CMS Infosystems is aggressively expanding its AI-powered remote monitoring solutions, projecting AI to contribute 10% of revenues by FY27. Their HAWKAI platform monitors over 30,000 ATM sites, and the acquisition of Securens Systems will boost their coverage to 45,000 sites. CMS is investing heavily in AI and targeting growth in BFSI and new sectors.
Sumitomo Mitsui Banking Corp or SMBC will invest sixteen thousand crore rupees in Yes Bank. The investment will be through equity and debt. This will strengthen Yes Bank's balance sheet. SMBC will also acquire a twenty percent stake in the bank from existing shareholders. The deal awaits regulatory approvals. This move is expected to improve Yes Bank's financial standing.
The finance ministry has urged banks to focus on improving their CASA deposits and increasing lending to MSMEs and the agriculture sector. Concerns were raised about the declining CASA ratio of public sector banks, which is impacting their net interest margins.
Ravi Ranjan, currently Deputy Managing Director, has been recommended by the Financial Services Institutions Bureau (FSIB) to become the next Managing Director of State Bank of India (SBI). He is set to succeed Vinay M Tonse, whose term ends on November 30. The final decision now rests with the Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi.
The banking system is set to receive a liquidity boost of ₹62,000 crore with the first phase of the CRR cut taking effect, injecting funds ahead of the festive season. This move aims to improve monetary transmission and stimulate economic activity, potentially leading to lower deposit and lending rates.
"We are seeing a lot of traction on power and renewables, infrastructure, healthcare, and industrials. Renewables is one of the most active sectors right now. The government's target of 500 GW renewable capacity by 2030 has attracted a lot of foreign capital into India because no other market offers this level of scale. There is still a very large pool of capital waiting to enter India's renewables, Malhotra.
SMFG owns a 74.9% stake in SMFG India Credit Company, earlier called Fullerton India, which it purchased from Singapore's Temasek Group in 2021. The Japanese bank had valued the company at ₹23,000 crore, buying the 74.9% stake for close to ₹17,000 crore in 2021.
PFS, which has been battling allegations of corporate governance lapses, has in the past year and a half seen resignations by several independent directors and got show-causes notices from both the stock market and banking regulators.
This was enabled by a huge order from the state-owned Punjab National Bank to install over 5,200 ATMs across 526 locations, spanning 26 states in FY23, which it completed in the past fiscal. This addition to PNB's ATM network takes the total number of cash vending machines that CMS has installed and is being serviced to over 17,500 as of March 2023, which is a growth of over 50 per cent, a company official told PTI.