Infibeam gets shareholders approval to foray in payments bank business

Infibeam has said it has received shareholders’ approval to expand business in IT segment, set up a payments bank and raise Rs 2,000 crore.

Must Read

Microsoft partners with Accenture to host virtual startup challenge in India

Microsoft 100X100X100 program that focuses to bring 100 companies and 100 early and growth startups will collaborate with Accenture Ventures Open Innovation program to host Accenture Ventures Challenge

SAP eyes India’s MSMEs with ‘Global Bharat’ program

With the aim to focus on MSMEs market in India, SAP has launched 'Global Bharat' program with Nasscom, UNDP and Pratham

With AWS Outposts, Amazon Web Services enters into data center in India

said that AWS Outposts, a new product that brings its cloud infrastructure to on-premises data center is now available in India

has said it has received shareholders’ approval to expand business in IT segment, set up a payments bank and raise Rs 2,000 crore. Shareholders of the company have also approved the change in its name from “ Incorporation Limited” to “ Avenues Limited”, according to a regulatory filing.

In its notice for the extraordinary general meeting to be held on June 28, 2018, Infibeam had said that it will seek shareholders nod to apply for authorization from the Reserve Bank of India (RBI) for payments bank. The company had also sought approval to explore the business opportunity in the manufacturing of IT hardware.

Infibeam plans to leverage its financial technology and expand business in the domain by seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other prepaid payment instrument that the banking regulator may allow from time to time has been approved by the shareholders.

Infibeam’s consolidated profit after tax more than doubled to Rs 88.1 crore in the fiscal year 2018 from Rs 43.5 crore a year ago mainly on account of over three-fold growth in its services business.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

- Advertisement -SAP Hana

Related Articles