Digital Banking

RBI's NSFI 2025-30 aims to deepen financial inclusion with stronger last-mile delivery, gender-sensitive outreach, expanded BC networks, and pilots of programmable CBDC for targeted credit

RBI's new digital banking rules mandate explicit customer consent, prohibit banks from forcing digital channels for accessing other services and tighten risk controls

Experts at the BFSI Summit urged swift digital asset regulation and an INR-backed stablecoin to stop India's crypto talent and innovation from moving overseas

Experts at the Business Standard BFSI Insight Summit say devices are fast evolving from passive tools to AI-powered platforms at the core of fintech innovation and secure digital transactions

The bank is also expanding digital offerings, growing its credit card base, and re-entering the West Asian market with plans to reopen its Dubai office, said Ashok Chandra

Launched in FY24, the SME Digital Business Loans platform enables MSME entrepreneurs to apply online for credit requirements of up to ₹5 crore

SBI plans to engage a management consultant to develop a long-term HR strategy focusing on employee engagement, talent acquisition, and digital transformation

'Systems respond with templated emails and helplines loop back endlessly'

Further, the norms stated that banks should obtain consent from customers for providing digital banking services

SBI chairman C S Setty on Tuesday said the country's largest lender is betting on digital tools and strategic tie-ups for sustaining and growing its market leadership. "By embracing digital tools, strategic partnerships, and data-driven growth, we aim to sustain market leadership and deliver scalable, profitable, and inclusive banking for a dynamic India," Setty said. The state-owned bank is streamlining operations, enhancing customer experience, and strengthening its people to build a future-ready organisation, Setty added. SBI celebrated its 70th anniversary on Tuesday with a slew of initiatives, including a quiz contest and some digital initiatives, as per an official statement. The next phase of innovation would include expansion of its digital app YONO to Singapore and also a revamp of the YONO business, it added. Over 4,200 students participated in the SBI Scholar Quiz, in which the lender distributed Rs 50 lakh in prize money and certificates to the participants. This incl

Who says the elephant can't dance? The theme that runs through the bank's 70-year life is its willingness to change in sync with time

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More important is customer service, like these days, digital banking, mobile banking, our internet banking, how these are synchronised

Banks' gross NPA ratio further falls to 2.5 per cent in Sep 2024

Private sector banks are leading technology adoption, said Michael Debabrata Patra, deputy governor, Reserve Bank of India

BFSI Summit: CEOs of prominent private banks say that interest rate hikes are not the key to attracting customers. Instead, the delivery of banking services and brand trust play more significant roles

He highlighted that as customers transact more digitally, the banks' operating costs will come down

Former SBI Chairperson Dinesh Khara on Thursday said the country's largest lender is working on a new version of its digital banking platform to take care of its customers' requirements and preferences. In his special address at the Global Fintech Fest 2024 here, Khara, who superannuated on Thursday, also said that a banker should always keep risks in mind, even though people tend to ignore the risk but that shouldn't happen. "We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that, (as) it serves all banking and financial needs today. We're working on YONO 2.0 where it should be made more modular and faster in terms of processing," Khara said. Stating that YONO has 80 million registered users today with almost 10 million users logging in at the platform each day, he said in many respects, it would be a record of sorts across the globe. Last year, the platform

Digital banking platform Freo is eyeing 25-30 per cent growth in its gross revenue for the current fiscal, co-founder Anuj Kacker said, adding that the company remains sharply focused on profitability. Kacker told PTI that RBI's recent announcement on the creation of a public repository of Digital Lending Apps (DLA) linked to regulated entities is a good move that would improve confidence around the digital lending ecosystem. He said that Freo's business is growing across multiple verticals, and the company remains steadfast in its resolve to maintain profitability. "This year, we are expecting a 25-30 per cent growth in gross revenue, and in the net revenue by 50-60 per cent as our share in gross revenue will increase," he said. Freo clocked gross revenue of Rs 350 crore for FY24. The company has been profitable since December 2023. "We have been profitable in the June quarter of the current financial year, and for the September quarter also we expect to be profitable," he said o

Additional 5% 'run-off' factor imposed on retail deposits in view of proliferation of digital banking