banking | Common News Update

Apr42021 by adminNo Comments

Former banking lobby chief Jones joins shared branches start-up OneBanks

Business

The former boss of Britain’s most influential financial lobbying group is throwing his weight behind the trial of a service that it wants to become a national solution to the disappearance of thousands of bank branches across Britain.Sky News has learnt that Stephen Jones, who ran UK Finance until last year, has joined OneBanks as its vice-chairman. The start-up, which is piloting a shared branch kiosk in a Co-op store Denny, near Falkirk, Scotland, plans to raise millions of pounds in a Series-A fundraising during the summer, according to insiders.It has already secured capital from backers including Rupert Pennant-Rea, former deputy governor of the Bank of England, and Baroness Bottomley, the former Conservative cabinet minister.OneBanks has been set up to provide an answer to one of the...

Mar102021 by adminNo Comments

Cyber security critical for digital banking success: SBI official

Finance

Cyber security is critical for the success of digital banking and banks should create the infrastructure to win customers' trust for all such transactions, a senior SBI official said on Wednesday. Digital banking or Figital is here to stay and is the future but it is equally important to safeguard the interests of all stakeholders, (SBI) Deputy Managing Director and Chief Digital Officer Ravindra Pandey said at a webinar. "It is important to win the customers' trust in any system. It is the objective of banks to create and win the customers' trust, such that all transactions are routed through banks as is presently done by multiple payment apps," Pandey was quoted as saying in a release issued by industry body PHD Chamber of Commerce & Industry. The official said that has bought abou...

Feb262021 by adminNo Comments

Banking sector was hurt in the name of aggressive lending a decade back: PM Modi

Finance

PM Narendra Modi on Friday said the government has a clear vision for the financial services sector and is taking steps to make it vibrant, proactive and strong and the top priority is to ensure trust and transparency for both the depositor and investor. PM Modi said the sector was hurt 10-12 years back due to aggressive lending and steps been taken under the current regime to take the country out of non-transparent credit culture. "Today instead of brushing NPAs under the carpet, we have made it mandatory to report even NPA of one day," he added. The Prime Minister was addressing a webinar on Budget 2021 announcements regarding the financial services sector. Watch now. (Text: PTI)Let's block ads! (Why?) Banking/Finance-Industry-Economic Times

Dec282020 by adminNo Comments

How India’s banking and financial sector will shape up in post-COVID 2021

Finance

1/6Home loans to stay softAccording to a report by TOI, housing loans hit an all-time low in 2020. While many lenders feel rates have bottomed out, we’re in uncharted territory as far as policy rates go. Real interest rates (adjusting for inflation) are negative. Globally, $ 17-trillion debt is yielding negative returns and more countries, possibly the UK, may join the ranks. With banks riding on surplus liquidity and no significant pick-up in credit, home loan rates could remain soft.Getty Images2/6Overseas education & travelContinuing portfolio flows are keeping the rupee strong vis-a-vis the dollar. Retail dollar demand has not picked up as both overseas education and foreign travel were hit hard by COVID-19. But a new administration in the US and ‘revenge travel’ are expected to re...

Sep42020 by adminNo Comments

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...