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National Bank for Agriculture and Rural Development (NABARD) Chairman Shaji K V on Tuesday said cooperative banks are expected to be digitised by March 2025 with a view to streamline operations and enhance the efficiency of these financial institutions. The Reserve Bank of India (RBI) has mandated all cooperative banks to adopt the Core Banking Solution (CBS) marking a significant step towards modernisation. "We are on behalf of central government undertaking digitisation of cooperatives. By March 2025 it will happen and by that time we will invite fintechs to work on that. We need a lot of technology solutions to work on these digitised database that we will have besides looking at transaction trails of digital platform," he said. Speaking at a CII event here, he said NABARD is proposing to set up a common shared services entity across the country for all rural cooperatives. "Both government and the RBI have agreed in principle for this entity. We jointly with the central governme
A mere 7 per cent of companies have the right combination of culture and operating structure to spur growth from digital technologies, according to a new research from the Infosys Knowledge Institute. The report -- based on a survey of 2,700 business executives across the US, UK, France, Germany, Australia, New Zealand, China, and India -- found that companies that make decisions based on high quality, transparent data and build a culture of responsible risk-taking are more likely to deliver profitable growth in tough macro-economic conditions. Moreover, organising around products, not process, gets new products to market faster, increasing early-mover advantage. The report by Infosys Knowledge Institute (the thought leadership arm of Infosys) found that nine out of ten companies lack the culture and organisational structure to unlock digital growth. It said only seven per cent of companies have the correct combination of culture and operating structure to boost growth from digital
Technology company Siemens said India will be a key hub to further accelerate the digital transformation initiatives of its customers globally. Siemens, which is focused on industry, infrastructure, transport as well as transmission and generation of electrical power, has over 6,000 software engineers at its development centres in the country, according to the company On Tuesday, the company launched its 'Xcelerator' platform in India, which is an open and evolving digital business ecosystem. It comprises a comprehensive, curated portfolio that includes digital and Internet of Things (IoT)-enabled offerings from Siemens, and certified third parties, the company said. "India will play a key role in the global roll-out of Siemens Xcelerator India will be at the forefront and a key hub to further accelerate the digital transformation efforts of our customers worldwide," said Peter Koerte, Chief Technology Officer and Strategy Officer at Siemens AG. With the launch of the platform, t
As the audience went tech-savvy, our humble TV also turned smart. It offered them good content on the big screen. Find out how TV managed to stay relevant in this fast-changing world