Page 13 - Banking

Replacing 'phone banking' with 'digital banking' promoted growth: PM Modi

Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. Referring to the previous UPA regime, he said under 'phone banking', instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions. "The economy of any country is as progressive as its banking system is strong," the Prime Minister said after dedicating 75 Digital Banking Units (DBUs) to the nation via video-conference. Observing that the country has shifted from the pre-2014 'phone banking' system to digital banking in the last eight years, he said "as a result, India's economy is moving forward with a continuum." Modi said before 2014, the banks used to get phone calls to decide their functioning, and added "phone banking politics had made the banks unsafe and made the country's economy insecure by sowing the seeds of thousands of crores of scams." The ..

Banking sector medium of good governance, better service delivery: PM Modi

Emphasizing India's strides towards financial inclusion and digital economy, PM Narendra Modi said banking sector has become a vehicle for good governance and better service delivery in the country.

EVs, green hydrogen to soon come under priority sector lending: Report

Currently, 8 sectors are eligible to get lending under the PSL mechanism including agriculture, MSMEs, export credit, housing, education, renewables, and social infrastructure sectors

HDFC Bank is now ten times bigger than the crisis-struck Credit Suisse

Along with HDFC Bank, several Indian banks have a higher m-cap than the crisis-struck Swiss bank, including ICICI Bank, SBI, Kotak Mahindra Bank, Axis Bank and IndusInd Bank

'Upper layer' NBFC tag for Tata Sons calls for a new compliance policy

Tata Sons will have to appoint a new chief compliance officer (CCO)

Rs 7K-crore NPA sale to NARCL by Q4: IDBI Bank MD & CEO Rakesh Sharma

'We have identified accounts worth Rs 11,000 crore, of which Rs 4,000 crore is technically written off', said Sharma

KKR seeks advisers to sell stake in Avendus Capital, says report

The private equity titan is close to appointing two banks to manage the formal process for the transaction, the people said, asking not to be named as the information is not public

HDFC Bank to open 207 branches in Maharashtra, hire more than 3,000

The smart banking lobbies will be set up in 16 districts and will be operational 24 hours and 7 days

China regulator launches new probe into banks' property loan exposure

The China Banking and Insurance Regulatory Commission (CBIRC) is looking at banks' loan book exposure to developers to find out if those credit decisions were made according to the rules

China hits 'liquidity trap' as low lending rates fail to spur bank loans

China's Central bank data showed a sharp slowdown in aggregate financing, a broad measure of credit, in July, as new loans and corporate bond issuance weakened

What is the 'Letter of Comfort' banned by the Reserve Bank of India?

The ban imposed by the RBI may impact loans worth Rs 35,000 crore, impacting power, healthcare, engineering & construction, and road sectors the most

RBI Policy: How has inflation fared since the last monetary policy meeting?

Ever since the RBI MPC started to hike the repo rate in May, CPI inflation has eased from 7.79 per cent in April to 7.01 per cent in June

Pakistan curbing interbank trade to contain dollar shortage: Report

State Bank of Pakistan asked commercial lenders to manage import-payment requests from their own inflows, such as exporter accruals and remittances

SAVE Group plans to hire over 5,000 employees in India this fiscal

The company, which has an employee strength of 1,646 people, plans to hire for various segments like sales, credit, operations and collection

TCS beats street estimates with 16.2% Q1 revenue growth; margins disappoint

The consolidated revenue of the IT major grew to Rs crore in the quarter under review from Rs 45,411 crore a year ago

How to generate or reset your ATM Card's PIN? Check different ways

Forgot your ATM pin? Check out details to reset or regenerate your ATM pin and how to protect yourself from ATM fraud

Global BPM player WNS acquires enterprise automation firm Vuram for $165 mn

Founded in 2011, Vuram has 900 employees at various locations in India, US, Mexico, Australia, Canada, and UK

AU Small Finance Bank to invest over Rs 500 cr for IT, digital makeover

Sanjay Agarwal, managing director and chief executive, said the lender was in a growth phase and is spending to achieve digital ambitions

Big banks led by JPMorgan likely to return $80 billion to investors

JPMorgan Chase & Co. is set to lead the group with $18.9 billion in combined dividends and share buybacks

HDFC Bank to shift payments from core banking, ensure minimal downtime

This would pave way for minimal payments downtime