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Private lender, Axis Bank on October 27 in a stock exchange filing said that the bank’s board has decided to re-designate Rajiv Anand, Executive Director (Wholesale Banking) to Deputy Managing Director subject to regulatory and shareholder approval. In addition to heading the wholesale banking business, Anand will closely work with the board in strengthening control and governance aspects, the bank said. Axis Bank’s MD & CEO, Amitabh Chaudhary in a release said, “Rajiv has been instrumental in driving various key initiatives and has worked hand-in-hand with me to make the Bank a more robust, growth focused organization, as we drive…

State-owned bank, Jammu and Kashmir Bank on October 27 announced that the Reserve Bank of India (RBI) has approved the appointment of Baldev Prakash as its next managing director and chief executive officer.The bank said in an exchange filing, The Reserve Bank of India has vide letter dated October 26, 2021 accorded approval to the candidature of Baldev Prakash as MD & CEO of the bank for a period of three years from the date of taking charge or April 10, 2022, whichever is earlier. The bank said it will separately inform about the appointment of Baldev Prakash as MD…

Wealth management platform, Groww has raised $251 million at a valuation of $3 billion, led by ICONIQ Growth. The round also saw participation from investors like Alkeon, Lone Pine Capital  and Steadfast. Groww’s existing investors Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners also participated in the round. Groww offers investment in direct mutual funds, stocks, ETFs and IPO for India’s growing retail investors. It also plans to extend its reach to the under-penetrated geographies, strengthen the team and scale tech infrastructure. It will make significant investment in spreading financial education and awareness, it said. Lalit Keshre, CEO and Co-Founder of Groww, said in a release, “We will continue…

Stripe, one of the most globally valued fintech company on October 20 said that it has acquired Bengaluru-based provider of payments reconciliation software Recko. This marks Stripe’s first acquisition in India. Stripe will now be able to expand its offerings in India beyond collections and billings for merchants. Stripe in a statement said the move will help Stripe automate collections, ease reconciliations, manage complex accounting of financial records as well as export reconciliation tolls to businesses. Payments reconciliation shouldn’t be a mild headache that balloons into a migraine as a company grows—it should be an easy, highly automated process,” Will…

Major cryptocurrency, Bitcoin has hit new record high touching $65,000 on October 20.

The Reserve Bank of India on October 12 granted license to Unity Small Finance Bank (SFB), a consortium of Centrum Financial Services limited and Resilient Innovations Private Limited (BharatPe), Centrum said in an exchange notification. Unity SFB will be taking over the assets and liabilities of PMC Bank and Centrum’s MSME business will be merged with the Unity SFB. Centrum said in a release that together with BharatPe they are looking to build a business model in an open architecture. Jaspal Bindra, Executive Chairman, Centrum Group, said, “We are delighted to receive the licence and excited to partner with BharatPe…

Shivalik Small Finance Bank (SSFB), has tied-up with Bengaluru-based insurtech company, Go Digit General Insurance, to provide insurance products through the bank’s network of branches across India. This tie-up will include health insurance plans, motor insurance, and home and shop insurance. The partnership will enable over 4.5 lakh customers of Shivalik Small Finance Bank to instantly access and purchase from Digit’s offerings. Harsh Mittal, Chief Financial Officer, Shivalik Small Finance Bank said, “At Shivalik, we are committed to constantly innovating and adding new products and services to expand our offerings to the underbanked masses. Our collaboration with Go Digit General Insurance will aid…

Axis Bank, India’s third largest private sector bank, announced the launch of a wide range of open APIs (Application Programming Interface), facilitating its retail and corporate customers/partners to use banking services integrated across partner platforms, the bank said in a release. Axis Bank’s API Banking portal has a suite of API products covering 200+ Retail APIs across Cards, Deposits, Accounts, Loans; 51 Corporate APIs across payments, trade, collections, bill payments as well as cross-cutting APIs, it said in the release. The Corporate API product suite includes 14 Payments, 2 Collections and 11 Trade APIs, offering a digitized corporate onboarding journey,…

Saraswat Bank, India’s largest Urban Co-operative Bank and Axis Securities Ltd., have come together to offer the bank’s customers a 3-in-1 account i.e. Savings, Demat & Online trading, all in one account, the brokerage said in a release. With this tie-up, Saraswat Bank’s customers can perform banking and trading transactions. The 3-in-1 account integrates Savings Bank Account, Demat Account and Trading Account. This facility will make it easier for customers to transfer funds quickly, reduce paperwork and most importantly, provide a comprehensive platform to invest in various investment instruments like equities, derivatives, currency, commodities, MF, IPO, etc, the brokerage said.…

her new role, she will be responsible for the implementation of the firm’s global growth and deployment strategy in India. “The Global Centers are an integral part of our business strategy and I am excited to join Morgan Stanley as the firm continues to invest in the growth of our highly talented and dynamic workforce in India. I am honored to be a part of this journey and look forward to contributing and working closely with the business and the global organization to create value,” Tiwari said.She has over 25 years of experience in finance and technology consulting, including project…