Over 1,000 Citi India employees from across 27 towns and cities joined thousands of their colleagues worldwide to observe the company’s fourth annual 'Global Community Day' today by dedicating their time, talent, skill and effort to a wide spectrum of community development initiatives ranging from climate change, literacy, housing and sports.
In the metropolis, a team of over 150 Citi employee-volunteers carried out variety of activities at the community development project of Anand Niketan. Activities ranged from planting a vegetable garden, puppet show for cancer patients, musical session for the elderly.
Showing posts with label Citi India. Show all posts
Showing posts with label Citi India. Show all posts
Sunday, November 8, 2009
Wednesday, October 8, 2008
Tata Consultancy to buy Citi arm for $505 mn
Notwithstanding the crisis in the global financial system, leading Indian information technology major Tata Consultancy Services (TCS) Wednesday said it will buy the outsourcing arm of Citigroup for $505 million.
In addition to the acquisition, TCS has entered into a $2.5 billion pact with US-headquartered Citigroup to provide outsourced services for a period of nine-and-a-half years, said a statement issued by the two groups.
The all-cash deal to acquire Citigroup Global Services, formerly called E-serve International, will particularly help refurbish the financials of the US-based giant, which is reeling under $61-billion credit-related write-downs.
The outsourcing arm of Citigroup, which has expertise in banking and financial services industries, employs more than 12,000 people in India, who are expected to generate revenues worth $278 million in the current year.
"This is a great transaction that benefits all parties - Citi, our customers, our employees and TCS," said Don Callahan, chief administrative officer of Citi.
"This transaction is expected to help reduce operating expenses related to business processing and will allow us to focus on our core financial services competence,” he added in a statement.
TCS, which is part of the $62.5-billion Tata group that has 96 companies in its fold, had been providing services to Citi since 1992, and hopes to conclude the twin-deals by the fourth quarter of 2008.
“This acquisition of Citigroup Global Services has two immediate strategic benefits for TCS,” said N. Chandrasekaran, executive director of the Indian company.
He listed the benefits as avenues to gain expertise in banking and financial services industries and integrate their existing products and solutions for large financial institutions and banks.
“We welcome Citigroup Global Services professionals into the TCS family, where they will be able to participate in the company's new growth endeavours.”
According to analysts on Wall Street, the money expected into the coffers of Citi will likely help its Indian-born chief executive Vikram Pandit to fund acquisitions like Wachovia Corp's branch operations.
Tata Consultancy employs more than 115,000 information technology consultants in some 50 countries, generating revenues worth $5.7 billion in the fiscal year ended March 31, 2008.
Despite the announcement of the mega deal, the shares of Tata Consultancy were down 6.23 percent on the Bombay Stock Exchange, as part of the overall meltdown of Indian equities Wednesday.
In addition to the acquisition, TCS has entered into a $2.5 billion pact with US-headquartered Citigroup to provide outsourced services for a period of nine-and-a-half years, said a statement issued by the two groups.
The all-cash deal to acquire Citigroup Global Services, formerly called E-serve International, will particularly help refurbish the financials of the US-based giant, which is reeling under $61-billion credit-related write-downs.
The outsourcing arm of Citigroup, which has expertise in banking and financial services industries, employs more than 12,000 people in India, who are expected to generate revenues worth $278 million in the current year.
"This is a great transaction that benefits all parties - Citi, our customers, our employees and TCS," said Don Callahan, chief administrative officer of Citi.
"This transaction is expected to help reduce operating expenses related to business processing and will allow us to focus on our core financial services competence,” he added in a statement.
TCS, which is part of the $62.5-billion Tata group that has 96 companies in its fold, had been providing services to Citi since 1992, and hopes to conclude the twin-deals by the fourth quarter of 2008.
“This acquisition of Citigroup Global Services has two immediate strategic benefits for TCS,” said N. Chandrasekaran, executive director of the Indian company.
He listed the benefits as avenues to gain expertise in banking and financial services industries and integrate their existing products and solutions for large financial institutions and banks.
“We welcome Citigroup Global Services professionals into the TCS family, where they will be able to participate in the company's new growth endeavours.”
According to analysts on Wall Street, the money expected into the coffers of Citi will likely help its Indian-born chief executive Vikram Pandit to fund acquisitions like Wachovia Corp's branch operations.
Tata Consultancy employs more than 115,000 information technology consultants in some 50 countries, generating revenues worth $5.7 billion in the fiscal year ended March 31, 2008.
Despite the announcement of the mega deal, the shares of Tata Consultancy were down 6.23 percent on the Bombay Stock Exchange, as part of the overall meltdown of Indian equities Wednesday.
Thursday, May 15, 2008
Citi Commits US$1.5 Million to ISB to Promote Financial Inclusion for Small Investors and Enterprises
Citi India today announced a three-year programme with the Hyderabad-based Indian School of Business (ISB) to study, develop and recommend measures that will promote financial inclusion and improve capital markets access for small investors and enterprises.
Citi Foundation is committed to provide a $1.5 million grant to the Centre for Analytical Finance (CAF) at the ISB, over a period of 3 years. Under the aegis of this grant, CAF will undertake projects on a range of subjects in the financial domain. The objective of this program is to support changes that will have a positive impact on emerging financial markets and participants, including small investors, SMEs and micro entrepreneurs. CAF will formulate recommendations to support regulators, practitioners, academics, and other opinion leaders to implement financial development in the country.
Announcing Citi's support for this partnership, Sanjay Nayar, CEO, Citi India, said, "While India is witnessing unprecedented levels of economic growth, two-thirds of our population is presently unconnected to the formal banking and financial system. Government, private organisations, NGOs and individuals have undertaken several initiatives recently to extend financial inclusion and to improve capital markets access for small investors and enterprises. There exists a definite need to understand the impact these initiatives are making and to identify key issues for stimulating dialogue amidst all relevant stakeholders to induce the next level of reforms to facilitate all-inclusive growth."
"With this research program, our longstanding relationship with ISB will be further strengthened. CAF is uniquely positioned to undertake this project as it has prior experience of doing quality work in this and other related areas," Mr. Nayar added.
Speaking on the need for detailed study in this area, M Rammohan Rao, Dean, ISB, said, "In spite of the Indian economy growing at a rate of 8%, the growth in rural areas is still low. We believe that there is a critical need to ramp up financial growth in rural areas to make the economic growth more robust and inclusive. We are happy to be associated with Citi for this programme which will allow ISB to contribute towards implementing inclusive financial developments in the country."
Using the grant support, CAF will organize several major projects, international conferences, workshops/lectures, and extensive dissemination of the project findings over the next three years.
"Our focus at the CAF is to research capital markets in emerging economies, especially India. We expect our project findings to provide help and support in creating a sound financial infrastructure for those markets, and facilitate reforms to increase their global competitiveness," explained Professor Sankar De, Executive Director, Centre for Analytical Finance (CAF) at the ISB.
CAF is the first research centre of its kind in India devoted exclusively to scholarly research in finance, and the second such centre in Asia. The CAF is supported by leading academicians, top executives from national and international financial institutions and acknowledged regulators and policy makers. Over the past few years, CAF has organised several high profile international conferences/workshops/lectures by leading academicians and industry leaders. It has associated with top B-Schools for collaborative research and is working on several strategic research projects.
In 2001, the Citi Foundation gave a grant of US$1 million to the Friends of the Indian School of Business Foundation to start an Endowment Fund. The Fund's earnings have been used by the ISB for scholarships to deserving students pursuing its one-year Post-Graduate Programme. This programme, known as the Citi Scholars Programme, has benefited 30 students to date.
ISB
The Indian School of Business is a premier management institution established in 2001. In a short span of seven years, the ISB has successfully pioneered several new trends in management education in India and has established itself as a leading B-school across the world. In both its Post Graduate Programme in Management and Executive Education Programmes, the ISB invites high caliber international faculty from reputed B-schools to teach and participate in collaborative research with the strong pool of research oriented, resident faculty at the ISB. The ISB has academic associations with the Kellogg School of Management, The Wharton School, and the London Business School and was recently ranked 20 among top 100 B-schools by Financial Times, London
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. Additional information can be found at www.citigroupfoundation.org.
Citi Foundation is committed to provide a $1.5 million grant to the Centre for Analytical Finance (CAF) at the ISB, over a period of 3 years. Under the aegis of this grant, CAF will undertake projects on a range of subjects in the financial domain. The objective of this program is to support changes that will have a positive impact on emerging financial markets and participants, including small investors, SMEs and micro entrepreneurs. CAF will formulate recommendations to support regulators, practitioners, academics, and other opinion leaders to implement financial development in the country.
Announcing Citi's support for this partnership, Sanjay Nayar, CEO, Citi India, said, "While India is witnessing unprecedented levels of economic growth, two-thirds of our population is presently unconnected to the formal banking and financial system. Government, private organisations, NGOs and individuals have undertaken several initiatives recently to extend financial inclusion and to improve capital markets access for small investors and enterprises. There exists a definite need to understand the impact these initiatives are making and to identify key issues for stimulating dialogue amidst all relevant stakeholders to induce the next level of reforms to facilitate all-inclusive growth."
"With this research program, our longstanding relationship with ISB will be further strengthened. CAF is uniquely positioned to undertake this project as it has prior experience of doing quality work in this and other related areas," Mr. Nayar added.
Speaking on the need for detailed study in this area, M Rammohan Rao, Dean, ISB, said, "In spite of the Indian economy growing at a rate of 8%, the growth in rural areas is still low. We believe that there is a critical need to ramp up financial growth in rural areas to make the economic growth more robust and inclusive. We are happy to be associated with Citi for this programme which will allow ISB to contribute towards implementing inclusive financial developments in the country."
Using the grant support, CAF will organize several major projects, international conferences, workshops/lectures, and extensive dissemination of the project findings over the next three years.
"Our focus at the CAF is to research capital markets in emerging economies, especially India. We expect our project findings to provide help and support in creating a sound financial infrastructure for those markets, and facilitate reforms to increase their global competitiveness," explained Professor Sankar De, Executive Director, Centre for Analytical Finance (CAF) at the ISB.
CAF is the first research centre of its kind in India devoted exclusively to scholarly research in finance, and the second such centre in Asia. The CAF is supported by leading academicians, top executives from national and international financial institutions and acknowledged regulators and policy makers. Over the past few years, CAF has organised several high profile international conferences/workshops/lectures by leading academicians and industry leaders. It has associated with top B-Schools for collaborative research and is working on several strategic research projects.
In 2001, the Citi Foundation gave a grant of US$1 million to the Friends of the Indian School of Business Foundation to start an Endowment Fund. The Fund's earnings have been used by the ISB for scholarships to deserving students pursuing its one-year Post-Graduate Programme. This programme, known as the Citi Scholars Programme, has benefited 30 students to date.
ISB
The Indian School of Business is a premier management institution established in 2001. In a short span of seven years, the ISB has successfully pioneered several new trends in management education in India and has established itself as a leading B-school across the world. In both its Post Graduate Programme in Management and Executive Education Programmes, the ISB invites high caliber international faculty from reputed B-schools to teach and participate in collaborative research with the strong pool of research oriented, resident faculty at the ISB. The ISB has academic associations with the Kellogg School of Management, The Wharton School, and the London Business School and was recently ranked 20 among top 100 B-schools by Financial Times, London
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. Additional information can be found at www.citigroupfoundation.org.
Tuesday, December 4, 2007
Citi India CEO Appointed to U.S. - India Business Council Board of Directors
T
he U.S.-India Business Council has announced the appointment of Sanjay Nayar, Chief Executive Officer of Citi's franchise in India, to its Board of Directors.
The U.S.-India Business Council is the premier business advocacy organization representing 250 of the largest U.S. companies investing in India, joined by two dozen of India's largest global companies. USIBC's mandate is to strengthen U.S.-India commercial ties.
Charles "Chip" Kaye, Chairman of USIBC, and Co-President of the private equity firm Warburg Pincus welcomed Sanjay Nayar onto the USIBC Board, saying, "Mr. Nayar, a seasoned banker, brings a solid track record of international banking and in-depth understanding of India. With rich experience of working in India, he has been a strong advocate of U.S.-India economic partnership at various levels and is an important addition to the U.S.-India Business Council Board."
Speaking about his appointment to the U.S.-India Business Council Board of Directors, Sanjay Nayar, CEO Citi India said, "It is indeed a distinct privilege to join this eminent board. At Citi India, we have serviced the financial needs of both corporate and consumer clients across all segments for many years. The experience gained has resulted in unique insights, which I think will benefit both U.S. and Indian companies keen to expand their businesses. I look forward to actively working with my distinguished colleagues on the board to further advance Indo-US commercial ties."
Citi has a rich history in India of over 105 years. It is the premier local financial institution backed by its global network across 100 countries. With over 22,000 employees and capital invested of over US$ 2.9 billion, Citi is the single largest foreign direct investor in the financial services industry in India with a significant presence and offers a comprehensive suite of products and services to both commercial and retail clients. It has a customer base of over 1500 large corporates and multinationals, over 2,500 small and medium enterprises, over 40,000 asset based financing clients and over 7 million retail customers.
Mr. Nayar joined Citibank in 1985 and has been the CEO of Citi India and the Area Head for its Corporate and Markets business in Sri Lanka, Bangladesh and Nepal since October 2002. From 1996 to 2002, he was heading Salomon Smith Barney's Emerging Markets Capital Markets businesses in New York. From 1994, he was with Citibank London as the Global Head for Emerging Markets Equities. Between 1985 and 1994, Mr. Nayar held various positions across the Corporate bank and the Transaction bank in Citibank India, including that of Corporate Finance and Capital Market business head. By qualification, he is an MBA in Finance from the Indian Institute of Management, Ahmedabad and a bachelor in Mechanical Engineering from Delhi University.
Citi is the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
The U.S.-India Business Council (USIBC), formed in 1975 at the request of the Government of India and the U.S. Government to advance commercial ties between the world's two largest free-market democracies, is hosted under the aegis of the U.S. Chamber of Commerce. The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region. The U.S.-India Business Council celebrates its 33rd Anniversary at the U.S. Chamber of Commerce on June 12, 2008 in Washington, D.C. For more information please visit www.usibc.com.
Sunday, November 11, 2007
Clients Worldwide Choose Citi As The Best Global Bank For Cash Management in Euromoney Annual Poll
Citi announces that it has been named the #1 ranked cash management bank globally in Euromoney's annual cash management poll. In addition to capturing the top spot in the global poll, Citi also took top honors in 15 individual regions covered in the poll. These regions include: Western Europe, Nordic & Baltic, Central & Eastern Europe, North America, Brazil, Central America, Caribbean, South America (excl. Brazil), Japan, North Asia, South-East Asia, South Asia, North Africa and Sub-Saharan Africa.
This year's poll, conducted annually by Euromoney, polled 11,988 cash managers, treasurers and financial officers from 89 countries around the world. As part of the poll, respondents were asked to name the top three banks used for the majority of their cash management services and rate those providers on a sliding scale in a number of categories. Results of the poll were based on valid responses from 3,801 participants.
Citi was also ranked highly by clients in many service categories, including a #1 ranking for overall service and in categories such as: Provision of Cross-Border Cash Pooling, Availability of Global Banking and Electronic Tools, Innovative Payment and Collection Methods, Global Liquidity Capabilities, Bank Credit Rating, and Comprehensive Electronic Banking Capabilities.
"Citi delivers cash management as an end to end service," says Paul Galant, CEO of Global Transaction Services at Citi. "To enable our clients to succeed, we deliver innovative tools, global connectivity and critical information to give them the visibility and transparency to enhance their treasury functions. This means open architecture, industrial scale globally consistent platforms, excellent service, real-time information and the analytical framework to allow them to act on actionable advice before cut-off times. These combined capabilities enable our clients to administer their business and treasury functions consistently in the 100+ countries in which our people serve on the ground."
"Our goal, first and foremost, is the satisfaction of our clients with our services," says Francesco Vanni d'Archirafi, Global Head of Cash Management at Citi's Global Transaction Services unit. "The Euromoney poll is significant in that it is an opportunity for our clients to tell us how we're doing relative to our peers. This win underscores the work being done each day to keep clients at the center of all we do. We win when our clients win."
Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 07, it held $255 billion in liability balances under administration and $12.5 trillion in assets under custody and trust.
About Citi:
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
This year's poll, conducted annually by Euromoney, polled 11,988 cash managers, treasurers and financial officers from 89 countries around the world. As part of the poll, respondents were asked to name the top three banks used for the majority of their cash management services and rate those providers on a sliding scale in a number of categories. Results of the poll were based on valid responses from 3,801 participants.
Citi was also ranked highly by clients in many service categories, including a #1 ranking for overall service and in categories such as: Provision of Cross-Border Cash Pooling, Availability of Global Banking and Electronic Tools, Innovative Payment and Collection Methods, Global Liquidity Capabilities, Bank Credit Rating, and Comprehensive Electronic Banking Capabilities.
"Citi delivers cash management as an end to end service," says Paul Galant, CEO of Global Transaction Services at Citi. "To enable our clients to succeed, we deliver innovative tools, global connectivity and critical information to give them the visibility and transparency to enhance their treasury functions. This means open architecture, industrial scale globally consistent platforms, excellent service, real-time information and the analytical framework to allow them to act on actionable advice before cut-off times. These combined capabilities enable our clients to administer their business and treasury functions consistently in the 100+ countries in which our people serve on the ground."
"Our goal, first and foremost, is the satisfaction of our clients with our services," says Francesco Vanni d'Archirafi, Global Head of Cash Management at Citi's Global Transaction Services unit. "The Euromoney poll is significant in that it is an opportunity for our clients to tell us how we're doing relative to our peers. This win underscores the work being done each day to keep clients at the center of all we do. We win when our clients win."
Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 07, it held $255 billion in liability balances under administration and $12.5 trillion in assets under custody and trust.
About Citi:
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Friday, November 2, 2007
Citi and mChek Introduce Innovative Mobile Applications
Citi India announced today that is has successfully piloted an innovative solution with mChek, a leading application developer in the mobile domain. This unique application significantly enhances convenience for retail investors, who are clients of a large broker, by enabling them to respond to margin calls or enhance their trading limits, even while on the move, by authorizing a transaction simply over their mobile phone.
With over 250 million mobile subscribers in the country, more than 30 million mutual fund investors and over 5 million retail investors in the capital markets, this application can soon become the preferred mode of transacting in coming years.
Ashish Bajaj, Managing Director, Global Transaction Services, Citi India and subcontinent, said, “The development and deployment of this application continues Citi’s track record of pioneering innovations in the transaction services domain in India and set benchmarks for future industry standards. This technology has tremendous potential and can revolutionise the manner in which Customer to Business (C2B) transactions are undertaken across industries.”
Citi and mChek have earlier launched a mobile-based application enabling farmers to receive money for sale of fruits, vegetables and other commodities via their mobile phones. Using this technology, the farmers are able to receive money in the form of cash across a bank teller counter, demand drafts or account transfers to pre-registered bank accounts. More such applications are currently under various stages of development and testing.
“The mobile phone is fast becoming the ubiquitous device – particularly in emerging economies like India and most of the Asia Pacific region”, said V. Dinesh, Managing Director, Trade and Product, GTS, Citi India, “We are pleased to partner with mChek to bring this exciting solution to our customers, another example of Citi’s commitment to our customers of providing innovative, practical and secure solutions.”
All transaction applications meet stringent, international standards of security and are secured by the user’s mChekPIN, and encrypted end-to-end with 3DES encryption, ensuring banking-grade security from the convenience of the mobile phone.
“Citi and mChek are helping the investment industry make these transactions more cost effective, safe and at the same time more efficient across the value chain. The technology is simple to use and works on any mobile phone including the basic models”, said Sanjay Swamy, CEO of mChek.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
About mChek
mChek, an ISO 27001 and PCI-DSS 1.1 company, is based in Bangalore and Mumbai, India. The company is funded by Draper Fisher Jurvetson (www.dfj.com) a leading venture capitalist in Silicon Valley. The company has developed several patent-pending applications in the areas of mobile phone based security, banking and payments. mChek’s services have been developed with several years of technology and market research and collaboration with VISA International, and brings the eco-system of telecom operators, banks, merchants and consumers together in a cohesive and win-win manner. For more information, visit http://www.mchek.com or email info@mchek.com
With over 250 million mobile subscribers in the country, more than 30 million mutual fund investors and over 5 million retail investors in the capital markets, this application can soon become the preferred mode of transacting in coming years.
Ashish Bajaj, Managing Director, Global Transaction Services, Citi India and subcontinent, said, “The development and deployment of this application continues Citi’s track record of pioneering innovations in the transaction services domain in India and set benchmarks for future industry standards. This technology has tremendous potential and can revolutionise the manner in which Customer to Business (C2B) transactions are undertaken across industries.”
Citi and mChek have earlier launched a mobile-based application enabling farmers to receive money for sale of fruits, vegetables and other commodities via their mobile phones. Using this technology, the farmers are able to receive money in the form of cash across a bank teller counter, demand drafts or account transfers to pre-registered bank accounts. More such applications are currently under various stages of development and testing.
“The mobile phone is fast becoming the ubiquitous device – particularly in emerging economies like India and most of the Asia Pacific region”, said V. Dinesh, Managing Director, Trade and Product, GTS, Citi India, “We are pleased to partner with mChek to bring this exciting solution to our customers, another example of Citi’s commitment to our customers of providing innovative, practical and secure solutions.”
All transaction applications meet stringent, international standards of security and are secured by the user’s mChekPIN, and encrypted end-to-end with 3DES encryption, ensuring banking-grade security from the convenience of the mobile phone.
“Citi and mChek are helping the investment industry make these transactions more cost effective, safe and at the same time more efficient across the value chain. The technology is simple to use and works on any mobile phone including the basic models”, said Sanjay Swamy, CEO of mChek.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
About mChek
mChek, an ISO 27001 and PCI-DSS 1.1 company, is based in Bangalore and Mumbai, India. The company is funded by Draper Fisher Jurvetson (www.dfj.com) a leading venture capitalist in Silicon Valley. The company has developed several patent-pending applications in the areas of mobile phone based security, banking and payments. mChek’s services have been developed with several years of technology and market research and collaboration with VISA International, and brings the eco-system of telecom operators, banks, merchants and consumers together in a cohesive and win-win manner. For more information, visit http://www.mchek.com or email info@mchek.com
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