Page 3 - Digital Banking

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

TMS Ep285: Helicopter tourism, poverty, markets, Digital Banking Units

How unregulated is helicopter tourism? Has India's battle against poverty done well in recent past? Which stocks are brokerages betting on for Samvat 2079? What are Digital Banking Units? Answers here

What are Digital Banking Units?

To ensure financial inclusion, banks are opening specialised branches to deliver digital banking products and services. These paperless branches are called digital banking units. Here's more

Digital Banking Units to boost financial inclusion: All you need to know

Karnataka, Tamil Nadu, Uttar Pradesh, Odisha and Rajasthan will get four DBUs each, followed by Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Sikkim and Telangana, with three DBUs each

Digital Banking Units to further augment digital infra, says RBI governor

The units will start will disbursing small ticket retail, MSME loans

A big step towards 'ease of living': PM Modi opens 75 digital banking units

The DBUs will help banks that are now looking to reduce their physical footprint with fewer brick-and-mortar branches, with a 'light' banking approach.

UP gets digital banking footprint with four of the 75 DBUs on its soil

The DBU are being set up to ensure the benefits of digital banking reach the remotest of places