DIGITAL BANKING
CASA share likely bottomed out, to edge higher in FY25
Witness a revolutionary shift in CASA ratios as private banks dominate with a 45% ratio in March 2023, outperforming public sector banks at 42% in the CASA deposit landscape. Stay informed on the latest developments shaping the banking sector dynamics.
Banks scanning proprietor A/Cs to spot 'money mules'
Banks intensify scrutiny on new accounts to combat mule activities, adapting to evolving fraud tactics like forming private companies. Vigilant measures include verification visits, latitude data, and washout logic analysis to deter money laundering and digital frauds in the financial system.
For people's man Challa Sreenivasulu Setty, the challenge is to take high-flying SBI to newer heights
Challa Sreenivasulu Setty's upcoming role as the chairman of State Bank of India follows a period of remarkable growth under Chairman Khara's leadership, marked by a substantial increase in the bank's stock price and improved asset quality.
Are banks open or closed today?
Saturday bank holiday 2024: As per the regulations, all banks will be closed on Sundays, second and fourth Saturdays, and national and regional holidays. ATMs will be available throughout these holidays, and internet banking services will remain operational.
Banks told to stay vigilant amid intel on cyberattack threat
Apart from continuously checking network activities and server logs to detect malicious intrusions, banks will have to monitor critical payment systems such as SWIFT (the messaging system to confirm cross-border fund transfers), card network (which facilitates card payments), the online local fund transfer frameworks RTGS, NEFT and UPI, the real-time payment system.
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
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Yes Bank restructures workforce, lays off 500 employees in cost-cutting move
While the layoffs have happened across several verticals ranging from wholesale to retail, the branch banking segment saw a large impact, one person cited above said. The people sacked have been given severance pay amounting to three months’ salary. “Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks,” a person aware of the development said.
Punjab & Sind Bank signs pact with Indian Army for salary account
"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.
Digital Rupee transactions slump after reaching initial RBI target
India's digital currency, the e-rupee, has seen a sharp decline in usage, dropping to 10% of its December peak, sources reveal. Initially boosted by incentives, daily transactions fell from 1 million to about 100,000 after these incentives waned. The Reserve Bank of India is now focusing on refining the technology and exploring new use cases.
RBI urges banks to address credit gaps for underserved sectors
Despite India's progress in banking access, micro and small business units, marginal farmers, and self-help group members still lack institutional credit and comprehensive financial services, as highlighted by the Reserve Bank of India.
M2P fintech teams up with Bureau for enhanced fraud prevention
The number of frauds detected in the banking system last fiscal almost tripled on year, according to the central banks’ annual report with the RBI governor highlighting the need for a system wide approach to mitigate such frauds.
SBI to use IT, GST data for quick sanction of MSME loans
State Bank of India (SBI) has introduced SME Digital Business Loans, using data from income tax, GST returns, and bank statements for rapid credit assessment of MSMEs, enabling loan sanctions within ten seconds without human intervention. For loans up to Rs 50 lakhs, financial statements are waived in favor of transaction history and GST returns. This initiative aims to streamline MSME lending, reducing manual processes and enhancing efficiency.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
RBI's proposed digital payments intelligence platform will mitigate frauds, say experts
The Reserve Bank's proposal to establish a digital payments intelligence platform aims to combat fraud and enhance consumer trust. A committee led by A P Hota will assess the creation of this platform, leveraging advanced technologies to mitigate payment fraud risks.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
HDFC Bank's netbanking services will not be available for several hours on 9th and 16th June. Check details
HDFC Bank announces scheduled maintenance for online services on June 9 and 16, affecting netbanking, mobile app services, and transactions including UPI payments.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
Bank frauds up nearly 300% in last two years, digital frauds up 708%: RBI
Fraud cases in Indian banks surged to 36,075 in FY24 from 9,046 in FY22, a nearly 300% increase, while the amount involved dropped by 46.7% to Rs 13,930 crore. Most frauds occurred in digital payments, but the highest value frauds were in loan portfolios, with public banks contributing the most by value.
Reliance launches beta version of JioFinance app to offer UPI, digital banking, loans on mutual funds
Jio Financial Services introduced the beta version of the Jio Finance app, offering UPI, digital banking, and mutual fund loans. Key features include instant digital account opening and streamlined bank management. The app integrates various financial services like digital banking, UPI transactions, and insurance advisory. Future plans include expanding loan solutions, starting with mutual fund loans.
Expect significant growth from insurance income this year: City Union Bank MD
City Union Bank, led by N Kamakodi, aims for significant growth in insurance income to Rs 55 crore in FY'24, with a PAT of Rs 1,016 crore and NIM within guidance levels.
Bank of Maharashtra tops among PSU banks in business growth in FY24
Bank of Maharashtra, a state-owned lender, demonstrated impressive growth in total business and deposit mobilization during the last fiscal year, outperforming many public sector banks struggling to achieve double-digit growth. With a 15.94% rise in total business and a 15.66% increase in deposits, Bank of Maharashtra led the pack, followed by SBI. It maintained its dominance in low-cost CASA deposits, crucial for reducing fund costs.
HDFC Bank says 6-7 pc of overall annual expenses are on tech
It can be noted that HDFC Bank was the first major lender to be slapped with business restrictions like a pause on issuing new credit cards and also launching new online products over two years ago.
Indian banks to step up IT spends as regulatory scrutiny rises
Banks were earlier spending between 6%-8% of total operating expenditure on technology, sharply below the global average of 10%-12%.
Indian Bank aims to make over Rs 1 lakh crore digital transactions: MD & CEO Shanti Lal Jain
Indian Bank on Monday reported a 55 per cent jump in its net profit to Rs 2,247 crore for the January-March 2024 quarter as compared to a net profit of Rs 1,447 crore made last year.
PSBs set to develop road map for deploying GenAI systems
According to sources familiar with the matter, state-owned banks are preparing to devise a comprehensive strategy and roadmap for implementing generative artificial intelligence (GenAI) systems. Pilot projects are slated for launch within the current fiscal year.
Lightning-fast bill payments with PayZapp: Know how you can pay electricity bills with a single swipe
PayZapp by HDFC Bank simplifies bill payments with digital banking, multiple bill management, one-swipe feature, promo code savings, and versatile payment options. Enjoy efficient bill payments with added benefits across Android and iOS devices.
Fin inclusion, digital growth to drive payments bank momentum in India: Airtel Payments Bank CEO
Airtel Payments Bank CEO Anubrata Biswas is optimistic about the growth prospects of payments banks in India, driven by financial inclusion initiatives and rapid digital growth. Airtel Payments Bank has seen significant growth in users, revenue, and profits in FY24 and has nearly 500,000 banking points nationwide. The bank offers digital banking solutions and financial services targeting urban, rural, and business segments.
Your preference for digital is leaving banks with a bigger bill
As more and more people in India take to paying digitally, banks are having to pick up a larger tab on account of rising costs of maintaining a competent IT system.
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