Page 40 - BANKING FINANCE APRIL 2017

ARTICLE

on increasing trend towards banks and banks will be look- soon become redundant and "cheque" will "check out".
ing for scenarios, options and intelligence to drive more pro- Mobile will drive the retail banking business.
ductive businesses and relationships. Given the country's de-
In sum, in a volatile and uncertain world , customers need
mography, the bulk of customers in retail banking business
a sense of permanency and security and hence the oppor-
in coming years will be from among the upwardly mobile,
tunities for banks remain bright if they keep pace with the
tech savvy young.
dynamic environment ,adopt quickly to the emerging trends
in retail banking and adjust themselves to the digital
To win their attention and as also to improve operational
banking paradigm to offer the experience of "Lifestyle
efficiency, there will be a "big push" towards increased Banking" to the customers , by integrating the banking
digitization, installing state-of-the-art technology and inten-
services seamlessly in to customer's lives.
sification of digital banking features and usage, digital pay-
ments, usage of data and analytics to drive engagement and References
an improved customer experience, competitive disruption, 1) What, Why and How of Retail (Mass) Banking: Issues and
and increased branch/channel rationalization. Banks will also Challenges (Inaugural address by Dr. K. C. Chakrabarty,
recognize that technology only is not sufficient to singularly Deputy Governor, Reserve Bank of India at the Bank CEOs
drive revenue growth and real customer engagement . Roundtable organised by CAFRAL in Udaipur on October
2, 2013).
In today's retail banking world , growth , customer 2) CAFRAL - Mobile and Agency Banking Round Table - Oc-
loyalty,cost , disruptive new technologies and risk are chal- tober 17-18, 2014 Hyderabad, India.
lenges and banks will focus more on these challenges to 3) Top 10 Retail Banking Trends and predictions for 2015-The
manage simultaneously. Lastly ,Mobile banking will be the Financial Brand dated December 2015.
very face of banking in future .Mobile banking will outpace 4) Omni-Channel Banking , A win-win Proposition -Anjani
net banking because of the spread of smart phones and the Kumar , Infosys, 2014.
cheque book will not find too many fans . Cheque books may 5) RBI - Handbook of Statistics on Indian Economy.

Kangra Co-op Bank slashes interest rate
Kangra Cooperative Bank based in Delhi NCR has initiated fresh move slashed the rate of Interest on loan for a limited
period for about 40,000 members associated with the bank. Chairman Laxmi Das said, "Our objective is not to earn
profit but to work for the well-being of our members. Our announcement has received a good response". The Kangra
Cooperative Bank was established in 1972 and it has 40 thousand members. At present, the Bank has 9 branches and
is providing ATM facilities in five branches. The Bank also provides CBS, RTGS, NIFT services to depositors.

FinMin okays stock option for bank employees

The Finance Ministry has given its nod to allow public sector banks to offer stock options to their employees from this
fiscal - a move aimed at retaining experienced hands with better incentives. According to sources, Employee Stock
Option plans (ESOPs) could be given by those banks which have not only earned substantial profit but also made remark-
able improvement in managing NPAs.

JP Morgan has to pay settlement charge of Rs 92 lakh

The Securities and Exchange Board of India has settled legal proceedings against JP Morgan Mutual Fund after the fund
house agreed to pay Rs 91.80 lakh as settlement charges for not complying with certain provisions of mutual fund regu-
lations. The regulator alleged that the fund house had launched a particular scheme after the expiry of the scheme
information document. Besides, the offer document contained misleading and incorrect scheme name and even units
that were allotted to the investors were under the incorrect scheme name. Sebi has also passed consent order on JP
Morgan Asset Management India and JP Morgan Mutual Fund India after they agreed to pay the settlement charge.

40 | 2017 | APRIL | BANKING FINANCE

Insurance Training Centre © Call 09883398055 / 09883380339