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Sandeep Bakhshi, the managing director and CEO of ICICI Bank, did not take his salary in Covid-hit 2020-21, the annual report of the private sector lender showed. Bakhshi is perhaps the only instance of a non-promoter CEO taking a salary cut. His peers in the technology sector Rajesh Gopinathan of TCS and Salil Parekh of Infosys have both taken hikes, though the IT industry benefitted from the pandemic in terms of greater spending in the digital domain. However, many big name promoters did not take salaries last fiscal, including Uday Kotak and Mukesh Ambani. Advertisement Besides Bakhshi, “material risk takers’’ of the bank including its executive directors, group chief financial officer and company secretary voluntarily opted for a 10 per cent reduction effective May 1, 2020, in their basic salary, retirals and supplementary allowances for fiscal 2021. ....
Banks roll out special schemes to protect, treat employees amidst Covid surge Surabhi Mumbai | Updated on Staff yet to get vaccinated on priority With bank employees continuing to service customers at branches amidst surging Covid-19 cases, banks have initiated special measures to ensure their safety and provide medical help. With daily Covid -19 caseload at over three lakh, lenders have rolled out more measures this time around, than last year beyond, rostering of employees and limiting banking hours to 10 am to 2 pm. “We are using a lot of analytics to identify containment areas, high risk areas and are using Artificial Intelligence and Machine Learning for rostering of employees. We are shifting transactions digitally. We have to understand that the number one priority is to keep everybody safe,” said Anup Bagchi, Executive Director, ICICI Bank. ....
ICICI eyes Rs 31 lakh cr merchant payment market through new offering SECTIONS Share Synopsis Executive director Anup Bagchi said the bank is targeting income from fee, credit and savings due to use of technology by offering these services to these large and small establishments spread across the country. Agencies ICICI Bank, India s second largest private sector lender by assets is eyeing a large share of the potential Rs 31 lakh crore of payments and settlment market to more than 2 crore small, big, offline and online businesses by fiscal 2022 by offering these wholesalers and retailers payment systems bundled with cash management and credit facilities. ....
ICICI Bank launches digital banking service for retail merchants April 29, 2021 ‘Merchant Stack’ provides banking solutions for the retailer ecosystem Private sector lender ICICI Bank on Thursday announced the launch of a comprehensive digital banking service that aims to empower over two crore retail merchants in the country. Called Merchant Stack, it provides a bouquet of banking solutions and value-added services in ‘one single place’ for the retailer ecosystem. “The main pillars of the stack are a new account named Super Merchant Current Account; two instant credit facilities called Merchant Overdraft and Express Credit both are based on POS transactions, Digital Store Management facility to help merchants take their business online; exclusive loyalty rewards programme and value added services like alliances with major e-commerce and digital marketing platforms for expansion of online presence,” ICICI Bank said in a statement. ....
Synopsis It aims to empower over two crore retail merchants in the country with seamless banking services digitally. Merchants, who are not the customers of the Bank, can also avail the benefits of the stack by instantly opening a zero balance current account using the InstaBIZ app in a digital manner. ICICI Bank on Thursday announced the launch of Merchant Stack, a set of digital banking services especially curated for retail merchants. The array of banking as well as value-added services enables merchants - grocers, super markets, large retail store chains, online businesses and large e-commerce firms - to meet their banking requirements so that they can continue to serve their customers in the challenging times during the pandemic. This initiative is in-line with the Bank’s principle of ‘Business with Care’. ....