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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...
China could restrict bank tie-ups with fintech platforms, official suggests
China has vowed to strengthen oversight of its big tech firms, which include the likes of Alibaba Group Holding and Tencent Holdings that rank among the world’s largest and most valuable. Many of these companies have gathered large amounts of user data in the course of providing their services.
Citi trial shows chain of gaffes leading to $900 million blunder
The trial is expected to shine a spotlight on one of the biggest and most embarrassing banking errors in recent memory — one that has already forced Citi to explain its mistake to federal regulators and tighten its internal controls. The case is being closely followed on Wall Street, especially in the syndicated loan industry. A trade group has argued that a win for the creditors could expose banks that facilitate wire transfers and serve as administrative agents to unnecessary risk.
Officer unions demand to include bankers as frontline Covid warriors for vaccination
In a letter written to Finance Minister Nirmala Sitharaman, unions said the government is expecting at least two vaccines against Covid-19, Bharat Biotech’s Covaxin and Oxford’s Covishield, to be available possibly in January 2021; and there is a plan to inoculate the frontline Covid warriors including those working in healthcare, police, sanitary workers, etc.
Bankers have been providing yeoman service ever since the announcement of lockdown and have continued to provide required banking services, it said, adding bankers have been instrumental in keeping the wheels of the economy moving despite hazards and constraints.
Banks need more personality in chatbots to survive digital future: study
The shift to digital means cost savings for banks which can rely on fewer branches and tellers for day-to-day services. But it also risks weakening customers’ emotional connections to banks at a time when trust in major financial institutions has plummeted.
Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO
“Under the revised agreements, Axis Bank will acquire up to 9.002 percent of the equity share capital of Max Life, and Axis Capital Limited and Axis Securities Limited will together acquire up to 3 percent of the share capital of Max Life.
“In addition, Axis entities will have a right to acquire an additional stake of up to 7 percent of the equity share capital of Max Life, in one or more tranches, in accordance with existing laws and regulations,” the bank had said.
RBI puts curbs on HDFC Bank’s digital, credit card operations
The Reserve Bank of India has asked the bank’s board to examine the lapses and fix accountability, the lender said in a stock exchange filing on Thursday.
Allianz to acquier Westpac Banking Corp’s general insurance business
It will also enter into a new 20-year exclusive agreement for the distribution of general insurance products to Westpac customers in an expansion of its existing bancassurance agreement, which has been in place since 2015.Under the new distribution agreement, along with the existing products of motor, caravan and trailer and travel insurance,
Lakshmi Vilas Bank becomes DBS India; 94-year old bank part of history now
LVB has 566 branches and 973 ATMs spread across 19 states and Union Territories.
It is the second private sector bank after Yes Bank that has run into rough weather this year.
In March, capital-starved Yes Bank was placed under a moratorium. The government rescued Yes Bank by asking State Bank of India (SBI) to infuse Rs 7,250 crore and take 45 per cent stake in the lender.
Lakshmi Vilas Bank-DBIL merger effective from Nov 27: RBI
Depositors of LVB will be able to operate their accounts as customers of DBS Bank India with effect from Friday.
“Consequently the moratorium on the Lakshmi Vilas Bank Ltd. will cease to be operative from that date,” it said.
Bank operations may be hit by unions’ one-day nationwide strike on Thursday
“Lok Sabha in its recently held session has passed three new labour enactments by dismantling existing 27 enactments in the name of ‘Ease of Business’, which are purely in the interest of corporates.
“In the process, 75 per cent of workers are being pushed out of the orbits of labour laws since they will have no legal protection under the new enactment,” the AIBEA said in a release.