Dr. Srikant Sharma, Se­nior Con­sul­tant Medicine, Moolc­hand Med­c­ity, La­j­pat Na­gar, New Delhi.

Business Sphere - - CONTENTS - By Our Correspondent

Bank of Bar­oda, In­dia’s lead­ing pub­lic sec­tor bank, signed a Mem­o­ran­dum of Un­der­stand­ing (MoU) with KB Fi­nan­cial Group Inc. (KBFG), Korea, for com­pre­hen­sive busi­ness co­op­er­a­tion between the two or­ga­ni­za­tions to es­tab­lish In-Ko fi­nanc­ing cor­ri­dor and de­vel­op­ment of in­no­va­tive dig­i­tal pay­ment ecosys­tem. The MoU was signed dur­ing In­di­aKorea Busi­ness Fo­rum on 9th July 2018 by Mr. P S Jayaku­mar, MD&CEO, Bank of Bar­oda and Dr. Yoon Jong-kyu, Chair­man, KB Fi­nan­cial Group in the pres­ence of Mr. Suresh Prabhu, Hon’ble Min­is­ter of Com­merce & In­dus­try and Civil Avi­a­tion, Govt of In­dia. Speak­ing on the oc­ca­sion Mr. P S Jayaku­mar, MD&CEO, Bank of Bar­oda said, “Through this en­gage­ment, Bank of Bar­oda and KB Fi­nan­cial Group will work to­gether on cre­at­ing a new dig­i­tal pay­ments ecosys­tem in In­dia and cre­at­ing InKo cor­ri­dor for pro­vid­ing re­cip­ro­cal fi­nan­cial ser­vices to Cor­po­rate and Re­tail Clients of Bank of Bar­oda and KB Fi­nan­cial Group. We are com­mit­ted to work jointly with KB Fi­nan­cial Group by lever­ag­ing the po­ten­tial syn­er­gies gen­er­ated between Bank of Bar­oda’s di­verse do­mes­tic net­work and KB’s busi­ness re­la­tions with Ko­rean Con­glom­er­ates.” In line with the Hon’ble Prime Min­is­ter Shri Naren­dra Modi’s vi­sion of ‘Look East’ and ‘Dig­i­tal In­dia’, the pro­posed In-Ko cor­ri­dor will have two legs i.e. ‘Cor­po­rate Leg’ com­pris­ing Cor­po­rate Fi­nance, Trade Fi­nance, Correspondent bank­ing re­la­tion­ship and es­tab­lish­ing ded­i­cated Ko­rean Desk at Bank of Bar­oda in In­dia. The ‘Re­tail Leg’ will in­clude lo­cal cur­rency ac­counts, re­mit­tance fa­cil­i­ties, dig­i­tal pay­ment ser­vices and fi­nan­cial as­sis­tance for con­sump­tion and as­set pur­chase. KB Fi­nan­cial Group and its sub­sidiaries in­clud­ing KB Kook­min Bank (Korea’s #1 Bank) and KB Kook­min Card Co. Ltd. pro­vide a broad range of bank­ing and re­lated fi­nan­cial ser­vices to con­sumers and cor­po­ra­tions pri­mar­ily in Korea and in se­lected in­ter­na­tional mar­kets in­clud­ing com­mer­cial bank­ing op­er­a­tions, in­vest­ment and se­cu­ri­ties op­er­a­tions, real es­tate fi­nance op­er­a­tions etc.

The House jour­nals of Bank of Bar­oda bag awards from Re­serve Bank of In­dia

The bilin­gual house jour­nal ‘Bob­maitri’ and Hindi Mag­a­zine ‘A ks hay yam’ pub­lished by lead­ing Pub­lic Sec­tor Bank, Bank of Bar­oda were awarded with First and Spe­cial prize re­spec­tively at an award func­tion held at its Cen­tral Of­fice, Mum­bai, amongst all Pub­lic Sec­tor Banks and Fi­nan­cial In­sti­tu­tions un­der All In­dia House Jour­nal Com­pe­ti­tion or­ga­nized by Re­serve Bank of In­dia. The awards were re­ceived by Ex­ec­u­tive Di­rec­tor Shri Ashok Ku­mar Garg, Head (Ra­jb­hasha) Dr. Jawa­har Kar­nawat and Chief Man­ager (OL) Shri Pu­nit Ku­mar Mishra at the hands of Dy. Gov­er­nor of RBI Dr. Vi­ral V Acharya. Shri MK Jain, Dy. Gov­er­nor and other se­nior of­fi­cials of RBI, top of­fi­cials and OL Of­fi­cers of dif­fer­ent Banks & FIs were also present on the oc­ca­sion.

Bank of Bar­oda col­lab­o­rates with IBM, Ac­cen­ture for ‘sta­teof-the-art’ Cen­ters of Ex­cel­lence

Bank of Bar­oda, In­dia’s sec­ond largest bank pub­lic sec­tor bank to­day an­nounced a col­lab­o­ra­tion with global tech­nol­ogy ma­jors, namely, IBM and Ac­cen­ture (NYSE: ACN) to power a ‘state of the-art’ IT Cen­ter of Ex­cel­lence (ITCoE) and An­a­lyt­ics Cen­ter of Ex­cel­lence (ACoE), re­spec­tively. The twin cen­ters of ex­cel­lence form part of com­pre­hen­sive dig­i­tal roadmap laid out by the Bank aimed at fur­ther en­hanc­ing the qual­ity of busi­ness growth, port­fo­lio di­ver­si­fi­ca­tion and fee in­come us­ing ‘dig­i­ti­za­tion’. The en­deavor would be to ex­e­cute on the twin man­dates of im­prov­ing busi­ness ef­fi­ciency and tak­ing new use-cases to mar­ket at speed to de­liver a dif­fer­en­ti­ated, world-class cus­tomer ex­pe­ri­ence. Im­por­tantly, the al­liance is in­dica­tive of the Bank’s sup­port for the gov­ern­ment’s stead­fast fo­cus on grow­ing tech­nol­ogy op­por­tu­ni­ties through ini­tia­tives such as “Dig­i­tal In­dia” and meet “Ease of Bank­ing” di­rec­tive. Bank of Bar­oda has al­ways ap­proached in­no­va­tion with the cus­tomer in mind, cre­at­ing so­lu­tions that ad­dress not only busi­ness op­por­tu­ni­ties, but the needs of emerg­ing mar­kets like In­dia. The col­lab­o­ra­tion also gives us the op­por­tu­nity to bring in tal­ented tech­nol­o­gists and a wealth of cre­ative new ideas that will pos­si­bly help us shape the next wave of tech­nol­ogy with a highly en­er­gized and en­gaged team of the Bank. Be­com­ing a true dig­i­tal bank re­quires trans­for­ma­tion of the en­tire or­ga­ni­za­tion and is not re­stricted to one func­tion. ITCoE that will work with var­i­ous busi­ness func­tions inside the Bank aims to cre­ate a mar­ket lead­ing tech­nol­ogy dif­fer­en­ti­a­tion driv­ing busi­ness out­comes. ITCoE will bring to­gether a wide va­ri­ety of lead­ing skills sets for dig­i­ti­za­tion agenda such as de­sign think­ing, mo­bil­ity, ag­ile IT de­liv­ery and emerg­ing tech­nolo­gies like Blockchain, Ro­bot­ics Process Au­to­ma­tion, Open API bank­ing and Busi­ness Process Man­age­ment. ITCoE will blend busi­ness strat­egy and tech­nol­ogy to trans­form the Bank into a full scale dig­i­tal bank. Un­der ACoE, the Bank will es­tab­lish a data and an­a­lyt­ics tech­nol­ogy plat­form with an en­ter­prise wide pet byte scale Big Data Lake* pow­ered by lead­ing data tech­nolo­gies and tech­niques such as pre­dic­tive an­a­lyt­ics, ma­chine learn­ing and ar­ti­fi­cial in­tel­li­gence. This cen­ter will help to lever­age the wealth of our data to drive the next wave of sus­tain­able growth for the bank. ACoE will work with the Bank’s busi­ness units and func­tions to iden­tify and re­al­ize new value-cre­ation op­por­tu­ni­ties, and build the bank’s ca­pa­bil­ity in lever­ag­ing an­a­lyt­ics to in­crease rev­enue, re­duce costs and im­prove risk pro­file. Im­me­di­ate op­por­tu­nity ar­eas are in­creas­ing av­er­age prod­uct hold­ing, im­prov­ing col­lec­tions ef­fi­ciency, prevent­ing frauds and en­abling more ro­bust mon­i­tor­ing and track­ing of busi­ness op­er­a­tions across the man­age­ment hi­er­ar­chy. Th­ese Cen­tres of Ex­cel­lence will help in ac­cel­er­at­ing dig­i­tal trans­for­ma­tion jour­ney, and turn the Bank into a data driven dig­i­tal en­ter­prise while build­ing large pool of tal­ented tech­nol­o­gists and data an­a­lysts.

Bank of Bar­oda or­ga­nizes na­tion­wide camps on World Blood Donor Day

On the oc­ca­sion of World Blood Donor Day on June 14, 2018, Bank of Bar­oda, the sec­ond-largest pub­lic sec­tor bank, or­gan­ised blood do­na­tion camps —across the coun­try to help raise aware­ness about the need for safe blood and blood prod­ucts, and ac­knowl­edge blood donors for their vol­un­tary and life-sav­ing act. The blood do­na­tion cam­paign was held un­der the theme ‘#ISaveALifeTo­day’ high­light­ing the fun­da­men­tal hu­man val­ues of al­tru­ism, re­spect, em­pa­thy and kind­ness. It also un­der­lined the im­por­tance of vol­un­tary un­paid blood do­na­tion sys­tems. Bank of Bar­oda col­lected 5711 units of blood from camps or­gan­ised in its premises across 13 zones in col­lab­o­ra­tion with var­i­ous hos­pi­tals and NGOs. The Bank ex­pressed its grat­i­tude to both its staff mem­bers and cus­tomers for par­tic­i­pat­ing in this noble cause and mak­ing World Blood Donor Day a big suc­cess.

P S Jayaku­mar, MD & CEO, Bank of Bar­oda

P S Jayaku­mar, MD & CEO, Bank of Bar­oda and Dr. Yoon Jong-kyu, Chair­man, KB Fi­nan­cial Group

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