Latest news with #Re-KYC
Time of India
6 days ago
- Business
- Time of India
PSBs explore joint ventures after success of common auction portal
State-run banks are examining the feasibility of setting up more joint ventures among themselves for business and operational efficiency, encouraged by the success of the common property listing and e-auction portal through which more than 100,000 seized properties have been auctioned in the past 11 months. A four-member committee comprising senior executives from public sector banks (PSBs), including Bank of India , Union Bank and Central Bank of India, has been set up to look at the capital requirement for these joint ventures, said two bank executives aware of the development. The panel was set up in June. These initiatives are a part of state-run banks' 'Enhanced Access & Service Excellence (EASE)' reforms agenda. "The committee will also look at specific approaches such as the Re-KYC project (for periodic and re-verification of customer information) developed by Bank of Maharashtra and examine the feasibility of scaling such initiatives and pursuing them through joint ventures," said one of the executives. Another bank executive said some of the collaborative initiatives, including a common collection firm to recover retail and MSME loans below ₹5 crore, are already being worked out. "While some of these will be pursued through PSB Alliance , we can also look at setting up other ventures, depending on the requirement," he said. Doorstep banking and a cloud infrastructure for PSBs are also being pursued, he added. The Bank Asset Auction Network (BAANKNET), through which properties are auctioned, is powered by PSB Alliance, which is set up by all PSBs to offer customer-oriented services jointly. After a review meeting of PSBs in June 2025, finance minister Nirmala Sitharaman had asked banks to proactively identify emerging commercial growth areas for the next decade and deepen corporate lending in productive sectors with a strong focus on maintaining robust underwriting and risk-management standards. Earlier this month, Indian Banks' Association (IBA) chief executive Atul Goel said that through Ease 7.0 in FY24-25, PSBs had accelerated generative artificial intelligence readiness and implemented pilot use cases, strengthened data governance and analytics, adopted cloud for scalable operations, and enabled digital operating models for cost efficiency and quality. As per an IBA report, under EASErise, the reform agenda for FY26, banks' core focus will be on fortifying the risk-management systems of PSBs, enhancing their capacity to absorb economic shocks and upholding financial stability.
Mint
7 days ago
- Business
- Mint
IOB must have a vision for 2047 aligning with Indias growth aspirations, says official
PTI Updated 12 Jul 2025, 05:59 PM IST Chennai, Jul 12 (PTI) Public sector Indian Overseas Bank must have a Vision for 2047 aligning with India's growth aspirations, M Nagaraju, Secretary, Department of Financial Services, Union Ministry of Finance, said. He urged the city-headquartered bank to continue serving the evolving needs of its customers with 'innovation and integrity.' Launching some of the key banking services at an event on Friday evening in the presence of the bank's Managing Director and CEO Ajay Kumar Srivastava, Nagaraju said the introduction of WhatsApp based banking services and Re-KYC (Know Your Customer) through Banking Correspondents would enhance customer service and overall performance of the bank. "The Bank must have a vision for 2047, aligned with India's growth aspirations, to continue serving the evolving needs of its customers with innovation and integrity," he was quoted as saying in a press release on Saturday. The other key initiatives launched by Nagaraju were the QR-based Real-Time Customer Feedback System, which is monitored centrally at the Customer Service Department of the Central Office of the bank. It is a seamless and accessible platform for customers to instantly share their service experience. Senior officials are alerted in real-time to enable swift corrective action, the bank said. Positive feedback is also used to recognise and motivate employees who deliver exemplary services. The WhatsApp-based banking services allow customers to check balances, obtain mini-statements and also locate branches of the bank. This service is available in regional languages, thereby promoting financial inclusion among rural and non-English speaking populations. Indian Overseas Bank continues to strengthen its digital footprint with a customer-first approach, contributing actively to the Government of India's vision of a digitally empowered economy, the bank said.
