Public sector Indian Overseas Bank (IOB) on Wednesday said Sanjay Mudaliar has joined the bank as its executive director with immediate effect.Prior to taking up this responsibility, he was in Bank of Baroda serving as its chief general manager and chief technology officer.
Mashreq Global Network (MGN), a wholly owned subsidiary of Mashreq Bank, is looking to ramp up its presence in India. The capability centre was established in 2012 to support the bank’s global expansion through digitalisation, innovation, and customer experience. MGN started off as a global hub for technology solutions fueling Mashreq’s digital transformation and customer experience.
The outstanding bank loans to the sector have grown at over 100% year-on-year, indicating momentum in underwriting renewable energy loans. According to Reserve Bank of India data, outstanding bank loans to this sector more than doubled to ₹4,191 crore at the end of October 21, 2022, as compared with ₹2,073 crore a year back.
Under the model, fintech companies will conduct all preliminary credit checks through a third-party application platform interface (API) and account aggregators. They will then upload the completed loan application onto this digital platform. Individual banks can access these loan requests and fund them based on their internal credit risk parameters, sharing a commission or fee with the originating fintech company.
It might be better to have a group of different friends who bring something unique to your life rather than have only one best friend.
HDFC Bank will leverage Microsoft Azure to consolidate and modernise its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting and advanced analytics, using artificial intelligence.
Bank of Maharashtra said that its gross advances grew nearly 22% year-on-year to Rs 1.57 lakh crore, while privately owned Federal Bank reported 19% rise to Rs 1.71 lakh crore. Smaller lenders such as South Indian Bank, CSB and Dhanlaxmi too reported high credit growth numbers a day before indicating that credit demand has been quite broad based.
Bank of Maharashtra said that its gross advances grew nearly 22% year-on-year to Rs 1.57 lakh crore, reflecting improved demand for loans with the Indian economy showing stability despite global headwinds.
Data available till November 18, 2022, show the outstanding loans to the services sector at ₹33.15 lakh crore, up 21.3% in one year. Outstanding loans to the industrial sector rose 13.8% in the same period to ₹32.94 lakh crore.