugappa Group, have announced a co-lending partnership.

The co-lending model is seen as a great opportunity for banks and NBFCs to draw upon each other’s strengths. The pact is expected to help Chola and Karur Vysya Bank expand their reach to new customer segments across the country where Chola has a stronger presence to target high-value loan segments such as construction equipment and commercial vehicles, according to a statement.

“We strongly believe our co-lending partnership with KVB will help us garner market share across segments of customers due to our stronger presence throughout the country. Co-lending is a new direction for Chola, but we are confident that this will soon evolve into a very fruitful partnership model for KVB and Chola,” said Ravindra Kundu, Executive Director, Chola.

Chola enjoys a unique position in the industry today due to its strong customer relationship built over four decades and reliance on an inherent value system. The partnership will help the bank expand its commercial customer base and also provide upselling and cross selling opportunities, said Natarajan J, President and Chief Operating Officer, Karur Vysya Bank.

The model not only allows both companies to scale their portfolio effectively, but also uses an effective composite risk management framework that inculcates the risk appetites of both companies, said the statement.

K Satyanarayana Raju has been appointed as the Executive Director of Canara Bank. In a regulatory filing to exchanges, the bank said the Central government has appointed Raju for three years and he has takencharge on March 10. Earlier, Raju served as Chief General Manager, Bank of Baroda.

Raju is a physics graduate, post graduate in Business Administration (Banking and Finance) and CAIIB. He joined Vijaya Bank in 1988 and roseto the level of Chief General Manager in Bank of Baroda.

During his 33-year-long banking career, he has headed various branches for 12 years, including Specialised Corporate Banking Branch. He was Regional head of Shivamogga, Vijayawada, Hyderabad and Mumbai. He was also Zonal Head of Mumbai Zone, which is the Biggest Zone of the bank. Later, he also headed Operations and Services Department at Head Office. He has rich experience in all Segments of Banking, including Branch Banking, Corporate Credit, Retail Credit, Agri Financing, Credit Monitoring, Credit Recovery, Compliance etc.

He has served as a Director in BoB Financial Solutions Limited, Subsidiary of Bank of Baroda and was also a member of the steering committee of BOB-IIT Bombay Innovation centre.