Author: editor
Union Finance Minister Nirmala Sitharaman in her budget announcement said that all post offices will be linked with Core Banking Solution, enabling further financial inclusion.
As part of the government’s overall market borrowings in 2022-23, sovereign green bonds will be issued for mobilising resources for green infrastructure, Sitharaman said in her Budget speech.
Union Finance Minister Nirmala Sitharaman in her budget announcement proposed to set up 75 digital banking units in 75 districts to increase the adoption of digital payments and digital banking services.
PSU Bank privatisation is in line, and few strategic investments will remain. If the trends continue, then new investments and capital expansion will continue. Banks will remain financially strong and resilient in 2022.
In 2022, Sunil Chandiramani sees payments as a frontier where banks will continue to ensure that they go through them instead of payment service providers.
Government of India on January 25 sanctioned and notified the scheme for amalgamation of the Punjab and Maharashtra Co-operative Bank (PMC Bank) with Unity Small Finance Bank. The amalgamation shall come into force with effect from the date of notification of the scheme i.e. January 25, 2022 and all branches of PMC Bank will function as branches of the Unity Small Finance Bank. Unity SFB is making necessary arrangements to implement the provision of the scheme, RBI said in a notification. The scheme of amalgamation notified on January 25 envisages takeover of the assets and liabilities of PMC Bank including…
https://www.youtube.com/watch?v=6iB3jMyMFoY In an interesting conversation with Bfsinxt.com, senior technology leader and former Chief Information Officer at HDFC Life shares his thoughts on how he views 2022 and the evolving digital trends in the financial services space. According to him, Life Insurers were already on a digitisation journey and those decisions were just a matter of time getting approved and seeing business cases. Covid-19 fastened the process and accelerated the process across financial services and not only in the insurance space. The whole digital journey has taken a different path itself. Earlier tier-3 cities adopting digital was difficult, but now it’s…
https://www.youtube.com/watch?v=YN-z57w_jVw The financial sector showed resilience by innovations in 2021. There are two dimensions to the pandemic and the developments that happened. One, when the pandemic struck, no one was prepared, and therefore, there was a rapid change we made the way we functioned and remote working. Banks were not prepared as they deal with sensitive data, access to this was limited, and 2021 was entirely driven by uncertainties. Element of uncertainty is holding back many things for a lot of industries. However, as far as the financial sector is concerned, barring a few NBFCs, there hasn’t been any significant…
The Reserve Bank of India (RBI) announced the index figures of digital payment adoption. The central bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as the base year to capture the extent of digital payments growth across the country. The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The central bank said, the RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The index series since inception is as under: PeriodRBI – DPI IndexMarch 2018 (Base)100March…
Federal Bank in tie-up with Equirus Wealth on January 19 launched “US Dollar Offshore Fund” exclusively for its customers in collaboration with SCUBE Capital, a global fund management company based out of Singapore. Customers of Federal Bank can now invest in this fund that offers a portfolio return guidance of 6.50 percent per annum with a fund tenor of three years from the date of fund closure with an option to extend by one year. It said the portfolio is managed by a highly skilled team with a cumulative experience of over 70 years in managing investments of over US$…