The new products and services include Visa Flexible Credentials, which will allow a single card product to toggle between payment methods, enabling users to set parameters or choose whether they use debit, credit, 'pay-in-four' with buy now, pay late,r or pay using rewards points.
Among the notable performers, Punjab National Bank (PNB) recorded the highest net profit growth percentage, with a remarkable 228% rise to Rs 8,245 crore. Union Bank of India followed closely with a 62% increase to Rs 13,649 crore.
The pilot initiative, conducted within the fintech supervisory sandbox facilitated by the Hong Kong Monetary Authority (HKMA), aimed to assess the operational and risk management advantages of tokenisation in supporting the settlement of tokenised carbon credits.
The decision, communicated through a letter dated May 16, 2024, follows an earlier notification from IDFC FIRST Bank dated December 30, 2023, announcing his proposed appointment. As per the RBI's directive, Natarajan will serve as the bank's Executive Director for the stipulated period.
There will be geopolitical and socioeconomic challenges, and inflation will also remain a key issue. I see banks' margins moderating and insurance premiums going up. I would love to see more success stories of fintechs and more Indian banks in the top global lists. I don’t see any further consolidation of PSU banks but there could be consolidation in PSU insurance. More companies will enter the insurance sector as more than 20 licences are up for IRDAI approval.
Latest data from banks' quarterly results in Q4 FY24 suggests that contrary to public sector banks, private banks like have been actively expanding their business through bank branches in the last quarter of FY24 and the previous few quarters. Here's what the data suggests:
In the last 5 years regulators became very active, and the finance ministry took many decisions, Sensex almost doubled from 38,672 in March 2019 and the mutual fund investors tripled to 15 crore. On the flip side, cybercrime cases also increased. We, at ETBFSI, spent enough time and efforts covering developments in the financial world and tried our best not to just update but to also give you a perspective.
Bengaluru and San Francisco-based customer engagement platform MoEngage has launched 'MoEngage for Financial Services' for agile and secure digitization.
Here are the top 5 stories that ETBFSI has published in each segment. Have a look:
The NIM trajectory is expected to remain stressed and moderate even further in coming quarters as competition would also cap the interest rates charged at a certain level.
LIC reported higher APE growth, compared to private players leading to an increase in market share which is likely to reduce as the growth of private players picks up going ahead.
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