Tides of 21.07.2015
1. Melbourne-based
banking major ANZ plans to open two more branches in India. The third-largest
bank in Australia and New Zealand is all set to open its doors to customers in
Gurgaon and Bengaluru. Talking to newspersons at its technology back-office,
CEO Michael Smith said that India is a major engine of growth for the bank,
especially at a time when China is showing signs of a slowdown. However, he
added that the company’s banking customers in China is minimal. ANZ had
established its India operations in 2011, which supports institutional and
corporate clients for banking services. Smith noted that with Prime Minister
Narendra Modi at the helm, trade and investment flows with Australia and New
Zealand are on the rise; and this has prompted the company to expand its
presence in India. ANZ is not new to the Indian banking scene. It re-entered
the Indian market and sought approval from the RBI back in 2010. ANZ used to
own Grindlays Bank, which had a significant presence in India, but sold it in
2000.In May 2014, ANZ received a licence from the RBI to open branches in
India. Additionally, it has a large back-office in India, which includes
catering to technology as well as banking services for the parent.
2. IDBI
Federal Life Insurance will this year focus on enhancing its brand image
through association with sports. It is looking at different sports at the
national level to improve its brand
image. Co’s efforts would be to do something unconventional. Recently, the life
insurer tied up with Mumbai Cricket Association to launch a bowling foundation.
The aim of MCA-IDBI Federal Life Insurance Bowling Foundation is to hone
meritorious talent and develop them into first rate bowlers.
3. Bengaluru-based
start-up Innoviti Payment Solutions (IPS) has received a second round of
funding of Rs. 30 crore, co-led by NR Narayana
Murthy’s Catamaran Ventures. Along with Murthy’s fund, New India Investment
Corporation, Canada, a wholly-owned subsidiary of Gravitas Financial, was
involved in this round of funding, according to company officials. The funding
will be used to expand Innoviti’s business of real-time distribution of credit
to small and medium enterprises. In the previous round of funding, which
included a mix of debt and equity, Innoviti, which started its payments
business in 2008, had raised Rs. 10 crore. The
company currently processes Rs. 8,000 crore of
payment transactions and originates over Rs. 1,000
crore of loans.
