Thursday, October 31, 2024

BANKING

Larsen & Toubro is expanding its aerospace division to strengthen its role in India's growing private space sector. This follows the government's effort to open the industry to private firms. The company plans to leverage its long-standing relationship with ISRO for manufacturing launch vehicles and aims to tap into the future demand for commercial satellite launches.

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Wednesday, October 30, 2024

BANKING

Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India, Central Bank of India, ICICI Bank and Axis Bank have either committed or are in the process of committing funds to the $4-billion polyvinyl chloride (PVC) project at Mundra in Gujarat, people familiar with the developments said.

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BANKING

The NCLAT is examining the issue of whether a stay on insolvency admission orders impacts the moratorium on payment of dues, following an appeal by Axis Bank. The NCLT had ruled that moratoriums continue even with a stay, reversing transactions during the stay.

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BANKING

Stressed assets undergoing liquidation under insolvency laws will now be listed and auctioned on the eBKray platform, run by PSB Alliance. This move, facilitated by IBBI and Indian Banks' Association, aims to maximize recovery for creditors by improving transparency and making asset details continuously available to the public.

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Tuesday, October 29, 2024

BANKING

Axis Bank says artificial intelligence will alter work processes but won't result in overall job cuts. The bank is increasing its digital staff and focusing on technology and customer-facing roles. It is using AI for customer service and targeting advertisements, aiming for growth and efficiency while keeping its workforce intact in the future.

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BANKING

Indian lenders such as Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, and RBL Bank foresee ongoing asset quality issues in the microfinance sector for several more quarters. Overleveraging and rural economic slowdown are cited as major reasons, leading to increased provisions and cautious disbursement strategies.

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BANKING

The Reserve Bank of India has permitted Navi Finserv to resume disbursing scheduled home loans sanctioned prior to October 20. This decision comes as a relief to homebuyers waiting for their loans amid earlier restrictions imposed due to supervisory concerns. Similar restrictions were placed on three other NBFCs.

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BANKING

American insurance broker Lockton has acquired Arihant Insurance Broking Services Limited, with approval from India’s IRDAI. The acquisition aligns with Lockton's strategy to meet rising demand for sophisticated risk management solutions in India, leveraging its global expertise to enhance the Indian insurance sector.

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BANKING

Jio Payment Solutions Limited received approval from the RBI to operate as an online payment aggregator, boosting its digital payment services. Effective from October 2024, this authorization supports Jio Financial Services' ambition to lead in digital finance, with significant growth in digital transactions and a notable presence in payment systems.

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Monday, October 28, 2024

BANKING

Mahindra Finance plans to launch a co-branded credit card with RBL Bank after receiving approval from the RBI. This new offering aims to cater to customers' aspirational needs, aligning with the rise of e-commerce and tech advancements. Mahindra Finance holds a 3.53% strategic stake in RBL Bank.

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BANKING

A digital credit line offers flexible and convenient borrowing options by allowing users to access funds as needed within a pre-approved limit. Interest is charged only on the amount withdrawn, making it an ideal solution for managing short-term expenses and fluctuating cash flows.

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Sunday, October 27, 2024

BANKING

Bengaluru-based fintech startup Slice completed its merger with North East Small Finance Bank on October 27, obtaining all necessary approvals. The merger aims to create a technology-driven bank, enhancing operations and customer experience while expanding its reach across India, particularly in the Northeast.

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BANKING

Large multinational banks have requested that the RBI amend rules to enable same-day settlement of stock trades (T+0) for foreign portfolio investors in India. This change, aimed for late December or early January, necessitates a directive to allow banks to issue irrevocable payment commitments.

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Saturday, October 26, 2024

BANKING

State Bank of India (SBI) was named the Best Bank in India for 2024 by Global Finance Magazine at its 31st Annual Best Bank Awards in Washington. SBI Chairman CS Setty received the award, recognizing the bank's commitment to exceptional services and financial inclusion nationwide.

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BANKING

Shaktikanta Das, the Governor of Reserve Bank of India (RBI), on October 26, received award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year.

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BANKING

IDFC First Bank's profit dropped 73% year-on-year to ₹201 crore in September 2024 due to a significant increase in provisions for its microfinance business. Provisions rose to ₹1,732 crore with microfinance and toll account impacts. Net interest income grew by 21% while microfinance's portfolio percentage reduced.

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Friday, October 25, 2024

BANKING

The Insurance Regulatory and Development Authority of India introduces new guidelines to combat online fraud in the insurance sector. Insurers must implement anti-fraud policies, fraud monitoring units, and advanced cybersecurity measures. Regular fraud awareness programmes for employees, agents, and policyholders are also mandated to increase vigilance and protect sensitive data from cybercriminals.

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BANKING

Star Health has taken legal action against Telegram and a hacker for leaking personal data of policy holders through chatbots. A Tamil Nadu court has ordered Telegram to block any chatbots or websites in India that offer the data online. Telegram has not responded to the allegations yet.

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Thursday, October 24, 2024

BANKING

Axis Bank's CEO Amitabh Chaudhry has been reappointed for a third term, effective January 2025 to December 2027, following RBI approval. His tenure saw significant improvements in asset quality, digital capabilities, and retail offerings. The bank recently reported an 18% rise in net profit for the September quarter.

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BANKING

Real estate developer TARC Ltd raised Rs 1,000 crore from a consortium led by Kotak Mahindra Bank, at 12.75% interest, to refinance existing debt and secure Rs 250 crore additional working capital. Projects TARC Kailasa and TARC Tripundra's cash flows anchor the refinancing.

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BANKING

Finance Minister Nirmala Sitharaman states that a pathway has been built for multilateral development banks to address global challenges effectively. She emphasizes India's ongoing commitment to disaster resilience, debt management, and comprehensive reforms to achieve sustainable development goals by 2030.

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BANKING

Religare Enterprises informed stock exchanges that the Reserve Bank of India rejected its proposal to appoint Rakesh Asthana as a director. This rejection occurred on May 15, 2024. Religare attributed the delay in disclosure to an oversight and faces legal challenges from the Burman family regarding the appointment and AGM postponement.

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BANKING

Axis Bank on Thursday reappointed Amitabh Chaudhry as the Managing Director and Chief Executive Officer of the bank for the next three years starting January 1, 2025.

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Wednesday, October 23, 2024

BANKING

India's automotive industry, which accounts for 7.1% of the nation's GDP, has boosted the growth of motor insurance. This sector now represents around 45% of the total business of general insurance companies. Car dealers, as primary intermediaries in the customer purchasing journey, have become a critical distribution channel for motor insurance.

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BANKING

"We have said we would like to continue to invest in the franchise, given the opportunity," Puneet Sharma, chief financial officer of Axis Bank, told analysts in post-earnings call. "Where we are required to tighten our belts, we do have the ability to tighten our belts. On expenses last year, we were growing at the 27% to 29% year-on-year growth range. You will see moderation in growth of costs through FY25."

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Tuesday, October 22, 2024

BANKING

Jio Financial Services Ltd., led by Mukesh Ambani, is in early talks with Allianz SE to form insurance companies in India. Allianz seeks to exit existing ventures with Bajaj Finserv due to a directional dispute, but remains committed to the Indian market.

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BANKING

Speaking at an industry event organised by the CII on Tuesday, Insurance Regulatory and Development Authority of India (Irdai) chairperson Debasish Panda said the 1.4 billion population base offers massive growth opportunities. "There is scope for more than 70 insurance companies to cater to 1.4 billion people. I encourage more conglomerates to enter the insurance sector. It is an exciting time for the industry," said Panda.

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BANKING

The Petroleum and Natural Gas Regulatory Board (PNGRB) is considering extending insurance coverage to piped natural gas (PNG) consumers, similar to LPG users. This move aims to protect consumer interests and mitigate risks, with 13.4 million consumers currently using PNG.

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BANKING

Irdai has asked insurance companies to check their IT systems for vulnerabilities after data breaches at Star Health and Tata AIG. Both companies are investigating, isolating affected systems, and working with cybersecurity experts. They have informed regulatory bodies and are implementing a containment and recovery plan. The breaches are being thoroughly examined.

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Monday, October 21, 2024

BANKING

Paytm reported a consolidated profit of Rs 928.3 crore for the quarter ended September 2024, largely due to a one-time gain in its ticketing business with Zomato. The company aims to revive its customer base, expand merchant payment innovations, and increase financial services revenue while adopting a compliance-first approach after RBI action earlier this year.

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BANKING

Union finance minister Nirmala Sitharaman has approved the creation of additional senior level posts in nationalised banks to enhance administrative efficiency. The number of Chief General Manager posts across 11 Nationalised Banks is increased from 80 to 144, with corresponding increases in other senior positions.

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BANKING

Ghosh brings more than 30 years of experience across corporate and development banking, venture capital. He started his career in 1993 and spent a decade with ICICI, Reliance and Rabo India before joining Yes Bank as group president in 2004.

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BANKING

India's private credit market is rapidly expanding with new local participants, raising concerns about potentially weakened lending standards. Experts highlight possible risks while regulators emphasise the sector's resilience. Despite challenges, the long-term outlook remains positive as investor interest grows.

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Sunday, October 20, 2024

BANKING

Commercial banks are raising outflow rates on retail deposits as they prepare for new liquidity coverage ratio rules. These changes, effective from April 1 next year, will require more investment in high-quality liquid assets. This aims to mitigate risks of mass withdrawals, similar to the collapse of Silicon Valley Bank in the US.

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BANKING

Indel Money launches its fifth public issue of secured NCDs, offering a base amount of Rs 75 crore with an option to retain oversubscription up to Rs 75 crore, totaling Rs 150 crore. The coupon yields up to 13.44% per annum. Funds will be used for lending, financing, and corporate purposes.

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BANKING

UCO Bank recovers Rs 414 crore from 26 accounts through NCLT in Q2, with Rs 393 crore resolved and Rs 21 crore under liquidation. Gross NPA ratio drops to 3.18% from 4.14% last year. Domestic advances up by 21.62% year-on-year.

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BANKING

The finance ministry is considering increasing Chief General Managers in public sector banks to support business growth and profitability. Current guidelines, issued in 2019, permit one Chief General Manager for four General Managers. PSBs posted record profits, with SBI contributing over 40% of total earnings.

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Saturday, October 19, 2024

BANKING

HDFC Bank plans to lower its loan-to-deposit ratio to pre-merger levels within 2-3 years. Post-merger, the ratio spiked to 110%, prompting securitization of 190 billion rupees in loans. LDR is an important metric for banks as it helps assess their liquidity position by gauging whether they have enough deposits to fund loan growth.

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Friday, October 18, 2024

BANKING

Several state-owned banks, including Central Bank of India and Punjab National Bank, have waived processing fees on home loans during the festive season to boost demand. While public sector banks offer lower rates, private sector banks have not announced similar waivers.

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BANKING

Kotak Mahindra Bank has announced it will acquire Standard Chartered Bank's personal loan book in India, worth Rs 4,100 crore. The deal is expected to finalize within three months. This move aligns with Kotak’s strategy to expand its market share and grow in the affluent customer segment, ensuring a smooth transition.

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BANKING

Kotak Mahindra Bank said on Friday it will buy Standard Chartered Bank's personal loan book in India, which is worth 41 billion rupees ($488 million).

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Thursday, October 17, 2024

BANKING

Indian banks, including HDFC and Kotak Mahindra, are grappling with increased credit costs and challenges in attracting customer deposits as people shift towards equity funds. HDFC aims to improve its high loan-deposit ratio, while Kotak Mahindra faces restrictions impacting its profitability.

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BANKING

The Reserve Bank of India has banned four finance companies, including Navi Finserv and DMI Finance, from issuing new loans due to excessive interest rates. This follows warnings about aggressive growth practices. The companies must submit remedial actions to the RBI for review to resume their loan services.

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BANKING

The Reserve Bank of India has directed Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited to halt loan sanction and disbursement starting October 21, 2024, due to concerns over their excessive interest rates and non-compliance with established financial regulations.

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BANKING

Axis Bank became the fourth largest credit card issuer in Q2 FY25, with a 14% increase in Cards in Force. Credit card transactions surged, especially in lifestyle, fashion, and electronics. However, millennial defaults are rising, with outstanding debt reaching substantial highs.

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BANKING

Multiples appoints Rahul Chawla, a senior executive from Deutsche Bank, as the managing director for credit strategy. Chawla, with nearly three decades of experience and extensive expertise in structured finance, is set to lead Multiples' new venture into the credit investing space.

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Wednesday, October 16, 2024

BANKING

National Payments Corporation of India (NPCI) has teamed up with The Times of India to launch a national campaign on digital payment safety. Using the iconic cartoon character Common Man, the campaign aims to educate users about different types of digital payment frauds and provide tips for secure transactions, especially focusing on UPI payments.

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BANKING

The Indian payments industry is projected to grow to $49 trillion in value by 2028 from $30 trillion in 2023, with transaction volumes expected to increase to 434 billion. Revenue growth in this sector is forecasted at 11%, with credit cards and fund transfers leading the expansion.

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BANKING

Capital India Finance Ltd has sold its housing finance subsidiary, Capital India Home Loans Limited, to Weaver Services Private Limited for Rs 267 crore. Weaver will raise up to Rs 800 crore from private equity funds to finance this acquisition. The focus will be on innovative home loan products for self-employed individuals in Tier 2 and Tier 3 towns.

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BANKING

Kotak Mahindra Bank, aiming to be India’s third largest private sector lender by 2030, faces significant M&A risks and integration challenges, Bernstein Research a part of the Société Générale group has said. A 7% profit growth over Axis Bank appears elusive organically, prompting potential inorganic growth through acquisitions like IDBI Bank or smaller banks.

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Tuesday, October 15, 2024

BANKING

Biz2X, a subsidiary of Biz2Credit, has surpassed Rs 9,000 crore in loan disbursements, driven by its AI-integrated platform, DigiKred. The company expects to facilitate an additional Rs 5,000 crore by FY2025. Strategic collaborations and expansions into UAE and Saudi Arabia bolster their growth.

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BANKING

Acko appoints founding member Sandip Goenka as CEO of its new life insurance business. Goenka, with over two decades of experience, will develop product offerings and ensure long-term growth, operational efficiency, and financial performance. His leadership signals Acko's commitment to expanding their life insurance sector presence.

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Monday, October 14, 2024

BANKING

National Insurance Company faces an ₹8,000 crore solvency shortfall, with a negative 0.49% solvency margin against the regulatory minimum of 1.5%. The insurer plans to address the gap by liquidating key assets, including stakes in Agriculture Insurance Company and India International Insurance Singapore, pending necessary approvals.

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BANKING

During this year's festive season sales, there was a significant rise in the usage of credit cards and credit-based payment instruments such as pay-later products, with a recorded increase of 35-50% in transactions compared to the previous year, particularly in lifestyle, fashion, and electronics.

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Sunday, October 13, 2024

BANKING

Hospitals in India introduce additional charges, such as disinfection fees and peak operation theatre charges, leading to a 20% rise in medical costs. Insurers struggle as previously bundled services are unbundled, causing unpredictability in healthcare expenses and potential increases in insurance premiums.

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BANKING

Wealthy Indians are uncertain about investments abroad after a directive from the International Financial Services Centres Authority. It restricts fixed deposit terms in GIFT City to under 180 days, conflicting with Reserve Bank of India guidelines. This confusion affects funding to offshore banks and the liberalised remittance scheme for high-net-worth individuals.

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BANKING

Indian Overseas Bank has inaugurated 15 Retail Loan Processing Centres, both physically and virtually, across various cities including Chennai and Bengaluru to enhance loan approval efficiency. These centres are equipped with advanced digital tools for quicker turnaround and improved risk management, supporting the bank's retail growth strategy.

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BANKING

SBI plans to increase the threshold of the instant loan scheme for MSMEs from Rs 5 crore. SBI aims to simplify MSME credit by leveraging digital tools and reducing the need for collateral. Additionally, SBI intends to open 600 new branches this financial year, enhancing its extensive network.

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Friday, October 11, 2024

BANKING

Housing finance companies are anticipating a delay in the festive season demand surge due to pending government guidelines on the PMAY and Affordable Housing Refinance Scheme. The PMAY subsidy aims to provide ₹1.80 lakh for home loans up to ₹25 lakh, while the refinance scheme offers a 5% interest rate for housing loans disbursed in the past year.

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BANKING

The RBI has instructed all banks and non-bank payment system providers to review and modify their digital payment systems for better accessibility to disabled persons. PSPs must refer to the Ministry of Finance’s Accessibility Standards and ensure security is not compromised. Details of changes must be reported to RBI within a month.

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Thursday, October 10, 2024

BANKING

Reliance's JioFinance App, launched on May 30, 2024, now offers diverse financial products including loans and digital savings accounts. Over six million users have provided feedback, enhancing the app's user experience. The JioFinance app also includes seamless UPI payments and insurance plans, aiming to democratize financial services in India.

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BANKING

Irdai is intensifying scrutiny of cybersecurity lapses in the insurance sector following a major data breach at Star Health Insurance. Over 31 million customers' data was compromised. The regulator has mandated an extensive audit of Star Health's cybersecurity framework. The audit aims to identify control gaps and recommend measures to prevent future breaches.

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BANKING

Banks raise alarms over fraudulent entities impersonating them in text messages to dupe customers. They seek intervention from the finance ministry, TRAI, and telecom service providers, and plan to approach the RBI to address compliance challenges with cybersecurity advisories.

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BANKING

The Reserve Bank of India has directed banks, NBFCs, and other entities to utilize all relevant information sources for risk assessments. This measure aims to mitigate money laundering, terrorist financing, and proliferation financing risks. It highlights the importance of an enterprise-level risk assessment and advises against a siloed approach to ensure effective risk management.

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BANKING

India's UPI transaction volume surged 52% year-on-year to 78.97 billion in H1 2024, with the transaction value rising by 40%. PhonePe led as the top UPI app. Average ticket size dropped by 8%, despite substantial growth in use for micro-transactions in sectors such as e-commerce and government services.

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BANKING

India's largest health insurer, Star Health, investigates a claim suggesting its CISO, Amarjeet Khanuja, may have facilitated a customer data leak involving medical records disseminated by a hacker on Telegram. Despite the allegation, no evidence implicating Khanuja has been found yet.

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Wednesday, October 9, 2024

BANKING

The Reserve Bank of India advises non-banking financial companies, including microfinance and housing finance institutions, to prioritize compliance, adhere to fair practices, and sincerely address customer grievances. While monitoring these entities' exposures and risk practices, the RBI emphasizes the need for self-correction to avoid systemic risks, underscoring potential financial stability concerns with excessive returns and high indebtedness.

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BANKING

The National Company Law Tribunal in Ahmedabad approved ICICI Bank’s plan to delist ICICI Securities Ltd. Two objections to the delisting were dismissed. Earlier, the NCLT Mumbai also approved the delisting scheme. ICICI Bank argued that the objections didn't meet the required shareholding threshold. The delisting was approved by a significant majority of ICICI Securities' shareholders.

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BANKING

Zarin Daruwala, CEO of Standard Chartered India & South Asia, will retire in March after over eight years in the role. Turning 60 in February, she has significantly grown the India franchise with a focus on corporate, investment, and retail banking. Her successor's search has begun.

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Tuesday, October 8, 2024

BANKING

During the recent Monetary Policy Committee meeting, RBI Governor Shaktikanta Das expressed concerns about some Non-Banking Financial Companies (NBFCs) aggressively pursuing growth without proper administration. He advised them to review their target-based compensation structures and assess their exposures in unsecured loans, emphasizing the need for robust underwriting and monitoring standards.

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BANKING

Mumbai-based EPS is backed by investors like the UK's Apis Partners and Dutch Entrepreneurial Development Bank FMO. The licence has made it the country's fifth white-label ATM operator alongside Tata Communications Payment Solutions, India1 Payments, Hitachi Payment and Vakrangee. The RBI had last issued this licence in 2014 to India1 Payments. Earlier, three other companies had surrendered their licences.

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BANKING

ICICI Bank and PhonePe have partnered to provide instant credit on UPI for pre-approved customers. The service offers up to Rs 2 lakh credit with a 45-day repayment period. This facility, aimed at festive shopping needs, allows users to make payments for high-value items seamlessly and securely using any UPI payment app.

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Monday, October 7, 2024

BANKING

The Reserve Bank of India has rejected Religare Enterprises' attempt to appoint Rakesh Asthana to its board. This followed a complaint from the Burman family, who hold a significant stake in REL, citing procedural irregularities. The dispute has escalated to legal actions, with the Delhi High Court involved. The company's management is amid a power tussle with the Burman family.

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BANKING

Public sector banks saw stronger credit growth compared to deposit growth for the September quarter. Bank of India, Union Bank of India, and Indian Bank reported credit growth between 10% to 14%, while deposit growth ranged from 8% to 10%, according to provisional numbers.

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BANKING

Axis Bank and IFC have partnered to provide a USD 500 million loan aimed at developing India's blue finance market and scaling up green project financing. This marks IFC's first blue investment in India, focusing on sustainable initiatives such as water management and marine ecosystem restoration.

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Sunday, October 6, 2024

BANKING

The Indian government seeks insights from the private equity and venture capital sector on global tax practices for fund managers' carried interest as it examines the imposition of GST on such earnings. A recent Supreme Court decision helps facilitate ongoing discussions about aligning with international tax norms.

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BANKING

Punjab CM Bhagwant Mann announced a new loan scheme from state cooperative banks for farmers to buy crop residue management machines. The scheme offers 80% subsidy to PACs and 50% subsidy to farmers on equipment purchases. It aims to reduce paddy straw burning by making rural credit more accessible.

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BANKING

Public sector banks are expected to see a slight quarterly dip in profits for Q2 FY25, with a 0.6% QoQ decline but a 17.2% YoY increase, according to Motilal Oswal. Private sector banks forecast modest growth, projecting a 12% YoY increase in Pre-Provision Operating Profit and 5% in PAT.

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Saturday, October 5, 2024

BANKING

Bandhan Bank's total business grew by 24.6% in Q2 of the current financial year, reaching Rs 2,73,163 crore. Loans and advances stood at Rs 1,30,652 crore, and deposits at Rs 1,42,511 crore. The collection efficiency ratio was 98.2%. Interim MD&CEO Ratan Kumar Kesh's tenure was extended by a month from October 10.

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BANKING

J&K Bank officers from the AIJKBOF staged a day-long hunger strike against the bank management's high-handed actions and anti-employee policies. They protested the staff accountability policy, work-life imbalance, and frozen variable pay. Officers criticized the management's failure to communicate and raised concerns over the exploitation of apprentices instead of filling vacancies.

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Friday, October 4, 2024

BANKING

Despite a growing startup ecosystem, only 8.2% of startups in India undergo incubation, with 10% of incubators supporting 98% of these startups. The report emphasizes the need for more incubators and improved performance, especially outside Tier I cities and in underrepresented sectors.

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Thursday, October 3, 2024

BANKING

Japan’s MUFG has re-entered the race to acquire a majority stake in Yes Bank after its proposal to invest in HDB Financial was rejected. MUFG has submitted a non-binding offer and is conducting due diligence, negotiating mainly with Yes Bank and SBI.

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BANKING

Small finance banks and microfinance lenders are setting a cap of four live loans per borrower. This is a precautionary step to avoid defaults due to unsecured loan stress. The RBI has already raised concerns about rising delinquency levels and multiple live loans, prompting this move. Utkarsh Small Finance Bank follows this four-loan cap policy.

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BANKING

ICICI Bank has partnered with MakeMyTrip to launch a premium co-branded credit card aimed at travel enthusiasts, offering rewards like myCash, complimentary MMTBLACK Gold membership, and various discounts on bookings. The card, available on Mastercard and RuPay, aims to enhance the travel experience for Indian consumers.

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Wednesday, October 2, 2024

BANKING

The DGGI has issued over 300 show-cause notices to company officials for wrongfully availing input tax credit. Penalties up to 100% have been imposed. Notices target top management where their role in tax evasion is established. Industry argues penalties should only apply in exceptional cases. Recipients challenge the notices in court.

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BANKING

Lenders in India are seeing negative impacts from extreme weather conditions, such as heatwaves, floods, and expected harsh winters, on their loan portfolios, affecting collection efficiency and sales. Financial institutions stress the need for climate-specific solutions and structural reforms to mitigate these risks.

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BANKING

Chandra Shekhar Ghosh is now the chairman and full-time executive director of Bandhan Financial Services. The decision was approved by shareholders including IFC and Sidbi. Ghosh took on this role after retiring from Bandhan Bank as managing director. Having founded the Bandhan group 24 years ago, Ghosh aims to contribute strategically to the group's growth.

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BANKING

SBI plans to open 600 branches this financial year, targeting emerging areas and large residential townships. The bank aims to improve customer reach and offers innovative products like a combo of recurring deposits and SIP. SBI also focuses on deposit mobilization through extensive outreach programs. SBI has a network of over 22,500 branches across India.

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Tuesday, October 1, 2024

BANKING

Ajay Banga, President of the World Bank, intends to shift the institution’s focus toward being a Knowledge Bank. He is addressing issues like climate change and AI governance, emphasizing fair climate policies and bridging the AI divide in developing markets. He stresses the need for measurable outcomes in initiatives, such as improving girls’ lives through education.

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BANKING

A new breed of policies now caters to adventurous and niche activities like golfing and scuba diving besides offering emergency coverage for pre-existing conditions, home-to-airport coverage, upgrading to business class due to health reasons and even pet care.

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