Digital Banking

Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank

Portal will offer services across all products, including trade & services, account services, payments, and collections and make banking seamless for clients

Ahead of the Union Budget, Rohit Arora, CEO and Co-Founder of Biz2X, has suggested the government needs to come out with a specialised SME digital bank to cater to the funding needs of small businesses. Finance Minister Nirmala Sitharaman will present the last full Budget before the 2024 general elections in the Lok Sabha on February 1, wherein she is expected to announce slew of measures to boost economic growth. Arora said that small and medium businesses perennially face credit shortage and it is time that the government should come out with a specialised bank to cater their requirements. "SME digital bank can provide a bouquet of services to MSMEs, such as business CASA accounts for transaction banking, invoice and payments processing, correspondent banking, SME credit and trade finance, and other business financial services," he said. Biz2X is a turnkey global SaaS platform that enables financial institutions to provide a customised online lending experience for their small an

India is making rapid strides in the area of digital banking, meeting the expectations of a digitally agile customer base in the information age

TMS Ep285: Helicopter tourism, poverty, markets, Digital Banking Units

How unregulated is helicopter tourism? Has India's battle against poverty done well in recent past? Which stocks are brokerages betting on for Samvat 2079? What are Digital Banking Units? Answers here

What are Digital Banking Units?

To ensure financial inclusion, banks are opening specialised branches to deliver digital banking products and services. These paperless branches are called digital banking units. Here's more

Karnataka, Tamil Nadu, Uttar Pradesh, Odisha and Rajasthan will get four DBUs each, followed by Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Sikkim and Telangana, with three DBUs each

The units will start will disbursing small ticket retail, MSME loans

The DBUs will help banks that are now looking to reduce their physical footprint with fewer brick-and-mortar branches, with a 'light' banking approach.

The DBU are being set up to ensure the benefits of digital banking reach the remotest of places

Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. Referring to the previous UPA regime, he said under 'phone banking', instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions. "The economy of any country is as progressive as its banking system is strong," the Prime Minister said after dedicating 75 Digital Banking Units (DBUs) to the nation via video-conference. Observing that the country has shifted from the pre-2014 'phone banking' system to digital banking in the last eight years, he said "as a result, India's economy is moving forward with a continuum." Modi said before 2014, the banks used to get phone calls to decide their functioning, and added "phone banking politics had made the banks unsafe and made the country's economy insecure by sowing the seeds of thousands of crores of scams." The ..

The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 DBUs to the nation

With an aim to promote financial inclusion, Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation.

With an objective to boost financial inclusion, Prime Minister Narendra Modi will launch 75 Digital Banking Units (DBUs) today via video conferencing.Union Finance Minister Nirmala Sitharaman in her budget speech for 2022-23 had announced the setting up of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country.The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories.Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.According to Prime Minister's Office (PMO), DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and ...

Prime Minister Narendra Modi will dedicate two digital banking units of Jammu and Kashmir Bank to the nation on Sunday via video conferencing, officials said. To deepen financial inclusion, the prime minister on Sunday will inaugurate 75 digital banking units (DBUs) of different banks across the country of which two are of Jammu and Kashmir Bank, they said. Modi will also address the nation on the occasion. Of the two, one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu. As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's Independence. The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour. DBUs will provide a variety of ..

PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers

Digital banking infrastructure provider Signzy on Monday said it has raised Rs 210 crore (about $26 million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures.

This is a transformational change, and the Bank will migrate to eBG to benefit all its customers, the bank said

Deputy Governor says guidelines issued on August 10 aim to curb exploitation of regulatory arbitrage

Digital banks are a threat, not so much to banks as to banking stability on account of the systemic risk they pose