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90% of financial institutions focus on AI, GenAI for innovation: PwC India
"Collaborative innovation is now seen as a key driver for fintechs,...
DBS looks for bancassurance partnership in India and Taiwan
The Singapore-based lender is working with Goldman Sachs Group Inc....
Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark
In view of the runaway success of the scheme, the government in 2018 enhanced the accident insurance cover to ₹2 lakh, from ₹1 lakh for new accounts opened after August 28, 2018.
Besides, the overdraft limit facility was also doubled to ₹10,000.
The government also shifted the focus on accounts from “every household” to “every unbanked adult”.
Over 50 per cent of the Jan Dhan account holders are women and the government as part of Pradhan Mantri Garib Kalyan Yojana remited ₹1,500 per account in three equal monthly installments to support the poor during the COVID-19 crisis.
About 84,545 bank fraud cases reported during 2019-2020, says RBI,in reply to RTI
it may be noted that total number of frauds reported to have been committed by staff, as reported by Scheduled commercial banks and Select FIs during FY 2019-20 is 2,668 and amount involved therein is Rs 1,783.22 cr,” the central bank said.
Facebook’s WhatsApp to partner with more Indian banks in financial inclusion push
WhatsApp will also expand pilot projects with banking and other partners to cover financial services such as pensions and insurance.
“Our collective aim over the next two to three years should be to help low-wage workers and the unorganised, informal economy easily accesses three products – insurance, micro-credit and pensions,” Abhijit Bose, WhatsApp’s India head told a fin-tech summit
SBI Gen Insurance appoints PC Kandpal as MD & CEO
Kandpal,DMD SBI,is a seasoned banker and has more than 33 years of experience with SBI.His stint at SBI involves experience in both retail and international banking, human resource, technology and learning and development. He also had a stint in SBI Mutual Fund as the Chief Operating Officer
Pushan Mahapatra,the former MD & CEO has been appointed as Director-Strategic Investments & Digital Initiatives and continues to be Whole Time Director, SBI General Insurance.
India plans to reduce number of state-owned banks to just five: sources
The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India,Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank, leading to an effective privatisation of these state-owned lenders, a government official said.
Aditya Puri highest paid banker for FY20 with Rs18.92cr in remuneration
Second largest private sector lender ICICI Bank’s managing director and chief executive Sandeep Bakhshi’s gross earnings stood at Rs 6.31 crore in his first full year as the head of the lender, the bank’s annual report said.
Eight shortlisted for post of RBI deputy governor; interview on July 23
The Financial Sector Regulatory Appointment Search Committee (FSRASC) has a list of eight names who would be interviewed via video conference on July 23, the sources said.
Deutsche Bank and Google agree multi-year, strategic partnership
he deal is part of a 13 billion euro ($14.70 billion)technology investment Deutsche has planned up to 2022 as it restructures to recover from years of losses.
No plans to sell life insurance unit during this fiscal: PNB Chief
Insurance Regulatory and Development Authority of India (IRDAI) has given PNB permission to continue to hold both the companies, Rao said, adding that the lender will continue to hold stake in both PNB MetLife and Canara HSBC OBC Life Insurance.
Federal Bank to buy additional 4% stake in life insurance JV from IDBI Bank for over Rs 80 crore
Federal Bank will be purchasing 4 per cent, while their Dutch partner Ageas Insurance International NV will be buying 23 per cent to take its ownership to 49 per cent, the maximum permissible for a foreign partner in a life insurance venture