Under the bank sponsorship programme, the RBI has permitted Core Banking Solution (CBS) enabled co-operative banks to issue ATM cards or ATM-cum debit cards to its customers in association with the sponsor bank.
India’s second coronavirus wave is increasing asset risks for banks, but the country’s economic recovery, a tightening of loan underwriting criteria and continued government support will prevent a sharp spike in problem loans, it observed.
The country's economic recovery, a tightening of loan underwriting criteria and continued government support will prevent a sharp spike in problem loans, it said. "A severe deterioration of banks' asset quality is unlikely, despite an expected rise in new loan impairments particularly among individuals and small businesses that were hit hardest by the virus outbreak."
Venkatesan has more than 24 years of experience in ad-tech, big data, e-commerce, and database technology in US and Indian markets. His most recent role was as CTO and VP of engineering at Jivox, where he led the growth of the engineering team and the acquisition of new customers through product innovation.
With this infusion, the bank’s total invested capital in the country will increase to over Rs. 8,300 crore. It had last invested Rs 540 crore in 2009-10.
"As economic activity gathers momentum, there is increased demand for capital from clients," said Jaideep Khanna, head of Barclays, Asia Pacific and Country CEO, India.
Under the new norms, every online merchant processing transactions for customers will only have access to a 'tokenised' key linked with the consumer's cards instead of the entire card file.
Ujjivan SFB held a board meeting on Wednesday and unanimously approved the appointment of Carol Furtado as the 'Officer on Special Duty (OSD)', the bank said in a statement.
The RBI said inspection report of The Baghat Urban Co-operative Bank revealed non-adherence with/violation of directions, including non-identification of NPAs, wrong classification of assets, inadequate provisions made due to wrong classification of assets and non-adherence to exposure norms for housing, real estate and CRE.
The holding company of the bank, Ujjivan Financial Services, had earlier expressed concerns over asset classification, bad loan recognition and the ad-hoc bad loan provisioning under chief executive Nitin Chugh, who resigned last week.
Bank’s MD & CEO Mahabaleshwara MS said customers could buy the FASTag through online from the bank’s website or by visiting its branch.
Under EASE 4.0, PSBs would offer new age 24x7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services, improving the reliability of technology platforms, and aligning internal processes in the state-run banks to deliver such services.
Mahabaleshwara MS, Managing Director and CEO of the Bank said: "The FASTag facilitates the users with the ease and convenience during transit through the toll plaza by saving time, fuel and money".