Reserve Bank of India
07:21
Showing posts with label FICCI Banking Conclave. Show all posts
Showing posts with label FICCI Banking Conclave. Show all posts
Wednesday, 3 May 2017
Saturday, 17 December 2016
non-cash Payments
07:33
Cash shortage to end by mid-January: Amitabh Kant
Cash shortage to end by mid-January: Amitabh Kant
Cash shortages following the demonetisation of high value currency notes will end by mid- January, NITI Aayog CEO Amitabh Kant today said.
Disruption in the economy was inevitable after this step, taken as India aspires to have become a $10 trillion economy, said a statement by industry body Ficci, quoting Kant.
He heads the high-level committee set up the government to identify all possible modes of digital payments across sectors as it pushes on with its drive towards a cashless economy.
"The committee is well on its way towards establishing and monitoring an implementation framework with strict timelines to ensure that nearly 80 per cent of the transactions in India move to the digital-only platform," Kant said.
According to the statement, he emphasised that for sustaining a 7.5 per cent growth, digitisation is important as India cannot afford to have a parallel economy generated by high level of cash transaction.
India is the only economy in the world with 1 billion biometric authentications and 1 billion mobile phones, Kant said, adding that it has the digitisation infrastructure to leverage the JAM trinity -- Jan Dhan, Aadhaar and Mobile.
Noting that Aadhaar-enabled payments was the biggest disruption in India, he said nearly 30 crore people who are without mobile connections can use Aadhaar and thumb impression or Iris connection for digital payments.
In the next 6-7 months every smartphone user would be able to make Aadhaar based payment using a device based on inter-operating system, Kant said, pointed out that as India moves towards digitisation transaction costs would come down.
Highlighting various incentive schemes taken by the government to promote digital payments such as 'Lucky Grahak Yojana' and 'Digi Dhan Vyapari Yojna', the NITI Aayog CEO assured merchant-traders that in their move towards digitisation there would be no harassment by tax official by way of scrutiny of the previous years of books of accounts.
Sunday, 30 August 2015
Union Bank of India
11:26
United Bank of India looks to bring down gross NPA below Rs 6000 cr
United Bank of India looks to bring down gross NPA below Rs 6000 cr
Kolkata-headquartered United Bank of India (UBI) would make efforts to bring the absolute gross NPA figures below Rs 6,000 crore by the end of the fiscal, a top official of the bank said.
"Our main aim will be to lower the absolute gross NPA level below Rs 6,000 crore by the end of the financial year", MD and CEO of UBI P Srinivas said.
The gross NPA level in percentage terms was around 9.5 per cent. "We will have to bring it between 7.5-8 per cent", Srinivas told reporters on the sidelines of FICCI Banking Conclave here today.
However, there would be some addition to NPAs, he said.
When asked if the bank would sell bad assets to asset reconstruction companies (ARCs), Srinivas said this would happen only when a good value is secured.
He added that the bank is hopeful of getting capital from the government, adding that it had sought Rs 500 crore.
Else, the bank had also drawn up alternative fund-raising plans as well, he said.
On its exposure to the beleaguered Electrosteel Castings, Srinivas said talks are on to find a new promoter. "We hope to get a new promoter by September this year. SBI is talking to some of them and this is being discussed internally", he said.
Source :Bankupdates.
Source :Bankupdates.
Sunday, 23 August 2015
SBI
11:17
SBI to increase number of customer service points
SBI to increase number of customer service points
Anticipating tougher competition after RBI granted payments banking licences to 11 entities, State Bank of India (SBI) on Friday said it will increase the number of its Customer Service Points (CSP) to assert its position in the rural unbanked segment.
"We are seeing a lot of competition," SBI chairperson Arundhati Bhattacharya said at a FICCI Banking Conclave here.
She said that while full-fledged or universal banks were ahead of payments banks (PBs) in terms of service, size of remittance handled and other factors, the PBs would be ahead of the universal banks when it came to their reach in rural households.
"PBs will have better access in the rural unbanked segment and so we are also coming up with a low-cost model to service the unbanked segment," she said.
According to her, setting up a bank in a rural place involved numerous costs while the cost could be pared down through the CSP route.
Bhattacharya said the PBs would handle small remittances and reach out to rural customers, these financial institutions would be of limited help to regular customers.
"The PBs are also not interested in credit history as they cannot offer loans. It makes more sense to use full-fledged banks to build the credit history," she said.
The SBI chairperson referred to the importance of the credit history in developed countries.
"In the developed world, without a credit card, you don't exist. Without it, you can't do a thing," Bhattacharya said.
In West Bengal, the SBI would add 500 CSPs in rural panchayats which don't have access to banking facilities.
Source:WebIndia123.
