Union Finance Minister Nirmala Sitharaman has said that Indian banks must adopt a more versatile and proactive approach to counter emerging artificial intelligence-driven cyber threats.
Manohar Lal chaired a review meeting on the implementation of the PM SVANidhi Scheme with representatives of 33 states and Union Territories, senior officials from the Ministry of Housing and Urban Affairs (MoHUA) and Department of Financial Services (DFS), and major Banks/SLBC Convenors, in New Delhi.
Money is not merely a piece of paper or a metal disc or an electronic digit but ‘in essence it is a social relationship’. Money is the promise to repay by one to another in a society. The promise is based upon trust.
With the RBI’s 50 basis points cumulative reduction in policy rates since February this year, transmission of the rate cut by banks is expected in the coming quarters, according to an SBI report.
The government on Tuesday announced to discontinue the medium term and long term government deposit (MLTGD) components of the Gold Monetisation Scheme (GMS), effective from March 26.
Kumar, who is also a former State Bank of India chairman, added that the fintech companies are challenging the legacy system in an innovative way.
India’s top ten wilful defaulters cumulatively owed Rs 40,825 crore to banks, as of March 31, the Ministry of Finance said.
India’s top ten wilful defaulters cumulatively owed Rs 40,825 crore to banks, as of March 31, the Ministry of Finance…
The RBI, the extended arm of the government, which licenses the banks, has full responsibility to ensure full protection to bank deposits. The government therefore needs to regulate fully and protect all deposits in all banks because the deposits belong to the depositing public no matter whether the bank is privately owned, governmentowned, or a cooperative
Scams are a product of greed and immorality. However, abuse of the financial system has been made possible because of the system's weaknesses. In an age which heralds technology as the silver bullet, we should not overlook the most critical source of competitive advantage - the people. Compliance and controls are dependent on the people running it. The most agile auditors will struggle to stop managers determined to hide their dirty laundry from view
