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Tag: banking

Fintech the way forward for Indian banking, payment system, says SBI MD

Fintech the way forward for Indian banking, payment system, says SBI MD

Finance
State Bank of India (SBI) managing director Ashwani Bhatia on Friday said Fintech is the way forward for the Indian banking and payment system as there is a lot of opportunity for growth. 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. This is where the...
PNB launches campaign to promote digital banking, financial inclusion of Indians

PNB launches campaign to promote digital banking, financial inclusion of Indians

Finance
NEW DELHI: State-owned Punjab National Bank on Saturday launched a campaign to encourage customers to use digital banking channels. Under the campaign 'DIGITAL APNAYEN', the bank will contribute Rs 5 towards the PM CARES Fund on behalf of each customer conducting the first financial transaction to activate their RuPay Debit card either on point of sale (PoS) or e-commerce platform, PNB said in a statement. The campaign launched by the bank's Managing Director S S Mallikarjuna Rao on the occasion of Independence Day is till March 31, 2021. It envisages to encourage customers to use digital channels and participate in the noble cause of donating to the PM CARES Fund for COVID-19 by PNB, it said. Highlighting the increasing importance of self-dependence on the occasion of the Independence Day...
Government should have a say on prudential banking norms, suggests Swaminathan Gurumurthy

Government should have a say on prudential banking norms, suggests Swaminathan Gurumurthy

Finance
KOLKATA: Reserve Bank of India central board director Swaminathan Gurumurthy has suggested that the government should have a say on prudential banking norms, and that it should not be viewed as something against central bank's independence. "The RBI and the government should sit together and offer a one-time restructuring option to all those accounts which are declared NPAs," he said Tuesday, referring to the complimentary role of both the fiscal and monetary authorities. Central banks' autonomy has been a contentious issue across the globe and there is no set formula for the same. Gurumurthy also said that growth stimulus for the economy has to come from internal demand while supply side measures such as pushing bank loans may have limitations at this juncture. Expecting another fiscal ...
India Post delivers Rs 412 cr cash in doorstep banking revolution

India Post delivers Rs 412 cr cash in doorstep banking revolution

Finance
The lockdown has set off a banking revolution. Irrespective of which bank you have an account with - in a city or a village without a branch - you can call the local post office and ask it to deliver cash. In as little as 10-15 minutes, the postman or postwoman will reach your home. For this, you need not have an account with the post office. Between March 24 and April 23, post offices across India delivered Rs 412 crore in over 21 lakh such transactions, mostly in rural and unbanked areas, through a network of 1.36 lakh post offices which have been equipped with 1.86 lakh handheld AePS devices. “This has been made possible due to AePS facility of India Post Payments Bank (IPPB) through which one can withdraw money at the doorstep even if he or she has an account in any other bank,” said P
Delay in recognition of NPAs bad for financial health of banking sector: RBI

Delay in recognition of NPAs bad for financial health of banking sector: RBI

Finance
MUMBAI: Delays in recognition of non-performing assets (NPA) and the lack of timely allocation of provisions on these bad loans can impact the financial health of banks, the Reserve Bank of India said in its annual Trends and Progress report Tuesday. “Empirical evidence suggests that the profitability of banks that delay recognition and adequate provisioning for impaired assets is adversely affected as compared to those that act in a timely manner,” the central bank said in a report published Tuesday. After seeing seven consecutive years of rising bad loans, the banking sector in FY19 posted a decline in consolidated bad loans, data from the report showed. The gross NPA ratio in the fiscal year of 2018-19 came in at 9.1 percent as against 11.2 percent in the year-ago period, while net NPA