Page 49 - Banks

'Digital Dukaan': Axis Bank launches biz management solution for merchants

Axis Bank in partnership with Visa on Monday launched an app that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally. The app 'Digital Dukaan' has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others, Axis Bank said in a statement. This Android Smart POS application has an in-built camera with LED flashlight that will enable scanning of product barcodes, allow tap and pay option for transactions up to Rs 5,000 and also support other value-added services such as EMI, acceptance of Sodexo card, Buy Now Pay Later, etc, it said. Digital Dukaan will also enable merchants to set up an online store and grow their business effortlessly by creating new channels, the bank said.

Private lender Bandhan Bank adds 50 new branches to its existing network

Private lender Bandhan Bank on Friday said it has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh, the Kolkata-based bank said in a statement. It said that the spread of the new branches is a testament to the bank's commitment to expand its reach across the country and serve the needs of all segments of customers. The bank is also well on its journey of diversification of asset book and geographical presence. It also plans to introduce new products and increase the width of services in the next financial year, the statement added. Chandra Shekhar Ghosh, MD and CEO of the bank, said, "Our country needs a deeper penetration of banking outlets to ensure that everyone has access to banking. Bandhan Bank is committed to being a bank for all and we are invested in increasing our presence to serve all kinds of customers".

SVB lessons

Inflation management versus public debt management - the RBI's two roles are at odds with each other

Bank rules under review in wake of SVB debacle: US Fed official

The Federal Reserve's bank supervisors informed Silicon Valley Bank's management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said on Tuesday, but the bank's managers failed to take the steps necessary to fix its problems. The Fed official, Michael Barr, the nation's top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar bank failure in the future. Supervisors had rated the bank at a very low rating," Barr said. At the holding company level it was rated deficient, which is also clearly not well-managed. The timeline that Barr laid out for when the Fed had alerted Silicon Valley Bank's management to the risks it faced is earlier than the central bank has previously said the bank was on its radar screen. Silicon Valley's deposits grew rapidly and were heavily concentrated in the high-tech sector, which made it particularly ...

Revisiting regulations

Rules should not bypass the principles of natural justice

It's financial sector greed again

US and European regulators ignored basic risk management. But why do regulators allow financial sector firms to gamble with depositors' money?

Government asks state-run banks to conduct more robust stress tests

The matter was reviewed at a March 25 meeting of the bank leaders with Finance Minister Nirmala Sitharaman, who met to discuss progress of a reform agenda for the lenders

TMS Ep399: Indian IT layoffs, confectionery, markets, bank stress test

Do Accenture layoffs portend trouble for Indian IT? Why is India's confectionery market attracting billions? How will the markets play out in FY24? What is a bank stress test? All answers here

Bank runs and resolutions

The collapse of Silicon Valley Bank and the swift intervention by the US authorities hold lessons for India - to complete the unfinished policy agenda on handling failed financial firms

Banks need to balance between protection of money, asset creation: Prez

President Droupadi Murmu on Tuesday said that banks need to strike a balance between protection of public money and use of savings for asset creation in future. The President said banks have two fundamental responsibilities- acting as custodians of public money and using savings of the present for future asset creation. "Balancing both these responsibilities is a challenge for every bank. Sometimes due to vitiation of the balance between these two, worrying economic conditions arise in different parts of the world," she said. The President was speaking at an event organised by UCO Bank here to celebrate the completion of 80 years of the public sector lender. Murmu said all banks are duty-bound to uphold the trust of millions of people who keep their savings in banks. She expressed confidence that the professional staff and vigilant leadership of UCO Bank will discharge these responsibilities effectively. The President said fintech has been transforming the way people access and m

G-20 sets up an expert panel on multilateral institution reforms

NK Singh, Larry Summers to head the expert group

Top headlines: After SC say on fraud, onus on banks, Adani Green under ASM

Business Standard brings you the latest headlines at this hour

SBI received Rs 8,800 crore from DFS in FY18 without asking for it: CAG

The department under the finance ministry did not conduct an assessment of the capital requirement according to its own standard practice before recapitalisation

Many cases may have to be reopened after SC ruling on borrowers' voice

Bankers said the decision won't deter them from marking an account as fraudulent

After Supreme Court's fraud tag verdict, responsibility now on banks

Borrowers - small and large - can now seek a relook at their cases

Banking on a systems upgrade: What more could we expect going ahead

The cautionary tale from the Block Inc debacle is that increasing digitisation of retail financial services in India has raised the threat levels of frauds

First Citizens buys Silicon Valley Bank following a run on the lender

The lender said it will assume $56 billion in deposits and 17 legacy branches will begin operating Silicon Valley Bank, a division of First Citizens

Banking crisis raises concerns about leverage lurking in financial system

More than a dozen regulators, bankers, asset managers and former central bank officials say shadow debt and its links to lenders are becoming a major cause for concern

Finance minister asks public banks to take stress tests; what are these?

Bank stress tests were introduced after the 2008 financial crisis, and they revealed the vulnerability of banks to market crashes and economic downturns

Making banks treat customers fairly

RBI's regulatory philosophy is to issue guidelines and create a process of grievance redress