ICICI Bank's Zarin Daruwala joins Standard Chartered bank and other Top Banking news

Round up of the major headlines that dominated the Banking sector, nationally and internationally.

Zarin Daruwala will join as the India chief executive officer at Standard Chartered Bank, the international lender said in a statement on Tuesday.
Daruwala was president of the wholesale lending team at ICICI Bank Ltd. Daruwala will report to Ajay Kanwal, regional CEO, ASEAN & South Asia at Standard Chartered.

Axis Mutual Fund, one of the premier asset management companies in India, today announced the launch of Axis Children’s Gift Fund, an open ended balanced scheme, which would endeavor to generate income by investing in debt & money market instruments along with long-term capital appreciation through investments in equity & equity related instruments*. 

Electronic processing platform Payworld announced on Tuesday it has launched the "Payworld Cash point", cash payout from Payworld retail points in areas where ATMs are not available or accessible. 

Indian equity markets are witnessing another spell of selling by foreign funds ahead of US Fed meet in December where it may raise interest rates. Foreign portfolio investors (FPIs) have sold equities worth $517 million so far this month, stock exchanges data showed.

Government efforts to promote financial inclusion have made RuPay stand out among its international peers. The payment gateway has surely helped the government achieve its social objective, and it may even end up being a profitable one, competing with global giants, say Saloni Shukla & Joel Rebello