DIGITAL BANKING
Banks in a bind over Trai mandate on digital consent Banks are grappling with new regulations from the Telecom Regulatory Authority of India (Trai) requiring digital consent for commercial communication. This has prompted lenders to seek government clarity on whether consent is needed for sharing tran...
04 Jul, 2024, 05.30 AM ISTRBI Governor urges banks to step up efforts against ‘mule accounts’ & intensify customer awareness initiatives RBI Governor Das emphasized the importance of managing third-party risks, enhancing compliance culture, and strengthening resilience in banks during a recent meeting with banking executives.
03 Jul, 2024, 07.08 PM ISTNABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim se...
03 Jul, 2024, 07.03 PM IST- ADVERTISEMENT
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 ope...
29 Jun, 2024, 09.55 AM ISTYes 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....
25 Jun, 2024, 10.51 PM ISTM2P 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.
12 Jun, 2024, 08.30 AM ISTSBI 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 ...
11 Jun, 2024, 03.01 PM ISTRBI'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 pa...
08 Jun, 2024, 10.12 AM ISTInadequate 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 ...
08 Jun, 2024, 01.11 AM ISTHDFC 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.
06 Jun, 2024, 08.50 PM ISTIBA 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 dig...
03 Jun, 2024, 01.56 PM ISTBanking 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 detecte...
01 Jun, 2024, 10.23 AM ISTBank 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 portf...
31 May, 2024, 11.33 AM ISTReliance 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 financi...
30 May, 2024, 04.53 PM ISTExpect 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.
21 May, 2024, 07.55 PM ISTBank 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...
19 May, 2024, 01.07 PM ISTHDFC 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.
14 May, 2024, 08.14 PM ISTIndian 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%.
08 May, 2024, 02.27 PM ISTIndian 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.
07 May, 2024, 07.38 PM ISTFin 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...
02 May, 2024, 05.14 PM IST