The Hindu Business Line : StanChart to sell its AMC soon; launches mobile banking

Mumbai, Jan. 30 Standard Chartered Bank is looking to close the deal of the sale of its asset management company very soon, said Mr Neeraj Swaroop, Regional Chief Executive, India and South Asia, Standard Chartered Bank.

“We plan to sell the AMC very shortly. There has been a lot of interest and we have many bidders.”

The Bank is in the process of selecting a buyer. “Just like in the earlier case with UBS, we will first select our partner who will then seek RBI permission,” Mr Swaroop said.

Recently, UBS Global Asset Management’s plans to acquire Standard Chartered Bank’s mutual fund business fell through, reportedly because the RBI did not give its approval.

Standard Chartered Bank has 83 branches and 214 ATMs. The Bank has applied to RBI for 100 branch licenses over and above its annual plan of 40 branches, Mr Swaroop said.

Mobile banking

The bank today launched mobile banking solutions for its customer. It now offers cardless cash withdrawal and mobile commerce to its customers. They can transfer money from ATMs using their mobile.

Under the mobile commerce initiative, customers can make payments for movie and airline tickets and internet shopping.

Customers have to make a request at the ATM to transfer the desired amount to the recipient’s mobile number. The recipient’s mobile number will receive a SMS with a pin number, which will be required to withdraw money. The recipient has to then go to a Standard Chartered ATM and withdraw cash after following instructions. The withdrawal has to be made within 24 hours of the request being placed. The service is free of charge. There is however a cap of Rs 10,000 per transaction and Rs 20,000 per day while using this service.

Mr Murali M Natarajan, Regional Head, Consumer Banking, India and Nepal, Standard Chartered Bank, said that 35-40 per cent of transactions in the bank take place through alternative channels like the ATM and internet.

“We believe this facility will transform payments from person to person. In the next few years, new mechanisms could emerge in India which will take advantage of the potential benefits of combining and integrating ATMs, ekiosk, mobile and the internet”, he said. The Bank has partnered with Euronet and Paymate to offer this service.

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