Infibeam to Foray in Payments Bank


Ajit Kumar AJIT KUMARWISDOM IAS, New Delhi.



Ahmedabad based E-commerce firm Infibeam 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 change in its name from Infibeam Incorporation Limited to “Infibeam Avenues Limited,” according to a regulatory filing.



On June 28, 2018, Infibeam said that it will seek shareholders’ nod to apply for authorisation from the Reserve Bank of India for payments bank.

Infibeam will seek approval to expand business into full fledge software business including carrying its business in India and overseas, with or without collaboration, the business as software engineers, software developers, software programmers, networking engineers, web designers, web development, application development, and integration.
 
It plans to conduct all kind of business activities in software across all field including video conferencing, telecommunication, satellite communication software, radio communication, wireless communication etc. according to the notice.

Prepaid instruments

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.
 
Recently, India’s first listed e-commerce company, Infibeam,  created a benchmark record of registering over 40,000 domain names in a single day. With over 1.15 lakh total registrations, company has secured top position in new GTLD club within India and in top 50 new GTLD club globally.
 





Sunday, 22nd Jul 2018, 08:27:25 AM

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