Lakshmi Vilas Bank up on agreement with PayMate

Lakshmi Vilas Bank is trading in the green on the BSE after the bank entered into an agreement with PayMate in order to offer mobile banking to its customers.

The scrip is currently trading at Rs 82 per share, up 1.30 points or 1.61% on the BSE.

The stock opened at Rs 81.55 as compared to its previous close of Rs 80.70. Intraday, the counter touched a high and a low of Rs 82.75 and Rs 81.25, respectively.

So far, 2,436 shares of the bank were traded on the BSE.

The stock touched its 52-week high of Rs 110 on September 8, 2008 and a 52-week low of Rs 51.55 on March 4, 2009.

The stock has gained 3.27% since the past one week and 3.80% since the last one month.

Lakshmi Vilas Bank has entered into an agreement with PayMate in order to offer mobile banking to its customers. PayMate is Mumbai-based wireless transaction platform provider offering mobile payment solutions to any financial instrument

This tie-up will offer customers facilities such as mobile recharge, utility bills, movie and flight tickets, online purchases, retail shopping and many more services at over 15,000 merchants registered with PayMate in India.

This facility will be available to the bank’s customers across 250 branches.

Under mobile banking, when a customer gets registered with PayMate, a 4 digit PIN will offered to authorise each payment. Then an auto IVR call back from PayMate will be received to customer, where he/she needs to punch that 4 digit PIN to authorise the transaction. Later a confirmation SMS is sent to customers for transaction executed.