Daily Banking Current Affairs on 24th June

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Daily Banking Current Affairs on 24th June

UBI serious about recovering Kingfisher dues: P Srinivas

United Bank of India is serious about recovering the dues from Vijay Mallya's defunct Kingfisher Airlines against which it was fighting a legal battle, an official of the public sector lender said.

"We are extremely serious about recovering our money from not only Kingfisher Airlines but from all NPA borrowers", UBI MD and CEO P Srinivas said in a statement.

He said that the bank was fighting a legal battle against the defunct airline and already declared their corporate guarantor a wilful defaulter.

‘Tap & pay’ sans NFC cards, phones

Payment company iKaaz, which specializes in near-field communication (NFC), has developed a low-cost point-of-sale (PoS) terminal which enables customers to 'tap and pay' even without an NFC-enabled card or phone. 

The terminal, which is made in India, is available for Rs 3,000 — less than a fourth the cost of conventional swipe machines.

The company has tied up with 3,000 merchants in Bangalore and is in the process of rolling it out all India.

NFC cards made their entry in the form of closed loop pre-paid cards such as smart cards used for toll or for transport in buses and metro. Banks have only now started incorporating the NFC feature in credit and debit cards. 

NFC is considered superior to mangnetic swipe cards or chip cards because the card or phone never leaves the possession of the accountholder. The RBI has also waived the need for a PIN authorization on payments of up to Rs 2,000. 

Brics may take big steps on infrastructure financing, new development bank

The BRICS nations - Brazil, Russia, India, China and South Africa - are expected to sign a document next month to operationalise the New Development Bank and outline how it will fund infrastructure and sustainable development projects. 

The seventh edition of the BRICS summit on July 9 in Ufa, Russia, is expected to see the signing of an MoU to start the functioning of the NDB and set its agenda of financing projects in member countries and other developing nations through loans, guarantees, credit and equity investments, official sources said.