Posts

Banks need to act fast as customers turn to AI for stock picks and savings yields: McKinsey & Company

Customers are embracing generative AI at an unprecedented pace. This rapid adoption is outpacing traditional technologies, leaving banks with limited time to adapt. Consumers are already using AI for sophisticated financial tasks, even outperforming professional stock pickers. Banks must quickly evolve their products and services to meet this growing demand and trust in AI. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wSH0Ik2 via IFTTT
Post a Comment
Read more

Banks seek RBI guidance as multiple nominations create claim settlement hurdles

Banks are facing difficulties settling claims when multiple people are nominated on accounts. This is causing operational problems for financial institutions. They are now seeking guidance from the Reserve Bank of India. Existing rules allow up to four nominees. Issues arise when nominees do not claim jointly. Courts have also added to the confusion with differing judgments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/cquUid3 via IFTTT
Post a Comment
Read more

ICICI Bank adds most credit cards in April amid rising competition

Axis Bank added 63,446 cards in April, less than half its February tally. Kotak Mahindra Bank remained steady at 33,038 additions. "We are focused on growing the business and growing it with the right set of customers in a profitable way," said ICICI Bank Group chief financial officer Anindya Banerjee. "We have been seeing reasonably steady new customer acquisition and would hope to see better numbers in terms of growth." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/kwbYPUf via IFTTT
Post a Comment
Read more

RBI approves 3-month extension for Fino Payments Bank interim CEO

Fino Payments Bank announced that the Reserve Bank of India has approved a three-month extension for Ketan Merchant as interim CEO. This follows the earlier approval for his appointment after the arrest of MD and CEO Rishi Gupta. Gupta has since taken voluntary retirement. The bank's shares saw a rise on the BSE. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/qC1ca3W via IFTTT
Post a Comment
Read more

RBI tightens norms for re-appointment of directors on UCB boards

The Reserve Bank of India has introduced new rules for Urban Co-operative Banks. Directors can now serve for a maximum of ten years. Following this, a mandatory three-year cooling-off period is required before re-appointment. This measure aims to prevent directors from circumventing tenure limits. The new directions are effective immediately, ensuring better governance in these financial institutions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xo7m20u via IFTTT
Post a Comment
Read more

Private banks likely to outperform govt banks in earnings growth over next 2 years: Report

Private banks are set for stronger earnings growth in the coming two years. Loan growth is expected to be similar for both private and public sector banks. However, private lenders will likely see better profits due to stable margins and fewer risks. Public sector banks may face profitability pressures from various factors. Market valuations are considering current banking sector challenges. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Er09qIA via IFTTT
Post a Comment
Read more

Lenders urge RBI for hedging support framework to revive overseas borrowing

Indian banks and companies are asking the Reserve Bank of India for help with offshore debt. High costs to protect against currency changes make borrowing abroad more expensive than at home. This is slowing down foreign fundraising. A new support system could lower these costs. This would help bring more foreign money into India and support its economy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lAChmY0 via IFTTT
Post a Comment
Read more