Indian Bank refines focus on digital transformation: CTO
3 years, 2 months ago

Indian Bank refines focus on digital transformation: CTO

The Hindu  

State-owned Indian Bank, which recently completed a merger with Allahabad Bank, said it has sharpened its focus on digital transformation this year. “In the current financial year our focus is on digital transformation to offer seamless customer experiences across all digital delivery channels,” said the bank’s chief technology officer Deepak Sarda. He said Indian Bank would further strengthen its IT infrastructure and ensure optimum utilisation of technologies and systems deployed. “During amalgamation, we upgraded our IT Infrastructure to the latest technology, including moving the core workloads to IBM Power 9 processors.” Indian Bank and IBM have over a decade of relationship that started with Indian Bank using IBM Power Servers and storage for their core banking solution.

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History of this topic

Navigating The Neo-Banking Wave: Insights Into India's Digital Financial Future
2 months ago

Navigating The Neo-Banking Wave: Insights Into India's Digital Financial Future

Live Law  

The novel point of neobanks is that they operate sans physical branches, utilizing dynamic business models and upscale technological tools to improve customers' ease of use, transparency, and service efficiency. Notably, these include: Banking Regulation Act, 1949, Section 23: Master Circular on Branch Authorization Framework for Outsourcing of Payment and Settlement-related Activities by Payment System Operators Guidelines on Managing Risks …

TCS Inks Deal with Bank of Bhutan to Modernize Digital Core, Enhance Customer Experience
3 months, 1 week ago

TCS Inks Deal with Bank of Bhutan to Modernize Digital Core, Enhance Customer Experience

Deccan Chronicle  

Thimphu: Tata Consultancy Services has announced a strategic partnership with the Bank of Bhutan to modernize the bank’s digital core for enhanced customer service. TCS will implement its TCS BaNCS Global Banking Platform to help the bank optimize operations and seamlessly integrate with the various public services within the digital ecosystem of the country. Built on an intelligent digital core, …

UoH Professor Highlights Advantages of Digital Payments
3 months, 2 weeks ago

UoH Professor Highlights Advantages of Digital Payments

Deccan Chronicle  

Anantapur: Prof. Debashish Acharya from the School of Economics, University of Hyderabad, highlighted the RBI’s digital currency ecosystem at a national seminar on Digital Transformation and the Future of India’s Economy, organised by the Indian Council for Social Science Research at the Central University of Andhra Pradesh. In his keynote, Acharya discussed the advantages of digital payments over traditional cash, …

The impact of technology on finance: Enhancing experiences and safety
11 months ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

India ranks first in digital payments made globally: Report
1 year, 6 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Next Y2K moment for India's technology sector is here: Jayesh Ranjan
1 year, 8 months ago

Next Y2K moment for India's technology sector is here: Jayesh Ranjan

Deccan Chronicle  

Hyderabad: Telangana has been at the forefront of India’s IT revolution and is poised to take leadership as its technology ecosystem has matured and industry works harmoniously, said IT principal secretary Jayesh Ranjan. Speaking at the IT Conclave-2023, with the theme as ‘Innovation unleashed: Shaping the future of digital transformation,’ organised by industry body Confederation of Indian Industry in partnership …

RBI asks banks, NBFCs to promote digital payments
2 years ago

RBI asks banks, NBFCs to promote digital payments

The Hindu  

The Reserve Bank of India has unveiled “Har Payment Digital” as part of Digital Payments Awareness Week 2023 to make every person in India a user of digital payments. Stating that payment systems in India have witnessed over 1000 crore transactions every month since December 2022, he said “This speaks volumes of the robustness of our payments ecosystem and acceptance …

Digital rupee not the magic bullet Central government is hoping for
2 years, 2 months ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

10 reasons why digital rupee is the future of money
2 years, 4 months ago

10 reasons why digital rupee is the future of money

Live Mint  

The digital rupee rollout is a big step ahead in India’s digital transformation. Livemint spoke to experts on reasons why digital rupee is the future of money 1) Centralised Central bank digital currency – a new digital form of money issued by central banks – may just be the new infrastructure we need for ushering in more trust, resilience, and …

Money transfer democratised, digital commerce will grow 10-fold: Experts on India's e-commerce revolution
2 years, 4 months ago

Money transfer democratised, digital commerce will grow 10-fold: Experts on India's e-commerce revolution

India Today  

The digital commerce revolution in India is set to grow ten-fold and money transfer in the country has been democratised with the UPI system, experts opined on Saturday at the India Today Conclave. Deepak Bagla, Managing Director & CEO, Invest India, T. Koshy, CEO, Open Network for Digital Commerce, and Dilip Asbe, Managing Director & CEO of National Payments Corporation …

India poised for digital revolution: Kishan Reddy
2 years, 4 months ago

India poised for digital revolution: Kishan Reddy

Deccan Chronicle  

WARANGAL: The BJP government at the Centre has brought revolutionary changes in the banking sector. In the past banks were useful only for the rich but now even the poor are using them for their day to day activities, said Union minister G. Kishan Reddy. He was participating in a video conference in Jangaon district in which Prime Minister Narendra …

Shift from phone banking to digital banking put India on sustained growth path: PM
2 years, 4 months ago

Shift from phone banking to digital banking put India on sustained growth path: PM

Deccan Chronicle  

New Delhi: Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units to the nation. The banking sector has become …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 5 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

Digital transformation is an absolute necessity in today's time
2 years, 9 months ago

Digital transformation is an absolute necessity in today's time

India TV News  

A renowned American guitarist Jason Mraz once said, “The soil is actually the greatest technology we have for adapting to climate change. Hence, let’s emphasize how digital transformation could create sustainable businesses, reduce the harm to nature, and help restore it. The initiative has helped traditional companies in transforming into digitally empowered enterprises, further creating sustainable businesses and contributing to …

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth
2 years, 9 months ago

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth

News 18  

“Government 2.0, then, is the use of technology – especially the collaborative technologies at the heart of Web 2.0 – to better solve collective problems at a city, state, national, and international level”, Tim O’Reilly, Chief Executive Officer of O’Reilly Media said in a paper published in 2010. This paper is considered the origination of the term “Government as a …

How Digital Banking Units will boost India’s digital economy. Experts weigh in
2 years, 11 months ago

How Digital Banking Units will boost India’s digital economy. Experts weigh in

Live Mint  

The Reserve Bank of India has issued guidelines for the establishment of Digital Banking Units. Hence banks need to be compliant and create a separate reporting to meet the RBI targets so that Digital Businesses cross the bar of, say, “50%”, said Nitin Misra, Co-founder, indiagold He added that this will also prompt the launch of new products or services …

RBI unveils guidelines for digital banking units. Here’s 10 key points
2 years, 11 months ago

RBI unveils guidelines for digital banking units. Here’s 10 key points

Live Mint  

The Reserve Bank of India on Thursday released the guidelines on the “Establishment of Digital Banking Units ”. DBUs are specialised fixed point business unit / hub housing certain minimum digital infrastructure for delivering digital banking products & services as well as servicing existing financial products & services digitally, in both self-service and assisted mode, to enable customers to have …

India’s digital economy to see exponential growth to $800 bn by 2030: FM
3 years ago

India’s digital economy to see exponential growth to $800 bn by 2030: FM

Live Mint  

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. "They may function from one place but they may serve any number of districts but we are also targeting 75 districts to be covered and I guess the DPU …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years, 3 months ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

Digital Currency to Soon Become Reality in India: RBI Working on 'Phased Introduction'
3 years, 7 months ago

Digital Currency to Soon Become Reality in India: RBI Working on 'Phased Introduction'

News 18  

The Reserve Bank of India, is moving towards bringing in Central Bank Digital Currency. He went on to add that the central bank is framing considerations for the legal framework to be put into place so that the CBDC can coexist with cash and digital payment methods in India. Having said that, it is important to note what exactly the …

How going digital and branchless is the structural reform Indian banking needs
3 years, 7 months ago

How going digital and branchless is the structural reform Indian banking needs

Firstpost  

The entry of digital banks will lead to expansion of the credit market and credit-starved segments will get access at a right rate India’s second COVID-19 wave is abating, the lockdowns have been lifted yet the economy is in uncharted territory, humming tentatively as a third wave lurks threateningly in the background. Digital banks are the future Of course, the …

Digital and Branchless: The Big Structural Reform that Indian Banking Needs
3 years, 7 months ago

Digital and Branchless: The Big Structural Reform that Indian Banking Needs

News 18  

India’s second COVID wave is abating, the lockdowns have been lifted yet the economy is in uncharted territory, humming tentatively as a third wave lurks threateningly in the background. Small Enterprises, Big Crunch The traditional banks have always shied away from micro, small and medium enterprises or MSMEs because of risk aversion and the sheer challenge of managing the unwieldy …

India's digital journey in past 5 years focused on empowerment and transformation: RS Prasad
4 years, 8 months ago

India's digital journey in past 5 years focused on empowerment and transformation: RS Prasad

India TV News  

Union Minister for Electronics & IT, Communications Ravi Shankar Prasad on Wednesday said that the India's digital journey has focused on empowerment, inclusion and digital transformation and its positive impact is being felt in all aspects of the lives of the citizens. Addressing a video conference marking celebration of 5 years journey of India's Digital India Programme, he stated that …

TCS to power Israel’s first fully digital bank
4 years, 10 months ago

TCS to power Israel’s first fully digital bank

The Hindu  

India’s largest software services firm Tata Consultancy Services will launch Israel’s first fully digital bank in what is being seen as a transformative initiative that can impact the business model of other sectors as well. TCS was selected by Israel’s Ministry of Finance to transform its banking sector by building a banking service bureau that would serve as a shared, …

Can tech solve for all things wrong in Indian banking sector?
5 years, 4 months ago

Can tech solve for all things wrong in Indian banking sector?

Live Mint  

“In future, banks will become technology companies with a banking licence” proclaimed Ravneet Gill, chief executive of Yes Bank, amid news that the private sector lender is close to securing fresh capital from investors, including a technology company – a non-conventional investor in banking space. In his statement, Gill, hinted at the popular trend of 'future of banking’, with banks …

India is making rapid strides in digital finance
5 years, 7 months ago

India is making rapid strides in digital finance

Deccan Chronicle  

The financial industry’s efforts to serve lower-income customers have gone through four distinct phases — from social banking to microfinance to financial inclusion and now to technology-driven financial services or digital financial inclusion Digital technologies have now become the most powerful lever for financial inclusion and are considered the smartest way to rapidly unlock economic opportunity and accelerate social development …

Bank of Baroda ramping up digital operations
5 years, 9 months ago

Bank of Baroda ramping up digital operations

Live Mint  

Bank of Baroda is looking to beef up its digital banking initiatives as it expands business in a competitive market. This is in line with the bank’s efforts at deploying technological solutions for business growth and increasing digital footprint. According to the bank’s annual report for 2018-19, the bank has launched a strategy of “bank-in-a-box” that would enable digitally savvy …

India’s digital infrastructure will revive economy: Nilekani
5 years, 10 months ago

India’s digital infrastructure will revive economy: Nilekani

Live Mint  

Bengaluru: Co-founder and Chairman of Infosys Technologies, Nandan Nilekani, said on Monday that India’s digital infrastructure will play a major role in reviving the economy. He was addressing FICCI members at the National Executive Committee Meeting on ‘Digital India and its Impact on Economy and Industry’ in Bengaluru. According to Nilekani, the country has witnessed dramatic transformation through Aadhaar-based e-KYC …

Digital banking emerged in response to expectations of millennials, says Gandhi
5 years, 11 months ago

Digital banking emerged in response to expectations of millennials, says Gandhi

Live Mint  

Mumbai: The emergence of digital banking as we see today is a response to the expectations of millennials who move effortlessly between business and pleasure and have short attention spans, said former Reserve Bank of India deputy governor R. Gandhi at the 12th Mint Annual Banking Conclave. He said another factor contributing to the promotion of digital banking is the …

Digital payments will grow phenomenally despite risks, says Dilip Asbe
5 years, 11 months ago

Digital payments will grow phenomenally despite risks, says Dilip Asbe

Live Mint  

Mumbai: Cybersecurity and lack of consumer awareness are threats to growth of digital payments in India, said Dilip Asbe, managing director and chief executive officer of the National Payments Corporation of India. India’s digital payment system would see phenomenal growth as challenges to greater adoption of such payments are addressed gradually, Asbe said. In a cash-driven economy like India, we …

Digital India: How the Modi govt took massive strides in turning India into a digitally empowered economy
5 years, 11 months ago

Digital India: How the Modi govt took massive strides in turning India into a digitally empowered economy

Op India  

A push towards a Digitally empowered economy by PM Narendra Modi is giving rise to many products based on the 3 building blocks of Digital India. ‘Digital India’ is a step by the Modi government to inspire and connect Indian Economy to such a knowledge savvy world to techno knowledge savvy world. The vision of Digital India Digital India has …

2030: A banking odyssey
6 years, 2 months ago

2030: A banking odyssey

Live Mint  

Consider this scenario—it is 2030. Banks who can make the transition to being ecosystem orchestrators, will be able to embed their banking services in the non-banking journeys of their customers, making access to banking more convenient.In exchange, they would get a more comprehensive source of digital data to understand their customers better. Existing successful banks with strong customer franchises could …

How India Inc can embrace digital transformation at every part of the value chain
6 years, 4 months ago

How India Inc can embrace digital transformation at every part of the value chain

Firstpost  

With disruption becoming the new game in modern times, India Inc’s digital transformation has also picked up a rapid pace, and it is no more about a customer-first challenge. But there are a string of impediments in the digital transformation funnel, such as if all the stakeholders share the digital-first vision, or how to become agile or getting right talent …

Digital bank of the future
7 years, 5 months ago

Digital bank of the future

Live Mint  

In recent years, financial technology companies, which are mostly start-ups, have increased dramatically in number—from about 1,000 in 2005 to over 8,000 in 2016—and have harnessed many new cutting-edge technologies to offer various financial services, while sidestepping the legacy cost structures and regulatory constraints of incumbent banks and financial services institutions. ICT and large technology companies: Information and communication technology …

Google Tez will help take India one step closer to the vision of Digital India, says CEO Sundar Pichai
7 years, 5 months ago

Google Tez will help take India one step closer to the vision of Digital India, says CEO Sundar Pichai

Firstpost  

Indian-born Google CEO Sundar Pichai on Tuesday tweeted it will help India move closer to digital transformation. A day after Google launched its new digital payment app “ Tez ” in India, the company’s Indian-born CEO Sundar Pichai on Tuesday tweeted it will help India move closer to digital transformation. “We hope that the launch of @TezByGoogle will help take …

India in 10 years: The beginning of a digital era of inclusive finance
8 years, 1 month ago

India in 10 years: The beginning of a digital era of inclusive finance

Live Mint  

A revolution is brewing in the financial ecosystem that will extend the benefits of formal financial services to the masses. Global trends suggest that the banking and financial services sector are undergoing the change that the telecom sector witnessed a few years ago. Similar innovation is happening in payments and other financial services. The first category consists of frequently used …

ICICI Bank will transform 100 villages in 100 days in effort to provide digital ecosystem in rural India
8 years, 3 months ago

ICICI Bank will transform 100 villages in 100 days in effort to provide digital ecosystem in rural India

Firstpost  

The financial institution has decided to convert all of the 100 villages into ‘ICICI Digital Villages’ which is in line with the bank’s effort to arrange digital ecosystem across the country. ICICI Bank has announced an undertaking under which the bank will transform 100 villages in 100 days. Its success motivates us to scale up the initiative a big way—we …

Move over payment apps. Banks are moving in to claim the digital transactions space
8 years, 4 months ago

Move over payment apps. Banks are moving in to claim the digital transactions space

Live Mint  

United Payment Interface has been by far India’s biggest and boldest payments bet thus far. The ability to build a compelling value proposition would require service providers to build a 360º view of customers’ finances and this is where banks would be better positioned than non-bank entities. Mobile apps of banks have ventured beyond the mundane activities, allowing customers to: …

UID scheme worthy of replication: World Bank
9 years, 2 months ago

UID scheme worthy of replication: World Bank

Live Mint  

New Delhi: The World Bank says India’s move to roll out unique identification number or Aadhaar to its citizens is worthy of replication by other countries as an example of technology leading to economic transformation. “If India can provide unique digital identification to 1 billion people in five years, and thereby reduce corruption by billions of dollars, why can’t other …

Digital India is a big opportunity for us: HP
10 years, 1 month ago

Digital India is a big opportunity for us: HP

The Hindu  

Technology firm HP sees India as ‘a big focal point’ for its services as it senses enormous opportunity for technology here mainly because the country is heavily under-penetrated. On the company’s participation in the Digital India initiative, he said there was a huge change in the mindset taking place in India, and digital held huge promise of transformation for the …

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