Page 2 - Financial Institutions

RBI Deputy Guv Rao flags risks of AI deployment in financial institutions

He categorized these risks into three broad sets-data bias and robustness, governance, and transparency

2023 sees record Rs 8.8 trn corp bond, NCD issuances amid favourable market

Market participants said the corporate bond market showcased resilience and promise in 2023

RBI updates KYC instructions on wire transfers for banks, institutions

The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction. Also, domestic wire transfers, where the originator is an account holder of the ordering regulated entity (RE), should be accompanied by originator and beneficiary information, as in the case of cross-border wire transfers. "Domestic wire transfers of Rs 50,000 and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by originato

Financial institution 1 Finance bags psychology patent for screening tool

MoneySign assessment framework, for which the financial institution has won the psychology patent has been developed with the help of global psychology experts

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

NK Singh, Larry Summers to head the expert group

Banks, FIs should play key role in financing NIP projects: DFS secy

NIP has expanded to over 9,000 projects covering 34 infrastructure sub sectors

SBI, LIC among key govt-run financial institutions set to see new faces

The first quarter of calendar 2023 will see new faces heading four large public-sector banks -- Canara Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India

Rising cyberthreats a real concern, say fintech players at BFSI summit

The growing cyberattacks across the finance world as well as business in general is making senior executives more aware of the need for security

Reserve Bank of India issues framework for Indian banks' foreign biz

The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City

Bureau of Indian Standards signs MoU with 6 engineering institutes

Institutes will set up 'BIS Standardisation Chair Professor' as part of agreement

Strengthening debt market on Sebi's agenda, says Ananth Narayan

The market capitalisation of the equity market is almost Rs 290 trillion, but the corporate outstanding is at Rs 40 trillion, indicating more traction is needed on the debt side

Credit Suisse hires 20 banks for $4 bn capital increase to restructure

Credit Suisse Group AG hired about 20 banks to help with a $4 billion capital increase that will help fund the extensive restructuring unveiled last week

Reliance Industries to demerge and list financial services business

Shareholders of RIL will receive one equity share of JFS of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL.

HDFC Capital Advisors-backed property tech program gets 400 proposals

HDFC Capital Advisors, a subsidiary of mortgage lender HDFC, has raised over Rs 500 crore through global investors

Jefferies's Southeast Asia, India dealmaker Rao to leave, say sources

In Asia, Jefferies Financial Group Inc. has been expanding with the hiring of senior bankers

YES Bank's Q2 loan book grows 11.6% YoY; deposit base cross Rs 2-trn mark

The share of low-cost money, CASA , in deposits was 31.3% as of September 30, 2022

'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)

Banks unwilling to extend new credit to Voda Idea without promoter funding

Talks between Vodafone Idea Limited and its lenders to raise Rs 10,000 crore in debt have been ongoing for more than 9 months

RBI Monetary Policy: Repo rate up by 50bps; here's how it will impact you

On Friday, RBI increased the repo rate by 50 basis points taking the key repo rate to 5.9%; here is why it should matter to you

Public sector banks plan to establish verticals for big data, analytics

PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers