DIGITAL BANKING
RBI to establish Digital Payments Intelligence Platform amid a surge in bank and digital frauds
The RBI Governor, Shaktikanta Das, has revealed plans to establish a digital payments intelligence platform to combat increasing bank and digital fraud cases. A committee has been formed to oversee the setup of this platform, chaired by Abhaya Hota, a key...
RBI MPC meet: Key changes announced for electronic trading platforms, digital payments and AePS
The Reserve Bank of India (RBI) today released a major policy statement outlining several developmental and regulatory initiatives covering financial markets, regulations pertaining to lending institutions, and payment systems including digital currency a...
GPay: 600x growth in six years and a long way to go, says Ambarish Kenghe, VP of Google Pay
Launched in 2017 as Tez, Google Pay or GPay revolutionised digital payments in India. The Economic Times caught up with GPay's Ambarish Kenghe to get insights on Google payments and the road ahead in India. Watch!GPay: 600x growth in six years and a long way ...
ETBSFI CXO Conclave: Union Bank of India ED Nitesh Ranjan on power of digital lending
At the ETBFSI CXO Conclave 2022, Union Bank of India Executive Director Nitesh Ranjan talks about how the bank is ramping up its tech infrastructure to become a next generation digital bank to compete and stay relevant in the digital age. As a first step, Union Ban...
ET Awards 2022 |Company of the Year: ICICI Bank
ICICI Bank wins the Company of the Year award at The Economic Times Awards for Corporate Excellence. The bank's financial performance has improved significantly, with the Gross NPA ratio dropping to a 7-year low of 3.6% and RoA exceeding 2% for the first time in 7 years. This success can be attributed ...
MeitY bans 94 digital lending apps 'not regulated' by central bank
The Reserve Bank of India gave a list of apps, which were working with non-bank lenders registered with the central bank, to the government ahead of the ban imposed on some apps earlier this week, officials said on Wednesday. "We have given a list of apps which work with NBFCs (non-b...
Reserve Bank of India to launch pilot of retail digital rupee on Dec 1; 8 banks identified for participation
Reserve Bank of India's first pilot for retail e-rupee, its version of the central bank digital currency (CBDC) will be launched on Dec. 1, it said in a statement on Tuesday. The pilot would cover select locations in a closed user group compr
Efforts on to develop 'international framework' on crypto assets: RBI Governor Shaktikanta Das
RBI Governor Shaktikanta Das addressed a joint press conference held in Bengaluru on February 25. After the G20 Finance Ministers and Central Bank Governors meeting he mentioned that efforts are to develop international framework and architecture to deal w
CBDC explained: What is e-Rupee and how can you use it? Here's everything you need to know
The Reserve Bank will launch the first pilot for retail digital rupee (e?-R) in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. Is it UPI or Is it cryptocurrency? ET NOW's Vinnii Motiwal
UPI linked with Singapore’s PayNow; PM Modi says Digital transactions to soon exceed cash in India
Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross
Protect yourself from digital banking fraud
Scams and frauds are everywhere and while we may be quick to protect ourselves against physical frauds, online frauds, particularly digital banking frauds, are hard to detect. To help protect its customers from such scams, Indian banking major State Bank of India (SBI) regularly issues warnings and guideli
RBI to launch Digital Rupee pilot for wholesale segment from Nov 1; identified 9 lenders to participate
On Monday, the Reserve Bank of India (RBI) said it would commence pilot launches of digital rupee (e-rupee) for specific use cases from November 1. Given this, the central bank will launch a pilot in digital rupee for the wholesale segment on Tues
RBI's digital currency rollout: The risks, rewards and the use cases
India is among a handful of nations to have launched the Central Bank Digital Currency (CBDC). Some risks, primarily cyber, are associated with CBDC, although its introduction seeks to make transactions easier. Economic Times looks at the use cases, and challenges CBDC could bring.
IMF has appreciated India's digital banking infrastructure, says PM Modi
Prime Minister Narendra Modi virtually dedicated 75 digital banking units across 75 districts in India on October 16. While addressing the event, the Prime Minister said that IMF appreciated India's digital banking infrastructure. Credit goes to India's poor farmers and workers
RBI releases detailed guidelines on digital lending
The RBI today released detailed guidelines on digital lending which were issued on Aug 10th. These guidelines will be applicable to all regulated entities be it banks and NBFCs. Anu josh breaks down the details of those guidelines RBI releases detailed guidelines on digital lending
Working on a phased implementation of CBDC: RBI Guv Shaktikanta Das
The Reserve Bank of India (RBI) Governor Shaktikanta Das, who was delivering a speech at the Global Fintech Festival in Mumbai, said, "the RBI is now actively working towards a phased implementation of Central Bank Digital Currency (CBDC) in both wholesale and retail segments. This
What is e-Rupee: How RBI's plans to kill cryptos with its digital currency
India is among a handful of nations to have launched the Central Bank Digital Currency (CBDC). In this video, Saloni Shukla and Saurav Kumar take you behind RBI’s plan to kill cryptocurrencies through its Digital Currency.What is e-Rupee: How RBI's plans to kill cryptos with
Safeguard your net banking account against fraud
Phishing attacks, spyware, and spam are some of the most common forms of digital banking frauds aimed at obtaining the personal account details of customers to illegally withdraw funds or transfer money into another bank account. To safeguard its customers’ banking account details and protect them fro
RBI releases framework for regulation of digital lending industry
On Wednesday, the Reserve Bank of India said that based on the inputs from the Working Group on 'digital lending including lending through online platforms and mobile apps' (WGDL), it has firmed up a regulatory framework to support the orderly growth of credit delivery through digital
RBI constitutes working group on digital lending
The Reserve Bank of India (RBI) on Wednesday said that it has constituted a Working Group on digital lending including lending through online platforms and mobile apps. This comes in the backdrop of multiple instances of suicides caused by harassment and high handed recovery methods used by lending ap
RBI tells HDFC Bank to stop new digital launches and selling new credit cards
The Reserve Bank of India (RBI) has directed India’s largest private sector lender, HDFC Bank, to stop issuing new credit cards as well as the launch of new digital business, according to a company filing with the stock exchanges. The order has come after a rise in the num
Banks raise concerns over RBI's plan to launch digital currency
Banks have raised a red flag over the Reserve Bank of India's plan to bring in a Central Bank Digital Currency. Banking stakeholders are concerned over the potential drop in deposits, disruption in the debt market, reduction in credit creation and impact on lending rates due to the reta
Cyber security and possibility of digital frauds main concerns before rolling out CBDCs: RBI Governor
Speaking to the media post the monetary policy announcement, RBI Governor Shktikanta Das outlined main concerns before rolling out RBI’s Central Bank Digital Currency. RBI Deputy Governor T Rabi Shankar also talked about the two CBDCs that RBI is wo
IEC 2022: There is a need to globalise UPI stack, KV Kamath
India needs to globalise its products, like we did with software. One of India’s brainchild that Kamath said can go global is the Unified Payments Interface (UPI). "It can be scaled across Europe, because I don’t see anything near it there and in the US and Africa too”, Kamath stated in a c
IEC 2022: Digital startups need to get their valuation and cashflow right, KV Kamath of NBFID
India's preparedness in terms of the digital goal will be the biggest differentiator. Digi techs and fintech have made it possible, Kamath stated in a chat with Nikunj Dalmia, Managing Editor ET Now. Further sharing his views on which piece of the banking/f
Digital currencies explained: How are CBDCs different from other Crypto assets?
Digital currencies, i.e. cryptos, stablecoins and central bank digital currencies, are grabbing eyeballs and headlines worldwide. There is a lot of confusion about cryptocurrencies, stablecoins and CBDCs (central bank digital currencies). How are they different? Mythili
Expert View: The big CBDC challenge for Central Banks
Many countries, including India, are considering issuing CBDCs or Central Bank Digital Currencies.Central banks are seeking to popularise CBDCs to make them a more acceptable electronic form of currency rather than cryptocurrencies. How has been the response of the CBDCs in countries that have go
We are constantly investing in digital platforms: Nirmal Jain, IIFL Group
We have partnered with fintechs for co-lending, tied up with Central Bank, ICICI Bank and DCB Bank, gone for whatsapp loans for MSMEs among other things, says Nirmal Jain, Chairman, IIFL Group.We are constantly investing in digital platforms: Nirmal Jain, IIFL Group
Expert View: Eswar Prasad on future of cryptocurrencies and CBDCs
Cryptocurrencies surely have opened up a dimension that Central Banks cannot undermine and that’s why Central Bank Digital Currencies may be here sooner than expected. However, one think is for sure, digital currencies are here to stay, says Eswar Prasad, Tolani Senior Professor, Corn
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