Today, PSU banks have Rs 2.37 lakh crore deposited in the PM Jan...
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Insurers seek zero-coupon bonds to manage long-term risks
Zero-coupon bonds could help insurance companies better manage...
Panel comprising RBI academia preparing new base year for GDP
The government has decided to update the base year for compilation...
Govt guarantee of Rs 30,600 cr to NARCL for acquiring stressed assets: FM
”It will incentivise quicker action on resolving stressed assets thereby helping in better value realization. India Debt Resolution Company Limited (IDRCL) will engage market expertise for value enhancement. This approach will also permit freeing up of personnel in banks to focus on increasing business and credit growth,” Finance Minister Nirmala Sitharaman said.
As the holders of these stressed assets and SRs, banks will receive the gains and the guarantee will also enhance liquidity of SRs as such these instruments are tradable, she added.
National Asset Reconstruction Company to acquire stressed assets of about Rs 2 lakh crore in phases
Explaining the benefits that banks will get from this new structure, the Finance Ministry said the new structure will incentivize quicker action on resolving stressed assets thereby helping in better value realization.
Axis Bank gives approval to reclassify Oriental Insurance Co as public category shareholder
The bank said it received a request from OICL dated September 7, 2021, holding a 0.16 per cent stake in the bank, to reclassify it from promoter to public shareholder.
India Post Payments Bank partners with Tata AIG Gen & Bajaj Allianz Gen for distributing insurance products
As part of the alliances with both the partners, IPPB will strive to make available affordable insurance products through its robust network of 650 branches and over 136,000 banking access points to citizens at large.
Nearly 200,000 postal service providers (Gramin Dak Sevaks and postmen) who are equipped with micro-ATMs and biometric devices will play an important role in distribution and promotion of these insurance products, focussing especially on unbanked and underserved customers at the last mile.
IBM Watson launches new AI and automation features to help businesses transform customer service
“We believe industries in India such as BFSI, Retail, Telecom, e-commerce etc. will benefit from these features to seamlessly automate tasks by providing a superior customer and agent experience,” said Viswanath Ramaswamy, Vice President, Technology, IBM Technology Sales, IBM India / South Asia.
“One critical challenge facing nearly every business today is the need to better communicate with their customers and employees across all channels,” said Daniel Hernandez, General Manager of Data and AI, IBM. “We’re continuously delivering new innovations in natural language processing, automation and advancing responsible AI, and building a strong, open ecosystem with partners like IntelePeer to help businesses transform customer care with Watson Assistant.”
India’s fintech market to triple to Rs 6.2 lakh cr by 2025: MoS Finance Karad
Minister of State for Finance Bhagwat K Karad said that India has been ranked number one in terms of digital transactions and the total digital transactions have crossed 25 billion.
India provides a great ecosystem for Fintech development like access to bank accounts under the PM Jandhan Yojana, digilockers and scalable platforms including UPI.
LIC picks up nearly 4 pc stake in Bank of India through open market transaction
LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021, Bank of India said in a regulatory filing.
Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank.
India aims to open finance to millions with user-data system
Regulators agreed to allow banks, pension funds, tax authorities, insurers and other finance firms to pool together customer information — once the user consents — to make transactions smoother. If the system works, firms will be able access large amounts of data within seconds to assess the creditworthiness of a small business, recommend a wealth management product for an individual, or tailor an insurance policy for a family.
The Account Aggregator system, years in the planning, was formally introduced on Thursday. It’s an ambitious approach that combines privacy protection with credit reporting.
Axis Bank raises $600 mn through ESG-compliant AT1 bonds sale overseas
Merchant bankers also said this was only the third environment, social and governance (ESG)-themed bond issue by any lender globally and the first one in India.
RBI issues direction on compensation of private banks’ top officials
The RBI issued the clarification saying “it has been observed” that banks do not recognise grants of the share-linked compensation as an expense in their books of account concurrently.