Axis Bank opens innovation lab to create investment fund
Mumbai based private sector lender Axis Bank is set to open an innovation lab by joining with financial technology start-ups to ride on the digital wave in the country.
This innovation hub situated in Bangalore will emphasis on curating start-ups and working with them to help them develop the value propositions and the bank will look at absorbing their technology.
These start-ups will mainly be centering across lending, digital, payments and artificial intelligence space. For this, the bank has joined hands with Zone Start-ups, Nasscom, venture capitalist and some global banks.
Earlier HDFC Bank, SBI, Federal Bank, RBL, ICICI Bank among others have either allocated funds or created special divisions to engage with the start-up ecosystem and most recently Barclays has also opened a fintech innovation platform.
Union Government gave nod to proposal to set up India Post Payments Bank
Union Government has decided to approve the proposal to set up the Indian Post Payments Bank with capital of Rs. 800 Crore and to set up 650 branches by September 2017 as a Public Limited Company under the Department of Posts, with 100% Government of India (GOI) equity.
Initially 22,137 Post Offices to be linked with core banking facility.
In every district, Post offices will be linked to core branch of Postal bank. The bank will be operated by a board which has five independent directors. Union is in the phase to appoint the Chief Executive Officer and Bank Board directors.
The Staff of the postal bank will be from different postal department and staff is expected to be around 2000 members
The Department of Posts is planned to acquire knowledge from State run banks to run the India Post Payments Banks
For the short tenure, S K Sinha, Secretary of Posts requested Chairman and Managing directors of the Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and Union Bank to lead the India Post Payments Bank on a one-year deputation basis.
The branches will be spread across metros, tourist places, state capitals and in the first phase, 10% of the branches will be set up in the northeast region of the country
Other services such as mobiles, ATMs, PoS/ m-PoS devices and simple digital payments.
Providing basic banking, payments and remittance services
Facilitate financial services like insurance, mutual funds and pensions.
Access to credit in tie-up with third party financial providers with special focus on rural areas and the unbanked and under-banked segments.
UNICEF released the “State of the World’s Children 2016” Report
United Nations Children’s Emergency Fund (UNICEF) has released the annual report “State of the World’s Children 2016” to curb the harassment against the children.
Problems faced by the Children:
Children are affected by the Poverty, Illiteracy and early deaths. If the present situation continues, it will result in, poverty of about 167 million children, mortality of 69 million children under 5 years of age due to preventable causes and 70 million women will be married as children by 2030.
According to the report;
Positive Growth has been achieved in saving Children’s lives, Enrolling children into the school and boosting people out of poverty.
Mortality rate of children under 5 years has been reduced by half since 1990.
Equal attendance by Boys and Girls in Primary school has been achieved in 129 countries.
Number of people living in poverty globally has reduced by half since 1990.
Children under 5 years are chronically malnourished.
Children born to mothers with no education in South Asia and Sub-Saharan Africa and expected to die before attainment of 5 years.
Girl from poor family are getting married earlier than girls from the Wealthiest Family.
Investing in the most susceptible children capitulate immediate and long-term benefits.
Education plays a unique role in equaling the playing field for children.
Unique ways to address Problems, more equitable investment and enhanced involvement by people.
UNICEF, headquartered in New York, provides long-term humanitarian and developmental assistance to children and mothers in developing countries. It's presently headed by Anthony Lake.