Page 9 - Banking Finance May 2021

BANK UPDATE

and believes erroneously that the SBI & NPCI launch UPI UBI to set up online
caller is an official from the bank. They
ask that more such transactions be awareness campaign for payment system in 11 AP
stopped. The fraudsters ask for the YONO users template
OTP which is received on the SBI and National Payments Corporation UBI has said that it will implement an
registered mobile number to stop such of India (NPCI) have recently join hands online payment system in 11 temples
activities. Once the OTP is given, the to launch a dedicated campaign to of Andhra Pradesh very soon to
whole amount is siphoned off into the focus on deepening the reach of UPI facilitate transactions relating to
accounts of the racketeers. transactions across all sections of the performance of temple rituals
The ADG also mentioned that, in population. This joint initiative is aimed smoothly and transparently. The bank
reality, the amount seen in the e-TDR/ at encouraging users of SBI's banking has already implemented the online
e-STDR has not gone anywhere and is and lifestyle platform YONO to opt for payment system at the Annavaram
secure in the FD account. If one gets UPI payments which is easy, safe and Temple.
instantaneous.
such an SMS, they should contact the UBI said that information pertaining to
bank officials personally. The officials Ravindra Pandey, DMD (Strategy & online services, essential services for
will help the account-holders if such a Chief Digital Officer), SBI, stated, "In pilgrims, asset management, temple
situation arises. this FY, the YONO platform recorded profiles, calendar services, holiday
5.30 million transactions worth Rs. 2086 management, stock details, and
DBS Bank India crowned crore. UPI is currently one of the most revenue expenditure details are
preferred digital payment modes in
'India's Best International India with more than 207 banks linked included in the Temple Management
System.
Bank 2021' to it. The SBI was leading the segment
by processing about 664.75 million Chief Minister of AP Jagan Mohan
DBS Bank India has recently transactions, as of January, 2021." Reddy and MD & CEO of UBI Rajkiran
announced that it has been named
Praveena Rai, COO, NPCI, said, "We are Rai G jointly inaugurated Temple
'India's Best International Bank' by pleased to partner with SBI to Management System at the CM camp
Asiamoney, a financial publication.
strengthen the digital payments office at Tadepalli, Andhra Pradesh.
The Asiamoney 'Best Bank Awards' ecosystem by promoting UPI
aims to identify banks that have awareness among YONO users. Indian banks cross
excelled across a range of core banking Customers just need to know their UPI milestone of Rs. 150
activities over the past 12 months. DBS ID and use it so they can enjoy the
Bank was selected as 'India's Best convenience of making or receiving trillion deposits
International Bank' based on its payment from their YONO app to any Banks in India have crossed the
other bank or payment app."
operations in the country, the strength milestone of Rs. 150 trillion in
of services such as cash management, deposits, as inflows continue at a
trade finance and foreign exchange; its Central Bank of India & staggering pace. Deposits had
capital markets business and M&A/ Union Bank offer lowest previously touched the Rs. 100-trillion
advisory mandates and the cross- interest rates on personal mark in September, 2016.
border business facilitated. Data released by RBI showed that the
loans
Asiamoney, in its official outstanding bank deposits stood at Rs.
The state-owned banks lead the race
announcement, said, "DBS Bank's long- 151.13 trillion as on March, 26, 2021,
in offering cheapest interest rates on
term commitment to India - one of its personal loans. Personal loan rates of the last fortnight of the financial year.
six core markets, including its home Union Bank of India and Central Bank This translates into a growth of 11.3%
base in Singapore - has not wavered of India on a Rs. 5-lakh loan with a five- from the same period last year. In
since it first set up shop in the country year tenure starts at 8.9%. It is contrast, non-food credit grew at a
in 1994. On the contrary, it has only followed by Punjab National Bank with sluggish pace of 5.5% year-on-year to
strengthened in recent years." 8.95%. Rs. 108.9 trillion.

BANKING FINANCE | MAY | 2021 | 9