Latest news with #DigitalPaymentsAwards
Time of India
04-07-2025
- Business
- Time of India
City Union Bank receives digital payments award from the Union Finance Minister
On 18th June, Dr Managing Director and Chief Executive Officer of City Union Bank received the Digital Payments Award from the Union Finance Minister, Nirmala Sitharaman. The award was conferred in the ceremony held at Plenary Hall, Vigyan Bhawan, New Delhi. CUB has received the award for the second position among private sector banks. The Department of Financial Services, Ministry of Finance organised the 'Digital Payments Awards, to acknowledge the innovative and exemplary works done by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners of Digital Payments Awards, for the overall digital payment's performance during FY 2024-25. City Union Bank Ltd., the oldest Private Sector Bank in India, was founded in 1904 and is headquartered at Kumbakonam, Tamil Nadu, India. The Bank has completed 120 years of Service to the nation. It has 880 branches and 1767 ATMs spread across the country. The Bank has been earning net profit and paying dividends to shareholders every year. The Bank has total business of Rs 116,592 Cr as on 31.03.2025. The net profit of the bank for the financial year 2024-25 is Rs 1,124 Cr. CUB has been a pioneer in providing advanced technology solutions to meet evolving needs of its diverse customer base. Tap, pay & go payments through Key chain and fitness watch, voice based authentication for logging into Mobile banking, Multilingual Voice Chatbot in regional languages, Voice based UPI123 pay, end to end digital loan processing and Nap ID fraud filter layer are the latest innovations in this direction. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Wire
25-06-2025
- Business
- The Wire
IndusInd Bank Honoured for Outstanding Performance in Digital Payments by the Department of Financial Services, Ministry of Finance
• The award was presented at the Digital Payments Awards ceremony held at Vigyan Bhavan, New Delhi on June 18, 2025, and graced by Hon'ble Union Minister of Finance Smt. Nirmala Sitharaman among other dignitaries MUMBAI, India, June 23, 2025 /PRNewswire/ -- IndusInd Bank announced that it has received the Digital Payments Award 2023-24 from the Department of Financial Services (DFS), Ministry of Finance - Government of India. The Bank earned this recognition by securing third position among private sector banks for delivering outstanding performance in digital payments during the financial year 2023–24. The award ceremony, which took place on June 18, 2025, at Vigyan Bhavan, New Delhi, was graced by the Union Minister of Finance Smt. Nirmala Sitharaman as the Chief Guest, and Shri Pankaj Choudhary, Minister of State for Finance as the Guest of Honour, among other dignitaries. This award stands as a testament to IndusInd Bank's unwavering commitment towards advancing its digital capabilities and delivering a secure, scalable and innovative digital payment solutions that empower millions across the country. As per the official scorecard released by the Department of Financial Services, the Bank achieved 120% of its digital transaction target in FY23-24 - highest among all private sector banks in India. The award was presented to IndusInd Bank - Mr. Ritesh Raj Saxena, Head of Direct Banking and Mr. Dev Ratan Suri, Head - SDG (Payments, Cards and Govt Business) by Shri M. Nagaraju, Secretary, Department of Financial Services and Dr. Abhijit Phukon, Economic Advisor, DFS, at the Digital Payments Award ceremony. Speaking on this achievement, Mr. Soumitra Sen – Head of Consumer Banking & Marketing, IndusInd Bank, said, "We are honoured and grateful to the Department of Financial Services, Ministry of Finance, for conferring us with this award and recognizing IndusInd Bank's efforts in driving digital adoption across the country. This recognition reinforces our resolve to continuously innovate and offer our customers intuitive, secure, and personalised banking experiences through our differentiated platforms, such as INDIE. We remain committed to supporting India's digital journey and making banking accessible and effortless for every segment of society." IndusInd Bank, under its Digital 2.0 strategy, continues to deliver seamless, inclusive, and innovation-led financial experiences. Our flagship app, INDIE, highly rated financial app on the App Store is redefining retail banking with 1.6 million active users. The bank's digital credit platform processed 1.2 million applications monthly through fully digital journeys. With an overall digital transaction mix at 93% (as of March 31, 2025), IndusInd Bank remains at the forefront of India's digital payments space. About IndusInd Bank: IndusInd Bank Limited has been redefining banking for the past 30 years and has been a force for progression and innovation, offering an elevated banking experience for its diverse range of stakeholders, including government entities, PSUs, retail customers, and large corporations. The Bank's product offerings include microfinance, personal loans, debit/credit cards, SME loans, advanced digital banking facilities, affluent and NRI banking services, vehicle financing, and innovative ESG-linked financial products. The Bank also caters to the growing Indian diaspora with representative offices in London, Dubai, and Abu Dhabi. As of March 31, 2025, IndusInd Bank serves approximately 41 million customers through 3,081 branches/banking outlets and 3,027 ATMs, reaching 1,62,000 lacs villages across India. IndusInd Bank leverages technology through its 'Digital 2.0' strategy, ensuring multi-channel delivery and a robust digital infrastructure. In each of its unique offerings that include 'INDIE' – the one-stop-shop for all things digital banking; innovation and customer centricity remain at the core. IndusInd Bank holds clearing bank status for major stock exchanges BSE and NSE, settlement bank status for NCDEX, and is an empanelled banker for MCX. RATINGS Domestic Ratings: • CARE A1 for Certificate of Deposits • CRISIL A1 for certificate of deposit program / short term FD programme • CRISIL AA for Infrastructure Bonds program/Tier 2 Bonds • IND AA for Issuer Rating by India Ratings and Research • IND AA for Senior bonds program/Tier 2 Bonds by India Ratings and Research International Rating: • Ba1 for Senior Unsecured MTN programme by Moody's Investors Service Visit us at Twitter: @MyIndusIndBank Facebook: Linkedin: Instagram: indusind_bank (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).
The Hindu
19-06-2025
- Business
- The Hindu
City Union Bank gets Digital Payments Award
City Union Bank (CUB) MD and CEO N. Kamakodi received the Digital Payments Award from Union Finance Minister Nirmala Sitharaman at an event held in New Delhi. The Department of Financial Services, Ministry of Finance, organised the 'Digital Payments Awards to acknowledge the innovative and exemplary works undertaken by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners for overall digital payment performance during the financial year 2024-25.
Indian Express
18-06-2025
- Business
- Indian Express
Fintechs should see agri, rural areas as new markets, not just social responsibility: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman has called on India's fintech companies to view the country's agriculture sector and rural areas as more than just a social responsibility, saying they were an opportunity to 'create new markets'. 'Agriculture and rural areas need more innovations so that farmers will have to be connected to the markets better. Every fintech firm should view rural India as a fertile ground not just as a social responsibility but as an opportunity to create new markets. And you'll know from the Fast Moving Consumer Goods (FMCG) companies that in the rural area today demand is reviving and sustaining itself and it is there that we need to have greater participation from our side,' the Finance Minister said on Wednesday at the Digital Payments Awards 2025, hosted by the Ministry of Finance's Department of Financial Services. Sitharaman also said fintechs should participate more when it comes to providing credit to Micro, Small, and Medium Enterprises (MSMEs). The Finance Minister said many other countries could only dream about the speed with which Indian companies were innovating in the digital payments space, with even several advanced countries not making progress at the same pace. 'There are several countries which appreciate and equally ask us if there can be an interaction which can be enabled,' Sitharaman said. A host of companies won at the Digital Payments Awards, including Punjab National Bank, Bank of Baroda, and UCO Bank in the public sector bank category and HDFC Bank, City Union Bank, and IDFC FIRST Bank among private banks. In the small finance and payments bank categories, Equitas Small Finance Bank and India Post Payments Bank were named winners. Among fintechs, Whatsapp Meta, Navi, and Mobikwik won joint first place in the third-party app providers category, while PhonePe, Paytm, and Google Pay were awarded the top three places in the offline digital payments acceptance infrastructure category. 'Push the boundaries' While lauding the 'light-touch regulation, heavy encouragement' approach, the Finance Minister said India still needs 'a bulk of its population' to benefit from financial inclusion. To become a developed country by 2047, Sitharaman called on those in attendance to 'push the boundaries'. 'You have set pioneering targets, achieved them. But now we need to take it further and set standards,' she said. Noting that the fintech adoption rate in India was 87 per cent as against 67 per cent globally, the Finance Minister said nearly Rs 44 lakh crore had been transferred through Direct Benefit Transfers (DBT) since 2014, resulting in savings of Rs 3.48 lakh crore. Going forward, the Finance Minister said financial inclusion should be advanced even further, with regional languages playing a bigger role, strengthened by voice-based services. Account aggregators, she added, could unlock new possibilities, with the number of entities on the account aggregator platform rising to nearly 700 as of March 2025 from 24 three years ago. Sitharaman also highlighted the need to improve literacy and cybersecurity, with solutions needed to ensure people don't fall prey to being 'digitally arrested' or that fly-by-night operators don't take away their money. 'We need a set of fintech companies which are constantly working on giving solutions for the newer challenges which are arising.' Speaking earlier at the awards, M Nagaraju, Secretary, Department of Financial Services, lauded the accomplishments of Unified Payments Interface as a mode of digital payment, saying its success had crossed borders as it was live in seven countries, namely Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE. Nagaraju echoed Sitharaman's priorities for the future, naming deepening digital payment adoption across sectors and geographies, strengthening cybersecurity and fraud prevention frameworks, promoting digital and financial literacy at the grassroot level, and 'ensuring that digital payments remain inclusive, secure, and citizen-centric'. Make for the world According to Sitharaman, India's fintech companies and their innovations have the potential to become global public goods that can benefit other emerging and developing economies, which would open new markets for Indian firms. 'Our players must aim to export our successful models abroad. We have the talent, we have the market scale, and we have also proven solutions. So fintech revolution in India will further flourish,' she said. Pointing out that India's fintech market is projected to grow to over $400 billion by 2028-29, Sitharaman said the scale of opportunity is immense and that the sector's 'best chapters are yet to be written'. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
