Thursday, December 10, 2015

Products & Alliances

Now, sound waves to initiate payments in a jiffy
Kumar though, had at least two years before the Chennai rains kicked off this venture of developing a mobile payment kit using sound waves. The company, which was incorporated in 2013 received its first round of funding to the tune of $1 million from Reliance Capital's VC arm - Reliance Venture Asset Management and some angel investors.

Eko launches pre-paid wallet service
Eko, a mobile-based fintech company, has launched its semi-closed pre-paid wallet service in partnership with National Payments Corporation of India (NPCI) and RBL Bank (formerly The Ratnakar Bank Ltd). “Eko Wallet will simplify payment options among the online buyers and will enable deposits through mobile phones for the low and moderate-income customers across rural and urban geographies. Eko processes over Rs. 200 crore a month in domestic money remittances, and aims to grow this business to Rs. 1,000 crore a month by March 2016 with the help of the wallet,” Eko said in a statement.

SBT ties up with portal for student loan application
State Bank of Travancore (SBT) has integrated its technology platform with the Vidya Lakshmi portal hosted through National Securities Depository Ltd. This will help students to submit application for education loan through the internet, an SBT spokesman said here.

Aviva Life eases claims settlement process for TN, AP
Aviva Life Insurance has relaxed its claims settlement process exclusively for victims of Tamil Nadu, Puduchery and Andhra Pradesh rains and floods. To provide assistance to the relatives of the victims, Aviva has relaxed the documentations in terms of minimising the need to provide formal documentation to allow for prompt intimation and settlement of death, survival and maturity claims.

Market Updates

Sensex plunges 274 points
The Indian stock market ended sharply lower today, extending losses to a sixth successive session, as weakness in global markets and uncertainty about Goods and Services Tax triggered some strong selling almost across the board.
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9.12.2015 18.00