The bank offers a comprehensive range of banking products and services, including retail banking, corporate banking, treasury, and wealth management. It caters to individuals, businesses, and institutions, offering deposit accounts, loans, credit cards, and investment products. Indian Bank has been focusing on leveraging technology to enhance its digital banking services, offering mobile banking, internet banking, and other digital platforms.
Indian Bank’s strengths include its extensive network, strong brand recognition, and experience in serving a wide range of customers. As a public sector bank, it also benefits from government support. However, like other banks, it faces challenges such as managing non-performing assets (NPAs), competition from private sector banks, and adapting to the evolving financial landscape.
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Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
A boost to the masses, four major government-backed banks slash interest rates, bringing welcome respite to the common folk.
The Reserve Bank of India (RBI) has cut interest rates for the second consecutive time, and as a result, four government banks have reduced their interest rates. The affected banks include Punjab National Bank, Bank of India, Indian Bank, and UCO Bank. This decision will benefit both existing and new borrowers, providing relief to the common man.
Bank of India has reduced its repo-linked benchmark lending rate (RBLR) from 9.10% to 8.85%, effective from April 9. Indian Bank has cut its RBLR by 35 basis points to 8.70%, effective from April 11. Punjab National Bank has revised its RBLR from 9.10% to 8.85%, effective from April 10. UCO Bank has reduced its lending rate to 8.8%, effective from April 10.
The RBI’s decision has a direct impact on interest rates for all types of loans, including home loans, car loans, and personal loans. The central bank has changed its monetary policy stance from “neutral” to “accommodative”, indicating that it may continue to maintain a soft stance in the coming times. This decision is expected to provide relief to the common man, making it easier for them to borrow money.
The RBI has also lowered its GDP growth forecast for FY26 by 20 basis points to 6.5%. The growth forecast for the first quarter of FY26 is 6.5%, 6.7% for the second quarter, 6.6% for the third quarter, and 6.3% for the fourth quarter.
This reduction in interest rates is a positive development for the economy, as it will make borrowing cheaper and stimulate economic growth. The four government banks that have reduced their interest rates are expected to pass on these benefits to their customers, making it easier for them to borrow money and invest in the economy. Overall, this decision is expected to have a positive impact on the economy, providing relief to borrowers and stimulating economic growth.
Bank of Baroda, Indian Bank, and PNB Cut Loan Interest Rates in Response to RBI’s Repo Rate Reduction
The Reserve Bank of India (RBI) recently cut the repo rate, leading to expectations of cheaper loans for account holders. Now, three major government banks – Bank of Baroda, Indian Bank, and Punjab National Bank – have announced a reduction in interest rates on their loans. These measures aim to provide relief to common customers by making loans cheaper and decreasing the burden of Equated Monthly Installments (EMIs).
Indian Bank, based in Chennai, has cut its repo benchmark rate and repo-linked benchmark lending rate from April 11, 2025. The repo benchmark rate has been reduced from 6.25% to 6.00%, while the repo-linked benchmark lending rate has come down from 8.70% to 8.40%. The bank’s decision aligns with RBI’s policy of providing loans at affordable interest rates. Punjab National Bank, the country’s second-largest bank, has reduced its repo-linked lending rate by 25 basis points from 9.10% to 8.85%. Bank of Baroda has also cut its interest rate on loans by 0.25% to provide convenience to customers.
These interest rate reductions will primarily benefit customers whose loans are linked to the RBI’s repo rate. Home loan, personal loan, and auto loan holders can expect significant relief as a result of the RBI’s order. Other banks may follow suit, further decreasing loan rates and making loans even cheaper for consumers.
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NCLAT Gives Green Light for Banks to Pursue Legal Action Against Former IL&FS Directors
The National Company Law Appellate Tribunal (NCLAT) has passed an order allowing state-owned Canara Bank and Indian Bank to proceed with declaring former directors of Infrastructure Leasing & Financial Services (IL&FS) as willful defaulters, but only if they are not part of the new board. The tribunal granted leave to the banks to make an application against the former directors who were not part of the new board, which was constituted by the government in October 2018.
The NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, said that the protection extended to the former directors would not extend to those who are part of the new board. The tribunal also protected Professional Directors who were reappointed in IL&FS and its subsidiaries after October 1, 2018.
The crisis in IL&FS was triggered by a massive debt of Rs90,000 crore, which sent shockwaves through the financial sector of the country. The government had appointed a new board of IL&FS in October 2018, and NCLAT had passed an interim stay on certain actions by creditors and other parties against IL&FS and its group companies.
IL&FS had argued that in view of the stay order, all directors, including the erstwhile ones, were protected from legal proceedings. However, the banks emphasized that only show-cause notices were issued to the erstwhile directors, and the process needs to be completed as per the RBI circular.
The NCLAT order allows the banks to pursue proceedings against the former directors who are not part of the new board, but protects those who are part of the new board and have been reappointed as Professional Directors. The order is seen as a significant development in the IL&FS saga, which has been marked by controversy and legal wrangles.
Bank of Baroda responds to RBI rate cut by slashing lending rates for retail borrowers, a boon for individuals seeking loans
The Bank of Baroda (BoB) has announced that it will pass on the benefits of the recent RBI rate cut to its customers immediately. Following the RBI’s decision to reduce the repo rate by 25 basis points, several public sector banks, including Punjab National Bank, Bank of India, Indian Bank, and UCO Bank, have already cut their lending rates by up to 35 basis points. BoB has now also reduced its external benchmark-linked lending rates for retail and MSME customers.
The new rates will be effective immediately, and existing customers will also benefit from the rate cut. The bank’s Overnight Marginal Cost of Funds-Based Lending Rate (MCLR) stands at 8.15%, and its one-year MCLR is 9%. This puts BoB among the most competitive banks in the industry.
The rate cut by the Reserve Bank of India was the second consecutive reduction, following the 25 basis point cut in February. Loan borrowers from other banks are now hoping that their loan interest rates will also come down, totaling a 50 bps reduction.
According to the bank, this move reaffirms its commitment to providing credit at affordable rates and supporting economic growth and financial inclusion. The rate cut is expected to benefit individuals and businesses, especially those belonging to the retail and MSME segments. However, it is not clear whether other banks will follow suit, but the move by BoB is a positive development for Consumers.
Four PSU banks slash loans rates in tandem with RBI’s rate decision, with others expected to follow suit.
In response to the Reserve Bank of India’s (RBI) decision to reduce its short-term lending rate (repo rate) on Wednesday, four public sector banks have announced a reduction in their lending rates. Punjab National Bank (PNB), Bank of India, Indian Bank, and UCO Bank have all reduced their repo-linked benchmark lending rates (RBLR) by up to 35 basis points.
According to regulatory filings, Indian Bank’s RBLR will be lowered to 8.70 per cent effective April 11, while PNB’s RBLR will be reduced to 8.85 per cent effective April 10. Bank of India’s new RBLR stands at 8.85 per cent, effective from Wednesday. UCO Bank has brought down its repo-linked rate to 8.8 per cent, effective Thursday.
These rate reductions are expected to benefit both existing and new borrowers, as they will pay lower interest rates on their loans. Other banks are also likely to follow suit and announce similar rate reductions in the coming days.
The RBI’s decision to reduce the repo rate was seen as a move to boost economic growth, and the reduction in lending rates by these public sector banks is expected to have a positive impact on the overall economy. With borrowers paying lower interest rates on their loans, they will have more disposable income and may be more likely to make big-ticket purchases or invest in other financial assets, which can help stimulate economic growth.
Overall, the reduction in lending rates by these public sector banks is a positive development for borrowers and the economy as a whole. It is a step towards making credit more affordable and accessible, which can help drive economic growth and development.
NCLAT permits banks to take action against former IL&FS directors
The National Company Law Appellate Tribunal (NCLAT) has ruled that state-owned Canara Bank and Indian Bank can pursue legal proceedings against former IL&FS directors who are not part of the new board to declare them as wilful defaulters. However, the tribunal has granted protection to those directors who are part of the new board of IL&FS and its subsidiaries after October 1, 2018. This means that any former directors who are no longer affiliated with IL&FS in any capacity will be subject to legal action, while those who have been reappointed to the board of IL&FS or its subsidiaries will be shielded from such action.
The tribunal’s decision is a significant development in the ongoing saga surrounding IL&FS, which is currently undergoing a debt resolution process. The company’s financial troubles were caused in part by the actions of its erstwhile directors, who were accused of making reckless decisions that led to the company’s downfall. The banks had been seeking to declare these directors as wilful defaulters in order to recover their outstanding dues.
The NCLAT’s ruling is seen as a victory for the banks, which can now move forward with their efforts to recover their debts. The tribunal’s decision to grant protection to the new board members, however, is also seen as a positive development, as it will help to ensure that the company can move forward with a stable and effective leadership. The ruling is also expected to send a strong message to other companies and their directors, who are expected to be held accountable for their actions.
Overall, the NCLAT’s decision is a significant step forward in the debt resolution process and is likely to have important implications for IL&FS and its stakeholders. The company’s future direction and prospects will now depend on the actions of its new board and the success of its debt resolution plans.
NCLAT permits Canara Bank and Indian Bank to take legal recourse against former IL&FS directors, as reported by ET Infra
The National Company Law Appellate Tribunal (NCLAT) has ruled that state-owned Canara Bank and Indian Bank can pursue proceedings against former directors of Infrastructure Leasing & Financial Services (IL&FS) who are not part of the new board to declare them as wilful defaulters. However, those directors who are part of the new board of IL&FS and its subsidiaries after October 1, 2018, will remain protected.
The NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, allowed the banks to make an application for proceeding against the former directors. The tribunal also granted protection to professional directors who were reappointed to the board of IL&FS and its subsidiaries after October 1, 2018.
The government had appointed a new board of IL&FS in October 2018 after a debt crisis, which sent shockwaves through the financial sector. NCLAT had also granted an interim stay on certain actions by creditors and other parties against IL&FS and its group companies.
IL&FS had argued that the directors are protected under the NCLAT order dated October 15, 2018, which restrained all persons from taking any coercive action against IL&FS and its group entities. However, the banks argued that the show cause notices were issued only to erstwhile directors of the companies, and the process needs to be completed as per the RBI circular.
The NCLAT ruling comes as a major relief to Canara Bank and Indian Bank, which will now be able to pursue proceedings against the former directors to declare them as wilful defaulters. The ruling is also a setback for the former directors, who will not be able to escape accountability for their actions.
Ashok Leyland Partners with Indian Bank to Seize the Market with Channel Finance Deal for Medium and Heavy Commercial Vehicle Dealers
Ashok Leyland, a leading commercial vehicle manufacturer in India, has signed a Memorandum of Understanding (MoU) with Indian Bank to provide financing solutions for its Medium and Heavy Commercial Vehicle (M&HCV) dealers. The partnership aims to deliver tailored financial solutions to support Ashok Leyland’s dealer network, enhancing dealer liquidity through faster credit approvals and competitive interest rates.
Under the agreement, Indian Bank will provide financial solutions to Ashok Leyland’s M&HCV dealers to address their working capital needs. The collaboration will enable dealers to access customized financing solutions designed to meet their unique requirements. The partnership is expected to simplify access to financial solutions for Ashok Leyland’s dealers, empowering them to manage working capital more efficiently and enhance business operations.
Ashok Leyland’s Chief Financial Officer, Balaji K M, said that the partnership will strengthen the company’s market position and deliver exceptional experiences to their customers. National Sales Head – MHCV, Madhavi Deshmukh, added that the collaboration will provide exceptional financing solutions to their valued dealers, extending their market reach and reinforcing their commitment to innovation and partner success.
Indian Bank’s Executive Director, Ashutosh Choudhury, emphasized that the bank is pleased to partner with Ashok Leyland to provide their dealers with seamless and tailored financing solutions. He further stated that the partnership reaffirms the bank’s commitment to supporting the diverse financial requirements of businesses in the commercial vehicle sector.
The partnership is expected to benefit Ashok Leyland’s dealers by providing them with access to financial solutions that are designed to meet their unique requirements. It will also enable the company to scale its operations and drive business growth by simplifying access to financing solutions for its dealers.
Electricity consumers can now transfer their security deposits to prominent public sector banks, offering a convenient and secure alternative.
The Electricity Department of the Andaman and Nicobar Islands has announced that consumers can now transfer their electricity security deposits from the Andaman and Nicobar State Cooperative Bank (ANSCB) to any of the solvent Public Sector Banks operating in the Islands. This move has been approved by the competent authority and applies to all consumers of the department.
The list of eligible banks includes several major public sector banks such as State Bank of India, Canara Bank, Indian Bank, and others. Consumers are required to deposit the revised security amount with one of these banks either in the form of a bank guarantee or by providing a lien against a fixed deposit.
The revised security deposit amount will be equivalent to twice the average of the actual bills paid by the consumer during the previous financial year. This amount will be reviewed annually by the Electricity Department, as per Section 5.136 of the Joint Electricity Regulatory Commission (JERC) Regulations, 2018.
Once the new security deposit arrangement is established and necessary documentation is submitted, consumers can request the release of their existing security deposit held with ANSCB. The Department will forward these requests to ANSCB, which will then return the deposit amount along with accrued interest directly to the consumers.
This development is expected to provide more flexibility and convenience to consumers in managing their electricity bills and security deposits. It also aims to ensure that consumers are not penalized for fluctuations in their electricity consumption patterns. By allowing consumers to transfer their security deposits to other banks, the Electricity Department is providing an additional option for managing their financial obligations.
South Indian Bank posts 10% increase in advances and 5.5% rise in deposits, signaling a robust growth performance.
South Indian Bank reported a 10% growth in gross advances, standing at Rs 88,447 crore at the end of FY25. In contrast, the bank’s deposits grew at a slower pace of 5.5%, reaching Rs 1.08 lakh crore. The bank’s current and savings account (CASA) deposits to total deposits ratio declined marginally to 31.37% from 32.8% a year ago, although it improved from 31.15% in December 2024.
The bank made a conscious decision to allow some of its bulk deposits to mature, a move that tends to be more costly. According to Managing Director PR Seshadri, “We consciously allowed some of our wealth deposits to get paid off because they tend to be (raised at) higher cost.”
This strategy is likely aimed at reducing the bank’s dependency on expensive deposits and increasing its profitability. By shifting its focus to retail banking and CASA deposits, South Indian Bank can potentially lower its funding costs and improve its bottom line.
The bank’s decision to taper its bulk deposits is a trend expected to continue in the Indian banking sector. With the Reserve Bank of India expected to tighten monetary policy and reduce liquidity, banks may need to reassess their deposit strategies to maintain profitability.
South Indian Bank’s performance highlights the challenges faced by the Indian banking sector, particularly in managing deposit growth and maintaining profitability. As the sector navigates these challenges, banks like South Indian Bank will need to adopt innovative strategies to stay competitive and profitable amidst a rapidly evolving market.
Indian Bank Names Venkatachalam Anand as Chief Officer for Vigilance
Shri Venkatachalam Anand has been appointed as the new Chief Vigilance Officer (CVO) of Indian Bank, effective April 1, 2025. Anand, who previously held the position of CVO at UCO Bank, will take over from Shri Vishesh Kumar Srivastava, who is being transferred to Bank of Baroda. Srivastava’s tenure as Indian Bank’s CVO came to an end on April 1, 2025.
Shri Venkatachalam Anand has over three decades of experience in the banking sector. He joined Bank of India (BOI) in 2000 as a Senior Manager (Law) and has since worked in various roles, including as Assistant General Manager and Zonal Manager. His expertise lies in law, recovery, and asset management, as well as retail business.
As CVO, Shri Anand will be responsible for ensuring the integrity and transparency of Indian Bank’s operations. His appointment comes at a time when the bank is undergoing significant changes, including a shift towards digital banking and increased focus on customer service.
Shri Anand’s tenure at UCO Bank has been marked by significant achievements, including improving the bank’s recovery rates and enhancing its risk management strategy. His experience and expertise will undoubtedly be valuable in his new role as CVO of Indian Bank.
Empowering women requires financial independence, says Nara Bhuvaneshwari
Nara Bhuvaneshwari, the managing trustee of NTR Trust and wife of Chief Minister N. Chandrababu Naidu, inaugurated a micro-finance center of the Indian Bank in Kuppam, Chittoor district, as part of a joint initiative with the District Rural Development Agency (DRDA) and Mission for Elimination of Poverty in Municipal Areas (MEPMA).
Speaking at the event, Bhuvaneshwari emphasized the importance of financial independence in achieving women empowerment. She encouraged women to avail bank loans to optimize their entrepreneurial potential and become progressive entrepreneurs. She also highlighted the various government schemes aimed at providing loans to women, enabling them to enhance their living conditions and lifestyles.
The micro-finance center in Kuppam will provide financial services to women self-help groups (SHGs), enabling them to access credit facilities, upgrade their lifestyles, and grow their businesses. Bhuvaneshwari stressed the need for women to be cautious of cyber frauds and to prioritize leveraging banking facilities, savings, and financial security.
The event also saw the launch of the distribution of ₹30 crore to 160 SHGs through MEPMA and DRDA, and the allocation of ₹330 crores in loans through the Indian Bank. Zonal officials of the bank briefly explained the various financial schemes available to women groups, including Mudra loans, Lakhpati Didi loans, and gold-backed loans.
The event aimed to promote financial empowerment and entrepreneurship among women, highlighting the role of financial institutions and government initiatives in supporting their economic development.
A leading Indian financial institution is on the hunt for a fintech acquisition, reflecting its commitment to stay ahead of the curve in the rapidly evolving digital landscape.
A major Indian bank is reportedly on the hunt for a fintech acquihire, with sources indicating that the bank has already initiated talks with several promising fintech startups. The move is seen as a strategic play to turbocharge the bank’s digital transformation and stay ahead of the competition in the rapidly evolving fintech landscape.
The bank, which is one of the largest in India, is understood to be eyeing startups that have a strong technological edge and innovative solutions in areas such as payments, lending, wealth management, and digital banking. The bank believes that acqui-hiring these startups can help it to gain access to cutting-edge technology, skilled talent, and new revenue streams.
The bank’s fintech acquihire strategy is seen as a significant departure from traditional bank mergers and acquisitions, where the focus is on acquiring assets rather than talent. By aquihiring fintech startups, the bank can tap into the innovative capabilities and entrepreneurial spirit of the founders, while also gaining a foothold in emerging markets.
The move is also seen as a response to the need for banks to adapt to the changing fintech landscape. With the rise of digital payment platforms, mobile wallets, and online lending, traditional banks are under pressure to stay relevant and offer seamlessly integrated digital services to their customers. By acqui-hiring fintech startups, banks can leverage their expertise and technology to provide a more integrated and customer-centric experience.
The bank has already identified a shortlist of potential target companies and is in advanced stages of talks with several of them. Industry insiders suggest that the bank is looking for startups with a strong track record of innovation, scalability, and potential for growth, with a focus on B2B and B2C fintech solutions.
The acquihire is likely to be a strategic play, with the bank looking to integrate the fintech startup’s technology and talent into its own organization, rather than simply exiting the investment. The move is seen as a potential game-changer for the bank, allowing it to stay at the forefront of the fintech revolution and remain competitive in a rapidly changing market.
South Indian Bank Celebrates Women’s Empowerment with the Launch of ‘Women Like You’ Book – A BW Businessworld Initiative
South Indian Bank, a leading private sector bank in India, marked International Women’s Day by launching a book titled “Women Like You” aimed at encouraging and empowering women in the corporate world. The book is a collection of inspiring stories of women who have made a mark in their respective fields, including business, sports, and social service.
The book was launched at a ceremony held at The Leela, Mumbai, which was attended by various dignitaries, including senior officials of the bank, authors, and guests. The event featured a panel discussion on “Elevating Women in the Workplace” which was moderated by renowned author and journalist, Barkha Dutt.
The “Women Like You” book is a result of a year-long initiative by South Indian Bank to recognize and celebrate the achievements of women who have made a significant impact in their professions. The book features stories of 20 women who have overcome challenges and achieved success in their respective fields, including business, sports, and social service.
Speaking on the occasion, D. R. Seth, MD & CEO of South Indian Bank, said, “We are proud to launch ‘Women Like You’ book, which is a testament to the incredible achievements of women in various fields. At South Indian Bank, we believe in promoting a gender-neutral work culture and empowering women to reach their full potential. This initiative is a step towards that vision.”
The book is a testament to the bank’s commitment to promoting diversity and inclusion in the workplace. It is available on all popular e-book platforms and will be distributed widely across the country.
The book launch event was also supported by partners like KAYA, a leading international content platform, and IIM Ahmedabad, one of the top-ranked business schools in India.
South Indian Bank has taken several initiatives to empower women, including offering specific services and products designed for women customers, women-friendly branches and ATMs, and training programs for women employees. The bank also provides special offers and discounts to women customers, including a special loan program for women entrepreneurs.
Overall, the “Women Like You” book launch is a significant step towards promoting women empowerment and celebrating their achievements in various spheres of life.
ED seizes Rs 5.17 crore worth of assets of GDS Builders, handsover to Indian Bank in a major crackdown
The Directorate of Enforcement (ED) in Bhubaneswar has made a significant move towards financial restitution by returning six properties worth ₹5.17 crore to Indian Bank. The properties had been attached by the ED as part of an investigation into a case of criminal conspiracy, cheating, and financial fraud involving M/s GDS Builders & Others. The case originated from a complaint filed by Indian Bank against M/s GDS Builders & Others, alleging that the company had availed of credit facilities from the bank but defaulted on repayment, resulting in the loan being classified as a Non-Performing Asset (NPA).
The ED initiated its investigation based on a First Information Report (FIR) filed by the Central Bureau of Investigation’s (CBI) Anti-Corruption Branch (ACB) in Bhubaneswar. The ED attached multiple properties, including the six assets now being returned to Indian Bank. The ED has also filed a Prosecution Complaint against M/s GDS Builders & Others in the Special Court in Bhubaneswar, which has taken cognizance of the case. The restitution process is in line with a Special Court order directing the return of assets to Indian Bank. The move is part of the ED’s efforts to recover and return proceeds of crime to legitimate claimants. The investigation is ongoing, and additional properties may still be attached and returned to their rightful owners. This successful restitution is a significant step towards ensuring that perpetrators of financial fraud are held accountable and that victims receive their rightful compensation.
On International Women’s Day, South Indian Bank Honors Inspiring Women Leaders with the launch of ‘Women Like You’, a Heartwarming Coffee Table Book
On International Women’s Day, South Indian Bank launched a special coffee table book, “Women Like You”, which chronicles the inspirational stories of 52 remarkable women from various fields. The book was unveiled by Ms. Lakshmi Ramakrishna Srinivas, Director of South Indian Bank, at a grand event in Bengaluru, attended by distinguished guests, industry leaders, and women customers.
The book features stories of ordinary women who have overcome challenges with strength and resilience, achieving lasting success. The evening’s celebration honored women achievers who have broken barriers and paved their own paths to success, serving as a testament to the fact that every successful woman has a story worth reading and emulating.
The event was headlined by international para-athlete and Padma Shri and Arjuna awardee Dr. Malathi Holla, who shared her inspiring journey in the session “Wings to Fly – An Inspiring Journey”. The evening also featured a panel discussion on “The Art of Balance” moderated by sports and celebrity anchor Madhu Mailankody, which brought together a panel of women achievers to discuss strategies for achieving personal and professional fulfillment.
The panellists included Sreedevi Ragavan, Founder of Tattvamassi and Board of Governors of IIM Kozhikode, Rasika Iyer, Co-founder and CMO of Tata Soulfull, Priya Sunder, Co-founder and Director of Peak Alpha Investments, and Simi Sabhaney, Chief Growth Officer of Dentsu India.
The celebration concluded with a mesmerizing performance by Saxophone Subbalaxmi, the first female saxophonist to hold a world record for playing the instrument for the longest duration. The event reaffirmed the bank’s commitment to empowering women by recognizing their achievements and strengthening its engagement with customers and the community.
Indian Consumers Urge Banks to Reinforce Their Anti-Fraud Defenses to Ensure a Safer Banking Experience
A recent survey conducted by FICO, a leading provider of analytics technology, found that two-thirds of Indian bank customers expect banks to compensate them if they fall victim to scams. The survey, which included 11,000 consumers across 14 countries, including India, highlights the need for improved fraud prevention measures in the banking industry.
According to the survey, 57% of respondents believe that banks should improve their fraud detection systems, while 50% think that more warnings are necessary to prevent scams. Despite this, a majority of consumers (87%) report being satisfied with the way their banks handle scam resolution processes.
FICO’s Managing Director in Asia, Dattu Kompella, emphasized the importance of improving scam management, warning that consumer dissatisfaction with fraud handling could result in significant financial and reputational damage to banks. He noted that many consumers are willing to lodge complaints, escalate issues to regulators, or even switch banks if banks fail to effectively handle fraud cases.
The survey’s findings underscore the growing need for banks to prioritize fraud prevention and detection, as well as effective customer support and resolution mechanisms. By improving these measures, banks can not only maintain customer trust and satisfaction but also reduce the risk of financial and reputational losses. Ultimately, the survey’s results serve as a wake-up call for the banking industry to take concrete steps to address the growing concerns of consumers and ensure that they are adequately protected from fraud.