Page 2 - Digitalisation

SBI personal banking loan book up Rs-5 trn mark, helped by digital push

Next Rs one trillion of non-home retail loans by Q3FY24

Prosus posts $80-million loss on investment in PayU India

Technology investor Prosus on Wednesday reported widening of its consolidated trading loss to USD 80 million, about Rs 654 crore, on account of investment in PayU India business during first half of the current fiscal. The Netherlands-based investor firm, however, registered a 59 per cent growth in total payments volume (TPV) at USD 28 billion, about Rs 2.29 lakh crore, in India. PayU revenue increased to USD 183 million, about Rs 1,497 crore. "Consolidated trading losses expanded to USD 80 million, as we continued to invest in growing our credit operations in India. In India, our largest payments market, TPV grew 59 per cent to USD 28 billion, and revenue increased 48 per cent to USD 183 million, following increased digitalisation in e-commerce, financial services and bill payments, and a rebound in post pandemic travel," the company said. The Prosus group's overall trading loss widened to USD 1.4 billion during the reported period from USD 2.8 billion a year ago. The revenue of

Review needed

Govt should address consumer complaints, not monitor product reviews

Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

India is likely to become a USD 40 trillion economy by 2047 -- a 13-fold jump from its current size -- driven primarily by a clean energy revolution and digitalisation, billionaire Mukesh Ambani said on Tuesday. Ambani's estimate for the Indian economy, currently the fifth largest in the world behind only the US, China, Japan and Germany, is more optimistic than Asia's richest man Gautam Adani, who last week stated that India will become a USD 30 trillion economy by 2050 on back of rising consumption and socio-economic reforms. "From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world," Ambani said at the 10th convocation of Pandit Deendayal Energy University here. As the 'Amrit Kaal' -- the period between now and 2047 when India will be celebrating 100 years of independence -- unfolds, the country will witness an unprecedented explosion in economic growth and opportunities, he asserted. "Th

Personal data protection Bill may lead to UK, EU data adequacy deals

Under the new draft DPRP bill put out for public consultation, the government has proposed free cross-border flow of data with "friendly" nations, significantly easing its earlier stance

Companies can add $460 bn to profits with better AI implementation: Study

three things companies need for these gains are improved data practices, trust in advanced AI, and AI integration with business operations

India has democratised technology to fight poverty, says PM Modi

New demographic joining information superhighway, he says at Bengaluru Tech Summit

Goyal calls for IITF-like fairs for showcasing swadeshi capabilities

This year, India's largest annual fair will see the participation of nearly 2,500 exhibitors from India and abroad

Use corrections in IT sector as buying opportunities, say experts

Stellar long-term track record, growing digitalisation augur well for IT sector funds

NHAI now accepts electronic bank guarantees, aims to adopt digital tech

The National Highways Authority of India (NHAI) has started accepting electronic bank guarantees and digitalised all its existing bank guarantees, an official statement said on Wednesday. The move is aimed at improving the efficiency and transparency of internal processes and taking forward the adoption of digital technology. NHAI is using the electronic bank guarantee services of the National e-Governance Services Ltd, which helps in the reduction of physical paper movement, doing away with physical storage needs and easy access to the bank guarantee life cycle, including renewal. Few electronic bank guarantees (E-BGs) have already been issued by banks in favour of NHAI. "E-BGs promote transparency, bring in several efficiencies and provide ease of doing business to our stakeholders," Alka Upadhyaya, Secretary, Ministry of Road Transport and Highways & Chairperson, NHAI, said.

Will realise $1-trn digital economy goal in 5-7 years: Rajeev Chandrasekhar

The Minister of State for Electronics and Information Technology said that despite the deep disruption caused by the pandemic, India as a nation has emerged stronger

Replacing 'phone banking' with 'digital banking' promoted growth: PM Modi

Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. Referring to the previous UPA regime, he said under 'phone banking', instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions. "The economy of any country is as progressive as its banking system is strong," the Prime Minister said after dedicating 75 Digital Banking Units (DBUs) to the nation via video-conference. Observing that the country has shifted from the pre-2014 'phone banking' system to digital banking in the last eight years, he said "as a result, India's economy is moving forward with a continuum." Modi said before 2014, the banks used to get phone calls to decide their functioning, and added "phone banking politics had made the banks unsafe and made the country's economy insecure by sowing the seeds of thousands of crores of scams." The ..

AI language processors show bias against people with disabilities: Study

A recent study has found that the algorithms that power AI based language processors frequently exhibit characteristics that might be insulting or discriminatory toward people with disabilities

American businesses struck by India's rapid digitalisation: S Jaishankar

American businesses are struck by how much more digital India has become and there is a broad sense of overall appreciation of the ease of doing business in the country, External Affairs Minister S Jaishankar has said. During a luncheon on Wednesday, USISPF president Mukesh Aghi presented Jaishankar with USISPF's coffee table book titled, We The People', chronicling 75 years of the US-India story, strengthened by the minister's efforts. The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful strategic partnership between the U.S. and India. Delighted to participate in a business luncheon with USISPF, Jaishankar tweeted. Noted the high interest in transformational changes happening in India in energy, health, climate, infrastructure and logistics and defence domains, he said. American businesses are struck by how much more digital India has become, how effectively the government is practising digital delivery, what a change that has been in startu

Poor training, skills affect digital trust of Indian enterprises: Report

Only 24% respondents in India had complete understanding of digital trust, says global study

Financial inclusion through fintechs

By helping to eliminate information asymmetry across the user journey, fintech has made the equitable distribution of financial services easier. This ensures better inclusivity.

RBI launches project to digitise KCC to transform rural credit delivery

To transform rural credit delivery system, the Reserve Bank has decided to launch pilot projects to digitise Kisan Credit Card (KCC) in Madhya Pradesh and Tamil Nadu. Based on the learnings from the pilot, it is planned to expand the digitalisation of KCC lending to other districts in these two states and gradually across the country, the RBI said in a statement. The pilot project would entail automation of various processes within banks and integration of their systems with the service providers, it said, adding, the proposed digitalisation of the KCC lending process will make it more efficient, reduce costs for borrowers and reduce turn around time (TAT) significantly. The TAT from loan application to disbursement has also been rather high, ranging from two to four weeks. Rural credit is closely related to inclusive economic growth, as it caters to the requirements of agriculture and allied activities, ancillary industries, small businesses, etc. At present, it said, the process

A sneak peek into digital futures

Prashant Kumar's book takes a deep dive into the evolution of the media and content marketing landscape in India

WEF 2022: How digitalisation of industries can improve quality of life

Digital transformation bringing out the best in humans, in collaboration with machines and algorithms.

Next census in e-mode, digitalization to ensure better enumeration: Shah

Union Home Minister Amit Shah on Monday asserted with digitalisation of the census process in the country, a 100 percent perfect' enumeration can be expected in the next counting exercise