Union Finance Minister Nirmala Sitharaman asked banks not to be...
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Banks struggle to mobilise deposits, C-D ratio hits 80%
Alternative investments and substantial cash holdings in the...
Banks must use UPI to create more digital opportunities to empower millions: FM Sitharaman
Nirmala Sitharaman, Union Finance Minister As banks benefit from...
PSBs on-board 10 mn account holders on digital payment modes in a month
Under the campaign, banks were asked to on-board a minimum 100 new customers including merchants and financial inclusion account holders by each branch on digital payment mode.
Shift towards digital banking is going to be permanent: SBI Chairman
“Progressively, we are seeing that there has been a shift away from branches and even from ATMs. The number of transactions on ATMs have come down from 55 to 29 per 100. On the other hand, the digital transactions, which are on mobile and internet banking, have gone to 55 out of 100 transactions,” said State Bank of India Chairman Rajnish Kumar
PSBs report frauds worth over Rs 19,964 crore in the first quarter of FY21, says RBI
Of the 12 PSBs, SBI reported the maximum 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020.
Bank of India took the biggest hit in terms of valuation at Rs 5,124.87 crore in 47 cases, followed by Canara Bank Rs 3,885.26 crore in 33 cases, Bank of Baroda Rs 2,842.94 crore in 60 cases, Indian Bank Rs 1,469.79 crore in 45 cases, Indian Overseas Bank Rs 1,207.65 crore in 37 cases and Bank of Maharashtra Rs 1,140.37 crore in 9 cases
Doorstep financial services by PSBs from October
The EASE Index ranks PSBs based on their performance in various themes like responsible banking, governance and HR, credit offtake, customer responsiveness and ‘Udyamimitra’ for micro, small and medium enterprises.
SBI plans VRS scheme covering 30,000 staff as it seeks to optimise costs
The scheme will open on December 1 and will remain open till the end of February, it said, adding that applications for VRS will be accepted during this period only.
As per the proposed eligibility criteria, a total of 11,565 officers and 18,625 staff members will be eligible for the scheme.
The total net savings for the bank would be Rs 1,662.86 crore if 30 per cent of eligible employees opt for retirement under the scheme, as per estimates based on July 2020 salary, it said.
Fintech the way forward for Indian banking, payment system: SBI MD
Giving the example of SBI, he said, 91 per cent of jobs are being done digitally now, which was unthinkable 35 years ago.
“We believe that this 91 per cent will become 100 per cent. For a bank like State Bank of India, and other banks obviously, everything is going to move digitally. There is no doubt about that. Penetration of smartphones is also going to increase,” he said at a virtual conference organised by the Confederation of Indian Industry (CII).
Going forward, he said, branches are going to become nothing but distribution points like what has happened in Europe and other places
Dinesh Khera selected by BBB to be next SBI Chairman
“Keeping in view their performance in the interface and their overall experience, the Bureau recommends Khera for the vacancy of chairman in SBI while Challa Sreenivasullu Setty as the candidate on the reserve list for the said vacancy,’’ said BBB.
ICICI Bank uses space images for farm loans to cut costs
BENGALURU: India’s ICICI Bank Ltd has begun using satellite images of farmland to help assess farmers’ credit-worthiness, a move the bank says is helping cut travel costs and make faster lending decisions in a world hit by the COVID-19 pandemic. The...
Indian government keen to speed up stake sale in four banks
India currently has a dozen public sector banks in addition to IDBI, in which the government owns 47.11% while the state-owned insurance behemoth Life Insurance Corp owns a 51% stake.
Class-action suit planned as HDFC Bank is accused of misleading investors
“Rosen law firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders,” the global investor right law firm said in a statement on its website.