5 New Technologies That Could Revolutionize The Indian Banking Sector

If one were to tell a banker from the 1990s that by 2016 a vast majority of banking transactions would be handled digitally, the chances of them laughing hysterically was a real possibility. Such is the extent at which technology has grown that nearly every aspect of human life has undergone a massive revamp.

In this article, you will find 5 most of the best trends that will revolutionise the way we look at banking.

• Unified Payment Interface (UPI):

National Payments Council of India (NPCI) along with the RBI introduced the UPI in a bid to make India a cashless society and in turn into a digital nation. Through this network, money can be transferred between two bank accounts with the use of smartphones. The most revolutionary aspect of this system is that unlike NEFT or other such online payment methods, individuals don’t need IFSC codes or net banking credentials to make payments. Currently, UPI apps are available for most of the banks in the country for android smartphone users.

• Cloud Banking Systems:

We have all seen how cloud networking systems have improved the techverse. Much the same way, a cloud banking system is also in the pipeline in the country. What this service will do is decrease the data transfer costs while also being extremely responsive to customers’ and the markets’ needs. Currently, banks like HDFC, IDFC, Kotak Mahindra, and ICICI Lombard have adopted the cloud infrastructure provided by Microsoft while plenty others are contemplating the same.

• Internet of Everything (IoE):

In case you don’t know what Internet of Everything is, you should know that it is basically the internetworking of vehicles, physical devices, and buildings. The main idea of IoT is to embed these items with software, sensors, electronics, and network connectivity to enable the collection and sharing of data. To put it in simpler terms, IoT is a proposed idea wherein everyday objects have network connectivity to help with the seamless transfer of data. A number of institutions like RBL and ICICI Bank among others have started with the use of biometric scanners and the like to significantly improve customer experience.

• Robotics:

Imagine a robot assisting you with never-seen-before consistency for any and all of your banking related queries. That’s what this idea is all about. Presently, ICICI Bank has deployed over 200 software robots across various branches to help take care of repetitive tasks. The bank also has plans to increase the number to 500 by the end of this fiscal year. Besides ICICI Bank, HDFC Bank too is looking into the introduction of robotics into their operations.

• Blockchain Technology:

Indian banking industry is growing at an unprecedented rate but still maintaining a database of basic details are becoming tougher by the day. This is why a number of banks are partnering to invest in blockchain technology which is basically a database which stores regularly used data like E-KYC and AML (Anti-Money Laundering) details in blocks. Muthoot Finance and Yes Bank are two financial institutions that are currently working to get this system operational.

There you have it. The introduction of these five technologies in the country would not just improve the state of banking, but revolutionise by the way we bank. 

ICICI And PNB News

ICICI’s Loan Portfolio Touches INR 1 Trillion:

ICICI Bank has surpassed all expectations by crossing the esteemed INR 1 trillion mark in loan distributions, which has not been achieved by any Indian private lender previously. Their loan book stands at a 25 percent growth on a yearly basis. Around 50 percent of the housing loans they deliver are to their own clienteles. 

HDFC News: April, 2016

AirAsia and HDFC Partners to Offer Attractive Fares:

AirAsia is providing a new and unique fare as they join hands with premier Indian private lender, HDFC Bank. HDFC Bank (credit and debit card users) can now get a distinct rebate of 20 percent on the base airfare when they buy tickets from the official website of AirAsia Berhad, AirAsia India, Thai AirAsia and AirAsiaX. This news was met with much approval from customers. 

News About Punjab National Bank

PNB Makes INR 1500 Cr Through Private Placement:

Punjab National Bank (PNB) has notified BSE that regarding Board and its supervisory authorizations, the lender has managed to raise up to INR 1500 crore Tier-2 (in compliance with Basel III) resource bonds at a yearly voucher of 8.65 percent based on private placement. 

News Related to ICICI Bank 2016

ICICI Bank Accepts Allocation of 42500 Equity Stocks:

ICICI Bank Ltd has apportioned 42,500 equity shares worth INR 2 per share on 30^th December 2015 in compliance with the Employees Stock Option Scheme, 2000 (ESOS). Stocks of the bank was previously trading in BSE at INR 263 in comparison to the preceding close of INR 261.45. The net shares exchanged during the day alone was 1000098 in a mere 9124 trades. The stock reached an intraday high of INR 263.5 and midday low of INR 258.1. The overall profit during the entire day was INR 261351920. As digital banking is the new norm, almost all customers have the option to go for online banking and transact funds via NEFT or RTGS using relevant IFSC Codes. 

Dena Bank Partners with SBI Life Insurance to offer Group Health Insurance

Dena bank has entered into a partnership with SBI Life Insurance to extend group life insurance Dena Grihaswami Suraksha Yojana'. The MoU signed between Dena Bank and SBI Life Insurance will enable the bank to offer insurance cover to all home loan borrowers and this facility would be offered at a low premium. 

coverage to all home loan borrowers under the scheme ‘

TigerAir Ties Up with ICICI to Offer Free Tickets to Singapore

TigerAir, a premier Singapore-based airline carrier, is being the coolest Santa to ICICI Bank clients this season by presenting a free one way ticket to Singapore on purchasing round tickets. This is offered to every credit and debit card holders. The offer will be accessible from 21^st December 2015 till 3^rd January 2016 for journey between 17^th January and 15^th April 2016. Commuters can get this offer via an exclusive platform made for ICICI Bank clients on the TigerAir’s official website, www.tigerair.com/promo/icici

Dena Bank Intends to Water Down Govt Share to 52 percent

State-managed lender Dena Bank has come to a decision to get its board’s support to water down its government share to 52 percent. The bank has notified the exchanges. The government as of now owns 65 percent equity in the bank. The goal is to escalate equity capital of the bank by bringing down government holding up to 52 percent, on procuring required authorization from the government. 

HSBC to Shut Down Private Financing Biz in India

HSBC Bank

Hong Kong and Shanghai Bank Corporation (HSBC), headquartered in London, has made a decision that shocked many; to close its private banking business in the country by March 2016. This was decided after a tactical evaluation of the international private banking operations in India. This marks more development in the HSBC group approach to streamline business and bring viable growth. 

Public and Private Sector Banks Awarded at The Times of India Event

In an effort to provide recognition to top banks in Bihar, The Times of India recently held the 'Times Banking Excellence Awards: Bihar 2014-15' at Hotel Panache in Patna, Bihar. This initiative has been taken by the leading newspaper daily to pick out the top performing banks in the state. For overall performance, two awards were given in four different categories and one award each in eight categories during the function. The award recipient names were decided by a jury inclusive of the Reserve Bank of India Regional Director, Mr. Manoj Kumar Verma, Asian Development Research Institute's Founder Member-Secretary Shaibal Gupta and Nabard CGM, Ranjeet Kumar Das.

India’s Leading Mobile Phone Operators Among Companies to Receive Payment Bank License

Among the 11 firms chosen by India’s Central Bank to establish “payment banks”, country’s leading mobile network operators like Vodafone India and Bharti Airtel have secured a place. Payment banks are aimed at offering millions of Indians, the access to basic banking. Reliance Industries Limited, owned by Mr.Mukesh Ambani, also has got a nod from the Government to set up payment bank in partnership with State Bank of India. Through payment banks, people will be able to make deposits and remittances but will not be able to avail loans. 

‘Door-Step’ Banking to be Introduced by Cooperative Bank

A ‘door-step banking’ facility is soon to be introduced by the Ernakulam District Cooperative Bank. Facilities included would be voice facilities, SMS facilities, phone banking, instant mobile payment, e-commerce facilities and missed call details for a period of a year. This programme was approved during the annual general body meeting of the bank.

News about Federal and Vijaya Bank

Federal Bank: 1250th Branch Opened and Vijaya Bank: Opened New Branch in Visakhapatnam

1) Federal Bank Opens 1250th Branch:

One of the country’s largest private lenders, Federal Bank, recently opened its 1250th branch in Sasthamangalam. An on-site ATM was also released along with the bank.

Federal bank offers an array of banking solutions like deposits, accounts and loans to cater to the ever-growing needs of Indians. 

Allahabad Bank and Canara Bank- Latest News

Allahabad Bank: Trade News and Canara Bank: New CEO News

1) Allahabad Bank Trades More:

Allahabad Bank is trading at INR 77.95, up by 2.10 points or 2.77 percent from its former closing of INR 75.85 on the BSE as of now. The scrip released at INR 75 and has affected a high and low of INR 78.90 and INR 74.65 correspondingly. 

Andhra Bank to Hold Credit Camp Week from 25 Sept to 2 Oct 2015

Andhra Bank has organized a mammoth credit camp week on 25^th September 2015. It will end on Gandhi Jayanti (2^nd Oct). This camp is for the paying out of SHISHU loans specified under the PrimeMinister Mudra Yojana (PMMY) scheme. No security or assurance could be applied for during the camp term as mentioned by the bank’s deputy manager, Mr. S Trinath Sridhar. 

New CEO of Bank of Baroda

Bank of Baroda awaits their new CEO Mr. P.S. Jayakumar. Bank of Baroda is a public sector bank which is based in Mumbai and provides a variety of financial products and services to its customers. Some of them include deposits, loans, debit and credit cards and fund transfers using IFSC codes. Currently, B.B. Joshi is the only executive director on board full time.

Federal Bank Tops Twitter National Trend List

Federal Bank

A digital marketing campaign is one of the most popular methods adopted by companies today in order to promote their products. Following the lead, is Federal Bank which has adopted a digital campaign to introduce its current innovation called the FedBook selfie, a mobile App for opening accounts, which is one of the first of its kind in the country. 

NRI Filing IT Returns in India

A Few Important things an NRI should know before filing IT returns in India:

Normally a non–resident Indian’s income, earned abroad, is not subject to income tax in India. But, if an NRI has some income source in India (which is his/her aboriginal country) and this income crosses the basic limit of exemption that is Rs.2 lakh, then the NRI needs to file income tax return in India.

This income may come from different sources such as income from house rent or interest on fixed deposits. Apart from the aforesaid income sources, if an NRI transacts in shares or mutual funds in India, the profit that he/she receives from such transactions is also subject to income tax in India. Every year, 31st July is the date by which NRIs have to file income tax returns in India.

Instamojo.com: The Easiest Platform for Online Payments in India

Instamojo.com is an online platform that facilitates payments for physical or digital goods and services via a link. This is a departure from electronic bank transfers where IFSC code is required. Suppose your friend has a bank account in SBI, Mumbai. To send him money you needed to know IFSC code of SBI, Mumbai and his bank account number.

5 Tips for Making Your Money Secure

We Indians have more up front for savings rather than spending. We have got a long vision and we plan our future accordingly. Retirement is a most crucial part of an individual and he/she should have a relevant amount of savings to plan their retirement. And for this purpose we develop a habit of savings right from our initial days of earning. Now, the question is: Are we into the safer hands? Or Is our money secure?