India

‘Social Pay’ will be available on the banking app Money2India.

They perform money transfer, deposits, and withdrawals largely for the low-income segment.

Most relevant documents on LoUs have not yet been recovered which may push the fraud value higher.

Nearly 9 in 10 consumers have a mobile wallet to pay for utilities, transport, and movies.

Nearly 70 more banks are under review.

Banking is considered by most as the business of money. However, talk to a banking veteran and he or she will categorically instruct you that banking is a business of customers. This realisation is what ensured that customer centricity is an important value adopted by banks; and it has stood us in good stead. It then follows, that if we are in the business of customer, then our business is shaped by evolving changes in customer behaviour.

Consumers are increasingly using e-wallets for their daily transactions like food and transport.

Google is now head to head with Axis Bank in digital transactions.

It involves consumer centricity and building alliances at the core of their strategy.

This amplifies concerns about underreporting and distress in the financial sector.

Their transparency compliance came close to perfect at 99% in 2017.

Loan growth is gaining momentum and credit costs are normalising.

Thanks to economic management by the government.

The government will infuse $14b into 21 public sector banks by March.

In return, the banks must implement reforms to boost lending and solve bad debt.

This alarms the bank even as credit has grown from a three-decade low.