Mastercard and Visa are introducing passkeys that will allow users to authenticate card payments with face scans or fingerprints, eliminating the need for one-time passwords (OTPs).
The return on investment (RoI) from technologies such as artificial intelligence (AI) will take time to materialise, and the immediate priority should be to increase spending on building governance frameworks around AI, top bank executives said.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
Did the transaction fail? Did you receive your money on time?
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
Bandhan Bank is the first bank to be launched in eastern India post Independence.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
Indians withdrew about $50 billion from their credit cards, including $26 billion through Visa cards, from ATMs in the country last year, Uttam Naik, deputy country manager, Visa International (South Asia) said on Monday.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Five years after demonetisation, which sought to curb black money and reduce cash circulation in the economy, 70 per cent of respondents said they paid a large component of the total payment towards a real estate transaction in cash. About 16 per cent said they paid over half the amount in cash, observes Shyamal Majumdar.
According to Association officials, Indian Banks' Association offered only a 11.5 per cent increase in hike compared to 17.5 per cent offered in 2011-12.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
'With technology advancing rapidly, the need for branches is declining.'
The national carrier has started approaching Indian banks and public sector undertakings for disposal of these properties including floorspace in prime locations.
KV Kamath has had a tough journey so far.
Demonitisation will facilitate transparency in the real estate industry, which has had a notorious reputation as a safe locker for black money, says Saket Mohta.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
Whether it's about colonising Mars or donning Net-connected apparel, 2022 is a year everyone seems to be planning for, says Nivedita Mookerji.
Under KV Kamath's leadership, ICICI Bank's revenues grew multi-fold.
Rediff readers share their Cash Crisis experiences.
Attacking BJP General Secretary Ram Madhav over his 'test of patriotism' tweet, Shiv Sena MP Arvind Sawant tells Rediff.com's Prasanna D Zore that patriotism doesn't mean you should waste your time in queues.
While the acceptance of cards, mobile wallets and banking apps is increasing, only 10 per cent of transactions take place through them.
'You may show at the end of December how much money has come into the system, but none would be the wiser because most of see only what we want to see and believe.' 'Some of us will see through it and you will make your proxies call us enemies of the State.' 'I was somewhat with you till here. But we diverge from here on until you can do something which will veer through my cynicism brought about by your policy,' says Harsh N Gokhale.
'If standing in a bank or ATM line is a test of patriotism, why is not a single leader standing in that queue too?'
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
Distress sales, market closures and anchoring of fishing fleets have been reported from West Bengal, Andhra Pradesh, Tamil Nadu and Kerala.
After snapping his political alliance with the ruling National Democratic Alliance at the Centre, N Chandrababu Naidu, chief minister of Andhra Pradesh, speaks to B Dasarath Reddy on what he now has in mind.
These trips can be as short as a month to 45 days.
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