``Such forward contracts will enable long-term investors such as...
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Cyber security: RBI introduces ‘bank.in’ as exclusive internet domain for Indian banks
With increased instances of fraud in digital payments becoming a...
RBI cuts repo rate by 25 basis points to 6.25%,first in nearly 5 yrs
Sanjay Malhotra,Governor,Reserve Bank of India The Monetary Policy...
India set to become world’s fastest-growing economy, Finance Ministry report says
The report said, softening retail inflation and adequate liquidity in the market are also reflected in largely stable G-Sec and corporate bond yields since July 2021. New Delhi: Armed with necessary macro and micro growth drivers, India is on its way to becoming the...
DAS SAYS GDP TO CLIP AT 9.5% AS GROWTH IMPULSES STRONG
Reserve Bank Governor Shaktikanta Das Mumbai: Stating that growth impulses and the fast-moving economic indicators are strong, Reserve Bank Governor Shaktikanta Das on Wednesday exuded Crediting various measures taken by the government and RBI for the...
Fintech firms can check digital frauds: RBI Dy Guv Sankar
”Another area where fintech holds promise is to prevent digital frauds, which have become apparent as the pace of digital penetration has outstripped development of awareness,” he said. Citing data, he said incidents of digital frauds have risen during the pandemic.
McKinsey Report: Asia-Pacific digital banking accelerating, led by emerging markets
McKinsey concluded that, “To deliver on this report’s calls to action, banks need to make fundamental changes in how they operate. They also need to build the capabilities required for an AI-powered digital-first business model, including a new sales and service model, modern operations and technology, and an agile operating model. Any bank that intends to remain relevant and thrive must become an innovation leader.”
India needs 4-5 more SBI sized big banks, says FM Sitharaman
Sitharaman also asked the IBA to conduct a digitised mapping of each district of the country with regard to presence of bank branch operation and their location. This, she said, would help to plug areas of gaps with no banking presence effectively.
McKinsey survey finds over two-thirds of customers willing to switch to digital-only bank
Low-cost digital-only banks and robo-advisors could pose a fierce challenge to incumbent banks, McKinsey said.
Need to mainstream green finance: RBI Dy governor
“As the risks and opportunities and financial impact arising from climate change vary across jurisdictions, this poses unique considerations for emerging economies like India.The challenge before us is to mainstream green finance and think of ways to incorporate the environmental impact into commercial lending decisions while simultaneously balancing the needs of credit expansion, economic growth and social development,” Rao said.
Financial services beware, outsiders are cracking the code
Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers everything from banking and credit to insurance.
“Embedded financial services takes the cross-sell concept to new heights. It’s predicated on a deep software-based ongoing data relationship with the consumer and business,” said Matt Harris, a partner at investor Bain Capital Ventures.
“That is why this revolution is so important,” he said. “It means that all the good risk is going to go to these embedded companies that know so much about their customers and what is left over will go to banks and insurance companies.”
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.