Indian banking update

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Rupee can weaken on RBI's dollar buying: The rupee is likely to weaken this week if RBI continues to mop up dollars through state-run banks. Another important event that could have an impact on the Indian currency is the Greek bailout though currency experts believe it might not cause major jitters in the market. (BS)

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2 choices, many possible results for Greece’s vote: The Greek people are voting on a future in which they face two painful prospects- the slow grind of years more of austerity cuts or the country’s potentially catastrophic exit from the 19-nation Euro Zone. The question is whether their vote can help them escape either. (BL)

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'Bank the unbanked, fund the unfunded': In the area of financial inclusion, the government is attempting to address issues of banking the unbanked, funding the unfunded and social security schemes. With a mission mode campaign of the government, 16 crore (160 million) new bank accounts have been opened and the zero-balance accounts have come down from 80% to 52% in a few months, said Mr. Hasmukh Adhia, Secretary, DFS, Ministry of Finance. (BS)

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Consumer loans too underscore recovery signs, up 16.6% in May: More numbers are coming up underscoring RBI Governor’s comments about signs of pick up in the economy. Consumer loan, such as home loans & credit cardoutstanding, rose 16.6% from a year earlier in May, nearly double the space at which overall credit grew. (ET)

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Surge in mobile banking may help it overtake net banking in two years: Mobile phone banking could pip internet banking as the preferred mode of operating bank accounts in two years, according to a senior HDFC executive. Over the past one year, transactions through mobile banking have seen a steep rise with wider use of smart phones and availability of high speed data at competitive rates. (ET)

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Corporation Bank launches MUDRA card on RuPay platform: Mr. Hasmukh Adhia, Secretary, DFS, Union Ministry of Finance, launched the first MUDRA card under the Pradhan Mantri MUDRA Yojana (PMMY) at a function in the head office of Corporation Bank in Mangaluru. The bank said here that Corporation Bank is the first bank to launch the MUDRA card based on the RuPay platform. (BL)

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SBI group’s share in debit card payments touches 25% in FY15: Riding on the booming e-commerce space and increasing adoption of non-cash transactions, the combined share of SBI and its five associate banks in the debit cards space has touched 25% in the financial year 2015. (BS)

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Bandhan to start banking operations from Aug 23: Micro-finance institution Bandhan Financial Services, which got the final license from RBI to start universal banking, would formally start operations as a banker from August 23. (BS)

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Kotak Mahindra Bank bullish on corporate loans, eyes up to 20% growth: Even as big-ticket loan demand continues to be tepid, private sector lender Kotak Mahindra Bank is confident of maintaining up to 20 per cent growth in corporate loan book this financial year. (BS)