Page 24 - BANKING FINANCE APRIL 2024

PRESS RELEASE

Bharat Bank Bags its 70th Award in the Category of Best Risk

Management by Indian Banks' Association (IBA)

In the world of banking, where trust and security are paramount, the proverb "Fortune favours the one who is prepared"
rings especially true. This sentiment finds its embodiment in the recent accolade bestowed upon BHARAT Co-operative
Bank (Mumbai) Ltd., as it clinched its 70th prestigious award, this time for Best IT Risk Management. This remarkable
achievement solidifies the bank's position as a pillar of stability and security in the financial landscape.
The Best IT Risk Management award, conferred by INDIAN BANKS’ ASSOCIATION (IBA) during their 19th Banking &
Technology Conference, underscores BHARAT Bank’s unwavering commitment to leveraging new-age technology while
meticulously safeguarding against potential risks. In an era marked by ever-evolving cyber threats, this recognition speaks
volumes about the bank's proactive approach in fortifying its digital infrastructure against vulnerabilities.
Bharat Bank's emphasis on fostering a culture of compliance and adherence to regulatory standards has played a pivotal
role in bolstering its resilience against IT risks. Through continuous training programs and rigorous compliance audits,
the bank ensures that its personnel are well-equipped to identify and mitigate potential vulnerabilities, thus upholding
the highest standards of data security and integrity.
Commenting on their latest triumph, Bharat Bank’s Chairman Mr. Suryakant Jaya Survana expressed his gratitude to the
dedicated team whose tireless efforts made this achievement possible. At Bharat Bank, we firmly believe that a strong
foundation built on innovation, diligence, and customer trust is the cornerstone of our success.

BHARAT Co-operative Bank (Mumbai) Ltd. continues to set the standard for excellence in the banking industry, reaffirming
its position as a trusted partner for customers seeking stability and security in their financial journey.

Axis Bank introduces digital opening of US Dollar Fixed Deposits for

NRI customers at GIFT City through its mobile application

Axis Bank, announced the introduction of Digital US dollar Fixed Deposit for NRI customers at Axis Bank IBU- GIFT City.
With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits.
NRI customers of Axis Bank can now open US dollar Fixed Deposits at GIFT City through ‘Open by Axis Bank’; the mobile
banking application of Axis Bank. This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers,
by providing them end-to-end digital paperless solution and eliminating the need for physical documentation. Besides
seamlessly opening an FD account anytime from anywhere, customers can also track and manage their FD digitally.

With attractive interest rates, Axis Bank provides NRIs with one of the best investment opportunities. The US Dollar
fixed deposit also offers a wide range of investment tenures from seven days up to ten years Customers can also request
partial or full pre-mature closure of the FD from the Axis Bank mobile application.
Commenting on the announcement, Arjun Chowdhry, Group Executive & Head- Affluent Banking, NRI, Cards & Payments,
Axis Bank said,"Axis Bank believes in the power of ‘OPEN’ banking and we have been continuously investing in digital-
first products that reimagine customer propositions. In this endeavour, we are excited to introduce Digital US dollar FD
at GIFT City for our NRI customers, who can now leverage a seamless banking experience with us. This proposition provides
convenience to our customers by eliminating the need for physical documentation, and at the same time provides a
secure investment avenue with an attractive interest rate and wide range of tenures.”
Highlighting the Banks’s focus on strengthening its GIFT City franchise, Vivek Gupta, President & Head – Wholesale Banking
Products, Axis Bank said, “Axis Bank as a leading Bank at GIFT City, is committed to supporting the Government's vision
for developing GIFT City as a preferred financial services destination for global investors – both Corporate and Retail. We
are excited by the opportunity to now attract retail NRI customers with our GIFT City IFSC Banking Unit (IBU)’s digital
FD value proposition. The IBU’s digital US Dollar FD will enable NRI customer’s multiple options of tenure and interest
rates to choose from and they can be assured of high-quality service from the IBU’s dedicated team.”

22 | 2024 | APRIL | BANKING FINANCE