State Bank of India (SBI) has moved to a new interest rate regime on large savings account deposits with balance above Rs 1 lakh as well as short-term loans like overdraft and cash credit. SBI became the first bank in the country which has linked deposit accounts and short term loans to an external benchmark. ..
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FSS (Financial Software Services) has unveiled ‘FSS Voice Commerce’ which is a real-time voice banking platform to provide customers with personalized banking interactions. This platform uses machine-learning language processing techniques for analysis and synthesis of language and speech to deliver the service. It will interface with any retail banking system to provide real-time information of ..
Reserve Bank of India (RBI) would propose strict rules on opening and operating current accounts of corporate borrowers to prevent the diversion of funds. RBI had notified that the banks with collection accounts will have to transfer funds to the current account and the current accounts could be opened only with the lead bank of ..
The Reserve Bank of India has asked banks and financial institutions to disclose the NPA stemming from their exposure to troubled infrastructure conglomerate Infrastructure Leasing & Financial Services Limited and its group entities in their upcoming results. New directions are as per the order of the National Company Law Appellate Tribunal, which asked banks not ..
Kotak Mahindra Bank becomes first Destination Bank to launch debit card-based e-mandate on NPCI’s API platform
The Kotak Mahindra Bank (KMB) has become the first Destination Bank to go live with Net Banking and Debit Card-based authentication solution on NPCI’s e-Mandate API platform. The facility will enable its customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the Debit Card and Net Banking channels. ..
Bank of Baroda and city-based Srei Equipment Finance Ltd will collaborate to offer joint loans for infrastructure equipment under a new agreement. This collaboration will allow both Srei and Bank of Baroda to cooperate and widen their respective markets and customer base. Sourcing of loans will be facilitated through iQuippo, which is a Kanoria Foundation ..
The Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India (RBI), has launched a 5G Use Cases Lab for banking and financial sector. The use of 5G will change a range of technologies and applications including point of sale machines in the banking sector which were now using ..
RBI has permitted Reinsurance brokers to open non interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued notification and then RBI issued Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 – Opening of Foreign Currency Accounts by ..