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RBI Guv asks banks to have robust systems to curb digital frauds
Sanjay Malhotra,Governor,RBI While dwelling upon IT risk management...
Bring more people into fold of financial inclusion schemes: Fin Services Secy Nagaraju to banks
Nagaraju said that significant progress has been made in expanding...
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.
Jan Dhan accounts exceed 430 mn in 7 yrs, total deposits over Rs 1.46 trn
This national mission was launched to ensure people have access to financial services, namely, banking, remittance, credit, insurance, pension in an affordable manner.
On the road ahead, the finance ministry said, eligible PMJDY account holders will be sought to be covered under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
As on August 18, 2021, the number of total PMJDY accounts stood at 430.4 million. Of this, 55.47 per cent (23.87 crore) Jan-Dhan account holders are women and 66.69 per cent (28.70 crore) holders are in rural and semi-urban areas, the finance ministry said in a statement.
Out of total 430.4 million PMJDY accounts, 368.6 million or 85.6 per cent are operative, and the average deposit per account is Rs 3,398, as per the statement.
Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders, it said.
RBI extends scope of tokenisation to laptops, wearable devices
Tokenisation, which aims at improving the safety and security of the payment system, refers to the replacement of actual card details with a unique alternate code called the ‘token’, which is unique for a combination of card, token requestor and identified device.