Page 12 - Banking

Songs, cricket metaphors: RBI governor's way of conveying complex issues

Das has often cited the example of Arjuna's eye to communicate that the central bank is completely focused on bringing down inflation

Best of BS Opinion: Why the passenger matters, Unsecured risk & more

Here is the best of Business Standard's opinion pieces for today

SBI to soon launch Yono Global app in Singapore and US, says official

State Bank of India (SBI) will soon launch its banking mobile app Yono Global' in Singapore and the US, offering digitalized remittance and other services to its customers, Vidya Krishnan, Deputy MD (IT), said. We are continuing to invest in Yono Global to offer the best services available as we want to give superior experience to our customers, Krishnan told PTI at the three-day Singapore Fintech Festival (SFF), which ends on November 17. Krishnan held talks with Singapore-based digital platform enablers as well as the local regulator and central bank, the Monetary Authority of Singapore (MAS). We are constantly working on the remittance story between India and Singapore, given the large number of Indian diaspora in the city state. Currently, SBI offers Yono Global services in 9 countries, starting with the UK operations in September 2019. SBI's foreign operations have a total balance sheet size of USD 78 billion. In Singapore, SBI is integrating its Yono Global app with PayNow a

UCO Bank approaches CBI for probing IMPS glitch, says systems safe

State-owned lender says it has recovered 79% of wrongly credited amount after the glitch

UCO Bank recovers 79% of wrongly credited amount after technical glitch

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.

Citigroup considering at least 10% job cuts in major businesses: Report

The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter

Savour the joys of delayed gratification

Practise Pay Now Buy Later (PNBL). Invest a few thousand rupees each month and buy the item by redeeming your investments upon reaching the required amount

RBI appoints Manoranjan Mishra as Executive Director effective from Nov 1

As the Executive Director, Mishra's duties will include looking after Enforcement Department, Risk Monitoring Department, Department of External Investments & Operations

Equiniti India aims to hire 800 employees as part of expansion in India

Equiniti India, the offshore arm of Equiniti Group, currently has a total of about 1,500 employees in India across Chennai and Bengaluru

Security challenges persist despite cloud services adoption: EY's Bellary

Ranjeet Bellary, partner at EY said that the Cloud has disrupted the way clients access their data and scale their operations

SBI, IDBI to Canara Bank: Lucrative offers to explore this festive season

Banks and credit card companies have different lucrative offers for customers amid the ongoing festive season. Check which bank has the best offers for customers

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities (REs) have to undertake customer due diligence (CDD) as per the process for their customers. The amendments follow the latest government instructions related to the Prevention of Money-Laundering Rules, Unlawful Activities (Prevention) Act (UAPA), and Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act. The Reserve Bank said it has also updated certain instructions in accordance with the FATF recommendations. The latest Master Directions said the risk-based approach for periodic updation of KYC has been amended to be read as: "REs shall adopt a risk-based approach for periodic updation of KYC ensuring that the information or data collec

Federal Bank reported its highest-ever quarterly net profit in Q2 FY24

The bank's NII grew 16.72 per cent to Rs 2,056.42 crore, up from Rs 1,761.83 crore in the same quarter of the previous financial year

SBI launches 'Mobile Handheld Device' for convenience to customers

SBI Director Dinesh Khara revealed the "mobile handheld device", which is aimed at providing essential banking services to the consumers and promoting financial inclusion among the masses

Rs 4,500 crore disbursed in September at 11% YoY growth: Mahindra Finance

For the first half of FY2024, Rs 25,500 crore was disbursed, leading to a growth of 20 per cent YoY

Axis Bank launches NEO for Business transaction banking platform for MSMEs

India currently has over 65 million MSMEs which contribute over 30 per cent to India's gross domestic product

BFSI sector saw highest rise in data science, analytics jobs in 2023: Study

The report also noted a decline in the overall number of data science and analytics jobs over the past year

RBI's liquidity withdrawal pushes bank CD issuances to 3-month high

Banks raised over 350 billion rupees ($4.24 billion) via CDs in the fortnight ended Aug. 25, data from CCIL's F-Trac platform showed

Bank Holidays September 2023: Banks will remain shut for 16 days, list here

Banks will remain closed for 16 days in September 2023. Plan your bank visits accordingly to avoid last-minute hassle. ATM services and net banking facilities will remain operational

India Post Payments Bank plans to double income in FY24: MD Venkatramu

India Post Payments Bank (IPPB) reported a net profit of 200 million rupees in 2022/23, Venkatramu said, as compared with a loss of 1.6 billion rupees in the previous year