Banking Apps

Govt plans to introduce biometric authentication for UPI payments, but what exactly is a digital payment system and why is it important for the Indian economy?

Generative AI (GenAI) is poised to improve productivity levels of Indian financial services by 34 to 38 per cent by 2030 and up to 46 per cent, specifically for banking operations, said a EY report. The report titled 'How much productivity can GenAI unlock in India? The AIdea of India: 2025' emphasised that GenAI) is reshaping India's financial services landscape, driving significant advancements in customer engagement, operational efficiency, and risk assessment. It said the survey canvassed more than 125 C-suite executives across India. They represent diverse sectors, including financial services, retail, healthcare, life sciences, media and entertainment, technology, automotive, industrials and energy. According to the study, 74 per cent of financial firms have initiated proof-of-concept projects, and 11 per cent have moved to production-level deployments. "Investment in GenAI is also increasing, with 42 per cent of organisations actively allocating budgets toward AI initiatives

Bank will now on-board customers through mobile app

UCO Bank on Thursday said the bank has retained or recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service (IMPS). By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing. The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt. It is to be noted that the IMPS platform is operated by National Payments Corporation of India (NPCI). The bank has initiated requisite actions to recover the balance amount of Rs 171 crore, it said, adding, the matter has also been reported to the law enforcement agencies for necessary action. Uco Bank shares dropped by 1.1 per cent to Rs 39.39 on BSE in afternoon trade.

Bank of Baroda (BoB) net profit rose by 28.4 per cent on a year-on-year (Y-o-Y) basis to Rs 4,253 crore in Q2 FY24

BOB, in a late-night exchange filing, said Kadgatoor Sheetal Venkatesmurt will handle this charge in addition to her role as head of digital channels and operations

This development led to a 3.27 per cent drop in its stock price, closing at Rs 207.2 per share on BSE

The app boasts a transparent rewards programme, wherein users can select their favourite brands from leading e-commerce platforms

The grievances, filed under RBI's integrated ombudsman scheme of 2021 between April 2021 and Nov 2022, also cite harassment by recovery agents

The bank's services, including its payment app, were disrupted on Tuesday and Wednesday.

Banks will have to do far more to meld technology with their business, with CTOs playing a pivotal role

Inflation rate in excess of 7% is essentially attributed to supply-side constraints, says chairman

A fallout of that is the leakage of business from retail banks to these new age players, which are becoming bigger with each passing year

The report further said that the deceptive malware in these apps may have stolen thousands of customers' account and credit card details

This applies more to large value transactions, say experts