Global banks are transforming their business models to offer a digital-first experience to customers. In a recent statement, SBI Chairman Rajnish Kumar said that the public sector bank is eyeing at the elimination of physical debit cards. In the Union Budget 2019, Finance Minister Nirmala Sitharaman announced that businesses with an annual turnover of Rs 50 crore will have to use government-backed digital payment platforms like Aadhaar Pay, NEFT, BHIM etc, and no extra charges will be imposed on either customers or merchants. When it comes to India, the government itself has taken a host of initiatives to promote large-scale adoption of technology in various sectors. Moreover, consumers are getting acquainted with banks that are born digital. Some public-sector banks are even taking this digital transformation to a whole new level. According to PwC’s report titled ‘Industry 4. Digitization of India’s.

The shift from ‘conventional banking’ to ‘convenience banking’The banking sector in India has experienced a radical shift in recent years and the very definition of banking has changed. Despite the challenges like security threats, skepticism towards digital banking, lack of financial literacy and awareness, growing evidence thus reveals that digital banking is becoming the most preferred form of banking even in India. It becomes quite evident when compared to the banking landscape worldwide. The emergence and growth of FinTech in IndiaIn addition to all this, India has also witnessed the emergence of numerous FinTech NFBCs. The increasing reliance on technology is a clear indicator that the future of banking virtual. He further stated that there China two color injection molding machine will be a limited need to have plastic cards in the next 5 years. According to industry estimates, our country has emerged as the world’s second-largest FinTech hub, trailing only the US. As we enter the Fourth Industrial Revolution, businesses across industries and verticals are turning to AI, ML, IoT, Big Data and other modern technologies to streamline their operations. Taiwan’s O-Bank, for example, has no brick-and-mortar branches and provides its services through an app and a 24x7 video contact centre. These views and opinions do not necessarily represent those of Deccan Chronicle and/or other staff and contributors to this site. Typically, the process took a couple of days. Today, we have made much advancement in this area. This is where B2B companies come into the picture and can propel large-scale adoption of digital payments in the country.

The report also estimated that the country would soon witness a mushrooming of true digital enterprises. While several public and private sector banks are digitizing their services, we have merely scratched the surface of what digitization can achieve. In the past, net banking was limited to sending or receiving money. The wave of digital disruption has affected several sectors such as manufacturing, retail, logistics, hospitality, travel, and even education. Be it creating new accounts or applying for personal loans, digital banks have enabled consumers to avail banking services through a device that is conveniently placed in the palm of their hands.-- Kumar Srinivasan, CEO, MatchMove DynamicDisclaimer: The views and opinions expressed in this article are solely those of the original author. As per a Juniper Research report, as many as 2 billion Indians will use digital banking by the end of this year. Notwithstanding this progress, banking is one sector that still remains largely untouched by technology. Among other factors like rising smartphone ownership and deeper internet penetration, government support has played a pivotal role in driving the growth of the Indian FinTech sector. And, it’s not just the banks, NFBCs and small lenders are also taking the digital route to provide customers with a hassle-free, seamless experience. However, in a country where cash continues to be the primary mode of transaction, government machinery alone can’t help the country to achieve its financial inclusion goals..The past decade has witnessed a widespread acceptance of digital technologies.0: Building the Digital Enterprise report’, nearly 39% of companies in India plan to invest 8% of their annual revenues in digital programs by 2021. As such, artificial intelligence and various AI-backed applications (chatbots, robotics) have already started transforming the operational aspects and customer service aspects. The way ahead: Virtual banks are set to dominate the pictureTechnology is poised to bring a major change to the banking sector

The state government is also working overtime to improve the power situation and ensure 24 hour power supply.According to Adityanath, he wants to change the identity of Gorakhpur.It may be recalled that Sefai, the native village of Samajwadi Party president Akhilesh Yadav and party patriarch Mulayam Yadav had emerged as the hub of development in the previous government.Other projects that have been finalised and are in various stages of taking off include Gorakhpur metro and a branch of the All India Institute of Medical Sciences (AIIMS).Amid high official focus on Gorakhpur, the state government is working on the revival of a fertilizer factory that has been shut for several years.Chief minister Adityanath has also asked the state government to acquire five acres of land near Gorakhpurs Ramgarh Taal and develop a water sports complex and auditorium.Mr Adityanath, who recently visited a Vantangiya village said that it will be accorded the status of revenue village, that will government investment. Revival of closed sugar mills in the area are also a priority area. The special focus on Gorakhpur has refreshed memories of how Sefai, the native village of the Mulayam Singh Yadav, was pampered by the previous Samajwadi Party regime. A new LPG bottling plant is also on the cards.The annual Sefai Mahotsav was one of the biggest cultural events organised there in which the government machinery was blatantly used.

Special focus is on the 4,000-odd families from the Vantangiya community that lives in forest areas in Gorakhpur and adjoining Maharajganj districts as it has been deprived of basic facilities like school, hospitals and power supply since independence. Efforts are also being made to improve the quality of water supply in Gorakhpur city. Vantangiya community, brought from Burma now Myanmar for afforestation during the colonial rule, got voting rights in September.SP spokesman Sunil Singh Sajan said, "The BJP bitterly criticised us for developing Sefai and now that all resources are being diverted to Gorakhpur, they owe an answer to the people". He also asked officials to ensure development in other villages with sizeable population of this community, which lives in forests.Special treatmentYogi govt is working on reviving a shut fertilizer factory by 2019.Like Sefai, Gorakhpur now tops the priority of the BJP-led state government which has already revived many old projects and drawn a blueprint for new ones.To further strengthen the law and order situation, state director general of police has sent a proposal to open 24 new police stations in districts, coming under the "Gorakhpur zone". This land will be given to the tourism department which will develop it as a tourist destination that will also boost the economy of eastern UP.

Now, I want that Gorakhpur should be known as a developed zone," he told officials at a meeting recently. Closed sugar mills will be restarted & a new LPG bottling plant is plannedFive acre land has been acquired near Gorakhpurs Ramgarh taal to develop a water sports complex and an auditoriumBeautification of parks, broadening of roads and drinking water projects to fight encephalitis are also under wayOfficials are working overtime to ensure 24 hour electric supply in the power-starved area.Earlier this land had been allocated to the education department to set up a library and research centre."When I first became MP, Gorakhpur was known as the crime capital of northern India and I took the support of social organisations, traders and youth to counter the mafia.Lucknow: Nine months after Yogi Adityanath took over as chief minister of Uttar Pradesh, his home district Gorakhpur is witnessing an unprecedented drive for a makeover.The Gorakhpur plastic injection machine Manufacturers Development Authority has already undertaken a survey of the entire lake and the surrounding area, official sources said."Besides these projects, beautification of parks, broadening of roads, redevelopment of Ramgarh taal and availability of potable water to check water-borne Acute Encephalitis Syndrome (AES) are also being undertaken", said a senior official in the chief ministers secretariat. The fertilizer factory is all set to be revived by 2019.Officers are now clamouring for a posting in the saffron-clad chief ministers district since it would automatically mean increased proximity to Mr Adityanath who visits his home district almost every week

In our state people are more skilled than the rest of the country. In our manifesto we had promised 20,000 km roads. No action is taken against the culprits.Recently, in Alwar, cow vigilantes killed Pehlu Khan and in Ajmer Sikhs were attacked when they went to collect grains for langars in gurdwara. We have changed all of that. We have fulfilled virtually all the promises made in the election manifesto. We ensured better power supply by bringing in reforms in the sector by involving local citizens. People’s participation has helped us immensely in improving power supply in the state. Our government is working round-the-clock to improve the condition of people. It’s a people’s government. Our government is here to protect citizens irrespective of caste, colour, religion or region.Through "Nyay Aapke Dwar" initiative, our government started delivery of justice at the doorstep of citizens to resolve cases related to property disputes which had been pending for years. It has nothing to do with livelihood in our state.What are your so-called achievements, and with elections approaching, don’t you think anti-incumbency will hit your government?Elections are held on the basis of performance. How do you see the AAP’s presence in the state?India is a democratic country and everyone has the right to contest elections. We have done a lot of work for skill development.

They will meet a similar fate in Rajasthan too. Are you confident of winning? Have you fulfilled the election promises?We are confident of returning to power yet again. The active Centre, active state machinery and active party unit are all working in tandem. All the initiatives started by the state government are a huge success due to people’s participation. Unlike others, we’ve been holding constant dialogue with the people.There’s one-and-a-half year to go for Assembly polls in your state.. In Kerala, attacks are openly carried out against RSS and BJP workers. The state government swung into action in the Ajmer incident. In the Alwar incident, the accused were arrested and chargesheeted.

Is this ban going to affect the livelihood of people in Rajasthan?People in Rajasthan keep cattle for personal use and do not sell cattle for slaughter. Today people are actively participating in government initiatives and the change is visible.Similarly, for ensuring better power supply, the government had requested people to minimise wastage of electricity as a result of which we were able to bring down the transmission and distribution losses to about 15 per cent from 58 per cent.. For MJSA, PVC injection molding machine people involved helped the government in selecting and identifying location for construction of water conservation tanks; they also did "sharm daan" (voluntary labour) for construction and maintenance of these tanks. In the recent Assembly polls in Punjab and Goa, the AAP has been taught a lesson..Our government does not support such acts.Recently the Centre banned the sale of cattle for slaughter. Earlier there was a perception that the government was "mai-baap" and people of the state were not involved.In the past three-and-a-half years, what have been your key initiatives?Our government has started numerous projects in the education sector, power reforms, delivery of justice at doorsteps of citizens through "Nyay Aapke Dwar" programme and water conservation via Mukhyamantri Jal Swavalamban Abhiyan (MJSA).Arvind Kejriwal’s AAP is making its debut in Rajasthan in the next year Assembly polls. My government has been proactive and has taken several new initiatives. Similar cases take place all across the country, but people with vested interest try to blame our state. It will not have any impact in the state.Rajasthan chief minister Vasundhara Raje, in an interview with Shahshi Bhushan, claimed that her government does not support vigilantism and virtually pooh-poohed the Aam Aadmi Party’s attempts to make a debut in Rajasthan Assembly polls. If they are planning to make their debut in Rajasthan, I welcome them, but their fate will be decided by the people of the state. We have performed. The pace at which we are going, the Rajasthan government will be able to build about 30,000 km of roads before the polls

Sustainability is considered as the norm of the future, and to provide a platform to upcoming brands with innovative solutions, Lakme Fashion Week partnered with PET injection molding machine Manufacturers R Elan’s Fashion For Earth and UN Environment to launch Circular Changemakers Showcase. The company is also planning to tie up with corporate and government to source and provide recycled shoes. The panel was a mix of experts from different backgrounds, from homegrown establishments like Aasha Impact to global brands like H&M Co:Lab. Although this fiber already exists, according to Shikha, they are five times higher than the cost of cotton and not compatible with present machinery, and she plans to solve all those problems with her fabric. For instance, Shikha Shah’s Canva Fibre Labs is an initiative to create hemp fabric from agricultural waste.A lot of attention goes into finding the right, sustainable material, reducing carbon footprint during production and also reducing waste production, but if the final product doesn’t sell, all this hard work goes to waste.For a billion-dollar industry, fashion and textile companies play a huge role in our economy, but apart from the generating revenue, the industry is also responsible for emitting 1."Innovative ideas like creating sustainable textiles from agriculture waste to recycling shoes or coming up with an AI system that predicts the market demand to reduce leftover garments, amongst others, were presented at the event. So, we also have another technology where a retailer or a brand can upload a picture of any product which they are planning to bank on for the future season and Stylumia can predict what is going to be the sale percentage of the product," says Ganesh. "Globally, there are billion-dollar companies like Alward and Toms which are selling footwear from natural material but there is no such company in India and that’s where we want to come in," says Shriyansh. On the other hand,

Shriyansh Bhandari’s Greensole attempts to reduce the burden of landfills and recycling used, rejected and unsold shoes to create new ones.2 billion tons of greenhouse gasses annually, according to a report by Quantis, apart from the massive carbon footprint they generate. We have seen innovative prototypes ranging from alternative fibers, efficient waste management systems to using big data to decode consumer demand for fashion.Jaspreet Chandok, Vice President and Head of Fashion at IMG Reliance said, "This is the first edition of the Circular Changemakers program which aims to evolve mindsets, create conversations and support circular fashion enterprises through strategic collaborations and investments.

The jury was visibly impressed with the pitches by the young innovators but they didn’t let them off easily.. We’re extremely excited for our changemakers to pitch their models which will help them build their prototypes into sustainable solutions. Providing an innovative solution to solve the demand and supply paradox, Ganesh Subramanian came up with an AI technology, which studies various factors to predict the demand of a particular garment in order to save companies from under or overproducing. "Just because we are unsure of the product, we either overproduce or under produce. The participants were grilled by the jury who asked about their business module, revenue prediction, dealing with competitors along with other technical questions.India’s first investment readiness program and pitch event for sustainable and circular fashion entrepreneurs, five shortlisted innovators got a chance to pitch their brand and business model to the jury

A group of top secretaries formed by the Centre after the demonetisation has advised the government to roll out some more user-friendly modes of digital payments and is in touch with all district collectors and chief secretaries to take stock. However, he refused to mention what the amount was in the suspicious transaction. The cash crunch is reported to have escalated after the banks were closed on Saturday, Sunday and Monday. The 0. And we had followed the norms by informing the agency about the transaction," said a senior bank official.75 per cent discount on payments made using either credit/debit cards, e-wallets or mobile wallets will mean a rebate of 49 paise a litre on petrol and 41 paise on diesel in New Delhi.

The revenue intelligence agencies are also learnt to have carried out sting operations at least 500 bank branches across the country into allegations of money laundering, and some 400 CDs are with the government."This discount will be credited to the customer’s account by way of cashback within a maximum of three working days of the transaction," the Indian Oil Corporation said.New Delhi: After three days of bank holidays, queues are expected to get longer Tuesday. The group feels there is a need for a new user-friendly version of the USSD (Unstructured Supplementary Service Data) or mobile short codes that can be used for banking via low-end feature phones and similarly for the Unified Payments Interface (UPI), a national cashless payment platform. The group is regularly interacting with district collectors and the government machinery at the local level to review the situation, specially in rural areas.

 The bank, when contacted by this newspaper, said it had got an inquiry from the revenue intelligence agencies last week. The income-tax department, the Enforcement Directorate and the Financial Intelligence Unit, among other agencies, are now investigating money laundering taking place in banks after the demonetisation of Rs 500 and Rs 1,000 currency notes. As per norms, when a high-value transaction takes place, the FIU has to be informed. The PMO too is understood to be looking into the CDs.Revenue intelligence agencies are learnt to have sent notices to a top private sector bank about a suspicious transaction, that some sources was as high as Rs 100 crores.

The Aadhaar-enabled payment system seems to be more effective in the villages, and efforts are also on to make it easier to use for general public, it said. "It was a routine inquiry and we have replied to the concerned agencies.The government, trying to push transactions through the digital payment mode, has already announced discounts for payments through online banking, credit/debit cards and e-wallets for select services.75 per cent on petrol and diesel will kick-in from Monday midnight on fuel purchases made using digital payment. As Tuesday will be the first working day after the three-day break, people will line up to withdraw cash from their Rs 24,000 weekly withdrawal limit. Some banks filled their ATMs on Monday, but many of these were China double color injection molding machine dispensing only Rs 2,000 notes.. The oil marketing companies have said that the discount of 0.What has aggravated the cash crunch is that people have not been able to take out money for monthly expenses after payday as the banks have been rationing cash