The decision was taken at a meeting held between the IBA -- representing managements of banks -- and members of the United Forum of Bank Unions (UFBU) representing workmen unions and officers' association.
Observing that the country has made rapid strides as far as adoption of digital technology is concerned, he mentioned that as a result, India has the maximum number of mobile and internet banking users in the world. In this era of digital banking, he said, "any institution or bank which is not investing enough resources both in terms of manpower, as well as the financial investment in digital and latest technologies, won't be able to survive."
With a view to promote less cash economy, the government should provide incentives to popularise usage of QR (Quick Response) code transactions among consumers, a report of the Reserve Bank of India (RBI) said on Wednesday.
WhatsApp had started testing its payments service - WhatsApp Pay - in India in 2018. The UPI-based service, which allows users to utilise the messaging platform to send and receive money, competes against Softbank-backed Paytm, Flipkart's PhonePe and Google Pay in India.
Senior level exodus at Axis Bank continues with Naveen Tahilyani, Group Head in charge of transformation, quitting, making it at least the eighth top level exit since Amitabh Chaudhry took over as chief executive at the lender last year.
"Some business models of our customers could undergo changes which could open up new hitherto unknown opportunities. Given the heightened uncertainty (due to lockdown) we are aligned to opportunities that may open up in coming months" Managing Director T T Srinivasaraghavan said.
Google, in an affidavit, has said the PSO authorised by the Reserve Bank of India (RBI) is the National Payment Corporation of India (NPCI) which is the owner and operator of the entire unified payment interface (UPI) network.
The government has also announced that all Saturdays will be public holidays for bank branches in the state till the second week of August. Normally, bank branches across India remain closed on the second and fourth Saturdays.
The SBI report said as per the regulatory requirement, banks in the country need to have a regulatory capital of 9 per cent of risk weighted assets (RWA) along with additional Capital Conservation Buffer (CCB) of 1.875 per cent, which was slated to increase to 2.5 per cent by March 20.
The banker, currently in judicial custody, was arrested in March under provisions of the Prevention of Money Laundering Act (PMLA).
“Rahul Bajaj, Non-Executive Chairman of the company, having been at the helm of the company since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office as chairman of the board with effect from close of business hours on July 31, 2020,” the company said.
Payments to creditors from Infrastructure Leasing & Financial Services Ltd., whose default in September 2018 triggered a lingering credit crisis in India, are likely to spill over to the financial year beginning April 2021, management said in a call on Monday. It had previously aimed to resolve a bulk of those by this month.
A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the Finance Ministry, Reserve Bank of India and PMC Bank seeking their stand on the application moved by consumer rights activist Bejon Kumar Misra.