Latest news with #DigitalPaymentsAward
Time of India
04-07-2025
- Business
- Time of India
City Union Bank receives digital payments award from the Union Finance Minister
On 18th June, Dr Managing Director and Chief Executive Officer of City Union Bank received the Digital Payments Award from the Union Finance Minister, Nirmala Sitharaman. The award was conferred in the ceremony held at Plenary Hall, Vigyan Bhawan, New Delhi. CUB has received the award for the second position among private sector banks. The Department of Financial Services, Ministry of Finance organised the 'Digital Payments Awards, to acknowledge the innovative and exemplary works done by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners of Digital Payments Awards, for the overall digital payment's performance during FY 2024-25. City Union Bank Ltd., the oldest Private Sector Bank in India, was founded in 1904 and is headquartered at Kumbakonam, Tamil Nadu, India. The Bank has completed 120 years of Service to the nation. It has 880 branches and 1767 ATMs spread across the country. The Bank has been earning net profit and paying dividends to shareholders every year. The Bank has total business of Rs 116,592 Cr as on 31.03.2025. The net profit of the bank for the financial year 2024-25 is Rs 1,124 Cr. CUB has been a pioneer in providing advanced technology solutions to meet evolving needs of its diverse customer base. Tap, pay & go payments through Key chain and fitness watch, voice based authentication for logging into Mobile banking, Multilingual Voice Chatbot in regional languages, Voice based UPI123 pay, end to end digital loan processing and Nap ID fraud filter layer are the latest innovations in this direction. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Wire
25-06-2025
- Business
- The Wire
IndusInd Bank Honoured for Outstanding Performance in Digital Payments by the Department of Financial Services, Ministry of Finance
• The award was presented at the Digital Payments Awards ceremony held at Vigyan Bhavan, New Delhi on June 18, 2025, and graced by Hon'ble Union Minister of Finance Smt. Nirmala Sitharaman among other dignitaries MUMBAI, India, June 23, 2025 /PRNewswire/ -- IndusInd Bank announced that it has received the Digital Payments Award 2023-24 from the Department of Financial Services (DFS), Ministry of Finance - Government of India. The Bank earned this recognition by securing third position among private sector banks for delivering outstanding performance in digital payments during the financial year 2023–24. The award ceremony, which took place on June 18, 2025, at Vigyan Bhavan, New Delhi, was graced by the Union Minister of Finance Smt. Nirmala Sitharaman as the Chief Guest, and Shri Pankaj Choudhary, Minister of State for Finance as the Guest of Honour, among other dignitaries. This award stands as a testament to IndusInd Bank's unwavering commitment towards advancing its digital capabilities and delivering a secure, scalable and innovative digital payment solutions that empower millions across the country. As per the official scorecard released by the Department of Financial Services, the Bank achieved 120% of its digital transaction target in FY23-24 - highest among all private sector banks in India. The award was presented to IndusInd Bank - Mr. Ritesh Raj Saxena, Head of Direct Banking and Mr. Dev Ratan Suri, Head - SDG (Payments, Cards and Govt Business) by Shri M. Nagaraju, Secretary, Department of Financial Services and Dr. Abhijit Phukon, Economic Advisor, DFS, at the Digital Payments Award ceremony. Speaking on this achievement, Mr. Soumitra Sen – Head of Consumer Banking & Marketing, IndusInd Bank, said, "We are honoured and grateful to the Department of Financial Services, Ministry of Finance, for conferring us with this award and recognizing IndusInd Bank's efforts in driving digital adoption across the country. This recognition reinforces our resolve to continuously innovate and offer our customers intuitive, secure, and personalised banking experiences through our differentiated platforms, such as INDIE. We remain committed to supporting India's digital journey and making banking accessible and effortless for every segment of society." IndusInd Bank, under its Digital 2.0 strategy, continues to deliver seamless, inclusive, and innovation-led financial experiences. Our flagship app, INDIE, highly rated financial app on the App Store is redefining retail banking with 1.6 million active users. The bank's digital credit platform processed 1.2 million applications monthly through fully digital journeys. With an overall digital transaction mix at 93% (as of March 31, 2025), IndusInd Bank remains at the forefront of India's digital payments space. About IndusInd Bank: IndusInd Bank Limited has been redefining banking for the past 30 years and has been a force for progression and innovation, offering an elevated banking experience for its diverse range of stakeholders, including government entities, PSUs, retail customers, and large corporations. The Bank's product offerings include microfinance, personal loans, debit/credit cards, SME loans, advanced digital banking facilities, affluent and NRI banking services, vehicle financing, and innovative ESG-linked financial products. The Bank also caters to the growing Indian diaspora with representative offices in London, Dubai, and Abu Dhabi. As of March 31, 2025, IndusInd Bank serves approximately 41 million customers through 3,081 branches/banking outlets and 3,027 ATMs, reaching 1,62,000 lacs villages across India. IndusInd Bank leverages technology through its 'Digital 2.0' strategy, ensuring multi-channel delivery and a robust digital infrastructure. In each of its unique offerings that include 'INDIE' – the one-stop-shop for all things digital banking; innovation and customer centricity remain at the core. IndusInd Bank holds clearing bank status for major stock exchanges BSE and NSE, settlement bank status for NCDEX, and is an empanelled banker for MCX. RATINGS Domestic Ratings: • CARE A1 for Certificate of Deposits • CRISIL A1 for certificate of deposit program / short term FD programme • CRISIL AA for Infrastructure Bonds program/Tier 2 Bonds • IND AA for Issuer Rating by India Ratings and Research • IND AA for Senior bonds program/Tier 2 Bonds by India Ratings and Research International Rating: • Ba1 for Senior Unsecured MTN programme by Moody's Investors Service Visit us at Twitter: @MyIndusIndBank Facebook: Linkedin: Instagram: indusind_bank (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).
The Hindu
19-06-2025
- Business
- The Hindu
City Union Bank gets Digital Payments Award
City Union Bank (CUB) MD and CEO N. Kamakodi received the Digital Payments Award from Union Finance Minister Nirmala Sitharaman at an event held in New Delhi. The Department of Financial Services, Ministry of Finance, organised the 'Digital Payments Awards to acknowledge the innovative and exemplary works undertaken by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners for overall digital payment performance during the financial year 2024-25.
New Indian Express
18-06-2025
- Business
- New Indian Express
Developed world nowhere close to India in Fintech: Finance Minister
NEW DELHI: Praising India's Fintech revolution, Finance Minister Nirmala Sitharaman has said that even advanced countries are nowhere close to the kind of progress India is witnessing. "This is something very unique to Indian Fintech. Several countries are now eager to engage with us, often requesting deeper interactions," she said while addressing the Digital Payments Award ceremony on Monday. The speed of innovation in India is something that many other countries can only dream of, she said, underlining the immense progress that India has made. She attributed India's fintech success to the Startup India movement, which she said has now expanded far beyond a single sector. "We're already reaping the benefits of innovations across agriculture, space, and beyond. India's profile has become both versatile and admirable," she said. According to her, excellence in digital payments has benefited not only banks and innovators but citizens at large. "This, in turn, has enhanced financial inclusion—critical for a country where a large section of the population still awaits access," she added. To support her statement, she cited the World Bank, which has said India achieved 80% financial inclusion in just six years through digital public infrastructure—a level that would have otherwise taken 50 years. India now accounts for 48.5% of all real-time digital transactions globally. Highlighting the success of direct benefit transfer, the FM said the government has transferred Rs 44 lakh crore to beneficiaries since 2014, with ₹3.48 lakh crore saved by preventing leakages. "This is entirely due to the power of technology," she reiterated. She laid out key focus areas going forward—expanding scope and scale of digital lending for small businesses, agriculture and rural innovation for better market connectivity for farmers, and addressing scams and fraud through Fintech solutions.
