Page 5 - Banking Finance October 2024

BANK UPDATE

cording to a media statement,
Karnataka Bank's move is seen as a
pioneering step in integrating personal
loan services with the ONDC platform.

SBI Aims to Become India's
Most Valued Financial In-
Ò»©­ stitution

State Bank of India's new Chairman,
C.S. Setty, has pledged to transform
SBI into the most valued financial in-
stitution in India. Upon assuming his
role, Setty highlighted the bank's lead-
ership across various financial products
HDFC Bank Introduces DigiPassBook on SmartWealth and its vast customer base of over 50
App crore. He emphasized that the bank's
target is to increase profitability while
HDFC Bank has launched DigiPassBook, a new feature on its SmartWealth
app that allows users to consolidate and manage their investments in one maintaining its dominant position in
the market.
place. The DigiPassBook feature supports equity investments, ETFs, and
demat accounts, enabling users to view all of these assets through a single Setty also underscored SBI's milestone
platform. achievement of a 1% return on assets,
citing the significance of the bank's
DigiPassBook is powered by the account aggregator framework, which con-
solidates financial data from different institutions. In the future, HDFC Bank performance on one of the largest bal-
plans to expand the service to include insurance and bonds, enhancing its ance sheets in the country. He assured
SmartWealth app further. This feature also simplifies the management of employees that efforts will be made to
continue the bank's growth trajectory
bank balances and transaction details, providing users with a comprehen-
sive view of their finances without needing multiple apps. and enhance its reputation.

Bank Unions Push for Res-
Canara Bank Focuses on However, the bank's efforts on the sav- toration of Old Pension
ings side have begun to yield positive
Improving Low-Cost De- results. "From June to June, we have Scheme (OPS)
posits seen an improvement of Rs. 12,000 Bank unions are set to advocate for the

Canara Bank is concentrating on in- crore in deposits," Raju noted, pointing restoration of the Old Pension Scheme
creasing its share of low-cost deposits, to the success of the bank's initiatives. (OPS) during their upcoming discus-
known as CASA (Current Account Sav- sions with the Indian Banks' Associa-
ings Account), as a key area of growth, Karnataka Bank Offers tion. According to Rupam Roy, General
according to Managing Director K. Personal Loans on ONDC Secretary of the All India Bank Officers'
Satyanarayana Raju. The bank's CASA Karnataka Bank has announced that it Association, the unions will emphasize
ratio currently stands at 31% of total will offer personal loans through the the need for OPS, where employees do
deposits, and the goal is to raise this Open Network for Digital Commerce not contribute, as a crucial social se-
to 33% by the end of the fiscal year. (ONDC), making it the first bank to in- curity benefit.
Raju acknowledged that achieving troduce such a service. This new offer- Roy mentioned that the unions have
rapid growth on the current account ing will initially be available to the reviewed the government's recent
side is challenging, as businesses often bank's existing customers through notification regarding OPS for govern-
move funds into term deposits quickly. buyer apps on the ONDC network. Ac- ment employees, and they intend to

BANKING FINANCE | OCTOBER | 2024 | 5