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Mid-tier entities in Indian BFSI under-invested in security, most exposed to cyberattacks: Report

Indian mid-tier banks and financial firms face significant cyber risks. They have embraced digital technology but lag in cybersecurity spending compared to global peers. Attackers are leveraging advanced AI, making cyber threats more potent and less costly. Many Indian CISOs report defenses are being outpaced. Institutions must now integrate AI defense with securing their own AI systems to build resilience. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/l3QCxJA via IFTTT
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Central Bank of India well-positioned to surpass Rs 5,000 cr profit in FY27: MD Kalyan Kumar

Central Bank of India targets Rs 5,000 crore annual profit during this fiscal year. A new tax regime offers a significant boost. The bank plans 150 new branches and hiring 1,400 employees. Customer centricity, HR transformation, and technology are key drivers. Enhanced cybersecurity builds customer trust. These steps position the bank for a crucial role in India's economy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6VEHTmP via IFTTT
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HDFC Bank denies allegations of disguising interest payout

HDFC Bank stands resolutely against accusations of misconduct as an investigative report alleges that it masked differential interest payments to MSRDC as part of its marketing budget. The bank emphasizes its stringent internal controls and refutes any speculation of wrongdoing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wxVMGYk via IFTTT
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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
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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
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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
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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
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