Banking News Today | News for Bankers | 30.08.2022

Unions of Public Sector Insurers demand wage revision before restructuring: “The management and the government wanted to discuss the restructuring of the four primary insures as suggested by the Ernst & Young (EY) whereas the unions wanted the wage revision to be completed first before other issues are taken up,” Source

The Centre may revamp the target-setting mechanism for public sector banks (PSBs) and is looking to come up with a fresh framework to monitor the performance of state-owned lenders. The new framework could be on the lines of ‘Statement of Intent’ (SoI) the government used to sign with PSBs to fix their annual targets. Source

Indian Banks facing technical glitches. Core banking systems that can’t keep pace with rising load and fast digital changes, lack of an adequate number of talented tech professionals, and reluctance to invest in infrastructure for unremunerative UPI mean more system outages and glitches. Most banks, including bigger ones, continue to use outdated technology platforms, making upgrades difficult. Secondly, these banks severely lack the adequate number of talented tech professionals to support large-scale tech-enabled banking operations, often resulting in major delays in the event of an outage. Source