Page 2 - Digital Banking

Bank of Maharashtra launches VKYC for remote account opening; check details

To ensure a smooth experience, have your Aadhaar number, PAN card soft copy, linked mobile number, and signature ready

Valuations, better access to capital spur fintech players' homecoming

Firms that are looking to shift their domicile back to the country may have to look at a hefty tax bill

HDFC Bank's IT expense 7% of total spending, says senior executive

Digital investments part of lender's 'transformation journey', says Parag Rao

UPI credit line: NPCI may go easy on interchange fee for transactions

At present, there is no interchange fee defined by the NPCI for the credit line on Unified Payments Interface (UPI) service

Banks to continue investing in physical branches; limits in digitisation

Despite the competition for savers' funds, fueled by the rise of mutual funds and other alternative investment options, banks realise the need for a physical presence to attract customers

Digital banking infra provider Signzy buys Difenz at valuation of $5 mn

Digital banking infrastructure provider Signzy has acquired Difenz, a fraud risk management solutions provider, in a cash and equity deal at a valuation of USD 5 million (about Rs 41.4 crore). The acquisition also gives an exit to existing investor 8i Ventures, according to a release. Announcing Signzy's takeover of 8i-funded Difenz at a valuation of USD 5 million, the release said the deal positions Signzy as one of the largest RegTech (regulatory technology) companies in the country providing advanced risk and compliance solutions to financial institutions. The transaction is a cash and equity deal, the release said but did not elaborate on details. "Signzy will now provide seamless AI-led KYC compliance solutions to the financial institutions (FIs) thereby eradicating redundancy across frameworks," it said. This will also enable Signzy to provide advanced AML (Anti-Money Laundering) screening, transaction monitoring, effective chargeback management and compliance management sys

Japan's Mizuho Bank acquires 15% in Credit Saison India for Rs 1,200 cr

Digital non-banking finance company Credit Saison (CS) India on Tuesday said Japan's Mizuho Bank has acquired 15 per cent stake in it for Rs 1,200 crore. This is Credit Saison's first investment from an external investor, a statement from CS India said. This strategic investment will enable CS India to continue its journey towards becoming a well-diversified, resilient lending franchise with a focus on growth and profitability, the statement added. CS India received its (Non-banking Finance Company) NBFC licence in September 2019 from the RBI and focussed initial operations in wholesale lending and tech-integrated partnerships with other NBFCs and fintechs. Later, it expanded into retail lending through partnerships. Currently, it has 1.2 million active loans worth over Rs 10,000 crore, Presha Paragash, chief executive of CS India said. Mizuho Bank is the retail and corporate banking unit of Mizuho Financial Group while CS India is the domestic arm of Saison International, one of

Monetary policy: New rules for verification of digital payments on cards

Measures to address frauds in the financial system

DBS cuts CEO Piyush Gupta's pay by $3 million on digital banking outage

DBS shares rose as much as 2.8%, the most in six weeks, out-pacing the city-state benchmark stock index

UPI scales new high in December; 2023 value up 59% at Rs 183 trn

Monthly FASTag and IMPS transactions increase too, but those at Aadhaar Enabled Payment System fall

RBI to establish cloud facility for financial sector to secure data privacy

Focusing on digital banking, the RBI announced a regulatory framework for web-aggregation of loan products and proposed the establishment of a fintech repository by April 2024

RBI in discussions with US, Hong Kong, Swift on digital bank payments

Current practices involve routing funds through banks using the Swift platform. CBDCs could enable direct settlements between parties, offering advantages such as speed and cost-efficiency

India core to our products and services: JPMorgan Chase CIO Lori Beer

Even in terms of its technology investment, the US recessionary trend has not impacted it, she said. Its tech budgets over the period have only been increasing, Beer added

60% people think their banks are 'bureaucratic, inefficient': Report

In a second survey, of the 11,357 participants, 41 per cent families have 1 or more bank accounts that they are unable to access online

Equitas SFB collaborates with IBM to build digital banking platform

Equitas Small Finance Bank has signed an agreement with IBM Consulting to design and build a digital banking platform aimed at providing a secure experience to customers, the bank said on Saturday. The collaboration between the two entities aims at boosting the digital products offered by Equitas as well as its service offerings, as it evolves its business for a digital-first generation, a press release from the bank said. As part of the next growth phase, Equitas aims to commence its modernisation journey with a cloud-native platform architecture. "The bank's delivery model would be highly product-centric, moving away from traditional program management methodologies to agile frameworks for the various channels including mobile," Equitas's Chief Information Officer Narayanan Easwaran said in the release. "This partnership with IBM is just the first step towards engaging customers. We are confident that this strategic partnership will help simplify and transform the banking experien

HDFC Bank to roll out e-distribution network, cover 50K more villages

There are 40-45 banking services like account opening, fixed deposits, loans that could be offered through the digital platform

I am open to buying collapsed Silicon Valley Bank, says Elon Musk

Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank

Kotak Mahindra Bank takes corporate digital banking portal 'Kotak fyn' live

Portal will offer services across all products, including trade & services, account services, payments, and collections and make banking seamless for clients

Need to create specialised SME digital bank: Co-founder of Biz2Credit

Ahead of the Union Budget, Rohit Arora, CEO and Co-Founder of Biz2X, has suggested the government needs to come out with a specialised SME digital bank to cater to the funding needs of small businesses. Finance Minister Nirmala Sitharaman will present the last full Budget before the 2024 general elections in the Lok Sabha on February 1, wherein she is expected to announce slew of measures to boost economic growth. Arora said that small and medium businesses perennially face credit shortage and it is time that the government should come out with a specialised bank to cater their requirements. "SME digital bank can provide a bouquet of services to MSMEs, such as business CASA accounts for transaction banking, invoice and payments processing, correspondent banking, SME credit and trade finance, and other business financial services," he said. Biz2X is a turnkey global SaaS platform that enables financial institutions to provide a customised online lending experience for their small an

Expect bold changes in the year 2023

India is making rapid strides in the area of digital banking, meeting the expectations of a digitally agile customer base in the information age