BUSINESS
Axis Bank's Amitabh Chaudhry pitches for closer collaboration between banks, fintechs for growth
The tech skills of fintech companies and the traditional financial business of banks can come together, Chaudhry said.
BUSINESS
Lenders welcome Modi's call for banking sector reforms
Bankers said that in the last few years, there have been significant reforms in the sector but there is still room for more
BUSINESS
Banks must promote more research on AI usage, says SBI's CTO
Banks are striving to become more digitally advanced by revamping their systems – right from the core to the front-end – using AI and other tech.
BUSINESS
YONO is becoming a digital bank within a bank, says SBI Chairman
Chairman Dinesh Khara said that YONO earns a quarterly income of Rs 100 crore only through third-party fees and commission.
BUSINESS
UPI123 Pay to help achieve 100 bn monthly transactions, says RBI official
As of August 31, the number of monthly transactions stood at 10.58 billion, with a transaction value of Rs 15.76 lakh crore.
BUSINESS
Uday Kotak’s successor at KMB unlikely to face major challenges, say experts
Currently, joint MD Dipak Gupta will be the interim MD and CEO till a new chief is named.
BUSINESS
No plan to apply for a universal banking license soon: AU Small Finance Bank MD and CEO
The bank plans to work on growing organically and focus on the business with the existing AD-1 license.
BUSINESS
Banks go aggressive on lending against gold; register 23 percent YoY growth
According to the latest sectoral credit growth data, banks’ loans against gold jumped to Rs 95,746 crore in July 2023 from Rs 77,785 crore in July 2022.
BUSINESS
Bank lending to commercial real estate jumps 38% on-year as of end-July
According to experts, rising demand in real estate projects after the pandemic has fueled borrowings from banks.
BUSINESS
Interview: Spandana Spoorthy to soon launch MSME lending services, says MD and CEO
The microfinance company aims to have total assets under management of Rs 17,000 crore by FY25.
BUSINESS
Jio Finance to have a digital-first approach, says Mukesh Ambani
JFS also plans to enter the insurance industry, potentially partnering with global players, Ambani added.
BUSINESS
Jio Financial, BlackRock team up to launch digital first investment solutions
JFS and BlackRock together aim to transform through digital first offering and democratization of access to affordable investment solutions throughout India, Fink said.
BUSINESS
Exclusive: Kotak Bank expects RBI approval for Sonata Finance acquisition anytime in FY24
The country’s fourth-largest private sector bank bought the microfinance company on February 10 in a Rs 531 crore all-cash deal seeking to provide a wider suite of products to its customers
BUSINESS
B20 task force identifies key priority themes for global financial inclusion, says SBI Chairman
Concerted efforts have been put in to boost financial inclusion, Khara said.
BUSINESS
At over 40%, top small finance banks see a sharp rise in attrition rates in FY23
This comes after some of the country’s top private sector banks reported high attrition rates for the last fiscal.
BUSINESS
I haven't carried a wallet anywhere in India this month, says Jay Kotak
Hails UPI, says be it street snacks, medicines, restaurants or tips, all the payments done through UPI. The average UPI transaction cost is near 0 compared to around one percent for cards, says Kotak
BUSINESS
Banks need to invest more in core tech, says Accenture in India’s Sonali Kulkarni
Kulkarni also highlighted that there is a need to introduce banking services in regional languages along with English
BUSINESS
Penal charges, not penal interest: How RBI circular is set to help borrowers
The Reserve Bank of India on August 18 tweaked the norms related to banks imposing penalties on loan accounts for violation of contractual terms by the borrower.
BUSINESS
MFIs post robust profit and healthy asset quality in Q1
Disbursements at microfinance institutions grew strongly and their customers increased the digital usage of services.
BUSINESS
Top private banks see highest attrition at junior level in FY23
Additionally, an analysis by Moneycontrol of the overall attrition at top private banks showed it rose in the last three years
BUSINESS
Federal Bank to step up branch expansion, focus on green financing: Chairman
The bank also plans to go aggressive on green finance, sharp focus on tech led banking, said Chairman AP Hota.
BUSINESS
Customers continue to face re-KYC issues despite RBI direction
The Reserve Bank of India (RBI) in January 2023 said that the re-KYC process can be done remotely, but customers complain that many banks are insisting they come to the branch and physically complete their re-KYC.
BUSINESS
Insurance companies report double-digit profit growth in April-June quarter, but VNB margin dips
Experts attributed the narrowing Value of New Business margin to uncertainty in the market amid rising competition
BUSINESS
Bullish on India: Why bankers and economists swear by India’s IT sector
The information technology sector has seen a drastic change and significant growth in the last few years and it will continue to bring innovation in future, experts said. In fact, one of the fastest-growing segments in the last 10-15 years is data and IT, said K V Kamath.
