Tag: paytm

Paytm Money launches AI-powered ‘Voice Trading’

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Homegrown fintech platform Paytm on Monday announced that its wholly-owned subsidiary Paytm Money has launched ‘Voice Trading’, powered by artificial intelligence, allowing users to place a trade or get information about stocks via single voice command.

“This service has been launched in line with Paytm Money’s efforts to offer next-gen and AI-driven tech to elevate user experience,” the company said in an official release. The voice trading feature enables a single voice command, with the use of neural networks and natural language processing (NLP) to allow instant processing.

Also read: Paytm share allocation likely on November 16 at Rs 2,150 apiece

Varun Sridhar, CEO of Paytm Money said, “At Paytm Money, our focus has always been to elevate user experience and be the first to leverage technology to make investing faster, cheaper and easier. With a mobile-first and interconnected world of devices and the much-awaited launch of 5G, the voice trading feature enables users to skip the usual five to six-step process of trade in a dynamic environment with simple voice commands.”

“We believe that this will improve user experience over time and will bring more convenience to tech-savvy investors. We are doing a lot of R&D on newer technologies and this is one of the first products to be launched,” added Sridhar.

The platform is rolling out the voice trading feature in beta to select users. It will be available to all users over the coming weeks, it said.

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IPO rush continues; Paytm, 2 other public issues to open next week, BFSI News, ET BFSI

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New Delhi, Hectic fundraising through IPOs will continue next week, with three firms — One97 Communications, owner of Paytm; Sapphire Foods India, which operates KFC and Pizza Hut outlets; and Latent View Analytics — are set to launch their initial share-sales to collectively mop up about Rs 21,000 crore. This comes after five companies successfully concluded their public offerings (IPOs) this week.

Those five firms are – FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa; Fino Payments Bank; Policybazaar parent entity PB Fintech; decorative aesthetics supplier SJS Enterprises; and microcrystalline cellulose maker Sigachi Industries.

The three-day IPOs of Paytm, Sapphire Foods India and Latent View Analytics are scheduled to open on November 8, November 9 and November 10, respectively.

So far in 2021, as many as 46 companies have floated their IPOs to raise Rs 80,102 crore and market experts believe that the year should close with the Rs 1-lakh crore primary market fundraising.

Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped up Rs 7,735 crore through its IPO, and Brookfield India Real Estate Trust raised Rs 3,800 crore via its initial share-sale.

The fundraising so far this year is way higher than Rs 26,611 crore collected by 15 companies through initial share-sales in the entire 2020.

Such impressive fundraising through IPOs was last seen in 2017 when firms mobilised Rs 67,147 crore through 36 initial share-sales.

Digital firm One97 Communications, which operates under the Paytm brand name, is set to come out with its Rs 18,300-crore IPO on November 8.

The IPO comprises fresh issuance of equity shares worth Rs 8,300 crore and Rs 10,000 crore from an offer for sale (OFS) by existing shareholders.

The company has fixed a price band of Rs 2,080-2,150 apiece, implying a valuation of around Rs 1.48 lakh crore.

The Rs 18,300-crore offer, if successful, will be the biggest in the country after Coal India’s IPO in 2010, wherein the state-owned company had garnered Rs 15,200 crore.

“The biggest merit for Paytm’s IPO would be that they have so much more diversified regulatory access under one roof.

“This focus on diversification means that none of their particular business books has depth, unlike other major players who focus more on specialising,” Nikhil Kamath, co-founder of True Beacon and Zerodha, said.

On Wednesday, Paytm raised Rs 8,235 crore from anchor investors.

Sapphire Foods India’s public issue will be entirely an offer of sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders.

As part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

The company has fixed a price band of Rs 1,120-1,180 a share for its IPO. At the upper end of the price band, the initial public offering is expected to fetch Rs 2,073 crore.

Latent View Analytics’ IPO comprises a fresh issue of equity shares worth Rs 474 crore and an offer of sale of equity shares to the tune of Rs 126 crore by a promoter and existing shareholders.

As part of the OFS, promoter Adugudi Viswanathan Venkatraman will offload shares worth Rs 60.14 crore, shareholder Ramesh Hariharan will sell Rs 35 crore shares and Gopinath Koteeswaran will offload Rs 23.52 crore shares among others.

Currently, Venkatraman owns a 69.63 per cent stake in the company, Koteeswaran holds a 7.74 per cent stake and Hariharan has a 9.67 per cent holding in the firm.

The company has set a price band of Rs 190-197 a share for its IPO.

The proceeds from the fresh issue will be used for funding inorganic growth initiatives, working capital requirements of the subsidiary LatentView Analytics Corporation, and investment in subsidiaries to augment their capital base for future growth and general corporate purposes.

The company provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions. PTI SP HRS hrs



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Paytm signs up over 100 institutional investors for IPO

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Ant Group-backed fintech firm Paytm said it has allocated shares worth ₹82.35 billion ($1.11 billion) to more than 100 institutional investors,including the government of Singapore, ahead of what is expected to be India’s largest stock market listing.

Paytm’s offer of up to ₹183 billion, which was increased last month from ₹166 billion, garnered interest from 122 institutional investors who bought more than 38.3 million shares for ₹2,150 apiece, according to a regulatory document dated November 3.

BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors.

Launched a decade ago as a platform for mobile recharging, Paytm grew quickly after ride-hailing firm Uber listed it as a quick payment option. Its use swelled further in 2016 when a ban on high-value currency bank notes in India boosted digital payments.

Also read: We have priced the IPO rationally, says Paytm chief

Paytm has since branched out into services including insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.

The company’s offering will open on Monday and top investor Ant Financial, with a 27.9% stake in Paytm, plans to sell shares worth ₹47.04 billion.

Several companies including Paytm have tapped capital markets this year in a fund-raising frenzy on the back of record highs hit by the Indian stock market, which has outperformed Asian peers so far this year.

In India, 157 companies including TPG-backed Nykaa, Oyo Hotels and Rooms and online insurance aggregator Policybazaar have raised $17.22 billion via IPOs this year as of October 31,compared with $8.54 billion raised by 49 companies in the same period last year, according to Refinitiv data.

Paytm’s IPO is likely to be the biggest in the country’s corporate history, breaking a record held by Coal India Ltd, which raised ₹150 billion more than a decade earlier

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D-Street to raise record Rs 31,000 crore from deluge of IPOs in 2 weeks, BFSI News, ET BFSI

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MUMBAI: The Indian capital market is set to witness one of the busiest fortnights in its history as six companies have lined up to together raise about Rs 31,400 crore by November 10.

The six issues include the one from tech-enabled payments major One 97 Communications, operating under the Paytm brand, which aims to raise Rs 18,300 crore.

Paytm has priced its IPO shares in the Rs 2,080-2,150 band per share, indicating the company seeks a valuation of about $20 billion. This will make the Paytm IPO the largest ever in the country’s history.

Till date the biggest IPO in India was the Rs 15,500-crore offer by Coal India in October-November 2010.

According to market sources, this could have two major implications for Dalal Street and the economy. First, there are fears among traders that the deluge of IPOs could force several investors to offload part of their portfolio and divert that money to invest in these offers, especially for listing gains. Second, the inflows from foreign funds, estimated to be about 40-50% of the total offer, could mean Rs 12,000-15,000 crore of forex inflows. This, in turn, could help appreciate the rupee.

On Thursday, despite a sharp sell-off in the stock market, the domestic currency closed 11 paise stronger at Rs 74.92 to a dollar. Usually, the day the stock market slides sharply, the rupee also weakens against major currencies like the US dollar, euro, pound sterling and the Japanese yen. Thursday’s strength in the domestic currency came despite a Rs 3,819-crore net selling by foreign funds, BSE data showed. According to a note by the forex advisory firm IFA Global, the strength of the rupee was “because foreign banks sold US dollars for overseas investments into Indian companies raising funds through initial public offerings”.

According to data collated from Sebi, merchant bankers and various brokerages, FSN E-Commerce Ventures, the company that operates under the Nykaa brand name, is raising Rs 5,350 crore while PB Fintech (under Policybazaar brand name) is raising Rs 5,200 crore, Fino Payments Bank Rs 1,200 crore, SJS Enterprises Rs 800 crore and Sigachi Industries Rs 125 crore.

In addition to the big ticket listings, three more high profile IPOs are also lined up after these got the Sebi green signal in the last few weeks. Adani Wilmar is eyeing Rs 4,500 crore, One MobiKwik is expected to raise Rs 1,900 crore and the offer size for Star Health is expected to be in excess of Rs 3,000 crore, market sources said. These offers could open anytime now, merchant bankers said.

The government is also planning to list life insurance behemoth LIC before the end of the fiscal year through its IPO. This offer is expected to garner anything between Rs 70,000 crore and Rs 1 lakh crore, merchant bankers said.



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Swiss Re to pick up 23 per cent stake in Paytm Insuretech for ₹920 crore

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Digital payments major Paytm on Wednesday announced that its associate, Paytm Insuretech (PIT), has entered into a strategic partnership with Swiss Re under which the reinsurer will pick up 23 per cent stake in PIT.

Swiss Re will invest (by way of equity shares and compulsorily convertible preference shares) approximately ₹920 crore (₹397.3 crore upfront and the remaining in tranches subject to fulfilment of certain milestones) in PIT for an aggregate stake of 23 per cent on a fully diluted basis.

“As part of Paytm’s financial inclusion offering, this partnership is in furtherance of the company’s mission to bring half a billion Indians into the mainstream economy,” Paytm said.

Paytm’s Vijay Shekhar Sharma (Chairman, MD and CEO of One 97 Communications) said, “We are excited to partner with Swiss Re for our insurance foray as a key strategic investor. It is an important milestone in our financial services journey to take general insurance products to the masses. We look forward to gaining from Swiss Re’s global insurance capabilities and building innovative products to tap into the Indian market.”

Swiss Re is investing alongside Paytm’s Vijay Shekhar Sharma. This follows the announcement of the acquisition of Raheja QBE by Paytm Insuretech.

The investment by Swiss Re and the acquisition of Raheja QBE by Paytm Insuretech are subject to regulatory approval.

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ESAF Small Finance Bank, Anand Rathi Wealth among 7 cos to get Sebi’s nod for IPO, BFSI News, ET BFSI

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New Delhi, As many as seven companies, including ESAF Small Finance Bank, Sapphire Foods India and Anand Rathi Wealth, have received capital markets regulator Sebi‘s nod to raise funds through initial public offerings (IPOs). In addition, PB Fintech, which operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar, Paytm‘s parent firm One97 Communications, life sciences company Tarsons Products and HP Adhesives too received Sebi’s clearance to float their IPOs.

These companies, which filed their draft papers with Sebi between July and August, obtained the regulator’s observations during October 18-22, an update with Sebi showed on Monday.

In Sebi’s parlance, the issuance of observation is equivalent to the regulator’s approval.

ESAF Small Finance Bank’s Rs 997.78-crore public issue comprises a fresh issue of equity shares worth Rs 800 crore and an offer for sale of Rs 197.78 crore by existing shareholders, according to draft red herring prospectus (DRHP).

Under the offer for sale, the promoter will be selling shares worth Rs 150 crore, PNB MetLife would offload shares to the tune of Rs 21.33 crore, Bajaj Allianz Life will offer shares of Rs 17.46 crore, PI Ventures will sell Rs 8.73 crore worth shares and John Chakola will offer shares worth Rs 26 lakh.

The IPO of Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, will be entirely an offer of sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders.

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

The initial share-sale of Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, is completely an offer for sale of 1.2 crore equity shares by promoters and existing shareholders.

Those offering shares in the offer for sale are — Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri and Feroze Azee.

According to the draft papers, Paytm plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route.

Paytm founder, managing director and chief executive Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.

In addition, investors selling stake include Antfin (Netherlands) Holding BV, Alibaba.Com Singapore E-Commerce Private Ltd, Elevation Capital V FII Holdings Ltd, Elevation Capital V Ltd, SAIF III Mauritius Company Ltd, SAIF Partners India IV Ltd, SVF Panther (Cayman) Ltd and BH International Holdings.

The Rs 6,017.50 crore IPO of PB Fintech comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders.

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will offer shares worth Rs 250 crore and some other selling shareholders will also divest shares.

Tarsons Products’ IPO comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 1.32 crore equity shares by promoters and an investor.

As a part of the OFS, promoters — Sanjive Sehgal will offload up to 3.9 lakh equity shares and Rohan Sehgal will sell up to 3.1 lakh equity shares — and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.

HP Adhesives’ initial share-sale consists of fresh issuance of 41.40 lakh equity shares and an offer of sale of 4,57,200 equity shares by promoter Anjana Haresh Motwani.

The company manufactures a wide range of consumer adhesives and sealants products such as PVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants and PVC pipe lubricant.

The shares of these companies will be listed on the BSE and NSE. PTI SP BAL BAL



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Paytm allots ₹100 crore to marketing campaigns during festival season

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Digital payments platform Paytm on Monday announced that the company and its partners will allocate ₹100 crore for marketing activities during the festive season in a major push planned for the company and its partners.

These campaigns will be aligned to promote digital payments in India and educate users about Paytm UPI for money transfers, Paytm Wallet and Paytm Postpaid (Buy Now, Pay Later) for spends, to drive financial inclusion across the country.

The company has also announced “Paytm Cashback Dhamaka”, a cashback festival starting from October 14, where users can win cashback for money transfers, online, offline payments or recharges done through the app.

Also read: Paytm brings DigiLocker to its mini app store

The idea behind the cashback festival is to encourage the adoption of Paytm’s digital payment instruments through offers, driving adoption of digital payments among more users across the country. The programme will be rolled out across all districts in India from merchant partners’ stores to large retail outlets, as well as online platforms. There will be a special focus on the states of Gujarat, Maharashtra, Andhra Pradesh, Telangana and Karnataka.

Users can avail cashback by using Paytm for their mobile, broadband DTH recharges, utility bill payments, money transfer, booking travel (flight/bus/train) tickets, paying credit card bills, booking movie tickets, FASTag payments, transactions at online and offline kirana stores, etc.

During the peak festive season (October 14-November 14), everyday 10 lucky winners will win ₹1 lakh each, 10,000 winners will get ₹100 cashback, while another 10,000 users will win ₹50 cashback as part of the offers.

Closer to Diwali (November 1-3) users can win upto ₹10 lakh daily. Users also stand a chance to win an iPhone 13, tickets for the T20 World Cup, shopping vouchers from top brands like Levi’s, Leaf headphones, among other rewards, Paytm said.

Also read: ‘Buy-now, pay-later’ loans help fuel India’s festive recovery

The offer will be applicable for payments made through all the major payment options offered by the company Paytm Wallet, Paytm UPI, Paytm Postpaid (Buy Now, Pay Later), credit cards/debit cards among others.

A Paytm spokesperson said, “Our aim is to drive financial inclusion in India by empowering more and more users with digital payments. Today, users come to Paytm for payments of their utility bills, recharges, money transfers among other services and enjoy a wide variety of payment instruments from Paytm Wallet, Paytm UPI, netbanking and Paytm Postpaid. The Paytm Cashback Dhamaka has been launched to celebrate the festive season with our users and offer them exciting cashback and rewards.”

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BoB step up on super app play, faces a tough competition, BFSI News, ET BFSI

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The race for financial super apps in India is getting hotter.

Bank of Baroda will position its new digital platform bob World as the main bank and all banking channels will be an adjunct to the primary platform. The public sector lender is adopting a strategy similar to SBI, which is working to integrate all services on its Yono platform.

Bank of Baroda MD & CEO Sanjiv Chadha has said that post-pandemic, the bank has seen a surge in digital transactions and twice the number of branch visits are happening on the app. “So rather than being an adjunct to the bank, it will be the bank and the other parts of the lender will become an adjunct. The thought was to enable everything that can be done in the branch within the app,” said Chadha.

Here are other few banks and companies that are building up the super app.

Tata Group

BoB step up on super app play, faces a tough competition

Tata Group is planning to come up with its own super app and bring its various consumer businesses under one digital umbrella and offer a seamless omnichannel experience. It is also making acquisitions such as Bigbasket and 1mg to bolster its digital presence.

“It will be a super app, a lot of apps in apps and so on … We have a very big opportunity … How do we give a simple online experience connecting all of this, and at the same time a beautiful omnichannel experience? That is the vision,” N Chandrasekaran, chairman, Tata Sons had said.

The company is looking to leverage its huge consumer base which is spread across various categories and build a “world-class platform out of India to serve the Indian consumer”.

Tata Group has a host of consumer-facing brands that include grocery items, fashion brands, and electronics brands.

In terms of financial services, Tata Group has an insurance company as well as a consumer finance arm, which can be easily integrated into its super app.

Paytm

BoB step up on super app play, faces a tough competition

Paytm, which lacks services such as ride hailing, food delivery, and online groceries, is the leader in the race at present. The app had 85.49 million monthly active users in March 2020. The company has launched a mini-apps store and partnered with companies like Ola, Domino’s, and Decathlon.

It plans to have a million such apps on its store by 2021. Mini apps are custom-built web apps that give users an app-like experience without needing to download one. The listing and distribution of these mini apps within the Paytm app is free of charge, and users can use the Paytm wallet, Paytm Payments Bank, UPI, or net banking for payments at no charges, and credit cards at a 2% fee. These apps are low-cost and quick to build, using HTML and JavaScript.

The company claims it has 325 million registered wallets, which is higher than the 200 million active UPI handles that have been created in the country.

Now the company has set its sights on using the platform to sell multiple financial services such as digital gold, mutual funds, insurance, and consumer and business loans.

SBI Yono

BoB step up on super app play, faces a tough competition

State Bank of India (SBI) is looking to build its super app Yono into a wider platform that can be used by rival lenders. The bank’s plans to create a platform for Yono that will be integrated with regional rural banks or cooperative banks. The plan is to turn the app into a platform where all banks, including SBI, can offer their products and services. The bank feels that the product will be more valuable to investors once the app is fully built out as a platform.

Yono user base has nearly doubled to 32 million at the end of December 2020 from 17 million a year ago.

SBI disbursed personal loans worth Rs 15,996 crore through more than 1 million Yono loan accounts between April and December 2020. It is now looking to extend it to home loan customers and make the entire process online. It is also planning to go big with its multi-lingual Yono Krishi platform that offers services such as Yono Khata, Yono Bachat, Yono Mitra and Yono Mandi to its farm customers. It wants to expand Yono Business through which it has made it easier for corporate customers to apply for letters of credit and bank guarantees.

Reliance Retail

BoB step up on super app play, faces a tough competition

Reliance Retail Ventures Ltd’s acquisition of a controlling stake in business-to-business (B2B) search engine Just Dial (JD) will provide it with access to a large merchant base for its new commerce platform JioMart. It will also allow it to harness JD’s evolution into a super app that will help book flights, train and bus tickets, cabs and hotel rooms and pay bills, as well as provide other services.

Reliance Retail plans to onboard 10 million merchant partners for its new commerce initiative over the next three years. The acquisition will allow RRVL to leverage JD’s database of 30.4 million business listings and its consumer traffic of 129 million quarterly unique users as on March 31, 2021.

JD’s B2B platform, JD Mart, matches wholesalers and manufacturers with retailers and industrial buyers, according to Credit Suisse.

Also, Facebook and telecom giant Reliance Jio are coming together to figure out the possibility of a super app, similar to the multipurpose Chinese platform WeChat. They are reportedly hoping to develop the app using the WhatsApp platform as well as its huge user base.

The platform would be a place for users to chat, while also letting them shop for groceries from Reliance Retail stores, for clothes and apparel and make digital payments using JioMoney.

WhatsApp

BoB step up on super app play, faces a tough competition

WhatsApp has a vast user base in India, but it has too few services to offer and must build and maintain its fintech muscle. The variety of its product portfolio and the speed of implementation will determine whether it can topple the incumbents in India. It may also have to face regulatory hurdles in India.

Bajaj Finance

BoB step up on super app play, faces a tough competition

Bajaj Finance has recently stepped up its wallet business. Its cross-sell franchise has about 27 million customers with around 70% of all no-cost EMI loans given for offline consumer durable purchases being through it.

Bajaj has recently launched a payments app and looks to be on the way to build a super app. The launch of the digital wallet is part of a broader strategy by the consumer NBFC to expand its digital finance offerings. The company has been rolling out ‘Bajaj Pay’ in phases to expand into the payments segment.



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Banks step up credit card sales, offers in festive season as BNPL threatens, BFSI News, ET BFSI

Banking & Finance

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With the Covid pandemic weakening and consumer confidence rising, banks are betting on credit card spends this festive season. Lenders have launched a slew of new credit cards and offers to solidify their positions and grab a bigger share of the market.

The credit card push comes at a time when buy now-pay later (BNPL) products have become popular with consumers. BNPL essentially offers around 15 days of interest-free funds to small borrowers and are seen as competitors of credit cards.

SBI offering

Banks step up credit card sales, offers in festive season as BNPL threatens

SBI Card is luring consumers with 10% cashback up to Rs 10,000 across mobiles, consumer durables, laptops, kitchen appliances, home décor & furnishing, and fashion & lifestyle purchases, done at leading domestic e-commerce shopping sites. The offerings are not restricted to just one or two e-commerce portals

However, the offer will not be applicable on online spending in some categories such as insurance, travel, wallet, jewellery, education, healthcare, and utility merchants.

HDFC Bank

Banks step up credit card sales, offers in festive season as BNPL threatens

HDFC Bank and digital payments firm Paytm will launch a range of credit cards powered by Visa this month. The partnership aims to provide one of the widest range of offerings across customer segments, with special focus on millennials, business owners and merchants. Under the partnership announced in August, the two will build comprehensive solutions across payments gateway, point of sale machines, and credit products.

The cards announced today will be customised to meet the distinct needs of retail customers, from new-to-credit users to affluent users and offer rewards and cashback for users. The new cards offering will also facilitate small business owners.

Federal Bank cards

Banks step up credit card sales, offers in festive season as BNPL threatens

Kochi-based private lender Federal Bank entered the credit card business in September in association with card network Visa. The bank has partnered with National Payments Corp of India to launch ‘Federal Bank RuPay Signet Contactless Credit Card,’ according to a press release.

The card’s annual percentage rate starts from 5.88% per annum. Cardholders will gain access to a wide range of offers and deals across categories including travel, food, among others, the bank said. The card is currently being offered to existing customers of Federal Bank.

According to the Reserve Bank of India (RBI), the total number of credit cards stood at 63.4 million at the end of July.



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Festive Bonanza! ICICI Bank launches special offers for customers, BFSI News, ET BFSI

Banking & Finance

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ICICI Bank has announced the launch of ‘Festive Bonanza’, which contains offers with instant discounts and cashbacks.

As part of the launch, the bank is offering benefits to retail and business customers on various banking products and services. The offers are available from today, and on various dates in the upcoming festive season.

Customers can avail these offers by using ICICI Bank debit or credit cards, internet banking and Cardless EMI. They can also avail offers like discounts on processing fee on loans, reduced EMIs on banking services and products such as loans, credit cards, savings and current accounts, NRI accounts, money transfer, consumer finance, business banking and investments, among others.

The e-commerce platforms that offering the discounts are Flipkart, Amazon, Myntra, Paytm, Bigbasket, Grofers, Supr Daily Pepperfry, JioMart, MakeMyTrip, Samsung, LG, Dell, Swiggy, Zomato, EazyDiner, Tribhovandas Bhimji Zaveri etc

Customers can avail these offers on categories like electronics, gadgets, global luxury brands, apparels, jewellery, grocery, automobile, furniture, travel and dining.



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