Tag: banks

RBI rebuts social media rumours on closure of 9 banks

MUMBAI: Rebutting social media rumours swiftly, the Reserve Bank of India on Wednesday said no commercial banks are going to be shut. Finance secretary Rajiv Kumar discribed such social media messages as “mischievous” saying the government was in process of strengthening public sector banks by infusing capital in them. “Reports appearing in some sections of social media about the RBI closing

Gig Economy Banking Is Booming (And Banks Are Missing The Boat)

OBSERVATIONS FROM THE FINTECH SNARK TANK Established banks are finally waking up to the opportunity to bank the gig economy. No wait, that’s not true. They’re not waking up to it–they’re getting hit upside the head with it. Recent articles on the topic include: Fixing the Banking and Payment Needs of the Gig Economy. According to

Banks go slow on lending to auto dealers

MUMBAI: Several banks have expressed concern over a build-up of stress in their loans to automobile dealers and may tread cautiously, even slowing down on disbursements as the auto industry grapples with its worst sales slowdown in over a decade. Banking industry experts estimate the total outstanding loans to automobile dealers to be in the range of

SunTec launches solutions to help banks with digital transformation

With this approach, banks can quickly adopt new technologies, add more functionality and capabilities, offer customised products and enhance the customer experience. SunTec Business Solutions has launched in London the Xelerate Digital Core, a ‘low-risk approach for banks to accelerate digital transformation without having to replace their functionally stable legacy core systems.’ Xelerate seeks to

After RBI delivers, the big question: Will the banks yield, too?

Significant easing of liquidity is critical for better transmission The RBI delivered on expected lines and cut its policy repo rate by 25 bps. While the central bank changing its stance from neutral to accommodative — essentially implying that rate hikes are out of the way — has further buoyed sentiments, the bigger question is whether banks

Want efficient banks? Go for more mergers, says RBI research

More consolidation in India’s struggling banking sector will help lenders lower costs and efficiently scale their operations, said researchers at the Reserve Bank of India. Labour cost efficiency, or output per employee, moderated across the sector between 2005-18, according to the recently-published paper. The authors added that state-owned banks fared better than private rivals on this metric

RBI not in favour of changing IDBI Bank’s name

The IDBI BankNSE -0.47 %’s proposal for changing its name has not found any favour from the Reserve Bank of India, sources said. The board of IDBI Bank last month proposed change in the name of the lender to either LICIDBI Bank or LIC Bank, following its takeover by Life Insurance Corporation. According to the sources, the RBI is

China banking regulators tell banks to boost support for rural economies

BEIJING: China’s banking and insurance regulators have issued a notice to commercial banks to boost financial support for the country’s rural areas. In a notice issued on March 8, the ChinaBanking and Insurance Regulatory Commission told commercial banks to fulfill special lending targets, including those for achieving faster increases in loans to farmers and other businesses in rural areas.

Banks most vulnerable to cyber threats: Govt official

The banking system needs to prepare itself to address the risks and challenges arising from cyber security and the disruptions being thrown up by technology adoptions, a top government official said. Banks also need to strengthen their software as they are the most vulnerable to cyber attacks, the official added. “We need to get prepared