Aadhaar-enabled Payment System rolled out by Airtel Payments Bank

The Airtel Payments Bank has launched the Aadhaar-enabled Payment System (AePS). The facility has been launched by the payment bank at over 2,50,000 banking points across India. After the launch of AePS, the customers of any bank with Aadhaar-linked bank accounts will be able to do financial transactions at the designated banking points of Airtel Payments Bank. It will also allow the Airtel Payments Bank’s customers to do financial transactions at any AePS enabled bank. With the launch of the system, the Airtel Payments Bank will be able to service customers of any bank who have an Aadhaar-enabled bank account and hence, head towards the Government of India’s vision of financial inclusion.

External Benchmark Based Lending to Medium Enterprises

The Reserve Bank of India has directed all Scheduled Commercial Banks (excluding RRBs), all Small Finance Banks and all Local Area Banks to link all the new floating rate loans to medium enterprises with external benchmarks. The decision has been taken by the RBI to further strengthen the monetary policy transmission.

RBI has directed the banks that all the all new floating rate loans to the Medium Enterprises extended by banks shall be linked to the external benchmarks. The above directions will be effective from April 01, 2020.

Finance Secretary launches Baroda Startup Banking in 15 cities

Finance Secretary Rajiv Kumar inaugurated “Baroda Startup Banking”. It is an initiative aimed at making the Bank of Baroda (BoB) a preferred banking partner for the start-up community and establishing connect with at least 2,000 start-ups over the next two years. The initiative was launched simultaneously across 15 cities in the country.

It will include 15 Baroda Startup branches that will offer a bouquet of tailor-made banking products and services that have been designed keeping in mind the unique and specialized banking requirements of start-ups.

The products include customised current accounts, state-of-the-art payments gateways, corporate credit cards, corporate salary accounts and credit facilities apart from other existing products of the bank. In addition to end-to-end banking solutions for start-ups, the bank will also ensure that it meets the ancillary needs of start-ups by partnering with marquee service providers to assist start-ups by way of cloud credits, mentorship, co-working space, legal/accounting services and other support services.