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LS passes Banking Laws (Amendment) Bill allowing 4 nominees in bank accounts
Today, PSU banks have Rs 2.37 lakh crore deposited in the PM Jan...
Insurers seek zero-coupon bonds to manage long-term risks
Zero-coupon bonds could help insurance companies better manage...
Govt may table amendment to DICGC Act in monsoon session
Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress leading to restructuring by the regulator and the government.
World Insurance Report 2021: Insurers must blend physical and digital distribution models in a post-pandemic era
AI-based analytical tools and a 360-degree view of customers is essential for a customized customer-experience. The most successful insurers will win and retain customers by reinventing their operating ecosystem to support a ‘phygital’ model based on a mix of physical presence and digital engagement.
“Insurers have an opportunity to convert digital traffic to sales by focusing on a hyper-personalized virtual experience,” said Anirban Bose, CEO of Capgemini’s Financial Services and Group Executive Board Member.
MoF wants staffs of banks and insurance companies to be vaccinated on priority
`In the light of the recent government’s decision to open up vaccination to all persons above the age of 18 years from 1st May 2021.,I would request you to kindly consider putting in place a special dispensation in your State/UT, to enable the employees/ staff of banks and insurance companies to avail of vaccination easily and on priority basis.This will go a long way in assuring them about their safety/life and will also boost their morale in continuing to provide their best services to customers.” said Madnesh Mishra, joint secretary, MoF
Citigroup forms energy transition group within investment banking – memo
The entity will be headed by Serge Tismen and Shail Mehta, and will focus on companies including those involved in hydrogen, charging infrastructure, carbon capture and sequestration and biofuels, said the memo, the contents of which were confirmed by a bank spokeswoman on Thursday.
2,118 branches of state-run banks closed or merged in last fiscal: RTI
The highest number of 1,283 branches of Bank of Baroda were either closed or merged, No branch of Bank of India and UCO bank was closed in the last fiscal. The government consolidated ten PSU banks into four in the last financial year, bringing the number of nationalised banks to 12.
RBI allows fresh moratorium for small borrowers as COVID-19 cases spike
“Small businesses and financial entities at the grassroot level are bearing the biggest brunt of the second wave of infections,” Reserve Bank of India Governor Shaktikanta Das said, as he announced a slew of other measures to enhance liquidity and boost lending to various needy sectors.
RBI limits tenure of bank CEOs, MDs to 15 years, rule to be effective from October 1
Lenders like Kotak Mahindra Bank may be affected though the impact will not be felt immediately as RBI has allowed CEOs to complete their current tenure.
Promoter Uday Kotak who has been at the helm of the bank for over 12 years had been re-appointed for a term of three years starting January 2021.
RBI to conduct customer satisfaction survey on bank mergers
Of the 22, a set of four questions has been drafted separately for assessing customer service and grievance redress issues of customers of branches of banks that have been merged with other banks in the year 2019 and 2020.
Citigroup’s retreat highlights global banks’ struggle in China, India
“The ability to scale rapidly is a very important factor, and that’s one of the reasons why local banks move so fast, and are in a better competitive position in retail and consumer banking,” said Joydeep Sengupta, senior partner at McKinsey in Singapore. “For foreign banks, it’s likely to get harder to scale profitability.”
Investors line for new banking licenses
Applicants under guidelines for ‘on tap’ Licensing of Universal Banks are:UAE Exchange and Financial Services Limited,The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank),Chaitanya India Fin Credit Private Limited,Pankaj Vaish and others